產業結構、企業行為與績效-台灣金融產業之實證研究

金融產業是一國經濟的根基，由於科技的日益進步，以及金融自由化，為了因應國際化的需求與進一步與世界接軌，政府政策及法規趨於開放與寬鬆，金融機構業務亦隨之更加多元化。此外，政府為了順應電子化的來臨，積極推動金融環境數位化-即所謂Bank 3.0-4.0。隨著外在環境因素的不斷變遷，為了讓企業更具有競爭優勢，金融產業結構與行為也因應時代變化而與時俱進，而這些改變是否能提升企業經營績效與效率？是值得深入探討的議題。鑑於過去文獻針對產業結構與經營績效，對金融產業進行跨業比較的研究尚屬少見。此外，相關研究其研究期間相對較短，亦或僅考量特定產業。故本研究建構2001年第一季至2018年第四季台灣金融產業之panel data，並將產業區分為銀行、證券與保險業。首先，估計最大四家廠商之產業集中度 (four-firms concentration ratio, CR4) ，分析比較各業別之產業結構競爭態勢，其次，運用資料包絡分析法 (data envelopment analysis, DEA) 與麥氏生產力指數 (Malmquist productivity index, MPI)，估計各產業廠商之效率值與生產力，並進一步進行跨業之比較分析。期望研究結果可以提供政府相關主管機關之政策研擬，企業未來營運發展規劃與投資大眾投資決策之參考。

關鍵字

經營績效；產業集中度；資料包絡法；麥氏生產力指數

並列摘要

The financial industry is the foundation of a country's economy. Due to the advancement of science and technology and financial liberalization, in order to meet the needs of internationalization and further integrate with the world, government policies and regulations tend to be open and loose, and financial institutions' businesses are becoming more diversification. In addition, in order to comply with the advent of electronic, the government actively promoted the digitalization of the financial environment - Bank 3.0-4.0. With the constant changes of external environmental factors, in order to make enterprises more competitive, the structure and behavior of financial industry have also changed in response to changes in the times. Can these changes improve business performance and efficiency? It is an issue worthy of further discussion. In view of the past literature on industrial structure and efficiency cross-industry comparison of financial industry is rare. In addition, the relevant research period is relatively short, or only consider specific industries. Therefore, this study constructed the Taiwan financial industry from the first quarter of 2001 to the fourth quarter of 2018, and divided the industry into gold control, banking, securities and insurance. First, it is estimated that the four-firm concentration ratio (CR4) analysis of the four largest manufacturers compares the competitive situation of the industrial structure of each industry, and secondly uses the data envelopment analysis (data envelopment analysis, DEA) and (Malmquist productivity index, MPI) to evaluate the efficiency and productivity. Further, we conduct cross-industry comparative analysis. It is expected that the research results can provide reference for the policy research of the relevant government authorities, the future operational development plan of the enterprise, and the investment public investment decision.