台湾地区金融控股公司之经营绩效
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摘要
针对台湾银行、保险、证券等金融机构家数过多,平均规模太小,市场集中度低,相互之间呈现恶性竞争,政府的一个重要举措就是成立金控公司,希望通过此举将公司的资源加以整合,借助金控公司旗下子公司的跨业经营,扩大金融机构的经营规模和范围,提高金融业的市场集中度,进而提高金融机构的综合绩效。“金融控股公司法”颁布以来,台湾建立了十四家金控公司。这些金控公司的运营效果到底怎样,是否达到了政策制定者的初衷,需要从理论及实证角度进行分析。
由于银行是最重要金融机构,金控公司若能发挥上述作用,对台湾银行业整体绩效也将产生积极影响。在此情况下,一家银行是否属于金控公司,在绩效上也可能存在差异。有鉴于此,本文试图利用数据包络分析法(DEA)方法,对金控公司成立以来台湾银行业的绩效作一检验和评价,并进一步检验是否加入金控公司对银行绩效的影响,从而从银行业角度对金控公司改善金融机构的绩效作一检验和评价。利用技术效率评估方法对台湾地区2003年至2005年银行业经营绩效的实证分析发现:
1、台湾地区银行业之整体技术效率平均值介于0.71～0.73之间,代表在维持相同的产出下,台湾地区银行必须减少27%至29%的投入使用量,才能达到效率前缘;
2、规模效率平均值趋近于1,显示造成个别银行技术无效率状态之主因系经营管理效能不佳所造成的资源浪费,而非经营规模不当所造成的无效率。
由Tobit截断回归实证结果显示:
3、业务集中度对技术效率之影响为负向关系,显示台湾地区银行业若实行多角化经营,可以享受因投入资源共享而带来的多样化经济效益,且此效果大于因生产产品种类增加而提高生产复杂度所造成的负向效果;
4、台湾地区分行家数对技术效率影响为负向关系,意味个别银行所设立之分行愈多时,其技术效率反而会因为市场容量不足而降低;
5、公股董事比率与技术效率间存在负向关系,亦即个别银行之公股董事占比愈高时,受政府控制较深,使其经营管理的灵活度可能因此降低;
6、逾放比率与技术效率间存在负向关系,代表个别银行在审核贷款的标准愈严谨,逾放比例能有效降低,使得坏帐损失的金额因此较低,技术效率乃提高;
7、是否为金融控股公司之子公司与技术效率间存在负向关系,但不具统计显着性,亦即虽然金融控股公司得以透过跨业经营,有效整合旗下各子公司资源,达到资源共享及成本节约的效益,但由于台湾目前金控公司的家数太多,平均规模太小,市场集中度低,对旗下子公司的进行管理协调的复杂性增加,并购后的整合也尚需时日,这些都影响金控公司范围经济效应和协同效应的发挥。两者效果互相抵消,使得其与银行技术效率间的关系目前不具统计显著性。
依据上述实证结果,本文的政策性建议包括:
1、由于台湾银行业待改善的空间仍相当大,故建议应持续进行金融与资本市场自由化,并可经由提升经营管理效能、实行多角化经营,及透过与金控其它子公司合作,来分散业务以及开拓潜在市场,提升其技术效益;
2、政府应考虑是否降低其对于银行的持股比例并且加强公营银行民营化,以增加银行的营运灵活度,进而提升技术效率;
3、银行业可藉由严格审核贷款、降低存款准备率、提高备抵呆帐比率与设立金检小组等方式,有效地降低逾放比例,以提高技术效率。
4、继续推进金控公司的并购重组,通过市场竞争及政府政策的诱导,减少目前太多的金控公司个数,鼓励金控公司之间的合并,通过扩大金控公司的经营规模和范围,大力提高金控公司也的市场集中度,充分发挥大型金控公司对金融业资源整合和产业组织作用。
对于十四家金控公司整体及各自绩效的分析,本文利用“经营绩效”及“经营策略”两大主轴建立分析架构,分别观察各金控公司之绩效及策略表现,进而比较分析不同策略群组中金控公司的经营绩效表现。研究发现,台湾金控公司之经营绩效方面,表现最不理想的项目包括资产市占率不足与营业成本普遍过高。因此,除了应积极鼓励金融机构继续整并之外,亦应要求各金控公司及其子公司加强控管营业成本。此外,若观察研究对象的事业主体,可发现以银行及保险为事业主体之金控公司,其竞争策略多属积极,而绩效表现也大多为持平以上。
There are overfull banks, insurance companies and stock exchanges in Taiwan with a small average scale and a low market concentration, which also take on a swart competition with each other. Aiming at this phenomenon, the government wants to set up financial holding companies in order to integrate the companies' resources. In virtue of the management spanning the industries, the government will enlarge the management scale and scope of financial structures; improve the financial market concentration, so as to improve the comprehensive performance of financial structures. After the promulgation of "financial holding company law", fourteen financial holding companies have been set up in Taiwan. How about the effect of these companies and whether have them achieved the original intension of policy constitutors? We need to analyze from the theoretical and evidential perspectives.
