金融控股公司的轉投資行為、治理機制對經營績效之影響; The impact of equity investment and corporate governance on financial holding companies’ performance.

NCUIR > School of Management at National Central University > Graduate Institute of Finance > Electronic Thesis & Dissertation > Item 987654321/11962

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/11962

Title:	金融控股公司的轉投資行為、治理機制對經營績效之影響;The impact of equity investment and corporate governance on financial holding companies’ performance.
Authors:	陳玉華;Yu-Hua Chen
Contributors:	財務金融研究所
Keywords:	金融控股公司;經營績效;轉投資;治理機制;RORAC;investment;performance;FHCs;RORAC;corporate governance
Date:	2003-06-10
Issue Date:	2009-09-22 14:36:11 (UTC+8)
Publisher:	國立中央大學圖書館
Abstract:	民國90年6月通過金融控股公司法，促使金融機構以控股公司跨業經營模式朝向多元化發展，顯示與異業籌組金融控股公司將是金融機構未來發展方向之一。另公司治理的議題在我國日趨重要。故本研究利用金融控股公司成立前後之資料(民國89年至91年)，分析金融控股公司的轉投資行為、治理機制對經營績效之影響。研究結果發現，目前已成立之金融控股公司中，其銀行子公司於89 年至91年三年間，確實相較於非金控銀行有較佳之經營績效表現。整體而言，在金融控股公司法實施後，金控子公司的績效確實優於非金控公司。最後，在相關變數對金融控股公司經營績效的影響方面，轉投資績效及風險與經營績呈顯著正相關；轉投資集中度、董監事股票質押比及最終控制者之董事席位比與控制權的差距則與績效呈顯著負相關。 With passed the law of conglomeration of the financial institutions in June 2001, it allows the financial institutions to use the across-industries business model to operate. Besides, corporate governance plays the more and more important role in companies. This thesis uses the data before and after the foundation of the financial holding companies (FHCs)(from year 2000 to year 2002) to investigate how equity investment and corporate governance affect FHCs’ performance. According to the empirical results, the FHCs’ bank subsidiaries do get better performance than not FHCs’ banks from year 2000 to year 2002. As a whole, after the law of conglomeration of the financial institutions has been passed, the FHCs’ subsidiaries do get better performance than not FHCs’ subsidiaries. Finally, the impact on FHCs’ performance, we find that performance and risk of equity investment are significantly positive related to FHCs’ performance; HHIs of equity investment, the degree of corporate stock investment activity and final director proportion/ controlled stakes are significantly negative related to FHCs’ performance.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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