股權結構、風險、多角化對金融機構價值及績效影響之實證研究

Abstract

金融機構在現今金融業快速發展的情況下，多數不再像以往傳統商銀一樣指承作放貸業務，而隨之改變的金融控股集團的崛起，除了傳統放貸業務外也開始了像是證券承銷、財富管理……等等的業務。而當金融機構改變成金融控股集團的同時意味著其所要面對的風險更加龐大以及複雜，而與此同時股權結構的改變以及其多角化程度的改變；而本研究主要透過風險、股權結構、多角化三個面向去探討對金融機構價值及績效的影響，並且在後面的研究結果中發現，風險程度越高對金融機構的績效及價值皆有負向顯著影響，而在股權結構部分則發現股權越集中對於績效及價值存在正向顯著影響，另外則是在多角化部分發現多角化程度越高會造成多角化折價現象。

In the recent development of financial industry, most financial institutions will no longer take traditional loan, deposit activities. Instead of traditional loan activities, more banks will take other activities like securities underwriting, wealth management, and etc. In the meanwhile, it means the financial institutions will become finance holding company gradually, diversify their entity and face much risk, and the ownership structure will become more complicated. We mainly examine how the three factors will influence the value and performance of financial institutions. The results showed that the risk degree is significantly negative to the value, and there were diversification discount, convergence-of-interest hypothesis in the financial institutions.