Abstract Research on HRM of banking industry since the law of Financial Holding Company has been put into practice are few. The purpose of this study is to explore the correlation among Industrial Relations Climate, Job Satisfaction, Organizational Commitment and Turnover Intention in the banking industry. Based on 507 questionnaires from 51 bank branches in Taiwan, this study finds several important results. Findings¡G ¡]1¡^Positive relationships are found between Industrial Relations Climate and Job Satisfaction, Organizational Identification; and negative relationships are found between Industrial Relations Climate and Instrumental Commitment, Turnover Intention. ¡]2¡^Job Satisfaction is found positively related to Organizational Identification; and negative relationships are found between Job Satisfaction and Instrumental Commitment, Turnover Intention; but the result is only partial. ¡]3¡^Employees in Financial Holding Company are higher Industrial Relations Climate, Salary Satisfaction, Promotion Satisfaction, Organizational Identification and lower Turnover Intention than Employees not in Financial Holding Company. ¡]4¡^Employees in merging company are lowerer Industrial Relations Climate, Job Satisfaction, Organizational Identification and higher Turnover Intention than Employees in non-merger company. ¡]5¡^Employees in merged company are lower organizational identification and higher turnover intention than employees in non-merger company.

Abstract Globalization and joint of WTO have made Taiwan government to speed up the opening of banking services. The banks in Taiwan are forced to modify their business models in order to increase their competitiveness, especially after the Financial Holding Company Law announcing. All dimension business models for banking industry has handicap for the needs of specific field. Hence, banks have to focus more on the market position and segmentation. Targeting and development of the regional central branch system is an innovation of business model for integrating the current operating system of local branch and organization. The central branch system is able to gather up resources and produce the effect of specialization Many banks have put central branch system into practice and have received significant achievements, although some banks hang back. Therefore, our study tries to analyze the performance of the central branch system by the seven dimensions business model, and proposes the operating strategies. From the reviews of literature we build up the business model theory, which guide our interviews to the five selected banks. We reach the following conclusion. 1. Route types and backup system play the key roles for operation of the regional central branch system. 2. Operating process has the secondary importance in our seven dimensions business model. 3. Technical innovation, surprisingly, is not important. 4. The viewpoints of the seven dimensions business model for senior and middle managers are slightly different for any single interviewed banks. However, for the comparison of these five banks, the viewpoints for all these senior and middle managers are very consistent. 5. Banks under financial holding company or not do not have different viewpoint. However, banks under financial holding company emphasize more on standardized and profound overall services. Banks not under financial holding company pay more attention on the depth and extent of their products. Keywords: consumer banking, the regional center of consumer banking, financial holding company, business model, competitive strategy.

After the promulgation of Financial Holding Company Law at the end of year 2001, the law has liberated the limitation of operations across banking, brokerage, and insurance. In order to cope with the future market competition, these institutions formed in total of 14 financial holding companies (FHCs) through self raising, merging, or acquisition. This research is aiming at the 14 FHCs and their subsidiary banks, security brokerages, and insurance companies, through applying financial ratio analysis to measure the synergy of FHCs¡¦ merging and acquisition. The sources of synergy are divided into three dimensions : operations, markets, and finance. A total of eight years of financial data is collected, including two parts: four years of pre-founding of FHCs from 1998 to 2001 and four years after founding the FHCs from 2002 to 2005. In-depth interview is conducted to look for the differences of operation performance and effect of increasing shareholder wealth after the FHCs merging and acquisition. The conclusions of this study are presented as following¡G 1.Market Synergy Dimension: The revenue increased after founding the FHCs shows that the market synergy exists and fits to expectation. FHCs could operate across fields including banking, brokerage, and insurance to provide cross selling chance for finance products. 2.Operational Synergy Dimension: The operating costs and operating costs ratio are increased after founding the FHCs. Because the FHCs do not reach the economy of scale, the unit operation cost is high and the organization of FHCs becomes large and needs more communication, which makes the decision making process inefficient, the management efficiency still needs to be improved. 3.Financial Synergy Dimension: The profit after tax and ROE are decreased after founding the FHCs, which are mainly contributed from inefficient use of financial resources and human resources as a whole group. 4.Synergy was hard to be seen within short term, which needed three to four years to make it possible. After merging or acquisition, FHCs need some time to reduce the conflicts between its subsidiaries and to conduct more efficient resource application to form FHCs synergy. 5.Market Evaluation: The market value of whole FHCs increases which increases the shareholder¡¦s wealth. This research provides the solution for increasing operation costs, including the following three points: 1.Converging the operation process. 2.Increasing economy of scale. 3.Enforcing the management efficiency.