As bank is the most important financial structure, if financial holding companies can exert the above functions, they will have positive effect on the whole performance in Taiwan banking industries. Under such circumstances, a bank will have differences in performance whether it belongs to financial holding companies or not. Whereas, we will have tests and appraisals on the performance of Taiwan's banking industries by way of DEA. We will test further the effects on banks' performance whether joining the financial holding companies or not. Thereby, we can make tests and appraisals on the financial holding companies' improving performances on financial structures in the perspective of banking industry. Making use of the technology efficiency appraisal way, we have made evidential analyses on the banks' management performances between 2003 and 2005 in Taiwan . Based on the 2003-2005 survey data of Taiwan's banking industry, this research uses DEA to assess technical efficiency of Taiwan's banks. Also the Tobit censored regression was applied to examine the relationship between technical and firm-specific characteristics. The empirical results show that most banks perform technical inefficiency.
The major results were concluded as follows: In terms of the scale of the property, the result showed that "better efficiency in smaller scale". Banks with small property were constrained by its scale and thus were hindered in their future development. The average efficiency of banks under a financial holding company was worse than that of independent bank, but no statistical significance.
Based on the analyses on the integral and specific performance of fourteen financial holding companies, we have set up an analytic framework using the two principle axis of "management performance" and "management strategy". We observe the performance and strategy of each financial holding company separately and analyze the management performance of financial holding companies in different strategic groups comparatively. We have found that the most unsatisfactory projects include deficient capital marketing occupancy ratio and general high operating costs in respect of management performance of financial holding companies in Taiwan. Thereby, in spite of encouraging the continual integration of financial structures positively, we should require each financial holding company and its subsidiary to strengthen the control of operating costs. Besides, if we observe the main body of study object, we can find that the competition strategy of financial holding companies represented by banks and insurance is more positive, and their performances are most above the average.
由于银行是最重要金融机构,金控公司若能发挥上述作用,对台湾银行业整体绩效也将产生积极影响。在此情况下,一家银行是否属于金控公司,在绩效上也可能存在差异。有鉴于此,本文试图利用数据包络分析法(DEA)方法,对金控公司成立以来台湾银行业的绩效作一检验和评价,并进一步检验是否加入金控公司对银行绩效的影响,从而从银行业角度对金控公司改善金融机构的绩效作一检验和评价。利用技术效率评估方法对台湾地区2003年至2005年银行业经营绩效的实证分析发现:
1、台湾地区银行业之整体技术效率平均值介于0.71～0.73之间,代表在维持相同的产出下,台湾地区银行必须减少27%至29%的投入使用量,才能达到效率前缘;
2、规模效率平均值趋近于1,显示造成个别银行技术无效率状态之主因系经营管理效能不佳所造成的资源浪费,而非经营规模不当所造成的无效率。
由Tobit截断回归实证结果显示:
3、业务集中度对技术效率之影响为负向关系,显示台湾地区银行业若实行多角化经营,可以享受因投入资源共享而带来的多样化经济效益,且此效果大于因生产产品种类增加而提高生产复杂度所造成的负向效果;
4、台湾地区分行家数对技术效率影响为负向关系,意味个别银行所设立之分行愈多时,其技术效率反而会因为市场容量不足而降低;
5、公股董事比率与技术效率间存在负向关系,亦即个别银行之公股董事占比愈高时,受政府控制较深,使其经营管理的灵活度可能因此降低;
6、逾放比率与技术效率间存在负向关系,代表个别银行在审核贷款的标准愈严谨,逾放比例能有效降低,使得坏帐损失的金额因此较低,技术效率乃提高;
