金控公司多角化經營與績效之關聯性研究

Abstract

民國90 年通過「金融控股公司法」，台灣已經允許金融機構發展多元化業務，以改善金 融業之經營績效，並提高其在國際間的競爭力。目前，已有許多金融集團積極擴張自身 版圖成立金融控股公司（Financial Holding Company），冀望藉由銀行、證券、保險等異 業結合的方式達到擴大客源與範疇經濟之效果，進而增進營運效率並提昇公司價值。本 研究將針對金融控股公司多角化（diversification）與績效之關聯，做架構性的討論。多 角化構面包括多角化之程度、多角化之方向及多角化之形式，並採資料包絡分析（Data Envelopment Analysis, DEA）模式所得之效率值作為績效衡量指標，其中加入組織因素 當作調節變數，最後以整體諧和比率（overall concordant ratio, OCOR）與邊際諧和比率 （marginal order ratio, MOR）技術，觀察各金控公司之多角化程度、組織因素與其效率 排名是否具有一致性及代表性。本研究之結果可對目前金融控股業之多角化程度與經營 績效作一整體瞭解，並對未來金控業可能發生之過度競爭與退出機制等議題提出建議。

In 2001, the Financial Holding Company (FHC) Act was passed, which permits the consolidation of commercial banks, securities and insurers into a single FHC is permitted in Taiwan thereafter.. It is hoped that the financial institutions in Taiwan will provide 「one-stop shopping」 for their customers and gain the benefit of economics of scopes so as to improve their operation efficiency and firm value. We will study the relationship between diversification and performance of FHCs by capturing the integrated theoretical framework from the strategic fields. The diversification construct includes degree, direction and mode of diversification. The relative performance (the efficiency score) are derived from the Data Envelopment Analysis (DEA). The organizational factors are added as moderators. Finally, we employ the techniques of overall concordant ratio (OCOR) and marginal order ratio (MOR) to link the constructs. Through this research, one will get a clear and holistic picture of the connection between diversification and performance of the FHCs in Taiwan. Suggestions for possible over-competition and exit-mechanism will be provided.