金融業務全球化的發展不僅促使金融商品推陳出新，更使銀行、證券、保險間的業務區隔及差異漸趨模糊，因此，金融機構的發展，將朝向跨業經營、集團化、國際化與大型化的道路前進，如何有效評價及衡量金控公司整體之經營，必須從更宏觀與其所經營之財務指標進行判別與衡量。本研究選取2012年至2019年臺灣上市櫃金控公司之銀行、證券及壽險子公司的相關財務績效比率進行分析，以發展類型及規模大小而言，探討在金控公司架構下，銀行、證券及壽險子公司財務績效之比較分析。
經本研究運用雙因子變異數分析實證發現以發展類型及規模大小而言，一、在金控公司架構下，銀行別及規模別財務績效：EPS以保險型大規模表現優、ROE以保險型中規模表現優、ROA以保險型中規模表現優；二、在金控公司架構下，證券別及規模別財務績效：EPS以證券型大規模表現優、ROE以證券型大規模表現優、ROA以證券型大規模表現優；三、在金控公司架構下，壽險別及規模別財務績效：EPS以保險型大規模表現優、ROE以保險型中規模表現優、ROA以保險型大規模表現優；四、各金控公司及規模別財務績效：EPS以保險型大規模表現優、ROE以銀行型大規模表現優、ROA以銀行型大規模表現優。

The globalization of financial services not only results in many innovative financial products, but also blurs the segmentation and differentiation among banks, securities, and insurance firms. Based on financial data, ranging from 2012 to 2019, of Taiwan listed financial holding companies (FHC), this study intends to evaluate the financial performance of Banks, Securities and Life Insurance subsidiaries of financial holding companies. By applying two-way ANOVA model, the findings are summarized as follows:
1.Large-scale banks under insurance-centric Financial Holdings outperform its peer banks in terms of EPS; medium-scale banks under insurance-centric Financial Holdings outperform its peer banks in terms of ROE and ROA.
2.Large-scale securities under security-centric Financial Holdings outperform its peer securities in terms of EPS, ROE and ROA.
3.Large-scale life insurances under insurance-centric Financial Holdings outperform its peer life insurances in terms of EPS and ROA; medium-scale life insurances under insurance-centric Financial Holdings outperform its peer life insurances in terms of ROE.
4.Large-scale life insurances under insurance-centric Financial Holdings outperform its peer financial holding companies in terms of EPS; Large-scale financial holding companies under bank-centric Financial Holdings outperform its peer financial holding companies in terms of ROE and ROA.

目 錄
第一章　緒　論....................1
第一節　研究背景與動機.............1
第二節　研究目的...................3
第三節　論文章節架構說明............4
第二章　文獻探討...................6
第一節　本國金融控股公司概況........6
第二節　財務績效指標及相關文獻.....16
第三章　研究方法................. 21
第一節　研究架構..................21
第二節　研究範圍..................22
第三節　研究方法..................24
第四章　實證結果分析..............26
第一節 初步敘述統計分析..........26
第二節 銀行業績效之比較分析......30
第三節 證券業績效之比較分析......36
第四節 壽險業績效之比較分析......44
第五節 金控公司績效之比較分析....51
第五章　結論與建議...............59
第一節 研究結論.................59
第二節 未來研究方向與建議........62
參考文獻........................63

一、中文部分：
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2.王怡婷(2018)。金融控股公司之股權結構與經營績效的關係。東吳大學經濟學系碩士論文。
3.古永嘉譯(2014)。企業研究方法(第十二版)(原作者：D. R. Cooper and C. W. Emory)。臺北市：華泰書局。
4.李德銘(2005)。合組金融控股公司對其子公司經營效率影響之研究。朝陽科技大學財務金融系碩士班碩士論文。
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6.許哲強、王澤宇、王銘德(2009)。臺灣的金控公司子銀行經營績效之評估與分析。臺灣銀行季刊，60(3)，43-58。
7.雲惟炯(2007)。金控財務績效分析。輔仁大學金融研究所碩士論文。
8.廖麗淑(2018)。台灣地區銀行的經營效率及財務績效之比較研究。中國科技大學企業管理系碩士在職專班碩士論文。
9.薛繼祖(2008)。本國銀行資金運用之研究-以損益兩平觀點。國立台北大學國際財務金融碩士在職專班碩士論文。
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二、英文部分：
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11.McDonald, J. F. and H. H. Stokes, (2013). Monetary Policy and the Housing Bubble. The Journal of Real Estate Finance and Economics, Vol. 47, pp.437-451
12.Stone, M. E. (2006). What Is Housing Affordability? The Case for the Residual Income Approach. Housing Policy Debate, Vol.17, No.1, pp.151-184.
13.Wang, P., (2003). Cycles and Comon Cycles in Property and Related Sectors. International Real Estate Review, Vol.6, pp.22-42.