7、是否为金融控股公司之子公司与技术效率间存在负向关系,但不具统计显着性,亦即虽然金融控股公司得以透过跨业经营,有效整合旗下各子公司资源,达到资源共享及成本节约的效益,但由于台湾目前金控公司的家数太多,平均规模太小,市场集中度低,对旗下子公司的进行管理协调的复杂性增加,并购后的整合也尚需时日,这些都影响金控公司范围经济效应和协同效应的发挥。两者效果互相抵消,使得其与银行技术效率间的关系目前不具统计显著性。
依据上述实证结果,本文的政策性建议包括:
1、由于台湾银行业待改善的空间仍相当大,故建议应持续进行金融与资本市场自由化,并可经由提升经营管理效能、实行多角化经营,及透过与金控其它子公司合作,来分散业务以及开拓潜在市场,提升其技术效益;
2、政府应考虑是否降低其对于银行的持股比例并且加强公营银行民营化,以增加银行的营运灵活度,进而提升技术效率;
3、银行业可藉由严格审核贷款、降低存款准备率、提高备抵呆帐比率与设立金检小组等方式,有效地降低逾放比例,以提高技术效率。
4、继续推进金控公司的并购重组,通过市场竞争及政府政策的诱导,减少目前太多的金控公司个数,鼓励金控公司之间的合并,通过扩大金控公司的经营规模和范围,大力提高金控公司也的市场集中度,充分发挥大型金控公司对金融业资源整合和产业组织作用。
对于十四家金控公司整体及各自绩效的分析,本文利用“经营绩效”及“经营策略”两大主轴建立分析架构,分别观察各金控公司之绩效及策略表现,进而比较分析不同策略群组中金控公司的经营绩效表现。研究发现,台湾金控公司之经营绩效方面,表现最不理想的项目包括资产市占率不足与营业成本普遍过高。因此,除了应积极鼓励金融机构继续整并之外,亦应要求各金控公司及其子公司加强控管营业成本。此外,若观察研究对象的事业主体,可发现以银行及保险为事业主体之金控公司,其竞争策略多属积极,而绩效表现也大多为持平以上。
There are overfull banks, insurance companies and stock exchanges in Taiwan with a small average scale and a low market concentration, which also take on a swart competition with each other. Aiming at this phenomenon, the government wants to set up financial holding companies in order to integrate the companies' resources. In virtue of the management spanning the industries, the government will enlarge the management scale and scope of financial structures; improve the financial market concentration, so as to improve the comprehensive performance of financial structures. After the promulgation of "financial holding company law", fourteen financial holding companies have been set up in Taiwan. How about the effect of these companies and whether have them achieved the original intension of policy constitutors? We need to analyze from the theoretical and evidential perspectives.
As bank is the most important financial structure, if financial holding companies can exert the above functions, they will have positive effect on the whole performance in Taiwan banking industries. Under such circumstances, a bank will have differences in performance whether it belongs to financial holding companies or not. Whereas, we will have tests and appraisals on the performance of Taiwan's banking industries by way of DEA. We will test further the effects on banks' performance whether joining the financial holding companies or not. Thereby, we can make tests and appraisals on the financial holding companies' improving performances on financial structures in the perspective of banking industry. Making use of the technology efficiency appraisal way, we have made evidential analyses on the banks' management performances between 2003 and 2005 in Taiwan . Based on the 2003-2005 survey data of Taiwan's banking industry, this research uses DEA to assess technical efficiency of Taiwan's banks. Also the Tobit censored regression was applied to examine the relationship between technical and firm-specific characteristics. The empirical results show that most banks perform technical inefficiency.
The major results were concluded as follows: In terms of the scale of the property, the result showed that "better efficiency in smaller scale". Banks with small property were constrained by its scale and thus were hindered in their future development. The average efficiency of banks under a financial holding company was worse than that of independent bank, but no statistical significance.
