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研究生: 鄭堯任
研究生(外文): Yao-Jen Cheng
論文名稱: 台灣地區金融控股公司整體營運價值與財務風險衡量之研究
論文名稱(外文): Evaluating Total Operational Value Associated Risks of Financial Holding Companies in Taiwan
指導教授: 陳麗惠
指導教授(外文): Li-Hui Chen
學位類別: 碩士
校院名稱: 樹德科技大學
系所名稱: 經營管理研究所
論文出版年: 2004
畢業學年度: 92
語文別: 中文
論文頁數: 93
中文關鍵詞: 金融控股公司企業評價財務風險價值-風險
外文關鍵詞: FHCBusiness valuationFinancial riskValue-Risk
相關次數:
  • 被引用:3
  • 點閱:48
  • 評分:*****
  • 下載:16
  • 書目收藏:0
台灣地區金融體系因面臨金融市場逐漸開放所衍生之國際競爭,與國內金融機構家數太多導致資本過於分散,不利於國際競爭之問題,促使政府意識到金融改革之重要性,遂通過「金融控股公司法」以提供國內金融機構轉型、整合與跨業經營銀行、保險及證券等此多元化發展之空間。金融控股公司 (FHC)之經營模式為一種新的趨勢,這對台灣的金融市場而言是一種經營方式之創新,但同時也是一種挑戰,是否真能發揮整體經營綜效並帶來新的競爭力,則存在著不確定性。本文旨在運用Penman之企業整體基準價值衡量理論觀念,來建構一個適合於衡量FHC之整體基準價值衡量模式,並驗證模式精確度,以提供客觀衡量FHC整體價值之方法;藉由本文所建構之FHC整體基準價值衡量模式,驗證FHC之設立是否確實存在整體營運價值提升之效益;建構財務風險衡量模式,驗證FHC之設立能否帶來財務風險分散之效果;最後以統計交叉分析方法進行價值與風險變數高低差異比較分析,藉以得知FHC型態之營運方式,哪些FHC可達到降低財務風險,並且增加整體營運價值之目標。本文研究結果得知設立為FHC初期,大部份之FHC是無法從跨業經營得到綜效價值;且金融機構改組設立為FHC一年後,尚無法達到財務風險分散之效益;在價值與風險兩構面綜觀下,發現有4家FHC能產生整體營運價值提升之綜效,且達財務風險分散之利益;有3家FHC則產生整體營運價值降低但存在財務風險分散效果;但卻有6家FHC處於整體營運價值下降且財務風險上升之最不利現象,其中能產生整體營運價值提升,且達財務風險分散利益之FHC,以跨業經營領域愈完整者愈顯著。本文之研究結果除可輔助FHC管理者瞭解企業之整體營運價值及財務風險狀況,以供未來購併決策之參考,亦可做為FHC投資者進行風險規避及持股之投資決策依據。
Owing to Taiwan financial systems open gradually and generated the problem of over banking that lead to capital more diverse and brought the shortcoming of international competition, then Taiwan government recognize the important of financial revolution. So it framed and carried out The Financial Holding Companies Acts, and permitted the financial institutions to set up diversification businesses that integrated the firms existed in different financial industries such as bank, insurance and securities.  To operate as Financial Holding Companies (FHCs) is a new tendency and a challenge for Taiwan financial institutions.  It’s questionable that whether the FHCs could enhance their whole benchmark value and strengthen competition or not.  The purposes of this research are study the whole operational values and financial risks of FHCs that with different combined firms. In this research, there are several parts to be finished. The first part is to apply a normal benchmark valuation model that constructed by Penman to evaluate the potential whole operational values of the FHCs, and to analysis the difference of the FHCs with different combined firms; The second part is to use the concept of a measure of financial risk is a multiple-variance of financial statement to establish a financial risk measure model. This model can be used to examine the degrees of the financial risk as the FHCs found before and after, and to distinguish what kind combination of FHCs with the efficiency of risk diversion; The final part of this research is to combines value and risk dimensions relation cross-analysis that can be to measure the amounts of whole operation values of FHCs that with different degree of financial risks. Then we can know what kind combination of FHCs has the co-benefit of risk diversion and high whole operational value. As the result, we can know FHCs that neither increase synergy in established early, nor dispersedly financial risk benefits.  To combine value and risk measurement, as the 13 samples, we can find 4 FHCs increasing value and risk degree diverse; 3 FHCs decreasing value but risk degree diverse; 6 FHCs decreasing value and risk degree rising.  Therefore, we can infer the results; it could be more benefit when FHCs operates entire cross-businesses. After the research have been finished, not only can help the founded FHCs to know their own whole operational value to control the operational performance, but also can express the conditions of financial risk that FHCs hold to undertake the hedging policies. Otherwise, the results of this research can support good references to investors for making decisions about the investment of FHCs.
