金融控股公司經營品質與財務績效關係之實證分析

An Empirical Analysis of the Relationship between Operational Quality and Financial Performance in Financial Holding Companies

張明霏(Ming-Fei Chang)

指導教授 ： 王親仁

國立臺中科技大學/商學院/企業管理系事業經營碩士班/碩士(2012年)

摘要

金融業的獲利能力與其財務績效之優劣息息相關，亞洲金融風暴後，我國銀行業逾放比逐年攀升，政府意識到金融機構的資產品質對其經營績效的影響，乃於2001年起實施「行政院金融重建基金設置及管理條例」與「金融控股公司法」，開啟金融機構跨業經營的新紀元。
在開放金控公司設立後，學者紛紛對金控公司經營績效、綜效、併購效益與經營效率等進行研究。2004年「今周刊」與學者共同推出金控公司經營績效(FOCAS)評比，強調經營品質的重要性。因此，本研究以2005年至2010年15家金融控股公司為對象，透過FOCAS評比中7項經營品質指標及整體經營品質對金控公司之財務績效進行迴歸分析，以瞭解改善金控公司經營品質能否對財務績效提升產生效果。實證結果顯示，金控公司各經營品質指標中集團資本適足率、銀行的逾期放款比與呆帳覆蓋率，及票券的逾期授信比與金控公司的財務績效有顯著影響。而且金控公司整體經營品質對其財務績效也有正面顯著關係，表示改善金控公司的經營品質，對其財務績效的表現具有顯著影響。其次，2008年至2010年金控公司主體業務的整體經營品質排名依序為證券、票券、保險、銀行，而財務績效排名則依序為銀行、票券、保險、證券。

關鍵字

金融控股公司 ； 經營品質 ； 財務績效

並列摘要

There is a strong relationship between profitability and its financial performance in financial sector. After the Asian financial crisis, the rate of non-performing loans issued by banks is increasing in Taiwan’s financial industry. Indeed, the government has deeply concerned about the impacts of asset quality on operational performance in financial institutions. Therefore, the government promulgated “Act for the Establishment and Administration of the Financial Restructuring Fund” and “Financial Holding Company Act” to initiate a new era of cross-industry operations for financial institutions in 2011.
Since the establishment of Financial Holding Companies (FHCs) is permitted, scholars have been conducting studies on the operational performance, synergy, merger and acquisition effectiveness and operational efficiency of FHC. In 2004, Business Today collaborated with scholars and introduced FOCAS, a method which evaluates financial performance, operational quality, capital adequacy and strategic performance of FHCs, to emphasis the importance of operational quality.
This study uses the data, 15 FHCs in 2005-2010 as the research object, to conduct a regression analysis with seven FOCAS operational quality indicators and the overall operational quality against FHC’s financial performance in order to understand whether improving FHC’s operational quality will improve its financial performance.
The empirical results show that among the various operational quality indicators, capital adequacy ratio of FHC, non-performing loan ratio and coverage ratio of allowances for bad debt in banking, and the non-performing loan ratio of bills will pose significant influence over financial performance. Furthermore, the overall operational quality of a FHC also has a positive correlation with its financial performance, indicating that improving FHC’s operational quality significantly affects its financial performance. In addition, the rankings for the overall operational quality of FHC’s main businesses are securities, bills, insurance and banking, while the rankings for financial performance are banking, bills, insurance and securities during 2008-2010.

並列關鍵字

Financial Holding Company ； Operational Quality ； Financial Performance

參考文獻

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