¡§The Financial Institution Merger Act¡¨ and ¡§Financial Holding Company Act¡¨ were legislated in 2000 and 2001 in Taiwan. Based on those Acts, there are 14 financial holding companies established till now . Except for Waterland Financial Holdings, the other 13 financial holding companies include banking industry business. It is obvious that the performance of bank does influence the performance of financial holding company. Bank joins in financial holding company hoping to provide ¡§one-stop shopping¡¨ diverse financial commodities to consumers through joint-marketing, sharing resources and equipment, and hoping to gain ¡§Cross Selling¡¨, ¡§Cost Savings¡¨ and ¡¨Capital Efficiency¡¨ performance¡]3C performance¡^. It expects to pursue broadly business scope and gain more profits through this business model. The research uses Mann-Whitney test of non-parametric statistics to examine the performance of the banking subsidiary of financial holding company in order to understand whether banks can gain expected efficiency after joining in financial holding company. The empirical results are listed as follow¡G First, the ¡§cross-selling¡¨ performance of the banks after joining in financial companies is better than those before joining in financial companies. While there are no significant differentials in ¡§cost-saving¡¨ and ¡§capital-efficiency¡¨ performance. Second, the ¡§profit ability¡¨ performance of the banks after joining in financial companies is better than those before joining in financial companies. Third, there are no significant differentials in growth ability between the banks after joining in financial companies and those before joining in financial companies. Fourth, the cross-selling performance and profit ability of the individual banks such as the Chinatrust Commercial Bank, Taishin International Bank, The International Commercial Bank of China, Cathay United Bank, Taipei Fubon Bank and E.Sun Bank after joining in financial companies is better than those before joining in financial companies. Fifth, the performance of ¡§cost-saving¡¨; ¡§profit ability¡¨; ¡§growth ability¡¨ and ¡§asset quality¡¨ of the banks affiliated to the financial holding companies is better than those not affiliated to the financial holding companies. Sixth, the overall performance of the banks affiliated to the financial holding companies is better than those not affiliated to the financial holding companies. But not all of the banks affiliated to the financial holding companies after joining in financial companies perform better than before. So the banks not affiliated to the financial holding companies can grasp their own niches and enforce core business. They can develop better than before even though their scale not big enough.

In recent years, corporate strategy has drawn a lot of attention in the academic an practice. However, there are fewer literatures on how to put these ideas into practice, that is, how to quantify the interrelationships between the three key elements in strategic management¡Ðperformance, strategies, and environments, and how to judge and measure the opportunities and threats (O & T) when the environments change. This study is an attempt to answer these questions. The theoretical method developed incorporates a dynamic simultaneous equations model to express the interrelationship between these three elements. The method requires the identification of O & T in a three-step procedure. Step 1 relates the strategic components to the performance measures by the management¡¦s concept of business and philosophy of resource depolyment. Step 2 points out the suitable (unsuitable) environment circumstances for each of the scope and resource deployment elements. In Step 3, we link the results of Step 1 and Step 2 to identify and measure O & T. The above methodology is applied to the case of Cathy Financial Holding Company, a Taiwan largest listed financial holding company, over the period 2002Q2-2007Q3. We use the Instrument Variables Three Stage Least Square Method (IV-3SLS) to estimate them. In addition, we also use some tests to ascertain the validity of the selected instrument variables in order to obtain the more reliable results. Our empirical results indicate that both the firm strategies and the environments play significant roles in influencing the firm¡¦s performance. More specifically, whereas the diversification of products, and the debt allowance reservation rate are negatively associated with the cost/income ratio and positively associated with adjusted ROE and Tobin¡¦s Q. Additionally, the managers also can increase the investment efficiency by adjusting the content of the asset allocation, especially with regard to the holding of bonds. We also extract some major environment factors such as unemployment rate that affect the firm¡¦s performance and use the estimated results to identify and measure O & T.

