标题: 台湾金融控股公司管理绩效分析
Managerial Efficiency of Financial Holding Companies in Taiwan
作者: 刘宪明
Liu, Hsian-Ming
杨千
Yang, Chyan
经营管理研究所
关键字: 效率;竞争优势;网络资料包络法;公司治理;风险值;条件风险值;Efficiency;Competitive advantage;Network DEA;Corporate governance;Value at Risk;Conditional VaR
公开日期: 2011
摘要: 自从一系列的金融改革及开放之后,台湾金融市场中机构数量变得更为的密集且彼此间的竞争亦更加的激烈。虽然金融的改革与开放有助于台湾金融市场整体效率的提升,然伴随而来的却是国内金融机构面临一个变动相对快速且高度竞争的市场环境。而这结构性的改变,促使台湾的金融机构必须进一步检视其经营上优势与弱点,期获得更多得竞争优势,维持企业的永续发展。
为了能充分了解台湾金控公司的经营效能及其持续性之竞争优势,本研究采用二阶段资料包络模式,评估各家金控公司之管理与生产效能,并进一步探讨其内部公司治理机制,乃至于外部风险因子对其经营绩效的影响与关连。在管理绩效的分析指出,金控公司的获利能力在其经营绩效上扮演着关键的因素,而规模较小的金控公司因具有较佳的获利力,故管理绩效与竞争优势上表现较为优异;另获利来源的剖析亦指出,多数金控公司的主要获利来源虽然来自于原本的主要业务,但跨业整合扩充经济范畴的策略,确实能扩充获利的来源及增加经营的竞争优势。在公司治理机制的研究指出股权结构及董事会组成等传统治理变数对于金控公司的管理绩效仅具有限的解释效果。因此,公司外部的投资者必须藉由其他的辅助性指标,如机构投资人的持股与管理者的直接持股及股权偏离程度,来监控公司的经营状况及诊断投资价值被管理损害的可能性。因此,在公司治理议题的研究上指出金控公司的治理机制及投资者保护仍需回归至内部营运资讯的揭露程度及管理阶层的利益与公司整体价值的收敛程度来做判断,亦即两者相关程度越高之金控公司,其公司的管理绩效表现越佳。另在金控公司经营风险的分析指出信用风险、市场风险及风险传递均会对公司的管理绩效有显着的影响。而透过这些指标的运用,金控公司的管理阶层及投资者,不仅可以瞭解公司的风险偏好及投资组合的风险来源,并可进一步降低公司的风险程度及提高经营的绩效。
Taiwan’s financial industry remains highly fragmented and competitive after a series of financial liberalization and restructuring. With the enforcement of these fiscal policies, domestic financial institutions face a more dynamic, increasingly intense and highly competitive environment even as the banking industry’s overall efficiency has gradually been enhanced. This structural change has further forced financial institutions to inspect the performance of their strengths and weaknesses and to identify improvement directions so as to gain further competitive advantages.
To provide sufficient details of managerial performance and competitive advantage for financial holding companies (FHCs) in Taiwan, a multiple-factors performance model based on two-stage series model is employed to assess managerial performance and subsequently identify determinant governance mechanisms and risk factors of the FHCs in Taiwan by the truncated regression model.
The results of managerial performance indicate that the a FHC’ s profitability plays a critical role in the overall competitive advantage and small-size FHCs are suitable types in Taiwan’s current fragmented and overcrowded environment due to achieving better performance in profit efficiency and firm value productivity. In addition, the profit niche of all FHCs comes from their main businesses but other sideline activities also play an important role for FHCs’ overall profit, indicating that the cross-business integration of financial institutions can enlarge their business scope and then can create more benefits and profits for their survival and development.
With respect to the effect of governance mechanisms and risk factors, the results of the former indicated that the conventional governance mechanism has been confirmed as having a limited effect on the FHCs’ performance and the protection of shareholder’s rights. Thus, investors can adopt auxiliary governance variables to supervise the operation of invested firms and to help them to diagnose the probability of managerial expropriation for their investment. The latter reveals that the FHC’s managerial performance is significantly influenced by three factors including credit risk, market risk, and risk spillover. By using these risk measures, the FHCs’ management team and investors can not only conduct evaluation for their risk preferences but they can also diagnose the risk source of their investment portfolio and reduce operation risks to enhance managerial performance. This study provides a sufficient and informative perspective for the firm’s managers and investors to explore the FHCs’ managerial performance by considering competitive capability, governance mechanisms and risk factors.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT079737801
http://hdl.handle.net/11536/45618
显示于类别:Thesis


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