本文探討我國金控公司在不同子公司組合以及考量雙引擎策略下，對各種績效指標以及風險指標影響。資料取樣我國2002年至2013年間15家金控公司之季度資料，在考量過去關於金融機構及金控公司多角化經營與子公司組合有關文獻後，選取適當控制變數搭配「以銀行搭配壽險為主」之虛擬變數進行分析，並以虛擬變數及三種集中率進行穩健度測試及並觀察不同面向影響；接著於雙引擎分析當中，試圖發展用於測量雙引擎策略程度之兩種平衡率變數，並且考量交叉項的效果，分別加入模型中進行分析分析。研究結果分為複迴歸、追蹤資料模型，以及關於落後一期自變數對當期應變數之延伸分析。 　　在複迴歸及追蹤資料模型進行橫斷面及縱斷面之實證研究結果指出，金控投入的資源越分散(資產多角化程度越高)或是越集中(集中率越高)皆未能顯著提昇金控績效或降低風險；然而若考慮雙引擎策略時，則能顯著提昇EPS、P/B Ratio或RBC，同時，不論資產面或營收面建立的平衡率變數，皆可觀察出金控旗下兩大子公司在收益傾向越相等的情況下，具顯著改善金控整體獲利能力、投資人評價或是降低破產風險的情況。 　　本研究對於各個金控公司前一期的自變數對當期應變數進行延伸分析，實證結果支持了本研究對於投入到產出存在時間落差的假設，亦即以資產平衡率而言，較屬於以資源「投入」概念觀察雙引擎策略程度，因此需要隔一段時間才能展現對於績效與風險的影響；而收益平衡率則偏向以當期「產出」的概念觀察雙引擎變數，此時用於衡量下一期之績效指標將會傾向不顯著，但對於風險方面則傾向能夠顯著降低破產風險。 / This study investigates the relationship of different subsidiary combination and dual-engine strategies on financial holding companies’ performance and risk. Using quarterly data for 15financial holding companies（FHCs）in the R.O.C for the period 2002Q1–2013Q4 and controlling for the size, size growth, equity ratio and diversification. In order to analysis the issue, we choose “the top-two subsidiaries are bank and life insurance” as a dummy variables, asset and revenue balance ratio as dual-engine variables. Also, the paper introduces several relevant variables to implement the robust tests. These relevant variables are “the FHC has subsidiary of life insurance”, three concentration ratios and two interaction variables. Our empirical finding can be divided into three parts: multiple regression, panel data and one-period lagged data analysis. 　　In multiple regression and panel data, we find evidence that both higher diversification and concentration in subsidiary resource have an ambiguities relation for the performance and risk of financial holding companies. However, considering dual-engine strategies can significantly improve the EPS, P/B Ratio and RBC in empirical results. Also, both asset and revenue balance ratios have significant effect to improve the earning power, the valuation of investors and the insolvency risk. 　　This paper also use the one time lagged data to conduct the extension study. The findings support the assumption of ours that FHCs exist time-lag between input and output. The asset balance ratio is more like the input concept and the revenue balance ratio is rather more like the output concept when we discuss the dual-engine strategies. In other words, there need more time to show the impact of performance and risk indicators when we use the asset balance ratio. However, output variable has insignificant relation to the performance indicators and significant effect to the risk indicator when we use the revenue balance ratio.

本研究利用複迴歸模型與追蹤資料模型，透過子公司市佔率探討金控子公司組合，與公司績效及風險之關聯性，期望能找出何種子公司組合，對於金控公司的績效與風險最有影響。依據2002-2015之季資料，本文主要研究結果如下： (一)若以全產業角度而言，壽險業、證券業與票券業市佔率，對於金控績效與風險影響較為顯著。壽險業市佔率增加，會提高金控之系統風險與個別風險，而證券業市佔率增加，會提高金控的總風險、系統風險與個別風險。本研究推測主要原因為壽險業與證券業的產業風險較高，容易影響金控之經營風險，故有此現象。 (二)金控若採用雙引擎策略，可以降低金控之總風險與系統風險，亦即雙引擎策略對金控之風險經營有穩健的效果。 (三)以銀行業與壽險業組合為探討對象時，則發現銀行業市佔率提高，可能使金控之破產風險上升，而壽險業的市佔率提高，金控之總風險與系統風險亦會提升。此結果顯示銀行與壽險業的子公司組合無法有效改善金控之風險因子。 (四)以銀行業與產險業組合為探討對象時，則發現銀行市佔率提升，可能使金控之各項風險因子增加，並且會降低風險調整後的報酬。而產險業市佔率增加，則會降低金控績效，並提高金控之破產風險。 (五)以銀行業與證券業組合為探討對象時，則發現證券業市佔率增加，僅會顯著增加金控之個別風險。 (六)以銀行業與票券業組合為探討對象時，則發現銀行業市佔率增加，可能使金控之績效下降，並提高金控之破產風險，然而若票券業市佔率提高，反而會增加金控之經營績效，並降低破產風險。 / This study analyzes the effect of the subsidiary combination and market share on the performance and risk of financial holding companies (FHCs). Based on the data of 2002Q1-2015Q4, the empirical result can be summarized as follows. 1. From the viewpoint of the whole industry, there is a significant relation between the market share of the subsidiaries and the performance and risk of FHCs. The result shows there is a positive effect of life insurance market share on systematic risk and idiosyncratic risk. And there is a positive effect of securities market share on total risk, systematic risk and idiosyncratic risk. 2. FHCs can reduce their total risk and systematic risk by taking dual-engine strategy. The result shows that dual-engine strategy is a sound strategy for FHCs’ operation. 3. For the subsidiary combination of bank and life insurer, there is a positive relation between bank market share and insolvency risk. And there is a positive relation among life insurance market share, total risk and systematic risk. 4. For the subsidiary combination of bank and property insurer, there is a positive relation among bank market share and FHCs’ risk. And there is a negative relation between property insurance market share and FHCs’ performance. 5. For the subsidiary combination of bank and securities company, there is a positive relation between securities market share and idiosyncratic risk. 6. For the subsidiary combination of bank and bills company, the increase of bank market share is unfavorable for FHCs’ operation, but the increase of bills company is beneficial for FHCs’ operation.