隨著全球金融機構藉由購併朝向國際化及大型化金融集團的發展趨勢，而我國的金融機構過於零散以及規模過小，且加入WTO之後面對國內金融市場必須開放的壓力。政府對此內外問題憂慮的情況下，陸續通過「金融機構合併法」、「金融控股公司法」，期望藉此推動金融機構的整併，以提升我國金融機構的競爭力。 為了解金融控股公司有無達成政府當初立法的目的，本研究欲以財務觀點來評估金融控股公司成立至今的經營績效，又因金融機構性質的不同，樣本選取包含金控旗下13家銀行、7家證券公司、7家保險公司、3家票券公司，共計30家子公司。財務資料為金控成立前後四年的各季財務資料。將其財務比率資料加以彙整後，利用因素分析法萃取出適合衡量金融控股公司經營績效的財務績效指標，再利用Wilcoxon符號等級檢定，分別探討這四類子公司加入金控前後的經營績效是否有所差異，並加以探討個別子公司加入金控之後的獲利情況。 實證結果顯示： 一、銀行業：具顯著差異的財務比率如下：「安全性」因素構面中的淨值比率、存放比率以及淨值週轉率皆比加入前下降、而「成長性」因素構面中的淨值成長率也比加入前下降、「效率性」因素構面中的營業費用率增加，且總資產週轉率下降。以平均數來看，「獲利性」因素構面的財務比率皆比加入降低。因此，銀行業者加入金控後經營績效並未改善。 二、證券業：具顯著差異的財務比率如下：「效率性」因素構面中的淨值週轉率與固定資產週轉率下降，而營業費用率則是增加，「成長性」因素構面中的淨值成長率下降。然而以平均數來看，「獲利性」因素構面的財務比率有些微提昇。 三、保險業：僅有「財務槓桿度」此項財務比率具有顯著的降低，表示財務風險降低。以平均數來看，「資本適足性」因素構面的各項財務比率平均值皆提昇，而「成長性」因素構面的各項財務比率平均值皆降低。顯示保險業者採取保守穩健的經營方式。 四、票券業：財務比率皆沒有顯著差異。 五、個別銀行、證券、保險、票券業子公司的獲利情況作分析，有許多子公司仍屬於獲利的狀態。例如：13銀行業在加入金融控股公司之後仍有7家銀行的稅後淨利率呈顯著增加的情況，僅有1家呈顯著的減少。證券業及保險業個別子公司皆未達顯著水準。3家票券業者獲利有顯著增加的有1家。 / Following the trend of the worldwide financial institutions heading for internationalization and large-scale financial conglomerates by M&A, the financial institutions of Taiwan are too scattered and small-scale. Besides, after joining the WTO, the financial institutions of Taiwan must face the pressure of competitions upon the domestic financial market. The government of Taiwan falls into the situation of beset with difficulties both at home and abroad. Therefore, the government enacting "The Financial Institutions Merger Act" and "The Financial Holding Company Act" expects to consolidate financial institutions to improve performance in financial environment. In order to understand whether the establishment of financial holding companies has reached the purpose of legislation, the research is taken to evaluate the operation performance of financial holding companies from the financial point of view. Because of the differences of financial fields, the sample of this study contains 13 banks, 7 securities companies, 7 insurance companies and 3 bills finance companies. It adds up to 30 subsidiaries of 14 financial holding companies in Taiwan. Data include from 1998 1st season to 2006 1st season quartered financial data. At first, Factor analysis is applied to select the factor dimension. Then, the study uses Wilcoxon Signed Rank Test to test the operation performance of financial holding companies. The results of this empirical study are： 1. After bank subsidiaries join the financial holding companies, Net-worth Ratio, Growth Rate of Net-worth, Turnover Rate of Net-worth, Turnover Rate of Total Assets and Loan to Deposits Ratio are significantly dropping. Operating Expenses ratio is significantly growing up. 2. After securities subsidiaries join the financial holding companies, Turnover Rate of Net-worth, Turnover Rate of Fixed Assets and Growth Rate of Net-worth are significantly dropping. Operating Expenses ratio is significantly growing up. 3. After insurance subsidiaries join the financial holding companies, only Financial Leverage is significantly dropping. 4. There are no differences in financial ratios among bills finance companies joining the financial holding companies before and after. 5. There is still net profit margin of 7 bank subsidiaries and 1 bills finance company significantly growing up. In sum, the empirical results are found that the whole financial institutions joining the financial holding companies still don't get up to the purpose of performance improvement. However, some of the subsidiaries still earn profits.

