金控公司架構與非利息收入業務對台灣銀行業經營效益與風險之影響

The Impact of Financial Holding Company Structure and Non-interest Income on Banks' Performance and Risk: Evidence from Taiwan

10.6985/TBFQ.201009.0001

劉秀玲(Hsiu-Ling Liu)；鄭鴻章(Hung-Chang Cheng)

金融控股公司 ； 多角化 ； 穩定性 ； 獲利性 ； 非利息收益 ； Financial Holding Company ； Diversification ； Stability ； Profitability ； non-interest income

台灣金融財務季刊

11卷3期（2010 / 09 / 01）

1 - 31

繁體中文

台灣之金融體制自從「金融控股公司法」發布，以及西元2001年至2002年期間陸續成立14家金融控股公司後，進入一個嶄新的紀元。本論文研究目的在於探討西元2003年至2008年間，金控公司之組織架構，是否會使隸屬金控的銀行經營績效更好且更多角化。實證結果發現，並無證據支持銀行在金融控股公司體制下運作，能促使其改善績效或增加其多角化業務活動，顯示金控公司之經營綜效在台灣似不明顯，銀行並無法運用金控公司之架構，以提升其經營績效及多角化經營能力。此外，本研究利用Pooled Data進行迴歸分析，研究發現銀行增加非利息收入之金融性活動，並無產生多角化利益，反而使得獲利能力降低、獲利不穩定性提高以及破產機率增加。本文在將非利息收入區分成手續費、交易收入及其他收入等三種情形下，實證結果發現，不論就股東或債權人之立場，增加手續費收入活動，雖然會使得銀行的報酬率提高，惟卻增加銀行破產機率。另就債權人立場而言，增加交易收入比重，使銀行風險調整後之報酬率降低，破產風險升高；增加其他收入比重，則不僅使銀行風險調整前、後報酬率均降低、報酬率之不穩定性提高，更使其破產風險增加，相反地，銀行從事傳統業務如放款所產生之利息收入，為一相對較穩定之獲利來源，不僅提高銀行報酬率，亦使銀行報酬率之穩定性增加。

Taiwan's banking system entered a new era following the introduction of the Financial Holding Company (FHC) Act and the establishment of 14 FHCs during 2001 and 2002. This paper assesses whether banks (FHC banks) operating as part of an FHC do better and be more diverse than their counterparts (non-FHC banks) which do not belong to an FHC. Findings show there is little evidence that banks operating as part of an FHC help to improve their performance and expand into non-interest activities. The pooled regression results for 33 sample banks in Taiwan indicate that banks' expansion into non-interest income activities do not enjoy diversification benefit but increase their profit instability and bankruptcy risk. In terms of shareholders' and creditors' view, banks with higher fee income shares raise their profitability but increase their bankruptcy risk; in terms of creditors' view, higher trading income shares reduce their risk-adjusted profit and increase their bankrupt risk; higher other income shares not only reduce their profit and risk-adjusted profit but also increase their profit volatility and bankruptcy risk. However banks' expansion into interest income activities generates steady profits and promotes their profitability.

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