隨著金融體系朝向全球化、自由化趨勢,各國紛紛進行一連串金融改革,臺灣金融控股體系因而誕生,揭開我國金融發展邁向嶄新的里程碑。臺灣金控公司的跨業經營必然提供在經營上的綜效,但其存在也可能成為我國經濟的風險來源。在充分支援政府財金政策,穩定金融市場與秩序,厚植國家經濟實力的同時,金融控股公司必有責任嚴格控管其各種可能風險。 本文主要探討金融控股公司風險之影響變數,包括總風險、資產風險、危機風險與盈餘波動。利用2001年至2011年之間的日、季、年資料,藉由Andrews and Ploberger(1994)結構轉變之方法,實證檢驗董事結構是否有效管理其風險,以及資產、特許權、股票交易頻率對其風險扮演何角色?實證結果顯示,獨立董事未發揮金控風險控管之職能,而經理人的權力與董事會規模對危機風險與盈餘管理之效果不明顯。本文同時也證實在資產規模的不同階段,由於金控公司對風險承擔、分散風險等策略有所不同,因而導致影響變數也有所改變。
In the wake of the globalization and liberalization of financial system, many countries have carried out a series of financial reforms. Thus, the financial holding system of Taiwan was born, opening up a new milestone of financial development. Financial holding companies (FHC) have the cross-industry operation and provide the synergy. However, its existence may become the risk source of economy. While take full responsibility in supporting the government financial policies, stabilizing financial market and strengthening economy, the FHC must also have strictly control its all possible risks. This study use the daily, quarterly and annual data over the period from 2001 to 2011 to examine the factors affecting FHC’s possible risks, including total risk, asset risk, and insolvency risk and earnings volatility. Empirical results show that, independent board does not play well its role of controlling risks. The effect of size of the board on earnings risk is not obvious. This article also finds, with structural changes proposed by Andrews and Ploberger (1994), that the determinants of risks change along with stages of asset size, due to the differences in risk-bearing capacity and risk diversification strategies.