The Influence of Diversification to the Operation Performance of Financial Holding Companies in Taiwan
張雅涵、林筱鳳
E-mail: 381999@mail.dyu.edu.tw
ABSTRACT
In this paper, 14 financial holding companies subsisting in Taiwan from 2009 to 2011 are selected as samples. The Herfindahl index is used to measure the total level of diversification of these companies. Followed are CCR and BCC models of the input-oriented data envelopment analysis (DEA) to measure the operating efficiency of these companies Finally, Tobit regression analysis is also used to estimate operating performance. The empirical results are as follows: 1.We find, in 14 financial holding companies in Taiwan, only Jih-Sun’s total level of diversification is increasing year by year, but the growth rate is small; The level of
diversification of Hua-Nan, SinoPac and first finical holding company is year by year reduced; As a whole, the level of diversification is shown a downward trend. 2.We find that the total level of diversification and the operating performance of financial holding companies in Taiwan are negatively correlated. The higher the level of diversification means the worse its operating performance will be. 3.Asset size and commercial bank owning or not will be significantly positively correlate with the operating performance of a financial holding company. It means that the larger asset size and the owning of commercial bank of a financial holding company, the better the operating performance will be. 4.In these 14 financial holding companies in Taiwan, Fu-Bon, E-Sun, Shin-Kong and Cathay finical holding companies do the best in technical efficiency. China-Development finical holding company does the worse.
Keywords : financial holding companies(FHCs)、Diversification、Herfindahl Index、Date envelopment Analysis、Tobit Model Table of Contents
目錄 第一章 緒論 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究架構 3 第二章 文獻探討 第一節 多角化之分類與 其動機 5 第二節 多角化之衡量方法 11 第三節 多角化與經營績效關係之文獻回顧 15 第四節 以資料包絡分析法評估金融業 經營績效之文獻回顧 25 第三章 研究方法 第一節 理論與假說 35 第二節 研究方法 36 第三節 樣本選取與資料整理 40 第四章 實證分析 第一節 金控公司多角化之衡量結果與敘述性統計量 46 第二節 金控公司之經營績效分析與差額變數分析 48 第三 節 敏感度分析 58 第四節 Tobit 迴歸分析結果 59 第五章 結論與建議 第一節 結論與建議 62 參考文獻 64 附錄 72
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