信託投資公司改制之研究

Abstract

民國六十年代初期，國內經濟快速發展，急需大量中、長期資金，政府遂自五十九年起核准中國信託等八家信託投資公司的成立，以滿足社會需要。然而，信託投資公司受法令限制及金融環境快速變化的影響，發展並不容易，為求生存，信託投資公司無不積極進行轉型或改制。截至目前為止，已有三家改制為商業銀行，一家改為工業銀行，一家併入其他商業銀行，一家改制為信託業，目前僅存中聯信託及亞洲信託等二家尚在經營。 本文採用財務分析方法，選取資產報酬率等多項評估指標，探討信託投資公司改制為商業銀行、工業銀行或信託業的營運績效。其結果顯示，改制後績效與改制前體質息息相關。不過，因為完成改制的信託投資公司家數不多且彼此間差異頗大，致本研究尚無法判定信託投資公司改制為何者之績效最佳。 最後，本文以中聯信託投資公司為研究個案，評估該公司三種改制方向的法令限制、可行性及優缺點等因素後，建議該公司短期應改制為商業銀行，俟整體營運上軌道後，中、長期應朝綜合性銀行之方向發展及規劃。

To meet society’s needs and to respond to increasing demand for mid- and long-term funds arising from the rapid development of Taiwan’s domestic economy, in the 1970’s, the R.O.C. (Taiwan) government approved the establishment of eight Trust and Investment Corporations, including China United Trust and Investment Corporation and China Trust and Investment Corporation. Yet, since then, regulation restrictions and a fast-changing financial environment have made it difficult for Trust and Investment Corporations to expand. Under difficult circumstances, China’s Trust and Investment Corporations are striving to transform or reconstruct. By now, three out of the eight Trust and Investment Corporations established in the 1970’s, have reformed into commercial banks, another two have become either an industrial bank or a Trust Company, individually, and one has merged with another commercial bank. There are only two Trust and Investment Corporations still operating as established Trust and Investment Corporations in Taiwan - China United Trust and Investment Corporation and Asia Trust and Investment Corporation. This article utilizes financial analysis methods, selecting several evaluating indicators (such as return on asset), to investigate the operating efficiencies of the Trust and Investment Corporations in Taiwan that have reformed to either a commercial bank, a separate industrial bank or a Trust Company. The result of this study indicates that the operating efficiencies of these entities, after-transformation, are positively related to the constitution of the corporation before-transformation. However, not many Trust and Investment Corporations have completed this transformation and great variations exist among them. The results of this research provide insufficient evidence to effectively determine which form (either industrial bank or Trust Company) would produce optimum operating efficiencies for existing Trust and Investment Corporations seeking transformation. This article utilizes China United Trust and Investment Corporation as its research case. After assessing legal limitations, feasibility and potential consequences of three different methods of transformation for China United Trust and Investment Corporation, this article suggests that the Company should transform into a commercial bank in the short term. Until the Company begins to operate profitably, it should plan and develop towards becoming a universal bank over the middle- and long-term.