退場機制對金融業競爭與經營績效之探討

Impact of the Withdrawal Mechanism on Competition and Managerial Performance of the Financial Industry

鄭錦基(Jin Ji Jeng)

指導教授 ： 徐學忍 ； 郭文忠

元智大學/管理學院/管理研究所/碩士(2004年)

摘要

退場機制對金融業競爭與經營績效之探討
學生：鄭錦基
指導教授：徐學忍
郭文忠
元智大學管理研所

摘 要

　　我國政府自民國80年開放新銀行設立有16家，及90年金融控股法通過後陸續有14家金控成立，分別經營至今已有13年及3年的時間，在金融自由化趨勢下，國內銀行家數及其分行家數快速成長，使得我國金融業間的競爭更為激烈，遂引發一串的金融問題，在政府完成第一次金改後，又推動了第二次金改，促使金融業合併風潮再起，引發退場機制。

　　本研究主要是就金融機構購併及經營績效之相關文獻為基楚，以14家金融控股公司及其旗下子公司銀行為標的，以財務分析構面收益力、成長力、生產力、活動力、安定力等用16項財務指標分析另再以E銀行按分行家數、資本適足率、資產報酬率、淨值報酬率、廣義逾放比、純益率為例與同業比較，所做的研究，來探討國內金融控股公司及其成立前旗下子公司銀行之經營績效，及所引發退場機制。

　　本論文研究主要有以下結論：
　一、本研究之研究期間金控是選擇91年至93年之金控母公司財務報表進行評估，雖其間有多家大舉打銷呆帳，造成很多家金控在各項比率呈現負數，比較上較不客觀，國泰金在收益力與生產力排名第一，安定力以華南金列名第一，另有大幅打銷呆帳的第一金，開發金表現落後。但仍可發現規模較大之金融控股公司如國泰金、兆豐金等，對純益率、股本利益率、營業利益率、股東權益報酬率、資產報酬率等的表現均較同業佳。
　二、金控的子公司銀行是選擇86年至93年之銀行財務報表進行評估，對長期的資料觀察收益力、活動力方面以台新銀名列第一名，但第二名的開發，其在86~90年間表現頗佳，近三年大幅打銷呆帳，表現已不如同業，但未來經調整體質後，應仍有表現空間。就成長力、生產力方面是以新銀行表現較佳(如台新銀，富邦銀)，老行庫呈衰退現象。安定力方面以富邦銀為第一名，殿後的仍為老行庫，顯示新銀行注重營運調度及財務結構表現。
　三、另就新銀行部分來說：有成立金控的新銀行就資產報酬率、股東權益報酬率、純益率、逾放比率、資本適足率、分行家數等整體表現均比未成立金控的新銀行較佳，也產生綜效，對經營不善的銀行(如中興銀，萬通銀、大安銀)也受到退場機制的影響，已平和退出市場。

關鍵字

購併 ； 金控公司 ； 退場機制

並列摘要

Impact of the Withdrawal Mechanism on Competition and Managerial Performance of the Financial Industry

Student：Jin Ji Jeng
Professor：Shiue Ren Shiu
Wen Jung Guo

　　　　　　　　　　　Graduate School of Management
　　　　　　　　　　　　　Yuan Ze University

　　　　　　　　　　　　　　　　　Abstract

Since 1991, when the government lifted the ban, 16 new banks have been added; and since 2001, when the Financial Holding Act was passed, 14 financial holding companies have been incorporated. So far these financial establishments have been in operation for 13 and 3 years respectively. In a liberated environment, they prospered. The number of banks and branches has increased dramatically. Sharpened competition of the financial industry gave rise to a series of financial issues, and as a result following the first financial reform was completed the government started the second one. The consequent merging rush triggered the need for an exit mechanism.

This research is based on literatures pertaining to merging and operational performances of financial institutions. It studies the 14 financial holding companies and their subsidiary banks in terms of 16 indicators such as profitability, growth, productivity, activity and stability. Comparing E Bank with its peers via the number of branches, capital adequacy ratio, asset return ratio, net return ratio, general excessive loan ratio and net profit ratio. The purpose is to delve into the performances of domestic financial institutions and their subsidiary banks, as well as the exit mechanism they trigger.

Major conclusions of this study are as follows:

1.Financial holding companies are evaluated in terms of their financial statements between 2002 and 2004. The comparison may not be objective enough because many are in the red in various indicators during this period of time due to their attempt to wipe out bad debts. Cathay Holding topped the list in profitability and productivity, and Hua Nan Holding ranked number one in stability. First Holding is known for its ability to significantly cancel bad debts. China Development Holding appears to be struggling. It is observed that larger financial holding companies like Cathay and Mega outperform their peers in net profit ratio, share profit ratio, operational return ratio, shareholder’s equity return ratio and asset return ratio.
2.Subsidiary banks of financial holding companies are compared in terms of their financial statements between 1997 and 2004. Based on observation of long-term data, Taishin Bank leads the pack in profitability and activity. But runner-up China Development Bank has slowed down drastically owing to its effort to reduce bad debts in the last 3 years though its 1997-2001 performances were very impressive. Following the adjustment, however, its potential remains great. In the area of growth and productivity, new banks (such as Taishin Bank and Taipei-Fubon Bank) tend to outperform the old ones. Taipei-Fubon Bank comes in first in stability with older banks trailing behind, indicating the fact that new banks are more concerned about operational performances and financial structures.
3.As far as new banks are concerned: The overall performance of new banks that have formed financial holding companies is better than those that have not in terms of asset return ratio, shareholder’s equity return ratio, net profit ratio, excessive loan ratio, capital adequacy ratio and number of branches. Thanks to the exit mechanism, struggling banks (such as Chong Hsing Bank, Grand Bank and Ta-An Bank) have peacefully withdrawn from the market.

參考文獻

4、石淼，「台灣地區金融控股公司經營規模、業務整合度與經營績效關係之研究:」，中原大學，企業管理研究所，碩士論文，民國93年6月。

21、陳宜材，「金融控股公司選擇合併對象之決策研究」，臺中健康暨管理學院，經營管理研究所，碩士論文，民國93年6月。

33、傅鈺佩，「國內證券投資信託產業購併之研究—以匯豐中華投信與保誠投信為例」，元智大學管理研究所，碩士論文，93年12月。

1、于子雁，「購併企業之組織文化、工作滿足相關研究－以證券業為例」，元智大學管理研究所，碩士論文，民國92年6月。

44、魏志忠，「企業購併之個案研究－以E公司為例」，元智大學資訊管理學系，碩士論文，民國90年6月。