Technical Efficiency of Financial Holding Companies: An Application of Stochastic Distance Function

本研究的研究目的是，針對民營金控公司與其旗下銀行子公司與證券子公司進行技術效率分析，並觀察其銀行子公司與證券子公司的效率排行與金控公司本身效率相關性。本研究採用台灣經濟新報提供之2006年至2015年資料，利用投入面隨機距離函數法，以此了解民營金控與旗下銀行子公司、證券子公司的技術效率表現與母子公司之間的排名關聯程度，並探討麥氏生產力指數與其拆解項的變化。 技術效率方面的實證結果顯示，民營金控與銀行子公司的技術效率排名為統計上不顯著正相關，而民營金控與證券子公司的技術效率排名為顯著負相關；資產規模方面，民營金控與銀行子公司的規模排名出現顯著正相關，而民營金控與證券子公司的規模排名為不顯著負相關。麥氏生產力指數方面，10年平均民營金控出現純效率進步、規模效果改善，但技術惡化情形，TFP惡化情況；銀行子公司平均出現純效率惡化，技術進步及規模效果改善情形，TFP改善情況；證券子公司部分出現純效率進步、技術進步，但規模效果不變情形，TFP出現改善情況。 實證結果發現，部分金控公司之銀行子公司雖然資產規模龐大卻未具經營效率，因此建議所有金控公司全面檢討旗下所有子公司的業務以確認發揮資本效益、交叉行銷與降低成本等功能。The purpose of this study is to analyze the technical efficiency of the private financial holding companies and its subsidiary by using the input-oriented stochastic distance model and Malmquist productivity index data collected from domestic financial holding companies during the period 2006 through 2015. The results of the technical efficiency rank show that the technical efficiency between private holding companies and its bank subsidiary are not significantly correlated while the encounter part of holding companies and its securities subsidiary are negatively correlated. In addition, the results of the assets scale rank show that the assets scale between private holding companies and its banks subsidiary are significantly positively correlated. Finally, Malmquist productivity index analysis found that the average of private holding companies experienced an improvement in pure efficiency and scale efficiency, but deterioration in technical efficiency and TFP in these 10 years. The bank subsidiary has an improvement in technical change, scale efficiency and TFP, but deterioration in pure technical efficiency. The securities subsidiary has an improvement in pure technical efficiency, technical efficiency and TFP efficiency, but the same in scale efficiency. The empirical results show that part of the bank subsidiary have large scale of asset but lack of technical efficiency. Therefore, the study recommends that all financial holding companies implement a comprehensive review of all its subsidiaries to make sure to have capital efficiency, cross selling and cost saving