Performance Evaluation of Financial Holding Company in Taiwan

碩士論文[[abstract]]本研究利用差異檢定來分析設立金融控股公司是否可以提高獲利能力、降低經營成本及進行共同行銷以獲取規模經濟的綜合效益；且利用ANOVA分析不同經營主體之金控公司在經營績效上是否有差別，以多元迴歸再更進一步檢驗有何種因素會影響到金控公司成立後之績效。實證結果發現在股票買進持有報酬率方面，發現金融控股公司股票之買進持有報酬率顯著低於金融業中非金融控股公司平均值；在12個月時的買進持有報酬率顯著低於對照公司，在18、20、24、28個月時則無顯著差異。在財務績效方面，現金流量報酬率在設立金融控股公司前後並無明顯改變；設立金融控股公司後營運成本率明顯降低；設立金融控股公司後營收成長率顯著高於為設立前；根據分析結果可以得知金融控股公司在設立後，經由2年來的整合，已經逐漸發揮營運綜合效益。檢驗以不同經營主體之金控公司之間績效差異時，發現以銀行、產壽險及證票券為主體的金控公司之間並無明顯差異。以多元迴歸分析何種因素會影響金控公司成立後績效時，發現有銀行子公司對於資產報酬率及權益報酬率有正向影響。[[abstract]]This research used the t-test and sign test method to examine whether the Financial Holding Company establishment can improve performance. The empirical results indicate buy and hold return of Financial Holding Company significantly lower than industry-average. In 12 months, buy and hold return of Financial Holding Company was significantly lower then merging firms, but it was not significant in 18, 20, 24, 28 months. In financial performance, the improvement of operating cash flow rate was not significant after Financial Holding Company establishment. Operating cost rate of post-establishment significantly was lower then pre-establishment. Sales growth rate of post-establishment was significantly higher then pre-establishment. According this result, we can find Financial Holding Company to get operation synergy during 2 years. There are no different in performance among Financial Holding Company composed of bank, security and Insurance after Financial Holding Company establishment. We find Financial Holding Company had a constituent corporation of bank would make ROE to rise