本文首先以CCR模型衡量民國80~93年我國金融業購併(包括銀行、證券、保險)以及金控公司成立前後,各年度主併公司之總技術效率值,並以BCC模型求得純技術效率與規模效率值,再運用Malmquist生產力指數法分析效率與生產力變動狀況,以進一步瞭解金融業購併與金控公司成立前後效率變動之影響因素。 在總技術效率值方面:證券業、保險業以及金控公司的「固定規模報酬(CRS)之總技術效率」、「變動規模報酬(VRS)之純技術效率」以及「VRS之規模效率」在購併後均呈現顯著提昇的現象;其中促使證券業與保險業呈提昇的主要因素可歸功於「規模效率變動(△SE(上標 t,t+1 下標i))」及「VRS之技術變動(△SE(上標 t,t+1 下標BCC,i))」之提昇所致。
This paper examines and comparies the technicial efficiency and explores factors affecting mergers and acquisitions of Taiwan's bankings and bank holding company (BHC) in the period of 1991 and 2004. The current work firstly examines the technicial efficiency by CCR model, and then examines the pure technicial efficiency and scale efficiency by BCC model. Finally, this study analyses the changes of efficiency and productivity before and after M&A by using Malmquist productivity index, in order to investigate the factors affecting the M&A of banking and BHC. It shows that total technical efficiency of CRS, pure technical efficiency of VRS, and scale efficiency of VRS are enhanced after M&A for BHC, security, and insurance industry. The factors affecting efficiency improved can be attributed to the changes of scale efficiency (△SE(superscript t,t+1 subscript i)) and the changes of technological (△SE(superscript t,t+1 subscript BBC,1)) for security and insurance industry.