Based on the analyses on the integral and specific performance of fourteen financial holding companies, we have set up an analytic framework using the two principle axis of "management performance" and "management strategy". We observe the performance and strategy of each financial holding company separately and analyze the management performance of financial holding companies in different strategic groups comparatively. We have found that the most unsatisfactory projects include deficient capital marketing occupancy ratio and general high operating costs in respect of management performance of financial holding companies in Taiwan. Thereby, in spite of encouraging the continual integration of financial structures positively, we should require each financial holding company and its subsidiary to strengthen the control of operating costs. Besides, if we observe the main body of study object, we can find that the competition strategy of financial holding companies represented by banks and insurance is more positive, and their performances are most above the average.
引文
1、叶欣、郭建伟、冯宗宪:《垄断到竞争:中国商业银行业市场结构的变迁》,《金融研究》2001年第11期
2、银行业放松管制的理论分析与宏观效果--兼论中国加入WTO对大陆和香港的影响》,《经济研究》2002年第6期/赵志君,马跃
3、国有商业银行客户经理绩效管理机制的构建/朱子云:(金融论坛)2004(12)2004.12:p.29-33,57.
4、我国商业银行效率决定因素的理论探讨与实证检验/郭妍:(金融研究)2005(2)2005.2:p.115-123.
5、基于超效率模型的中国商业银行效率评价/罗勇:曹丽莉:(金融论坛)2005(9)2005.9:p.17-21.
6、我国上市银行经营绩效的经济动态分析,葛敏:许长心:(金融论坛)2006(6)2006.6:p.14-19.
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24、邱文昌(1999),我国建立信用评等制度之规划与检讨,《证交资料》,第442期,页1-24。
25,邱碧芳(2002),公司财务危机预警信息之研究.考虑现金流量因素,《朝阳科技大学财务金融系未出版硕士论文》。
26、徐如慧(2003),现行信用风险模型之评估,《证交资料》,第494期,页14-39。
27、徐如慧(2003),信用风险内部评等法之一:企业金融(上),《证交资料》,第496期,页2-28。
28、徐如慧(2003),信用风险内部评等法之一:企业金融(下),《证交资料》,第497期,页2-30。
29、陈惠玲(1997),TCRI与公司债发行利率之关系测试,《货币观测与信用评等》,第3期,页21-31。
30、陈惠玲(1999),构建一个数字化的征信系统-TCRI新程序介绍,《货币观测与信用评等》,第17期,页41-50。
31、陈惠玲、萧惠元(2004),TCRI定位、范围及程序概述,《货币观测与信用评等》,第46期,页4-12。
32、陈惠玲、萧惠元(2004),门槛等级&TCRI之非数量化考量,《货币观测与信用评等》,第46期,页25-40。
33、陈惠玲、萧惠元(2004),工具篇:TCRI工作底稿,《货币观测与信用评等》,第46期,页41-49。
34、陈惠玲、萧惠元(2005),93年TCRI效力检验报告-失误率、违约率及调等率,《货币观测与信用评等》,第52期,页23-40。
35、陈妙真(2004),现金流量分析简介,《华南金控》,第22期,页21-27。
36、郭敏华(2000),债信评等,《智胜文化出版》。
37、黄美玲、张秋桂(2003),公司财务危机预测之实证研究.考虑非财务与财务因素,《德明学报》,第21期,页27-50。
38、黄伟(2003),信用风险模型评估,《华南金控》,第10期,页6-9。
39、彭雅惠(2005),台湾上市公司现金流量与投资行为关系之研究-自由现金流量假说与融资顺位假说的验证,《玄奘管理学报》,第二卷第2,期,页123-138。
40、孙铭谊、王思芳(2004),信用评等模型验证之初探.相关方法与文献回顾,《金融风险管理季刊》,第1卷第1期,页111-125。
41、马君梅(2003),财报分析应用于信用风险的发展趋势.两大模式各有优劣兼容并蓄截长补短,《会计研究月刊》,第214期,页84-94。
42、杨素柳(2005)、黄恺婷,银行信风险管理架构之探讨,《真理财经学报》,第12期,页93-150。
43、张大成、刘宛鑫(2002),信用评等模型之简介,《中国商银月刊》,第21卷第11期,页1-5。
44.张大成(2003),违约机率与信用风险评分模型,《台湾金融财务季刊》,第四辑第1期,页19-37。
45、储蓉(1999),对发展信用评等应有的态度与做法,《经济情势暨评论》,第五卷第1期,页51-74。
46、钟俊文、谢元峰(2004),本国银行放款风险订价之探讨,《货币观测与信用评等》,第49期,页87-94。
47、卢彦合(2004),新巴塞尔协议对银行及企金信用风险之影响,《建华金融季刊》,第26期,页171-177。
48、薛人瑞、陈汉冲(2003),新巴塞尔协议之信用风险架构研究,《货币观测与信用评等》,第44期,页85-99。
49、谢雪妮(2002),信用风险评等系统之研究,《彰银资料》,第51卷第8期,页11-32。
50、萧惠元(2003),各级TCRI违约率及调等率统计,《货币观测与信用评等》,第40期,页52-57。
1、Arshadi,N.and E.C.Lawrence(1987),"An Empirical Investigation of New Bank Performanc," Journal of Banking and Finance,vol.11,pp.33-48.
