臺灣金融控股公司範疇經濟與資訊分享效益之研究

Abstract

臺灣自2001年通過「金融控股公司法」，金控母公司可經由控制性持股持有不同類型的金融機構子公司，截至目前為止共成立了十六家金控公司。金融業為資訊密集的產業，實體資產較少，主要以處理顧客資訊、金融商品資訊、資金資訊或是營運決策資訊為主，資訊能夠快速且具有彈性地應用在每個金融商品之生產過程，是以金控公司之整併效益大多來自內部資訊整合。本文爰提出以內部資訊分享(internal information sharing)觀點來探討金控公司之整併及由而產生的範疇經濟現象。

本文研究期間為2005年至2011年，以臺灣十二家金融控股公司資料為研究樣本，使用處理部分最小平方分析法(Partial Least Square)之SmartPLS 2.0軟體進行分析，發現可使用超額價值、流動資產周轉率、管理及業務費用效率三項觀察變數來替代無法觀察的內部資訊分享效益，且實證結果發現臺灣金融控股公司若範疇多元化程度低、資產規模大且槓桿比例高較具內部資訊分享效益。而在範疇多元化程度低的金融控股公司族群中，反而範疇多元化程度高、資產規模大且槓桿比例高的金融控股公司較具內部資訊分享效益。

Starting in 2001 due to the pass of the Financial Holding Company Act, the financial holding companies (FHCs) in Taiwan are allowed to integrate different financial institutions including bank, insurance and security companies. Financial industry is characterized as information-intensive and mainly processing customer information, financial commodity information, funding information and strategy information that could be shared and facilitating in every production process of financial products rapidly. This thesis therefore analyzes the FHCs based on internal information sharing since the integration benefits of FHCs are mostly from the integration of internal information.

This study adopts PLS to examine scope economies of 12 FHCs in Taiwan from 2005 to 2011. Evidences are found the internal information sharing benefits which is a latent variable could be measured with excess value, current asset turnover and expense efficiency. Moreover, internal information sharing benefits are higher if FHCs’ scope is lower, current asset turnover is higher and the expense efficiency is higher. However, among those lower scope group, internal information sharing benefits are higher if FHCs’ scope is higher, current asset turnover is higher and the expense efficiency is higher.