【作者】 秦裕英；

【导师】 赵增耀；

【作者基本信息】 苏州大学 ， 金融学， 2007， 博士

【摘要】 针对台湾银行、保险、证券等金融机构家数过多,平均规模太小,市场集中度低,相互之间呈现恶性竞争,政府的一个重要举措就是成立金控公司,希望通过此举将公司的资源加以整合,借助金控公司旗下子公司的跨业经营,扩大金融机构的经营规模和范围,提高金融业的市场集中度,进而提高金融机构的综合绩效。“金融控股公司法”颁布以来,台湾建立了十四家金控公司。这些金控公司的运营效果到底怎样,是否达到了政策制定者的初衷,需要从理论及实证角度进行分析。由于银行是最重要金融机构,金控公司若能发挥上述作用,对台湾银行业整体绩效也将产生积极影响。在此情况下,一家银行是否属于金控公司,在绩效上也可能存在差异。有鉴于此,本文试图利用数据包络分析法(DEA)方法,对金控公司成立以来台湾银行业的绩效作一检验和评价,并进一步检验是否加入金控公司对银行绩效的影响,从而从银行业角度对金控公司改善金融机构的绩效作一检验和评价。利用技术效率评估方法对台湾地区2003年至2005年银行业经营绩效的实证分析发现:1、台湾地区银行业之整体技术效率平均值介于0.71～0.73之间,代表在维持相同的产出下,台湾地区银行必须减少27%至29%的投入使用量,才能达到效率前缘;2、规模效率平均值趋近于1,显示造成个别银行技术无效率状态之主因系经营管理效能不佳所造成的资源浪费,而非经营规模不当所造成的无效率。由Tobit截断回归实证结果显示:3、业务集中度对技术效率之影响为负向关系,显示台湾地区银行业若实行多角化经营,可以享受因投入资源共享而带来的多样化经济效益,且此效果大于因生产产品种类增加而提高生产复杂度所造成的负向效果;4、台湾地区分行家数对技术效率影响为负向关系,意味个别银行所设立之分行愈多时,其技术效率反而会因为市场容量不足而降低;5、公股董事比率与技术效率间存在负向关系,亦即个别银行之公股董事占比愈高时,受政府控制较深,使其经营管理的灵活度可能因此降低;6、逾放比率与技术效率间存在负向关系,代表个别银行在审核贷款的标准愈严谨,逾放比例能有效降低,使得坏帐损失的金额因此较低,技术效率乃提高;7、是否为金融控股公司之子公司与技术效率间存在负向关系,但不具统计显着性,亦即虽然金融控股公司得以透过跨业经营,有效整合旗下各子公司资源,达到资源共享及成本节约的效益,但由于台湾目前金控公司的家数太多,平均规模太小,市场集中度低,对旗下子公司的进行管理协调的复杂性增加,并购后的整合也尚需时日,这些都影响金控公司范围经济效应和协同效应的发挥。两者效果互相抵消,使得其与银行技术效率间的关系目前不具统计显著性。依据上述实证结果,本文的政策性建议包括:1、由于台湾银行业待改善的空间仍相当大,故建议应持续进行金融与资本市场自由化,并可经由提升经营管理效能、实行多角化经营,及透过与金控其它子公司合作,来分散业务以及开拓潜在市场,提升其技术效益;2、政府应考虑是否降低其对于银行的持股比例并且加强公营银行民营化,以增加银行的营运灵活度,进而提升技术效率;3、银行业可藉由严格审核贷款、降低存款准备率、提高备抵呆帐比率与设立金检小组等方式,有效地降低逾放比例,以提高技术效率。4、继续推进金控公司的并购重组,通过市场竞争及政府政策的诱导,减少目前太多的金控公司个数,鼓励金控公司之间的合并,通过扩大金控公司的经营规模和范围,大力提高金控公司也的市场集中度,充分发挥大型金控公司对金融业资源整合和产业组织作用。对于十四家金控公司整体及各自绩效的分析,本文利用“经营绩效”及“经营策略”两大主轴建立分析架构,分别观察各金控公司之绩效及策略表现,进而比较分析不同策略群组中金控公司的经营绩效表现。研究发现,台湾金控公司之经营绩效方面,表现最不理想的项目包括资产市占率不足与营业成本普遍过高。因此,除了应积极鼓励金融机构继续整并之外,亦应要求各金控公司及其子公司加强控管营业成本。此外,若观察研究对象的事业主体,可发现以银行及保险为事业主体之金控公司,其竞争策略多属积极,而绩效表现也大多为持平以上。更多还原

【Abstract】 There are overfull banks, insurance companies and stock exchanges in Taiwan with a small average scale and a low market concentration, which also take on a swart competition with each other. Aiming at this phenomenon, the government wants to set up financial holding companies in order to integrate the companies’ resources. In virtue of the management spanning the industries, the government will enlarge the management scale and scope of financial structures; improve the financial market concentration, so as to improve the comprehensive performance of financial structures. After the promulgation of "financial holding company law", fourteen financial holding companies have been set up in Taiwan. How about the effect of these companies and whether have them achieved the original intension of policy constitutors? We need to analyze from the theoretical and evidential perspectives.As bank is the most important financial structure, if financial holding companies can exert the above functions, they will have positive effect on the whole performance in Taiwan banking industries. Under such circumstances, a bank will have differences in performance whether it belongs to financial holding companies or not. Whereas, we will have tests and appraisals on the performance of Taiwan’s banking industries by way of DEA. We will test further the effects on banks’ performance whether joining the financial holding companies or not. Thereby, we can make tests and appraisals on the financial holding companies’ improving performances on financial structures in the perspective of banking industry. Making use of the technology efficiency appraisal way, we have made evidential analyses on the banks’ management performances between 2003 and 2005 in Taiwan . Based on the 2003-2005 survey data of Taiwan’s banking industry, this research uses DEA to assess technical efficiency of Taiwan’s banks. Also the Tobit censored regression was applied to examine the relationship between technical and firm-specific characteristics. The empirical results show that most banks perform technical inefficiency.The major results were concluded as follows: In terms of the scale of the property, the result showed that "better efficiency in smaller scale". Banks with small property were constrained by its scale and thus were hindered in their future development. The average efficiency of banks under a financial holding company was worse than that of independent bank, but no statistical significance.Based on the analyses on the integral and specific performance of fourteen financial holding companies, we have set up an analytic framework using the two principle axis of "management performance" and "management strategy". We observe the performance and strategy of each financial holding company separately and analyze the management performance of financial holding companies in different strategic groups comparatively. We have found that the most unsatisfactory projects include deficient capital marketing occupancy ratio and general high operating costs in respect of management performance of financial holding companies in Taiwan. Thereby, in spite of encouraging the continual integration of financial structures positively, we should require each financial holding company and its subsidiary to strengthen the control of operating costs. Besides, if we observe the main body of study object, we can find that the competition strategy of financial holding companies represented by banks and insurance is more positive, and their performances are most above the average.更多还原