台灣金融控股公司的宣告及財富效果

Abstract

近年來，國際間金融市場緊密度愈來愈高，國際金融業經營逐漸從以商品為中心轉為以顧客為中心，結合銀行、證券、保險與資產管理等各項服務，提供全方位的服務遂成趨勢。為強化台灣金融市場競爭力，政府於2001年六月推動金融革新，開放金融控股公司設立。金融控股公司法的通過，揭開了台灣金融大改革的序幕。在變動日益劇烈的全球市場，金融業者必須滿足客戶日新月異的需求，順應一夕數變的市場價格變動，同時快速反應隨時發生的各種風險。為檢測台灣通過金融控股法規的市場效應，本研究以五十二家金融類上市公司為樣本，針對一審及三審通過日以事件研究法的市場模型做異常報酬的檢測。同時針對後續的金控集團主體公司及子公司納入宣告日為事件日，以調整後市場模型為架構做異常報酬的檢測。 根據結果顯示市場對於全體金融機構在法規一審及通過日皆為負的異常報酬。區分為商業銀行、中小企銀、票券金融、保險時，則在一審日除保險業為顯著負報酬外，其他三者皆為不顯著正報酬。財富移轉效果在通過日當天及前後一天成立，商業銀行為負效果，其他三者為不顯著正效果。若以金控及非金控做分類，則皆無顯著效果，可顯示法規通過時市場無法準確預測何者會成立金控。成立金控時，主體公司累積異常報酬為負，而子公司累積異常報酬為正，顯示財富移轉效果成立。若以金控集團的累積異常報酬來看，則平均而言投資者對金控集團的成立具有正面的投資意願。

The deregulation of financial institutions such as commercial banks, investment banks, securities and insurers has become a trend in the world recently. Taiwan Legislatively Yuan passed the Financial Holding Company (FHC) Act on June 27, 2001. The permission for the establishing of holding companies not only enhances the competitive ability for local financial institutions but also consolidates Taiwan’s financial environment. The possible benefits are product diversity, conglomeration effect besides the well-known cost and revenue synergy. This study employed event study to measure the announcement and wealth transfer effects. The samples used include 52 financial institutions listed in Taiwan Stock Exchange. The multiple regression model with additional dummy variable for event period is applied to evaluate the effects. The results examined from the stock market’s evaluation indicate that the market’s perception of wealth effects of the aforementioned financial deregulation overhaul were generally negative. The business banks, bills finance and insurances have positive announcement effect for the final passage of Financial Holding Company Act. The classification of FHC and non-FHC shows no significant effect. It indicates that the public has no information of the main component and subsidiary for the holding company at the FHC passage. It is also implied that the investors might believe the combination of different financial service institutions make synergy in revenue side and/or economic scale cost.