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研究生:卓昶廷
研究生(外文):CHO CHANG-TING
論文名稱:金融控股公司經營績效之實證分析-採用資料包絡分析法
論文名稱(外文):An Empirical Analysis of The Performance of Financial Holding Companies-Using The Data-Envelopment Analysis Method
指導教授:張春雄張春雄引用關係胡勝益胡勝益引用關係
學位類別:碩士
校院名稱:實踐大學
系所名稱:企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:53
中文關鍵詞:金融控股公司資料包絡分析法(DEA)Malmquist 生產力指數
外文關鍵詞:financial holding companydata-envelopment analysis methodMalmquist production index
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金融業為一國金融仲介的重要角色行業,負有提升資金配置,促進金融發展之使命。1998年起我國經歷了一場金融風暴,金融業更面臨衍生的卡帳問題,加上政府開放外資來台政策,致國內以銀行為主之金融業家數過多導致金融業界獲利能力普遍下降。政府爲改善國內金融環境,提升國內金融業界競爭力,提出金融改革方案,於2000起兩年內陸續立法通過「金融機構合併法」及「金融控股公司法」。各金融機構爲配合相關法令暨擴大業務經營範圍,以採異質結合的方式陸續成立金融控股公司,截至95年9月底止,國內共計14家金控公司成立。
為探究國內金控公司成立後經營效率情形,本研究以資料包絡分析法(DEA)之CCR、BCC模式及Malmquist 生產力指數進行分析比較,並嘗試選用「資本額」及「員工人數」做為投入變數,「營業收入」為產出變數。
研究結果顯示,(1)2004年14家金控公司中,僅國泰及台新金控公司具生產效率(CCR)、技術效率(BCC)及規模效率(CCR/BCC);(2)2005年金控公司同時具生產效率及規模效率者為國泰及富邦等兩家,具技術效率之金控公司為國泰、新光、富邦及國票等4家;(3)2006年時僅國泰金控公司同時具生產效率及規模效率,具技術效率之金控公司為國泰、新光、富邦及國票等4家;(4)以經營規模報酬而言,國泰、新光及國票等三家金控公司自2004年時即達所屬規模,富邦金控公司於2005年時達所屬規模,其餘皆處於規模遞減狀態;(5)以Malmquist 生產力指數分析結果顯示,台新、兆豐、富邦等三家金控公司在經營上可歸屬於具有高度發展而快速變動之公司;國泰、新光兩家金控公司可歸屬於高度發展而慢速變動公司;中信、永豐、華南等三家金控公司可歸屬於低度發展而快速變動公司;日盛、玉山、國票、第一、復華等五家金控公司可歸屬於低度發展而慢速變動公司。
The financial industry is an industry which plays an important role as a country’s financial intermediary, carrying the mission of increasing capital allocation and promoting financial development. Since 1998, an economic storm hit our country. At that time when the financial industry was facing serious problem of bad debts derived from the crisis, added with the government’s policy of inviting overseas capital to land in Taiwan, the number of companies, mainly the banks, involving in the financial industry became so many that their profits commonly dropped. In order to improve the financial environment at home and increase the competitive power of the domestic financial industry, the government proposed a plan for financial reform. Starting from 2000, “The Financial Institutions Merger Act” and “The Financial Holding Company Act” passed the legislation within two years time one after another. To go with the laws and expand their business scope of operations, various financial institutes adopted the method of heterogeneous combination and established financial holding companies one after another. Till the end of September 2006, there are in all 14 financial holding companies been established in the country.
In order to find out how efficient those domestic financial holding companies are operating after being established, this study applied the CCR, BCC models of the data-envelopment analysis method and the Malmquist production index to make comparisons, and tried “capital” and “number of employees” as input variables and “operation revenues” as output variable.
The research results indicated that (1) in 2004, among the 14 financial holding companies, only Cathay and Taihsin achieved the production efficiency (CCR), technology efficiency (BCC) and scale efficiency (CCR/BCC) ; (2) in 2005, Cathay and Fubon were the two financial holding companies that achieved both the production and scale efficiency. Four financial holding companies achieved the technology efficiency including Cathay, Shin Kong, Fubon and Waterland; (3) in 2006, only Cathay Financial Holding Company achieved both the production and scale efficiency. Four financial holding companies achieved the technology efficiency including Cathay, Shin Kong, Fubon and Waterland; (4) in terms of returns to scale, three financial holding companies including Cathay, Shin Kong and Waterland had achieved the scale since 2004. Fubon Financial Holding Company achieved the scale in 2005. The rest of the holding companies were in a status of decreasing returns to scale; (5) from the analysis of the Malmquist production index, the

results indicated that Taihsin, Mega and Fubon could be classified as companies with high development and quick change in operations; Cathay and Shin Kong could be classified as companies with high development and slow change; Chinatrust, SinoPac and Hua Nan belonged to the group of low development and quick change; five financial holding companies including Jih Sun, E. Sun, Waterland, First and Fuhwa belonged to the group of low development and slow change.
目 錄
第一章 緒論 1
第一節 前言 1
第二節 研究動機 1
第三節 研究目的與方法 1
第四節 研究限制 2
第五節 研究架構 2

第二章 文獻探討 4
第一節 績效評估相關文獻 4
第二節 傳統績效評估方法之探討 4
一、比率分析法(Ratio Analysis Approach) 5
二、迴歸分析法(Regression Analysis Approach) 5
三、超越對數生產函數法(Translog Approach) 5
第三節 DEA理論基礎研究之相關文獻 7
第四節 DEA研究方法發展概述 9
第五節 DEA應用於金融業之相關文獻 10

第三章 研究方法 15
第一節 資料包絡分析法(DEA) 15
第二節 DEA-CCR 模式 17
第三節 DEA-BCC模式 19
第四節 MALMQUIST 生產力指數 21






第四章 實證分析 25
第一節 投入變數與產出變數之選取 28
第二節 DEA相對效益值分析 31
第三節 MALMQUIST 生產力指數分析 40

第五章 結論與建議 49
第一節 結論 49
第二節 後續研究建議 50

參考文獻 51
參考資料
一、國內文獻
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二、國外文獻
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