台灣金融控股公司經營績效研究

Abstract

本研究主要利用財務指標對台灣金融控股公司之經營績效進行評估。有別於過去研究著重以獲利能力構面來衡量經營績效，本研究從獲利能力、市場規模、員工貢獻度、經營績效與風險評估等五個面向進行評估，期使金融控股公司經營績效之評估能更為完整。除此之外，亦對台灣金融產業與金融控股公司經營主體之獲利能力進行分析，借此了解金融控股公司之經營績效差異主要來自於產業的獲利能力不同亦或個別子公司之獲利能力差異。本研究主要結果如下： 一、獲利能力部分以國泰金表現最佳，日盛金表現最差；市場規模以國泰金表現最佳，國票金表現最差；員工貢獻度以國泰金表現最佳，日盛金表現最差；經營效率以國泰金與新光金表現最佳，復華金表現最差；風險評估以開發金表現最佳，復華金表現最差。 二、以證券、票券與保險業中的壽險部分為經營主體之金融控股公司，其經營主體所在產業之獲利能力對於金融控股公司之經營績效有決定性之影響。 三、以銀行業為經營主體之金融控股公司，個別子公司之獲利能力對於整體金融控股公司經營績效之影響力大於產業獲利能力之影響力。 後續研究建議方面，日後有興趣之研究者可將質化指標納入經營績效的評估當中；除此之外，也可以試著將台灣金融控股公司與國外進行比較，以了解相對於外國金融控股公司，台灣金融控股公司之優劣勢所在。

This research uses financial indicators to evaluate the performance of Financial Holding Companies, FHCs. Unlike past research, in which a firm’s profitability has been strongly emphasized; this research evaluates the performance of Financial Holding Companies by examining profitability, market share, employee contribution, operating efficiency, and risk analysis. The performance of financial industries and master companies of the Financial Holding Companies are also discussed; for the purpose of understanding the causes that may have contributed to the difference in operating performance. Research results are summarized below: 1.Cathay FHC ranks first in profitability, and Jihsun FHC ranks last in profitability. Cathay FHC ranks first in market share and Waterland FHC ranks last in market share. Cathay FHC ranks first in employee contribution, and Jihsun FHC ranks last in employee contribution. Cathay FHC and Shin Kong FHC both rank first in operating efficiency and Fuhwa FHC ranks last in operating efficiency. China Development FHC ranks first in risk analysis, and Fuhwa FHC ranks last in risk analysis. 2.If master companies of FHCs operate under the industries such as security, note, and life insurance; profitability of the whole industry may have a strong impact on the operating performance of FHCs. 3.If master companies operate under the banking industry; profitability of sub companies may have a direct impact on the operating performance of FHCs. To further understand this topic, future research may consider using qualitative indicators as measures to evaluate operating performances of FHCs. Cross-examining between domestic and foreign Financial Holding Companies can also be used in combination with qualitative indicators to advance one’s research.