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2、银行业放松管制的理论分析与宏观效果--兼论中国加入WTO对大陆和香港的影响》,《经济研究》2002年第6期/赵志君,马跃
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1、王国梁、翁志强、张美玲(1998),『台湾综合证券商技术效率探讨』,证券市场发展季刊,第10卷第2期,93-116。
2、何太森(2003),《台湾观光旅馆技术效率之探讨-数据包络分析法之应用》,台湾地区政治大学经济研究所硕士论文。
3、吴道凯(2000),《国内银行业经营绩效之评估与选股策略的探讨》,台湾地区台湾大学国际企业学研究所未出版硕士论文。
4、李家德(1996),《银行业经营型态与经营绩效关系之研究》,台湾地区成功大学企业管理研究所未出版硕士论文。
5、李婉慈,《银行往来关系与公司经营绩效及财务危机之关联性分析》,台湾地区中正大学财务金融研究所未出版硕士论文。
6、洪幸临(1994),《银行经营绩效评鉴模型之研究--以台湾本国银行为例》,台湾地区淡江大学管理科学研究所硕士论文。
7、洪修远(1996),《商业银行财务绩效之研究-DEA与因素分析法之比较》,台湾地区成功大学企业管理研究所未出版硕士论文。
8、孙裕闵(2004),《金控架构下台湾地区银行业之经营绩效比较研究》,台湾地区铭传大学经济系硕士在职专班硕士论文。
9、陈文斌(2002),《台湾区银行经营绩效之研究-以逾放比为变项》,台湾地区东吴大学企业管理研究所硕士论文。
10、陈美烨(2005),《以DEA法评估台湾金控子银行之经营绩效》,台湾地区交通大学管理科学系硕士论文。
11、陈凌雯(2005),《金控银行与非金控银行经营绩效之探讨》,台湾地区政治大学国际贸易研究所硕士论文。
12、彭智伟(2004),《商业银行加入金融控股公司前后之经营绩效分析》,台湾地区静宜大学会计系硕士班硕士论文。
13、童宗杰(2001),《台湾地区新银行经营绩效比较分析数据包络分析法》,台湾地区中山大学经济学研究所未出版硕士论文。
14、过庆(2001),《银行经营绩效与获利能力之分析》,台湾地区台湾科技大学企业管理研究所未出版硕士论文。
15、赖呈昌(2004),《台湾地区金控银行与非金控银行绩效之评估-DEA方法之应用》,台湾地区中正大学经济研究所硕士论文。
16、谢燧棋(2004),《台湾银行业在金控与非金控架构下经营绩效之比较分析》,台湾地区世新大学经济系硕士论文。
17、沈大白、杨佳宁(2001),试估银行放款信用价差,《货币观测与信用评等》,第31期,页82-89。
18、沈大白、蔡嘉倩(2002),TCRI与累积倒帐机率之关系,《货币观测与信用评等》,第35期,页127-131。
19、沈大白、陈汉冲、张嘉娥(2002),产业别倒帐机率效力检验-以TCRI为例,《货币观测与信用评等》,第37期,页52-59。
20、沈大白、张大城等(2003),信用风险模型效力检验.以台湾市场为例,《联合征信中心委托计划报告书》。
21、阮正治、江景清(2004),台湾企业信用评分模型建置与验证,《财团法人金融联合征信中小信用信息月刊》,页1-4。
22、李明峰(2001),银行业对企业授信『信用评等表』财务比率预警有效性之实证分析,《国立中山大学财务管理系研究所未出版硕士论文》。
23、吴春光(2005),新巴塞尔资本协议信用风险之衡量.标准法,《财金(评)》,第62期。
24、邱文昌(1999),我国建立信用评等制度之规划与检讨,《证交资料》,第442期,页1-24。
25,邱碧芳(2002),公司财务危机预警信息之研究.考虑现金流量因素,《朝阳科技大学财务金融系未出版硕士论文》。
