銀行民營化與金控公司成立對經營效率影響與併購企圖心之研究

An Efficiency Study on Bank Privatization and Establishment of Financial Holding Companies with Degree of Merging Activity

陳達新(Dar-Hsin Chen) ； 陳維寧(Wei-Ning Chen) ； 盧耀晟(Yao-Cheng Lu)

《東海管理評論》 7卷1期 (2005/07) Pp. 87-108

https://doi.org/10.29724/TMR.200507.0004

摘要

本研究主要在探討銀行民營化與成立金控公司的影響。我們選取1990～2003年台灣銀行的季資料，並以資料包絡分析法來檢驗是否此兩項金融政策的改變可以達到提升銀行的經營效率及規模經濟的目標。研究結果顯示，公營銀行民營化顯著的帶來整體技術效率值的提升，政府投資持股比率低於4成的經營績效改善幅度較高。我們亦發現成立金融控股公司對經營效率的提升是有助益的，再者，大部分金融控股公司皆呈現規模報酬遞增階段，故金融控股公司間的再合併仍然值得期待。最後，處於規模報酬遞增階段的主體銀行中，以中信金的規模效率最小，代表其再合併的成效最大，故我們認為其潛在併購的企圖心最強，另一方面，目前已上市的十三家金控公司當中，公營銀行背景出身的金控公司相較於本地純民營金融機構成立的金控公司仍然享有較佳的競爭優勢。

關鍵字

資料包絡分析法 ； 整體技術效率值 ； 金融控股公司 ； 規模效率

並列摘要

The purpose of this research is to study the effects on efficiency improvement for banks undergoing privatization and the establishment of financial holding company. By using data of Taiwan banking industry from 1990 to 2003, we employ the data envelopment analysis to examine whether these two policy changes foster the efficiency in banking and also achieve economics of scale. We find that bank privatization could improve overall technical efficiency and that banks with government shares less than 40% have a better improvement in efficiency. We also find that the establishment of financial holding company is helpful for efficiency in banking. However, we also observed that most financial holding companies are at increasing return of scale, suggesting that further merges and acquisitions between financial holding companies are necessary and beneficial. Finally, among all banks with increasing return of scale, Chinatrust Financial Holding Co. Ltd. has the smallest scale efficiency, meaning that the company should be more aggressive to undertake merge and acquisition activities. Furthermore, the financial holding companies with government share still have more competitive advantage than those without government share.

並列關鍵字

data envelopment analysis ； overall technical efficiency ； financial holding company ； scales efficiency

參考文獻

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