目前，許多跨國企業為了避免被課予重稅，紛紛於免稅天堂設立紙上公司，以使利潤留在較低稅率之國家，以節省稅賦。各國稅務機關對於此一問題，紛紛規定移轉訂價準則，以規範該稅收管轄權區域內之企業，以避免企業從事不合常規交易，影響稅收。 我國於93年12月28日發布營利事業所得稅不合常規移轉訂價查核準則，在在都顯示我國對於此一移轉訂價問題之重視，又金融控股公司制度已施行有三年之久，本研究擬針對金融控股公司內部，及金融控股公司與外部關係企業之移轉訂價政策進行研究。 研究結果發現國泰金控公司與外部關係企業、外部關係人之交易，分為有形資產移轉及使用、無形資產移轉及使用、資金使用，均採市價計算。合於OECD規定之可比較非受控制價格法 (CUP)及我國營利事業所得稅不合常規移轉訂價查核準則第五條規定之可比較未受控價格法。 另外，國泰金控母公司與金控子公司間之垂直交易，與金控子公司間之交易亦是採市價作計算。有關國泰金控內部跨售之行為，則是採取給付佣金之方式。然而，此一跨售之行為，應由銀行計算出投入各項銷售之成本，再將各銷售成本納入該當之子公司損益表項下，以充份反映銷壽產險之總成本，以檢視其金控集團是否有達其成本節省之綜效。若未來國內金控集團勢布局亞太地區或是全球，則金控公司不能忽視此一移轉訂價問題，必須準備移轉訂價報告，或是與各國之稅務機關簽訂預先訂價協議，避免重覆課稅。 / Nowadays, many multinational enterprises set up paper companies in the tax heaven, then they can increase income of the paper company. Because tax heaven impose lower tax rate or nil tax rate, they can reduce tax expenses. Many countries had set up transfer pricing regulation to avoid the companies have non-arm’s length transaction. We had issued transfer pricing regulation in Dec. 28, 2004 in Taiwan, and the financial holding company law had come into force for 3 years. The research make a study of transfer pricing policy of the intra-holding company and transfer pricing policy between holding company and related parties. The results of the research are that transaction prices between Cathay Holding Company and the related parties are according with the market prices, and this fit in with the comparable uncontrolled price method. In addition, transaction prices within the intra-holding company are according with the market prices, too. The cross selling between bank and insurance company, the insurance company will give bank appropriate commission fees. But bank should calculate the cost to sell the insurance, then the insurance company can summarize the total cost of selling insurance, to see that if they had achieve the goal of synergetic benefits. If the financial holding companies had become a world-wide companies, they should pay much attention to transfer pricing issue to avoid double taxation.

民國九十年六月立法院通過「金融控股公司法」，為台灣金融機構奠定了異業整合與跨業經營管理的法源基礎，有關金控公司的研究漸漸開始興起。本研究主要在探討金控「策略定位」的議題，以策略群組(strategic group)的概念為核心，對台灣目前之金融控股公司進行研究，了解該產業策略群組競爭與發展之情形。更進一步藉由群組分類的結果探討策略群組與其績效間之關係。 由於本研究問題仍屬於探索性研究階段，故本研究採用「次級資料法」輔以「問卷分析法」進行研究。經由文獻回顧，本研究在策略構面的建立，同時採用「營運範疇」策略構面與「資源」構面，對金控公司分類之構面定為：業務廣度、市場領域、地理涵蓋範圍、財務資源及無形資產構面，無形資產區構面又分為品牌形象與經營者能力。此外，更鑒於台灣許多金控公司的成形屬於台灣傳統集團企業的整合，在策略群組構面上更加入「集團/非集團企業整合」作為區分策略群組的考量。本研究即以此七項構面作為策略群組分群的依據。在績效衡量方面則分為內部營運績效、市場績效與顧客績效三構面，在內部營運績效方面以股東權益報酬率作為衡量指標；市場績效採用股價淨值比作為衡量指標；顧客績效則設計三項衡量指標，分別為知名度、吸引力與服務品質改變度。 研究結果發現台灣的金融控股公司，的確可依策略運作與資源的不同區分為四個不同的策略群組，分別為「多元焦點導向群」、「品牌消費金融導向群」、「多角化直接金融導向群」與「規模直接金融導向群」。其中，四個策略群組在股東權益報酬率績效及顧客面吸引力績效上有顯著差異存在；而在股價淨值比績效、顧客面知名度績效及顧客面服務品質改變度績效上未達統計顯著差異水準。 本研究建議金控公司在未來的發展上應首先致力於品牌形象的增強與經營者能力的強化，亦建議強化提供多樣商品的能力，即加強金控公司跨產業：銀行、證券、保險及資管理的版圖完整性。研究發現相對規模大與通路據點廣佈，兩因素並不保證金控公司在最終的營運績效較佳，故建議未來金控公司在發展時並不一定彼此要在規模上相競爭，且應在已有的實體通路上進行經營型態的改變，以強化據點的實質功能。

