| Summary: | 碩士 === 嶺東科技大學 === 財務金融研究所 === 94 === The establishment of the Financial Holding Company (FHC) has overthrown the operating way of traditional financial industry. The FHC is allowed to diversifically operate various financial-related businesses, resulting in critical influence to the efficiency of FHC. This research is to analyze the risks and return for different types of FHC by utilizing Mean-Variance Portfolio Model from Markowitz. The inefficiency of financial holding company is calculated by the difference between actual and efficient portfolio of FHC, and, the difference is tried to explore in this study. This study shows that the efficiency of insurance company is superior to the one in banking and security company. The efficiency frontier of a variety of portfolios show that portfolio with 3 businesses of banking, securities and insurance is relatively efficient to the portfolio of any other two types of subsidiaries. Regarding the influence to efficiency of FHCs, the results show that asset size, security-based FHC and official-controlled FHC would lower the efficiency of FHC while controlling stock holder as chairman or general manager concurrently, moderately debt ratio, greater diversification and insurance-based FHC will raise the efficiency of FHC.
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