A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect
碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 98 === The subjects in this study are 13 domestic financial holding companies and their subsidiaries. The Herfindahl-Hirshman Index is used to measure financial holding companies’ business diversification level, and the Regression Model is used to explore the correla...
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ndltd-TW-098MCU052140142015-10-13T19:06:45Z http://ndltd.ncl.edu.tw/handle/06683009685438480763 A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect 台灣金融控股公司多角化經營與綜合績效關聯性之探討 Shiu-Luan Lee 李秀鑾 碩士 銘傳大學 財務金融學系碩士在職專班 98 The subjects in this study are 13 domestic financial holding companies and their subsidiaries. The Herfindahl-Hirshman Index is used to measure financial holding companies’ business diversification level, and the Regression Model is used to explore the correlation between the level of diversification and the business performance of financial holding companies and their banking subsidiaries. Empirical results: 1. A lower level of financial holding companies’ diversification can improve the earnings-per-share business performance. 2. For financial holding companies with banking as their main business, their business performance and financial holding property are not positively significant, while for financial holding companies with insurance as their main business, their business performance and financial holding property are positive and significant. This shows that the integrated performance of financial holding companies with insurance as their main business has a positive synergy effect. 3. Affected by financial holding companies’ diversification, the performance of banking subsidiaries are not empirically significant. This means that the business performance of banking subsidiaries is in fact not significantly affected by financial holding companies’ diversification. This may be due to the fact that Taiwan''s financial holding companies are mostly banking oriented, and the banking business itself is already sufficiently diversified; therefore, the synergy effect from financial holding companies’ diversification is not so remarkable on the performance of the banking business. Another reason could be that due to a less than 10 years of history of financial holding companies in our country, the long-term synergy effect may not have yet fully appeared. Key words: financial holding companies, diversification, synergy effect, business concentration, financial holding property, absolute value, relative value. Chang-Chiun Cheng 鄭昌錞 2010 學位論文 ; thesis 85 zh-TW |
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碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 98 === The subjects in this study are 13 domestic financial holding companies and their subsidiaries. The Herfindahl-Hirshman Index is used to measure financial holding companies’ business diversification level, and the Regression Model is used to explore the correlation between the level of diversification and the business performance of financial holding companies and their banking subsidiaries.
Empirical results: 1. A lower level of financial holding companies’ diversification can improve the earnings-per-share business performance. 2. For financial holding companies with banking as their main business, their business performance and financial holding property are not positively significant, while for financial holding companies with insurance as their main business, their business performance and financial holding property are positive and significant. This shows that the integrated performance of financial holding companies with insurance as their main business has a positive synergy effect. 3. Affected by financial holding companies’ diversification, the performance of banking subsidiaries are not empirically significant. This means that the business performance of banking subsidiaries is in fact not significantly affected by financial holding companies’ diversification. This may be due to the fact that Taiwan''s financial holding companies are mostly banking oriented, and the banking business itself is already sufficiently diversified; therefore, the synergy effect from financial holding companies’ diversification is not so remarkable on the performance of the banking business. Another reason could be that due to a less than 10 years of history of financial holding companies in our country, the long-term synergy effect may not have yet fully appeared.
Key words: financial holding companies, diversification, synergy effect, business concentration, financial holding property, absolute value, relative value.
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author2 |
Chang-Chiun Cheng |
author_facet |
Chang-Chiun Cheng Shiu-Luan Lee 李秀鑾 |
author |
Shiu-Luan Lee 李秀鑾 |
spellingShingle |
Shiu-Luan Lee 李秀鑾 A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
author_sort |
Shiu-Luan Lee |
title |
A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
title_short |
A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
title_full |
A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
title_fullStr |
A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
title_full_unstemmed |
A Study of the Correlation Between Taiwanese Financial Holding Companies'' Business Diversification and the Synergy Effect |
title_sort |
study of the correlation between taiwanese financial holding companies'' business diversification and the synergy effect |
publishDate |
2010 |
url |
http://ndltd.ncl.edu.tw/handle/06683009685438480763 |
work_keys_str_mv |
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