中文摘要 由於跨業經營已是國際間金融業整合之趨勢，因此，我國金融控股公司法的設立將付予國內金融機構進行整合、轉型的機制，讓其更具競爭力，只是是否每一金融集團均能成功轉換，恐怕短期問業者仍要面臨階段性的調整壓力，並非一蹴可及；再則，在該法設立後，金融監理一元化將更形重要，否則當金融機構跨業經營形成金融巨人後，未來發生弊端時，就會變成金融怪獸，所引爆的金融危機，將更為迅速且嚴重，連鎖反應將更為擴大。故本研究以我國金融控股公司之經營規範為主題，並以中華開發為個案探討藉以論述金融控股公司之因應策略。 究竟金融控股公司的設立，能否為國內的金融業帶來生機？以及政府應在准許業界設立金融控股公司的同時，要如何建立專業、獨立與有效率的監理機制，以避免增加業者的管理成本，並提升金融業的競爭力？此乃本論文之研究目的。 本研究亦提出在我國加入世界貿易組織(WTO)後，銀行業必然面臨與先進國家相互角逐金融市場之局面，故宜及早檢討其經營策略，俾掌握業務與客戶群，再造一個具有競爭力的經營體系；本研究並提出相關之建議。 摘要 鑒於美國、日本、韓國、歐盟之金融服務現代化改革中，均已朝向金融百貨化方式發展，並以金融控股公司作為發展跨業經營之主要型態，以利防火牆之設計及風險之區隔，並提高聯屬公司專業化經營效率。金融控股法是重整金融體質的法源，它能加快金融業走向大型化和國際化的腳步，進而提升我國金融業的國際競爭力。故政府為配合此一國際金融發展趨勢及符合國內現行體制與實務之需要，已於民國九十年六月二十七日通過金融控股公司法。因此，銀行、保險、證券等金融機構均得選擇以金融控股公司型態，以提高跨業經營之效率，並加速金融市場之整合。 同時在金融市場陸續開放後，金融機構所面對的風險愈趨複雜化，為因應金融環境的變遷，我國監理機關及監理制度規劃上亦宜有所興革。因為目前不同金融業問彼此互動頻繁，關聯度亦相對提高，近年來世界各國如英、美、日及韓等國，為強化金融主管機關合併監理功能，皆已完成對金融監理機構的整合。有鑑於此，我國必須積極落實金融監理機制的再造工程，推動金融監理一元化，以建立金融監理的整合體制。 第一章說明本研究的動機在於省思「金融控股公司法」之設立，能否付予國內金融機構進行整合、轉型的機制，但未來「金融監理一元化制度」將更形重要。本論文之研究目的在於探討究竟金融控股公司的設立，能否為國內的金融業帶來生機?以及政府應在准許業界設立金融控股公司的同時，要如何建立專業、獨立與有效率的監理機制，以維護社會公益，並提升金融業的競爭力?第二章論述金融控股公司之經濟意義和功能，以及弊病；第三章回顧先進國家跨業經營之沿革與規範；第四章說明我國金融控股公司法之監理規範；第五章：個案探討一以中華開發金融控股公司為例；第六章：結論與建議。 / Abstract Because it is the trend to cross running business within the integration of the international banks, our government set up “the Law of Bank Holding Company”for the local banks to enter into integration and transformation to improve their competition。But it is essential to establish the independent supervisory system to prevent the defaults in advance。Otherwise, its exposure will be serious and its contagious effect is more extensive。 Will Bank Holding Company bring the new era for the local banks ? How will the government set up the independent, professional, and effective supervisory system ? The above topics are the studying purposes of the essay。 The essay also indicates that our banks will have a fierce competition with international banks after we are allowed to enter WTO, and submits suggestions to set up well-run Bank Holding Company -----

鑒於金融機構跨業經營乃係現況發展趨勢，而風險管理已成為金融機構業務管理之首務，本研究將探討國際金融機構風險管理的新規範－新版巴賽爾資本協定（Basel II），並蒐集民國八十三年六月至民國九十二年三月我國上市公司公開發行之財務資訊，分別以商業銀行、證券公司、人壽保險公司、產物保險公司及票券公司為代表，模擬為金融控股公司下之各個子公司，將結合營運性、風險性、及法令為考量之資本配置模型；進一步探討金融控股公司之風險管理與資本配置。 歸納模擬結果如下： 以營運性為考量並配合法令要求之資本配置，此配置模型係在設定盈餘目標下，追求風險極小值，或設定風險容忍水準，以追求盈餘之極大值。經過目標值的變動下，此最適化模型可得一效率前緣曲線。由此效率前緣圖可知，在盈餘維持在平均盈餘水準下，此模型可使風險值由原來的8,860佰萬元降至7,045佰萬元，其降幅為20%，RAROC由原來的0.77升至0.97，升幅為25%；若固定風險值在原來未分配前的平均水準，則盈餘由先前的7,681佰萬元提升至8,821佰萬元，其提升幅度為14%，RAROC由原來的0.77提升至0.90，提升幅度為16%，亦相當可觀。若將資本維持在歷史平均水準，則可使其盈餘達到7,305佰萬元，而風險值為6,446佰萬元，RAROC為1.00，升幅為29%。據此推論，依此配置模型分配結果，將可改善整體金融控股公司之經營績效。 綜合營運性、風險性並考量法令要求之資本分配模型，納入了風險限制條件，主要係考量高風險之業務，須有高資本以因應其非預期性損失，但同時為兼顧經營績效，必須在營運性與風險性間求得平衡點；實證結果發現，受到風險性限制條件的影響，使得此條效率前緣曲線均落在以營運性為考量資本配置模型之下方，這代表的是在此模型下，無法達到較高之盈餘，原因來自於高盈餘伴隨著高風險，但高風險在此配置模型中是不允許的。惟此模型依然有提升整體經營績效的功能。例如，將盈餘目標設為原來的7,681佰萬元，則風險值降為7,601佰萬元，降幅約14%，RAROC也提升至0.90，升幅為16%；若資本維持在平均水準177,185佰萬元，則盈餘可達到5,802佰萬元，風險值則為4,528佰萬元，RAROC為1.09，較原先高出41%。 / As cross business managing is the modern development trend and risk management has been the first task for the financial institutions, this study attempts to analyze the new standard of the international financial institutions’ risk management – new Basel II. The data concerning business operations, risks, regulations from June 1992 to March 2003 are collected for each group of commercial banks, security houses, life insurance companies, non-life insurance companies, bill finance companies to build a capital allocation model. The financial holding companies’ risk management and capital allocation is further discussed. The results of this study are summarized as follows: The capital allocation model considers business operations and regulations. This allocation model sets up profit target, seeks minimum risk or sets up level of risk tolerance to seek maximum profit. After the variable target, the suitable model can get a efficient frontier curve. From this curve we find out that the profit maintains under the average profit level. The model can make Value-at-Risk reduce from 8,860 million to 7,045 million, down 20%, RAROC rise from 0.77 to 0.97, up 25%; if the fixed Value-at-Risk is before distributing, the profit will rise from 7,681 mission to 8,821 million, up 14%, RAROC will rise from 0.77 to 0.90, up 16%, still outstanding. If the capital remains at historical average level, then the profit can reach 7,305 million, and the Value-at-Risk is 6,446 million, RAROC is 1.00, up 29%. According to the inference, the distributing result of the allocation model can improve the operation performance of the financial holding company. The capital allocation model synthesize operation, risk and consider legal requirement, bring into the restriction of risk is to consider high risky business should have high capital to deal with unexpected loss, but also to consider operation performance, need to seek balance between operation and risk; From the result of this study finds that under risk restriction, the efficient frontier curve is within the capital allocation model which considers operation, this means under the model, higher profit is hard to achieve, the reason is high profit accompanies high risk, and high risk is prohibited from the model. But this model still has the function to approve whole operation performance. For example, if the profit target is 7,681 million as original, the Value-at-Risk will reduce to 7,601 million, down 14%, RAROC will rise to 0.90, up 16%; if the capital remains at the average level’s 177,185 million, the profit can reach 5,802 million, the Value-at-Risk is 4,528 million and RAROC is 1.09, up 41%.

In response to the changing financial environment both internally and externally, the government endeavored to pass the Financial Holding Company Act, which is intended to provide an environment conducive to financial integrations. According to the Principal-Agent theory, agency problems tend to take place when misalignment occurs between an ultimate owner’s cash flow rights and voting power. It is of interest whether the financial holding company structure actually increases or decreases such misalignment. The shareholdings of the Hong family of SinoPac Holdings is the subject of this research, and the essence of the research is to examine the Hong family’s shareholding and their actual control based on the one-share-one-vote principle before and after the holding company structure. The findings conclude that the misalignment between the Hong family’s ownership and control in fact increases under the holding company structure, which is generally viewed as a negative sign of corporate governance. Notwithstanding, the Hong family has adopted some measures to strengthen corporate governance despite the widening misalignment.

