| Summary: | 碩士 === 實踐大學 === 企業管理研究所 === 95 === The financial industry is an industry which plays an important role as a country’s financial intermediary, carrying the mission of increasing capital allocation and promoting financial development. Since 1998, an economic storm hit our country. At that time when the financial industry was facing serious problem of bad debts derived from the crisis, added with the government’s policy of inviting overseas capital to land in Taiwan, the number of companies, mainly the banks, involving in the financial industry became so many that their profits commonly dropped. In order to improve the financial environment at home and increase the competitive power of the domestic financial industry, the government proposed a plan for financial reform. Starting from 2000, “The Financial Institutions Merger Act” and “The Financial Holding Company Act” passed the legislation within two years time one after another. To go with the laws and expand their business scope of operations, various financial institutes adopted the method of heterogeneous combination and established financial holding companies one after another. Till the end of September 2006, there are in all 14 financial holding companies been established in the country.
In order to find out how efficient those domestic financial holding companies are operating after being established, this study applied the CCR, BCC models of the data-envelopment analysis method and the Malmquist production index to make comparisons, and tried “capital” and “number of employees” as input variables and “operation revenues” as output variable.
The research results indicated that (1) in 2004, among the 14 financial holding companies, only Cathay and Taihsin achieved the production efficiency (CCR), technology efficiency (BCC) and scale efficiency (CCR/BCC) ; (2) in 2005, Cathay and Fubon were the two financial holding companies that achieved both the production and scale efficiency. Four financial holding companies achieved the technology efficiency including Cathay, Shin Kong, Fubon and Waterland; (3) in 2006, only Cathay Financial Holding Company achieved both the production and scale efficiency. Four financial holding companies achieved the technology efficiency including Cathay, Shin Kong, Fubon and Waterland; (4) in terms of returns to scale, three financial holding companies including Cathay, Shin Kong and Waterland had achieved the scale since 2004. Fubon Financial Holding Company achieved the scale in 2005. The rest of the holding companies were in a status of decreasing returns to scale; (5) from the analysis of the Malmquist production index, the
results indicated that Taihsin, Mega and Fubon could be classified as companies with high development and quick change in operations; Cathay and Shin Kong could be classified as companies with high development and slow change; Chinatrust, SinoPac and Hua Nan belonged to the group of low development and quick change; five financial holding companies including Jih Sun, E. Sun, Waterland, First and Fuhwa belonged to the group of low development and slow change.
|
|---|
