台灣金融產業結構、行為與績效之實證研究

An Empirical Study of Structure, Conduct and Performance from Taiwanese Financial Industry

陳菀婷(WAN-TING CHEN)

指導教授 ： 劉定焜

朝陽科技大學/管理學院/財務金融系/碩士(2017年)

摘要

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，進一步與世界接軌，使得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。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改變，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、企業行為與經營績效，對金融產業之跨業比較並不多見。此外，產業結構、企業行為是否影響效率之探討亦不常見，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2008年第一季至2016年第三季台灣金融產業之panel data model，並將產業區分為金控、銀行、證券與保險業。首先，針對資料包絡分析法 (data envelopment analysis, 以下簡稱DEA) 效率值、麥氏生產力 (malmquist productivity index, 以下簡稱MPI) 指數，進行跨業比較分析。其次，建構產業結構、企業行為對經營績效與效率影響之panel data model，並納入最大四家集中度比率 (four-firms concentration ratio, 以下簡稱CR4) 、賀氏指標(herfindahl-hirschman index, 以下簡稱HHI)，與多元變數之考量，並運用DEA估計效率值。最後，進一步將產業區分為金控、銀行、證券與保險產業，檢視不同業別績效與效率之影響因素。
實證結果顯示，DEA效率值探討部分，金控業不論技術效率與規模報酬方面，相較於銀行、證券及保險業表現較差，顯示其營運方針與方向需要找出癥結點並改善。MPI方面，銀行與保險業生產力呈現進步趨勢，主要原因在於平均技術進步成長率的提升；金控與證券業生產力呈現衰退趨勢，金控業平均技術成長率衰退其生產技術須提升；證券業則因為平均效率變動率、平均技術進步成長率及平均純技術效率變動率之衰退，故須提升效率與生產技術。panel data實證結果顯示，金控部分，市場佔有率、HHI、負債比率、營業費用率、每人營收與CPI對DEA有顯著影響。銀行部分，市場佔有率、CR4、負債比率、每人營收與景氣對策信號綜合分數對ROE有顯著影響。證券部分，市場佔有率、CR4、HHI、每人營收與CPI對DEA有顯著影響。保險部分，市場佔有率、負債比率、營業費用率與每人營收對ROE有顯著影響；CR4、HHI與營業費用率對DEA有顯著影響，綜合前述，各業別市佔率都有影響。

關鍵字

結構-行為-績效 ； panel data model ； 資料包絡分析法 ； 麥氏生產力 ； 金融產業

並列摘要

The financial industry is the foundation of a country's economy. As the technology advances and financial liberalization, in order to meet the international needs, and further integration with the world, makes the government policies and regulations tend to open and loose, the financial institutions business is also more diversified. In addition, the Government in order to comply with the advent of electronic, and actively promote the financial environment of digital. With the changing external factors, in order to allow enterprises to have a competitive advantage, the structure and behavior of the financial industry in response to changes in the times. Can these changes can improve business performance and efficiency?
Due to the study of the industrial structure, corporate conduct affects the efficiency is rare, and the relevant research period is relatively short, or only consider specific industries. Therefore, this study constructs the panel data model of Taiwanese financial industry from the first quarter of 2008 to the third quarter of 2016, and divides the industry into Financial Holding Company, Bank, Securities and Insurance. First, cross - industry comparative analysis was performed on Data Envelopment Analysis (DEA) efficiency, Malmquist Productivity Index (MPI). Second, the panel data model which deals with the performance and efficiency of business structure and corporate conduct, is included the Four-firms Concentration Ratio (CR4) and the Herfindahl-Hirschman Index (HHI), and multivariate variables, and use DEA to estimate the efficiency value. Finally, the industry will be further divided into Financial Holding Company, Banking, Securities and Insurance industries, to detect the impact of different industry performance and efficiency of the factors.
The empirical results show that DEA efficiency value of the part, Financial Holding Company industry regardless of technical efficiency and scale of remuneration, compared to Securities and Insurance industry, Banking industry seems to be weak, showing that its operating principles need to identify problems and improve. Regard to MPI, the Bank and Insurance industry has progressive trends, mainly due to the average technological progress growth rate; Financial Holding Company and Securities industry productivity decline trend, Financial Holding Company industry has the decline average technological growth rate, its production technology need to be improved; The reasons for the efficiency of the Securities industry are the decline average efficiency rate of change, the average technological progress growth rate and the average pure technology efficiency rate of decline, indicating that efficiency and production technology must be improved. In the panel data empirical results show that Financial Holding Company industry, market share, HHI, debt ratio, operating expenses rate, revenue per person and CPI have a significant impact on DEA. With respect to Bank, market share, CR4, debt ratio, sales per employee and monitoring indicators have a significant impact on ROE. Securities, market share, CR4, HHI, revenue per person and CPI have a significant impact on DEA. Insurance, market share, debt ratio, operating expense ratio and sales per employee have a significant effect on the ROE; CR4, HHI and operating expense ratio have a significant effect on DEA.

並列關鍵字

structure-conduct-performance ； panel data model ； data envelopment analysis ； malmquist productivity index ； financial industry

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