26、徐如慧(2003),现行信用风险模型之评估,《证交资料》,第494期,页14-39。
27、徐如慧(2003),信用风险内部评等法之一:企业金融(上),《证交资料》,第496期,页2-28。
28、徐如慧(2003),信用风险内部评等法之一:企业金融(下),《证交资料》,第497期,页2-30。
29、陈惠玲(1997),TCRI与公司债发行利率之关系测试,《货币观测与信用评等》,第3期,页21-31。
30、陈惠玲(1999),构建一个数字化的征信系统-TCRI新程序介绍,《货币观测与信用评等》,第17期,页41-50。
31、陈惠玲、萧惠元(2004),TCRI定位、范围及程序概述,《货币观测与信用评等》,第46期,页4-12。
32、陈惠玲、萧惠元(2004),门槛等级&TCRI之非数量化考量,《货币观测与信用评等》,第46期,页25-40。
33、陈惠玲、萧惠元(2004),工具篇:TCRI工作底稿,《货币观测与信用评等》,第46期,页41-49。
34、陈惠玲、萧惠元(2005),93年TCRI效力检验报告-失误率、违约率及调等率,《货币观测与信用评等》,第52期,页23-40。
35、陈妙真(2004),现金流量分析简介,《华南金控》,第22期,页21-27。
36、郭敏华(2000),债信评等,《智胜文化出版》。
37、黄美玲、张秋桂(2003),公司财务危机预测之实证研究.考虑非财务与财务因素,《德明学报》,第21期,页27-50。
38、黄伟(2003),信用风险模型评估,《华南金控》,第10期,页6-9。
39、彭雅惠(2005),台湾上市公司现金流量与投资行为关系之研究-自由现金流量假说与融资顺位假说的验证,《玄奘管理学报》,第二卷第2,期,页123-138。
40、孙铭谊、王思芳(2004),信用评等模型验证之初探.相关方法与文献回顾,《金融风险管理季刊》,第1卷第1期,页111-125。
41、马君梅(2003),财报分析应用于信用风险的发展趋势.两大模式各有优劣兼容并蓄截长补短,《会计研究月刊》,第214期,页84-94。
42、杨素柳(2005)、黄恺婷,银行信风险管理架构之探讨,《真理财经学报》,第12期,页93-150。
43、张大成、刘宛鑫(2002),信用评等模型之简介,《中国商银月刊》,第21卷第11期,页1-5。
44.张大成(2003),违约机率与信用风险评分模型,《台湾金融财务季刊》,第四辑第1期,页19-37。
45、储蓉(1999),对发展信用评等应有的态度与做法,《经济情势暨评论》,第五卷第1期,页51-74。
46、钟俊文、谢元峰(2004),本国银行放款风险订价之探讨,《货币观测与信用评等》,第49期,页87-94。
47、卢彦合(2004),新巴塞尔协议对银行及企金信用风险之影响,《建华金融季刊》,第26期,页171-177。
48、薛人瑞、陈汉冲(2003),新巴塞尔协议之信用风险架构研究,《货币观测与信用评等》,第44期,页85-99。
49、谢雪妮(2002),信用风险评等系统之研究,《彰银资料》,第51卷第8期,页11-32。
50、萧惠元(2003),各级TCRI违约率及调等率统计,《货币观测与信用评等》,第40期,页52-57。
1、Arshadi,N.and E.C.Lawrence(1987),"An Empirical Investigation of New Bank Performanc," Journal of Banking and Finance,vol.11,pp.33-48.
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