目    錄
          頁次
          中文論文題目……………………………………………………….......I
          英文論文題目………………………………………………………......II
          博碩士論文授權書………………………...………………………… III
          博碩士論文電子檔案上網授權書……………………………………IV
          博碩士論文電子檔案上網授權書…………………………………….V
          論文指導教授推薦書…………………………………………………VI
          論文指導教授推薦書………………………………………………...VII
          誌謝………………………………………………………………….VIII
          中文摘要…………………………………………………………...….IX
          英文摘要…………………………………………………………….….X
          目錄…………………………………………………………….......….XI
          表目錄.….…………………………......…………………………….XIII
          圖目錄.………………………………………..…………………...…XV
          第一章 緒論…………………………………….…………………........1
          1.1 研究背景…………………………………………………………………1
          1.2 研究動機…………………………………………………………………3
          1.3 研究目的…………………………………………………………………6
          1.4 研究方法…………………………………………………………………7
          1.5 研究流程…………………………………………………………………8
          1.6 論文結構…………………………………………………………………9
          第二章 文獻探討…………………………………………...……........11
          2.1 金融控股公司發展概況………………………………………………...11
          2.2 企業評價 ……………………………………………………………….19
              2.3  財務風險衡量 ……………………………………………….…………31
              2.4  小結…………..………………………………………………….………42
          第三章 數量模式之建立…………………………………...……........43
          3.1 符號定義……..………………………………………………….……....43
          3.2 研究假設……..………………………………………………….……....45
          3.3 整體營運價值衡量模式之建立………………………..……….……....45
          3.4 財務風險衡量模式之建立…………………………………..….……....47
          3.5 小結……………………………………………………………...……....50
          第四章 實證研究…………………………………...……....................51
          4.1 研究假說………………………………………………………...……....51
          4.2 研究設計………………………………………………………...……....52
          4.3 實證分析………………………………………………………...……....53
          4.4 實證結果………………………………………………………...……....72
          4.5 小結……………………………………………………………...……....73
          第五章 結論…………………………………...……............................75
          5.1 研究結果………………………………………………………...……....75
          5.2 後續研究建議與限制…………………………………………...……....78
          參考文獻………………………………..……...……............................80
          附錄……………………………………..……...……............................88
          表 目 錄
          頁次
          表 2.1  美國金融控股公司跨業經營之發展彙整表……………...14
          表 2.2  我國金融控股公司法之特點說明表……………………...16
          表 2.3  傳統企業評價方法優缺點比較表………………………...27
          表 4.1  FHC各子公司盈餘權重 一覽表……………….……....54
          表 4.2  FHC成立前第二年各子公司整體營運價值分析表..……56
          表 4.3  FHC成立前一年各子公司整體營運價值分析表.……….57
          表 4.4  FHC設立前子公司整體營運價值精確度分析表…….….58
          表 4.5  FHC成立前後整體營運價值比較分析表………….…….59
          表 4.6  FHC財務風險主成份因子分析表………………………..61
          表 4.7  FHC主要因素綜合得分表………………………………..62
          表 4.8  銀行財務風險主成份因子分析表…………….…………..63
          表 4.9  銀行主要因素綜合得分表……………………….………..64
          表 4.10 產險財務風險主成份因子分析表…………….…..………65
          表 4.11 產險主要因素綜合得分表………………………….……..65
          表 4.12 壽險財務風險主成份因子分析表…………….…………..66
          表 4.13 壽險主要因素綜合得分表………………….……………..67
          表 4.14 證券財務風險主成份因子分析表………….……………..67
          表 4.15 證券主要因素綜合得分表……………..………………….68
          表 4.16 FHC財務風險分散效果分析表…………………...………69
          表 4.17 FHC價值-風險彙整表………………….…………………71
          圖 目 錄
          頁次
          圖 1.1  研究流程示意圖…………………………………………….9
          圖 2.1  台灣地區金融控股公司跨業經營組織架構………………12
          圖 2.2  全體本國銀行平均逾放比率………………………...…….15
          圖 2.3  全體本國銀行平均獲利能力……………………………....15
          圖 2.4  線性區別規則圖解…………………………….…..……….41
          圖 3.1  財務風險分析流程…………………………….……..…….47
          圖 4.1  FHC成立前後整體營運價值分析………….……………..60
          圖 4.2  FHC成立前後財務風險分析……………………..……….70
          圖 4.3  價值風險交叉分析…………….………………..………….71
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