我國財產保險業之簽單總保費收入為新台幣1,141.05億元，其中汽車保險之簽單保險費收入為新台幣573.34億元，佔我國財產保險業簽單總保費收入的50.25%，故汽車保險之簽單保險費收入於九十五年仍居財產保險市場各險種之冠。同時汽車保險業務量占全體產險業務量的比重，近十年來一直維持在45%～55%之間，由於汽車險業務量之消長與品質關係著保險公司經營的績效。而業務消長與品質良窳又跟行銷通路緊密相關。現今如能掌握住通路即能掌握業務，然而如何選擇良好通路及經營，對保險公司而言，是非常大的考驗與挑戰。 金融控股公司法於2001年六月二十七日經立法院三讀通過後，並於同年十一月一日起正式實施，自此台灣金融相關產業正式邁入戰國時代，大型金融控股公司紛紛成立。各金控業者藉由本身銀行、證券、產險及壽險等子公司在資源整合下，冀能發揮綜效，以達到較佳的經營糢式。 台灣汽車保險保費成長在經歷2005年達到近十年來的高峰後，2006年受到銀行雙卡壞帳緊縮消費金融的影響下，汽車經銷商新車銷售呈現大幅衰退，直接衝擊到汽車保險保費的收入與成長，因而導致2006年汽車保險保費首次呈現衰退。若高度依賴車商保代的業者，將受到同樣衰退命運，然而若業者能提前佈局多元化行銷通路，其受到衰退的影響就相對輕微，甚至部份業者的業績仍然能夠逆勢成長。有鑑於此，產險業者如何透過加入金控或開拓與壽險、銀行等合作，藉以提升業務成長，益顯重要。 本研究係以個案公司加入金控後銀行通路經營績效加以分析，確實發現產險公司若能充份發揮自身優勢與定位，爭取加入金控，藉由金控所屬子公司廣大的銷售人力及通路據點，對汽車險業務的經營績效有很大的綜效。 / Motor insurance business has played an important role in the Taiwan non-life insurance industry. The total written premium income for Motor insurance in 2006 amounted to NT$57.334 billion, which accounts for 50.25% of the overall premium income of non-life insurance industry in Taiwan. In the meantime, the business portfolio of Motor insurance to 　that of non-life insurance has been maintained at 45% - 55% over the past ten years. The quality of Motor business is significantly related to the business performance and is also closely linked to the marketing channels of the non-life insurance companies. As such, the selection of appropriate marketing channels, which is certainly a great challenge, will have predominant influence to the business performance of a non-life insurance company in Taiwan. Since the Financial Holding Company Law went into effect officially in November 2001, there are quite a number of mega financial holding companies were established afterwards. The aim of financial holding company is to integrate their respective resource among their banking sector, securities sector, non-life insurance sector, and life insurance sector, so as to achieve the synergy and to build up better business operation model as well. The premium growth for the motor insurance in 2005 has achieved the highest record nearly a decade. In 2006, the new car sales were serious impacted by the dual cards crisis (credit cards and cash cards). This certainly led to the motor premium income was first time ever reduced in the past five years. Non-life insurance companies will suffer the same of the recession as mentioned for their motor business if they highly rely on the marketing channel through the car dealers. However, the impact on the motor business could be mitigated for non-life insurance companies if they are able to explore new multi-marketing channels along with good results. The premium growth can be also anticipated for those non-life companies if they can make good use of these channels. In view of this, it will be very important for non-life insurance companies to achieve better performance by way of joining financial holding company as a subsidiary and establishing a strategic alliance with life insurance companies or banks from now on. This research is focusing on the case studies of the banking and financial holding maketing channels, for the Motor insurance business performance of the non-life insurance company. With the findings of this case study after detailed analysis, we come to conclusion that after joining the holding company, non-life insurance company can improve the business performance of synergy to a great extent for their motor insurance business by way of making full use of the sales force as well as point of sales among the subsidiaries of holding companies.

