金融控股公司經營效率之實證研究

An Empirical Study on Operation Efficiency for Financial Holding Companies in Taiwan

蔡淑珠(Tsai Shu Chu)

指導教授 ： 施能仁

亞洲大學/管理學院/經營管理學系碩士班/碩士(2004年)

摘要

西元2001年成立之「金融控股公司法」，主要目的是為追求更大的營運範圍及獲取更多的利潤與商機，但金融控股公司的成立是否就能提高效率以及獲取更多的淨利呢？
本研究旨在探討金融控股公司之經營效率，首先利用資料包絡分析法（又稱DEA法）應用軟體－DEAP之應用模式，來求出臺灣於2003年至2004年9月30日止十四家金融控股公司在有關經營方面的技術效率、配置效率與總效率。接著再求出之以投入模型為導向之差額變數分析（Slack Analysis）與參考集合，此舉為求出無效率金融控股公司在變數上之投入項與產出項應增加或減少之程度，才能達到有效率。研究結果概述如下：
經由本研究的實證可以得知，在固定規模報酬（CRS）下之經營效率，包括有國泰金控、復華金控、日盛金控與國票金控為技術有效率之金融控股公司，且生產要素不當的投入才是造成整體效率不彰的主因。而在變動規模報酬（VRS）下之經營效率，國泰金控、玉山金控、復華金控、日盛金控與國票金控皆是純粹技術效率與規模效率在這十四家當中屬於有效率的公司。
接著，藉由差額分析發現，大部份的金融控股公司可以減少營業費用與流動資產或者增加營業收入與長期投資，以提高資源使用效率，使純粹技術效率獲得進一步的提昇，盡力避免不必要的資源被閒置或浪費。例如開發金融控股公司在本研究期間的無效率，主要原因為在適當的投入變數之際並無達到預期的產出報酬，因此必須要再使營業收入增加20,411,422仟元(約204億元)才能使其有效率。最後是同業參考的對象，如華南金融控股公司、兆豐金融控股公司與國泰金融控股公司都是同業相繼仿效的對象。

關鍵字

金融控股公司 ； 資料包絡分析法 ； 經營效率

並列摘要

The law of domestic financial holding Companies was established in 2001. The main purpose of this law is to pursue larger operating range, to obtain more profits and business opportunities. However, how can we know that establishment of the financial holding company raise the efficiency and earn more net profits?
This research aims at probing into the business efficiency of the financial holding company. First of all, it’s to utilize the Data Envelopment Analysis (DEA)and the application software - DEAP, to find 14 financial holding companies from January 2003 to September 30, 2004 of the technological efficiency , to dispose efficiency and total efficiency . Then the slack analysis which regards investing models as the direction of what is then asks out again and consult gathering are requested. By way of this measure to gain (request) the inefficient input and a degree that should increase or reduce output from the parameter of financial holding company could reach efficiently. The result of study is summed up as follows:
It could be known via the empirical study that the companies of the management efficiency under the constant returns to scale (CRS) are including Cathay financial holding co., Fuhwa financial holding co., Jih Sun financial holding co. and Waterland financial holding co. which are efficient for technology, and the improper input with the factor of production is the main reason to cause the inapparent of whole efficiency. Management efficiency is under the variable returns to scale (VRS ),and Cathay financial holding co., E.SUN Financial Holding Co., Fuhwa financial holding co., Jih Sun financial holding co. are efficient of all belonging to these fourteen pure technological efficiency and scale efficiency companies.
Then, it’s finding by Slack Analysis. The most financial holding companies can reduce operating expense and current assets or increase gross earnings and long-term investment to improve resource using efficiency, to make pure technological efficiency get further promotion, and to do the best to prevent unnecessary resources from being left unused or wasted. For example, the China Development financial holding co. during this research is inefficient, and the main reason is that it doesn’t reach the anticipated output remuneration at proper input parameter. Therefore, it’s must increased the gross earnings 20,411,422 thousand dollars to make it efficient etc… Finally, there are the rivals for the same trades to reference such as Hua Nan financial holding co. Mega financial holding co. and Cathay financial holding co. which are the rivals for the same trades to imitate in succession.

並列關鍵字

Financial Holding Company ； Data EnvelopmentAnalysis (DEA) ； Operation Efficiency

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