台灣金融控股公司之營運整合與綜合效益之關聯性研究

The correlations between synergy and operation performance of Taiwan financial holding companies.

林怡君(Yi-Chun Lin)

指導教授 ： 黄國隆

淡江大學/管理學院/管理科學研究所企業經營碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00402

摘要

金融控股公司法公布於民國90年7月，此金融控股公司制度的形成為我國金融體制的一大變革，對金融市場影響甚大，金融控股公司的成立，在於追求其綜合經營效益，然其綜合效益則必須經由整合將各子公司之各項業務活動均能發揮至最高效率，再透過1共同行銷（cross selling），增加營業收入；2資源共享，降低經營成本(cost down)；3資本配置(capital efficiency effect)，提升投資報酬達成；從而集團各成員的營運整合將成為目標達成的重要關鍵。
本研究利用已被廣泛運用之財務比率分析來探討金控集團營運績效，並以股東權益報酬率（ROE）為基礎，導出各項財務比率變數，再依整合程度認定原則，將金控集團區別為兩組，一為高整合組群，另為次整合組群，比較高整合組群金控集團與次整合組群金控集團之經營績效，是否有所顯著差異，藉以瞭解營運整合對金控集團經營績效的影響，提供金控集團作為經營決策參考。
研究結論為營運整合對金控公司的綜合影嚮具有正面效果，同時營運整合程度高對其營運績效亦有正面的貢獻，並分別說明如下：
一、從整體表現（ROE）而言，高整合組群之金控集團相對於次整合組群之金控集團為佳。
二、從各項財務比率變數之平均數檢定而言，高整合組群之金控集團均具有顯著差異。
三、從各項財務比率變數趨勢圖而言，高整合組群之金控集團相對於次整合組群之金控集團為佳。
四、從各項財務比率變數之各季成長表現而言，高整合組群之金控集團相對於次整合組群之金控集團為優。

關鍵字

金融控股公司 ； 營運整合 ； 綜合效益

並列摘要

The law of financial holding corporation was announced in July 2001. The formation of the financial holding company system was big transformation of monetary system for our country, and had huge influence to the financial market. The establishment of the financial holding company is to pursue its synergy in business management. However, its synergy of earnings is achieved through proper integration that the service activities of various subsidiary companies are operated in peak efficiency, and through:
1. Cross selling to increase revenue;
2. Resources sharing to reduce the cost of operation;
3. Capital efficiency effect to promote the investment return
Thus, the business integration of various members in the group becomes the key factor that influences whether the business goal will achieve.

This research uses the finance ratio analysis that has been widely utilized to study and discuss the operation performance of the financial holding companies, take return of equity (ROE) of shareholder as the foundation to derive each financial ratio variable, and then divide the financial holding companies into two groups based on the level of integration: one for financial holding companies with higher integration, and the other for those with relative lower integration to compare if there is significant difference in operation performance. The purpose is to understand the influence of business integration on operation performance of financial holding companies, providing management decision-making reference for the financial holding companies.
The conclusion of this research indicates that business integration has generally positive effect on the financial holding companies. In addition, high integration also has positive contribution to the operation performance of the financial holding companies as explains separately as follows:

First, the ROE of financial companies in the highly integrated group is better than those in the lower integrated group.

Second, the financial holding companies in the highly integrated group have significance difference on mean value of examination of each financial ratio variable.

Third, the trend charts of various financial ratio variables show that the performance of the financial holding companies in the highly integrated group have comparatively better than those in the lower integrated group.

Fourth, the performance or the financial holding companies in the highly integrated group have comparatively have better than those in the lower integrated group in growth of each financial ratio variable in various seasons

並列關鍵字

financial holding companies ； synergy ； operation performance

參考文獻

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