金融機構跨業經營已蔚為常態，金融機構利用不同的整併模式，積極進行跨業資源整合及業務推動。金融控股公司的設立加速跨業經營的腳步，如何利用強勢通路進行共同行銷以達成綜效，成為決勝的關鍵因素。人壽保險業務員通路利用關係行銷，掌握客戶需求，面對面進行顧客服務，滿足客戶一站購足的全方位商品服務，帶動金控集團業績，肩負舉足輕重的戰略地位。然而居高不下的壽險申訴率，引發我們對業務員進行共同行銷時是否也會發生不當行為風險的疑慮，並思考如何提前辨識及因應。 本研究嘗試以保險申訴類型與現行壽險業務員共同行銷模式進行模擬比對，以辨識風險來源，經歸納推導得知壽險業務員趨利避害思維模式及價值觀，若無適當管控，將會引發共同行銷不當行為的發生，並且將隨業務擴展逐漸浮現。為回應風險，本研究結合實務經驗，分別對相關不當行為態樣及有關單位提出風險管理建議(1)在壽險公司方面，可注意強化業務員跨業行銷專業及法令教育，嚴懲共同行銷的不當行為以敬效尤，並善用保險機制以分散風險；(2)在金控公司方面，則應建立跨業風險預判及預防機制，善用集團的資源管理風險，並進行子公司間效率運作經驗的複製及移植；(3)在主管機關方面，可思考調整產險業界業績計算方式，從制度面進行改變導正，另為配合跨業行銷爭議處理機構之設立規劃，可先從金控、公會組織逐級試行申訴運作模式，待未來正式設立時即可移轉經驗及制度，讓消費者保護沒有空檔。期能透過各方面的配合，讓共同行銷的運作能更為完善，以提升金控集團經營效率並充分保護消費者權益。 / Cross-selling seems to be a popular business model for most financial institutions. Various M&A are employed by financial institutions for the purpose of resources integration and business growth across different sectors. The establishment of financial holding companies has further accelerated the scope of business. It is very critical to leverage the advantage of strong channels to enhance synergy via cross-selling. Life insurance agents position themselves importantly for the performance of the holding company groups as they provide one-stop service, face to face interact, and satisfy the demand with their customers by leveraging the customer relationship. But the high customer complaint rations arose the concern with the appropriateness of cross-selling of the agents and the legacy risk, and encourage us to identify the related risk and figure out possible solutions. This research tries to simulate the genres of complaints and the patens of cross-selling of the agents for the purpose of identifying sources of risk. It is concluded that the agents should be well monitored and restrained because of their trade-off mind-sets and value. If not, mis-behaviors can happen along with the growth of business. In response to the related risk, this research based on operation experience leads to several suggestions according to the genres of mis-behaviors to the related entities. First, the life insurance companies should play attention to the enforcement of cross-selling skills and education of regulation of the agents, the punishment of mis-behaviors, and insurance mechanism to diversify related risks. Secondly, the holding companies should build the mechanism of identifying, measuring, and preventing the related risks, manage the risk by using group resources, and replicate the experience and know-how among the subsidiaries. Finally, the supervisory authority should consider the adjustment of performance measurement of the P&C insurance sector, try to guide the sector by change of rules, and try to set up the complaint process from the level of the holding companies and the business associations sequentially, first and then transfer these accumulated experiences and rules to the institution handling arguments about cross-selling after its official establishment in the future. Then the consumers can be well protected without any gap. It is expected that the cross-selling model can be run much better to enhance the operation efficiency of holding company groups and protection of consumers due to the cooperation of related entities.