論文摘要 　　金融控股公司對我國整體金融產業來說，是一個劃時代全新階段的開始，對內除可望加速整合及解決因過去封閉環境所產生的眾多問題，對外更是面對國際金融集團的存活契機。但是無論是對於主管機關、金控公司，甚至是投資人，對於如何來評估金控公司的經營績效？如何藉由績效來檢視金控目前的狀況是否為最佳組合？依何種原則來制定金控公司的未來法規？因此，希望透過本研究對金控公司在績效的相關研究，以做為大眾之參考？ 　　本研究的實證結果如下： 1.本研究以三項常用的營業績效衡量指標：「ROA」、「ROE」、「獲利率」，建構出一個用以衡量金控公司績效的總指標，結果顯示可有效績效與資產、資本規模的關係，其累積解釋力達76.16%。 2.若就金控公司的性質特性變數與績效之關係來看，並無法有效區隔出 不同性質金控公司的績效表現，但在排除極端值後，則可得到銀行及保險類型金控績效優於證券類型金控的結論，但仍無法有效比較出銀行及保險型的金控，何者有較佳的績效。 3. 目前我國金控公司績效表現，與資產、資本及股東權益規模皆呈現一 定呈度的正向關係績效的關係；而績效在特定持有期間與股票投資報酬率亦有部份金控有較明顯關連，可適時做為投資選擇的依據。

近年來國際間財報不實的醜聞時有所聞，使得投資人及社會大眾對公開資訊的正確性高度缺乏信任。無獨有偶，台灣地區的企業也因資訊不透明而使得投資人對企業財務報表之數字能否代表實際經營成果也產生懷疑，某些企業甚至隱瞞財報問題而導致投資人虧損，因此各界要求企業真實揭露經營狀況之呼籲不絶於耳，對公司治理及會計規範的探究也日益熱烈，資訊透明度的議題於是在國內、外均成為眾人高度關注的焦點。 眾所週知，金融機構在一國經濟發展中扮演至為關鍵的角色，也因其性質之特殊性，一旦發生問題，容易發生系統性之危機。因此，為避免金融機構經營資訊不透明而使投資人受到損失，各國監理機關均制定與資訊揭露相關之法規，期望金融機構在資訊充分揭露之情況之下經營，以達到金融穩定的目的。 然而回顧過往的相關文獻，有關資訊透明度的議題多數聚焦於上市公司之資訊揭露對經營績效或公司價值之影響層面來作探究，針對金融機構中之金融控股公司年報資訊透明度決定因素之研究，則較少受到關注。因此，本文以年報揭露之內容作為衡量資訊透明度之標的，採用2002年至2006年台灣14家金融控股公司之追蹤資料並搭配固定效果模型探討以下問題：（1）分析與了解金融控股公司資訊揭露之情形（2）以實證模型探討金融控股公司年報資訊透明度之決定因素。（3）提供監理機關修改「金融控股公司年報應行記載事項準則」揭露事項之參考及提出相關之政策建議，以利金融監理之需要。 本文以證基會之評鑑指標為基礎，對金融控股公司年報資訊揭露評鑑結果發現，金融控股公司之年報資訊揭露平均而言尚具改進空間，且各公司間存在極大差異；而實證結果顯示（1）在內部股權因素方面，經理人持股比例與年報資訊透明度呈現顯著之正相關。（2）在公司特性因素方面，本文發現公司規模係數為顯著負值，顯示金融控股公司之規模較小者，年報資訊透明度較佳。（3）在外部人持股因素方面，本國投信基金持股比例與年報資訊透明度呈現顯著之負向關聯。（4）在時間變數上，年報之資訊揭露隨著時間之遞移而逐步改善，二者呈現顯著的正相關。 / Financial reporting and information disclosure are important means for financial institutions to communicate their performances to investors. However, a series of accounting frauds shook public confidence in the reliability of financial statements. In response, people began to ask enterprises to disclose information truly and to enhance corporate governance and accounting controls. Everyone knows financial institutions play key roles in economic activities. Once failure, financial institutions will tend to cause system crisis easily. To prevent such failure from occurring and to disclose information of financial institutions to public are the responsibilities of supervisory authority. The purpose of this study are as follows:（1）to understand the status quo of annual reporting transparency in Taiwanese Financial Holding Companies.（2）to investigate the decisive factors that influence the annual reporting transparency.（3）to provide policy implications to the Financial Supervisory Commission on the amendments in Company Act and Corporate Governance Best-Practice Principles for Financial Holding Companies. This study uses the fixed-effect model with a panel data of Taiwanese Financial Holding Companies for the period of 2002-2006.Using Securities and Futures Institute’s “Information Disclosure and Transparency Ranking System’s Index” as a measure of transparency, we find that the information transparency across firms varies significantly and that the financial holding companies that have higher ranking in disclosure tend to be smaller in terms of total assets, have lower institutional ownership and higher managerial ownership. This study also shows that the transparency in Taiwanese financial holding companies disclosure has gradually improved in recent years.