臺灣金控公司價值遞移現象與利潤模式之研究

Abstract

本研究利用Slywotzky(1996)所提出的價值遞移與獲利模式，佐以實證資料來分析臺灣金控公司現況，研究期間為2003年至2009年。研究結果主要有三，首先，臺灣金控公司目前處於價值流入期，主要利益來源為旗下的銀行及保險子公司，顯示以銀行及保險為營運主體是金控公司較佳的組織獲利模式；雖然國內學者一般普遍認為臺灣銀行有家數過多的問題，造成銀行業競爭激烈獲利艱辛，但本文發現金控旗下子銀行亦處於價值流入期，顯示其創造能力尚佳，說明銀行具有小而美的優點。其次，金控公司對風險控管的態度較為保守，其逾放比率較本國銀行為低，金控公司可以適度提高逾放比率做為獲利模式。最後，金控公司的績效來源主要是因成本的節省而非收入的增加，且金控公司整體成本的降低主要是來自旗下子銀行費用的節省。

This paper analyzes the trends of value migration and profit patterns of FHCs in Taiwan during 2003-2009 based on Slywotzky’s theory (1996). There are three main findings. First, FHCs is on the value inflow period now. Most of the profits come from its bank and insurance subsidiaries; therefore, focusing on the development of bank and insurance sectors is a better profit pattern. Although most papers show that the fierce competition in banking industry may causing less profits, this paper indicates FHCs’ banks are still on the value inflow period which means the banks of small scale could develop their own strengths in competition. Second, because of conservative attitude, FHCs have lower past-due loan ratio than other banks in Taiwan. However, appropriately increasing the past-due loan ratio can bring them more profits. Third, our findings suggest that the performance of FHCs is due to cost down rather than revenue increasing. The cost savings mainly comes from its bank subsidiary.