本文以1999年第4季至2011年第3季24家銀行的追蹤資料，分析銀行資本與金融控股體系對銀行放款管道的影響。全體樣本銀行的實證結果顯示，沒有顯著證據支持放款管道的存在。銀行淨值及調整成本對放款有顯著的影響，支持銀行資本管道存在。另外，銀行加入金融控股體系之後，調整成本的影響增加。 大型銀行樣本的實證結果顯示，大型銀行放款管道的作用不顯著；但是，銀行資本管道呈現顯著影響。小型銀行放款管道及資本管道皆沒有顯著證據支持兩者存在，但非存款負債對小型銀行放款的影響顯著。除此之外，小型銀行在金融控股體系下，短期投資及非存款負債對放款的影響顯著。由此結果可知，大小型銀行皆可藉由資產負債的調整來抵銷貨幣政策的衝擊，維持放款的成長。

本篇論文應用Rubin (1973)、Rosenbaum and Rubin (1983、1985a,b)所發展的配對方法(Matching Method)探討兩個議題，其一是評估企業從事社會責任行為是否可以改善績效，另一則是探討銀行加入金控後對其績效的影響。 / 針對第一個議題，我們將FTSE All-share 指數中被收錄於英國FTSE 社會責任指數的成份股定義為社會責任企業，未被收錄者定義為非社會責任企業，應用配對方法，根據特性變數是否相近為依據進行樣本配對。實證結果發現，不論使用配對前或是配對後的樣本進行分析，皆找不到社會責任企業的平均績效優於非社會責任企業的證據；相反地，部分的證據顯示社會責任企業的財務績效相對較低，因此我們的分析結果傾向支持焦點移轉假說，社會責任行為對財務績效的影響效果為負。 / 另外，我們以遠見雜誌於2006 年公佈的企業社會責任調查為基礎，將衡量企業社會責任績效的三個層面－社區參與、環境保護與財務透明，透過投資組合分析與迴歸分析來評估公司承擔社會責任與財務績效之間的關聯性。實證結果發現，第一，平均來說，公司的社會責任評分愈高，在評比結果公佈後的股票報酬愈低，兩者之間呈現負向關係；第二，公司在不同層面的社會責任行為對於股價報酬的影響具有差異性；第三、透過公司的長期財務資料發現，社會責任評分高的公司其長期平均會計績效相對較佳，但長期平均的股票報酬相對較低，表示社會責任型公司不一定是一個好的投資標的；最後，我們找不到支持社會責任行為可以做為公司績效保險的證據。本文使用各別層面的評比指標，更廣泛地評估社會責任行為對財務績效的影響，改進既有文獻中僅使用單一指標的不足之處。 / 就第二個議題而言，同樣地應用配對方法，根據銀行的特性變數是否相近為依據進行樣本篩選，利用台灣上市上櫃的銀行在2002 年第1 季至2006 年第2季的資料，我們發現在樣本配對前，平均來說，金控銀行在15 個CAMEL 績效指標的表現上皆相對較佳；樣本配對後，金控銀行除了在費用比率之外，其他的評比指標仍相對優於獨立銀行；不論使用配對前或配對後的樣本做分析，皆未出現金控銀行績效顯著較差的證據，因此，我們的實證結果偏向支持綜效假設，銀行加入金控對績效的影響效果為正向。 / 我們的研究架構與方案評估與政策衝擊分析文獻中的方法相一致，而貢獻則在於我們考慮樣本之間特性變數的差異性，進而以樣本配對的方式修正這個差異性，將有效降低既有文獻中在檢驗上述兩個議題上的選擇偏誤問題。 / In this thesis, we apply several matching methods, develop by Rubin (1973)、Rosenbaum and Rubin (1983, 1985a,b), on examing the effects of Corporate Social Responsibility (CSR) on firm financial performance (CSR-effect) and on evaluating the effects of banks being subordinated to FHC on CAMEL indicators (join-FHC effect). / For the former application, two competing hypotheses, social impact hypothesis and shift of focus hypothesis, are proposed, where the former suggests that CSR has a positive relation with performance and the latter are opposite. To ensure the CSR-effect is not contaminated by other factors or the sample is randomly drawn, we employ four matching methods, Nearest, Caliper, Mahala and Mahala Caliper to match the characteristics of the firms with CSR (CSR-firms) and without CSR (NonCSR-firms) to get rid of sample selection bias. Although the four methods yield slightly different results, to our surprised, firms engaging in CSR activities obtain lower values on the return on assets, return on equity, return on sales and earnings per share. Therefore, CSR at the very least does not improve the firm performance, supporting the shift of focus hypothesis. Engaging in CSR activities lead to more pain than gain, at least in the short run. / On the CSR topic, using a set of disaggregated social performance indicators for community participation, environmental protection and fiancail transparency from the Global Views Monthly, we examine the relationship between CSR and financial performance of TSE listing companies. Our main results show that first, scores on composite social performance indicators are negatively related to stock returns and this relationship cannot be rationalized by multi-factor models for explaining the cross-sectional variation in stock returns. Second, the effects of three disaggregated social performance indicators on stock returns are differenct among industries. Third, aggregated social performance indicator is positively related to long-term accounting performance but negatively related to long-term market performance, and thus implies that good companies are good in books, but not good investments. Finally, firms with high CSR ratings do no exhibit smaller decline of their financial performance during stagnations and thus not support the view that CSR is insurance of financial performance. / The second application, two hypotheses, synergy hypothesis and specialization advantage hypothesis, are raised too, where the former suggests that FHC-banks performer better and the latter are contrary. Above four matching methods are still used to fix the characteristics of two groups of banks in order to correct for sample selection bias. Based on after-matching samples, most of our empirical results suggest that FHC-banks, on average, outperform independent banks on most of indicators on capital adequacy, asset quality, earning ability and liquidity but not on management ability and being FHC-banks at the very least does not deteriorate the performance of banks, making our conclusion favors the synergy hypothesis and against specialization advantage hypothesis in Taiwan. / Our framework is identical to many applications of matching method such as Persson (2001), Hutchison (2004), Glick, Guo and Hutchison (2006), and are also parallel to standard medical and biological research.

