台灣金融控股公司經營效率實證研究

有效率的經營是金控公司維持生存根本之道，因此本研究採用非參數之資料包絡分析法(Data Envelopment Analysis, 以下簡稱DEA)及Tobit迴歸之兩階段分析方法，探討2012年至2017年臺灣16家金控公司的經營效率及其影響因素。在兩階段分析法中，本研究先採用DEA法針對所選取的投入產出變數計算出金控公司的經營效率值；其次，再以DEA所算出之經營效率值作為應變數，並利用Tobit迴歸方法分析影響金控公司經營效率之因素。本研究之實證結果發現，台灣整體金控公司之經營效率仍有待加強提升。研究結果也發現，以壽險業為經營主體的金控公司整體效率表現較好。而在公司治理變數的效果方面，董監事持股比率對人力資源與資產運用效率有正向的影響效果。

關鍵字

資料包絡分析法； Tobit迴歸；公司治理

並列摘要

Efficient operation is the fundamental way for the company to maintain its survival. Therefore, two-step concept of a non-parametric technique, Data Envelopment Analysis (hereafter DEA) together with Tobit regression was adopted to investigate the operational efficiency and its determinants of 16 financial holding companies operating in Taiwan form 2012 to 2017. In the two-stage approach, the DEA method was firstly conducted to convert multiple input and output measures into a single composite measure of the operational efficiency of financial holding companies. Then the operational efficiency value obtained from the DEA method was employed as a dependent variable in the Tobit regression to determine factors that affect the operational efficiency of financial holding companies. The empirical evidence of this study shows that the overall efficiency of Taiwanese financial holding company needs to be improved. In addition, the results indicate that financial holding companies with the business model based on life insurances have higher operational efficiency. In regards to the effects of corporate governance mechanism, there is a positive relationship between the percentage of outstanding shares owned by the directors and supervisors and operational efficiency on human resources and assets.