第四章 實證分析與結果
第三節 未來研究建議
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第三節 未來研究建議
根據上述研究限制，本研究對於未來研究方向建議如下：
一、 對企業之建議
本研究結果顯示，金控公司多角化愈高，愈有助於降低系統性風險，且此多 角化效益，乃來自於以銀行為經營主體之金控公司，跨業經營壽險或產險業。然 特定風險亦隨多角化程度而提高，本研究認為須仰賴公司經營管理之能力，顯示 經理人對於新事業之風險管理決策，應更甚於開拓公司的收入來源。因此本文建 議金控公司在併購新業務之前，能多方考量其併購後之預期綜效，找出最適合自 己的營運方式，同時維持適度之自有資本適足率，以降低經營風險，真正落實企 業風險管理。
二、 未來研究方向建議
1. 本研究以 Herfindahl 指標衡量金控公司之多角化程度，且僅專注相關多角化 方面，建議將非相關事業多角化及地區多角化一併納入，以衡量金控公司多 角化程度對經營風險之影響，使得研究更趨於完整。
2. 本研究實證樣本僅包含上市公司，排除興櫃、公開發行或未上市、上櫃公司，
未來若能取得未上市、上櫃公司資料，建議能一併列入研究樣本內，探討全 面市場情況，增加研究廣度。
3. 本研究僅以財務報表上之數據為研究樣本，並未考慮其他可能影響經營風險 之因素，例如公司治理、董監事持股比率等。建議未來可以個案研究方式，
加入公司特性等因素，深入探討金控多角化程度對經營風險之影響。
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4. 考量資料取得與計算方式之簡便性，本研究僅以常見之五項風險指標作為金 控公司之經營風險，建議未來研究能以其他指標或是更精細的計算方式衡量，
使實證結果更趨於完整。
5. 針對子公司組合對金控公司經營風險之影響方面，本研究採取納入虛擬變數 之方法，來探討各事業群對金控公司風險之影響，建議後續研究者能以各家 金控子公司組合之方式分析，完善此部分之實證結果，進而提供給企業、政 府及投資人參考之依據。
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附錄一：國內金控公司基本資料表
金控公司名稱 經營主體 開業 日期
集團資產
（單位 10 億 元）
集團淨值
（單位 10 億 元）
子公司 (基準日 102.02.28)
華南金融 控股公司
華南商業銀行 90/12/19 2,063.4 132.9
華南產物保險公司、華南永昌綜合證券公司、華南 永昌證券投資信託公司、華南金創業投資公司、華
南金管理顧問公司、華南金資產管理公司
富邦金融
控股公司 富邦產物保險 90/12/19 4,083.68 303.86
台北富邦商業銀行、富邦人壽保險公司、富邦綜合 證券公司、富邦金控創業投資公司、富邦銀行(香港) 有限公司、富邦行銷公司、富邦資產管理公司、運
彩科技公司 中華開發
金融控股公司
中華開發銀行
90/12/28 484.84 164.68 大華證券公司、凱基證券公司
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Generalized Translog 成本函數之應用」，國立台北大學經濟學系研究所碩士 論文。
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