在當前競爭態勢下，台灣金融市場的發展，勢必朝向跨業經營的方向前進。我國亦於民國九十年六月二十七日通過金融控股公司法，賦予台灣金融業跨業經營的法源，為國內金融業創造成為金融集團的契機，以達成金融跨業經營現代化、國際化的目標。雖然金融機構業務營運多樣化，但金融機構承擔風險亦隨之增加，金融監理機制在面臨這樣的挑戰下勢必得做一番調整，才能持續扮演健全及穩定國內金融體系的重要角色。 我國主管機關對於金融控股公司要求以合併基礎計算資本適足比率，並訂定了「金融控股公司合併資本適足性管理辦法」，以期能發揮適度的監理功能。然該辦法中僅以簡單的加減乘除運算求得之資本適足率，是否為反映集團資本需求的良好指標實不無疑問。因此，本文除了研究國際監理官組織所發布的相關報告外，並藉由介紹和討論歐盟指令對金融集團的補充監理原則和措施，如：資本適足性、集團內部交易、風險集中等問題，以及美國對於金融控股公司之相關監理規範，加以比較研究後，來探討我國現行規範是否妥當，並提出相關監理制度改善之建議，以期能作為我國建構健全金融市場之參考。 / Under current competitive circumstances, the development of Taiwan’s financial market will be bound to move forward in the direction of cross-sector business. In Taiwan, Legislative Yuan also has passed the “Financial Holding Company Act” in June 2001. With the passage of the act, it not only gives Taiwan’s financial institutions authority to operate cross-sector activities, but also creates a trigger for financial institutions to become financial conglomerates in order to meet the objectives of financial modernization and globalization. Although financial institutions may diversify their business, additional risks may arise. Financial regulatory mechanisms have to adjust their function to ensure the safety and soundness of financial system. Our competent authorities demand financial holding companies calculating their capital adequacy ratio on a consolidated basis, and enact “Regulations Governing the Consolidated Capital Adequacy of A Financial Holding Company.” However, in this regulation, the ratio was calculated in simple aggregated method, and it is doubtful that such ratio is a good index to reflect consolidated capital requirement. Therefore, this thesis not only studies on related publications issued by international supervision organizations, but also introduces EU Financial Conglomerate Directive with regard to some supervisory issues (e.g. capital adequacy, intra-group transactions and risk concentrations etc.) and U.S. framework for financial holding company supervision. After investigating and comparing different models, this study tries to find whether current regulation is appropriate or not, and make some suggestions concerning the supervisory system in order to construct a sound financial market as a reference in our country.

綜觀國內外探討金融產業經營效率之相關文獻，多數針對銀行、證券、保險中其一產業進行獨立實證研究，較無法將金融控股之綜效表現加以捕捉並體現在估計效率值中，也因此在本文中，將同時涵蓋銀行業務與證券業務，並以納入金控體制與否加以區分為不同子集合進行探討，透過數理方法聯結金控體制下銀行與證券業務部門兩者間因多角化經營所產生之綜效，以修正傳統方法上表現綜效法上之不足，使估計效率值具有更高的參考依據。 此外，研究產業效率所參考之研究方法，在相關文獻中無參數法乃以資料包絡分析法(Data envelopement analysis, DEA)為多數研究者所採用；參數法則以隨機邊界模型(stochastic frontier approach, SFA)為主要研究方法，進一步在不同群組技術效率之比較中，Battese et al. (2004) 與 O’Donnell et al. (2008)提出為多數研究者所接受之共同邊界模型(Metafrontier)，而Huang et al. (2013)所提出之修正模型使共同邊界模型在效率研究上更加完備，本文則希望以此修正模型作為主要研究模型，並同時引用Battese et al. (2004)傳統模型加以比較：(1)考慮綜效前後 (2)傳統模型與修正模型間效率值的差異，期待為後續相關研究者在方法論上提供參考依據。 關鍵字：經營效率、技術效率、共同邊界、計量方法、關聯結構法、金融控股銀行 / This study aims to discuss the evidence suggested that synergy improve the operating performance of Taiwan’s commerical banks and securites firms. Furthermore, efficiency comparisons amongst two basis metafrontier models, Haung et al.(2013) and Battese et al.(2004), and copula-adjusted metafrontier. The empirical results suggest that copula-adjusted metafrontier could significantly improve the efficiency of financial holding companies based on the data of sample period 2001-2012. On the framework of copula-adjusted metafrontier, the evidence also imply that financial holging companysubsidiary technical efficiency is better than non-financial holding company compared to the framework of Haung et al.(2013) and Battese et al.(2004), the conclusion emphasis that synergy is perhaps one crucial key factor influenced the efficiency estimation. Otherwise, this study appears to support the copula-adjusted metafrontier model is also well-adjusted compared to programming techniques because not only it enables the statistical inferences to be drawn, but also provides more efficiency estimations.

由於國內金融（包括銀行、保險、證券商等）家數過度膨脹，形成惡性競爭，導致金融服務品質低落，而且獲利式微，面對金融市場自由化與國際化之趨勢，政府為改革金融體制，引進金融控股公司制度，使金融機構跨業經營機制更具規模，滿足顧客得一次購足金融商品，促使金融機構朝大型化發展，發揮金融綜效與規模經濟，以提升國際競爭力。 本文主題「論金融控股公司保險子公司之經營策略與內部稽核」，理論與實務並行探討，先論述控股公司之相關法律問題、金融控股公司之立法例。其次以「五力分析術」探討保險子公司經營環境之優劣勢及風險，提出創新之經營策略，並實例引證美國花旗集團異業聯盟之成功經營策略。為確保投資大眾及保戶之權益，同步探討公司治理制度及內部稽核制度之重要性。 本文「結論」：評述政府金融政策之缺失，成立金融控股公司推動金融改革，保險子公司應強化競爭力。「建議」：金融控股公司及各子公司均應加強風險管理，政府並應建置金融監理制度。 關鍵字：保險子公司、金融改革、控股公司、金融控股公司、跨業經營、一次購足商品、金融綜效、規模經濟、五力分析術、異業聯盟、公司治理、內部稽核、風險管理、金融監理 / Due to the over-supply and severe competition among financial institutions (namely banks, insurance companies and security firms), the quality of finance service deteriorates and the profit margin of financial industries decreases. To cope with the global trend of liberalization and internationalization of financial services, the Government has undertaken the reform in the aspect of financial service system and enacted the “Financial Holding Company Act”. Under new current mechanism, a financial conglomerate can sell its products by means of cross selling. Not only it may benefit consumers with a “one-stop shopping”, but also may create a synergy in economies of scale to enhance financial institutions in global competition. The main theme of this thesis focuses on the managerial strategy and internal auditing in an insurance subsidiary under a financial holding company. It addresses in the first place the legal issues related to a holding company and a financial holding company. Then the author adopts five factors approach to analyze the business environment of an insurance subsidiary under a financial holding company. As a successful case for its' strategic alliance,the CitiGroup experience in the United States is also examined. In addition, to protect the interest of investors and policyholders, corporate governance and internal auditing issue is also explored. In the conclusion, it is observed that under the new era of financial conglomeration, an insurance subsidiary still needs to enhance its competition ability. It is suggested that the government should continue to reform the financial regulatory system and to require financial holding companies and their subsidiaries to implement a comprehensive risk management. Keywords: Insurance Subsidiary, Financial Reform, Holding Company, Financial Holding Company, Cross Selling, One-Stop Shopping, Financial Synergy, Economies of Scale, Analysis of Five Factors, Strategic Alliance, Corporate Governance,Internal Auditing, Risk Management, Financial Regulation.