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Abstract To integrate the operating ability and to enhance the operating efficiency of financial institutions, the government of Taiwan promulgated the act of financial holding company in June 2001. Fourteen licenses of financial holding company have been issued since then and the purpose of forming financial holding companies is to increase their international competitiveness which is important to Taiwan since she has become a member of WTO. Among those 14 financial holding companies they are different in scales, in operating strategies and in operating performances. Can those small-scaled financial holding companies survive in the market with increasing competitiveness? Should they merge with other large scaled financial holding companies? The purposes of this thesis are to analyze the previous two questions. In other words, we examine the impact of the Act on the operating strategy and performance of two small-scaled financial holding companies: Jin Sun and Waterland financial holding companies. To address the second issue mentioned previously, we also analyze the operating strategies and performances of the Fubon financial holding company, which is known as having the advantage of stores and branches and of marketing financial products. Our research provides critical operating strategies for Jin Sun and Waterland financial holding companies to enhance their operating performances.

THESIS ABSTRACT A Study of a Customer satisfaction and Operating Strategy of Financial holding company - An Empirical Study of Barits International Securities Company. The most important thing to 14 Taiwanese Financial holding companies is to find the market which is suitable to them. At the same time, financial holding companies should improve their service quality and customer satisfaction continually. Mega Holdings is one of the three biggest financial holding companies in Taiwan. Currently,Mega Holdings has its paid-up capital at NT$113,657 million and total consolidated assets at NT$2 trillion. Mega Holdings keeps developing financial derivative products to differentiate with other financial holding companies. So Mega Holdings is an ideal for us to study. Base on the five elements of service quality from Parasuraman et al¡O(1985), we develop six important items to customer satisfaction. They are ¡§professional knowledge¡¨, ¡§efficiency¡¨, ¡§security¡¨, ¡§charge negotiation¡¨ and ¡§IT system¡¨. According to these items, we proceed with our empirical study of Barits International Securities Company to know the degree of customer satisfaction and provide valuable references to long-term operating strategies for financial holding companies. Key words¡GCustomer satisfaction, Service quality, financial holding companies, Barits International Securities Company

This paper analyzes the current operating situation of financial holding companies in Taiwan. After referring to the operation of financial early warning systems of various countries, the study chooses appropriate financial ratios to establish a financial early warning model for quantitative analysis, evaluate the management efficiency of financial holding companies, discriminate the correct classification rate of prediction probability and rating system, and seek an optimal early warning model as the basis for supervision and governance of financial holding companies. In 2008, the financial tsunami that swept over the global economy resulted in a disastrous loss to the financial industry. To cope with the impact of financial crisis, most countries in the world have developed their early warning models. In Taiwan, the CAMELS framework was adopted for the establishment of Taiwan¡¦s financial early warning system and a risk-oriented auditing system. With the financial liberalization, the government of Taiwan lifted the ban on the business operation of financial holding companies step by step in order to enhance the operating efficiency of financial holding companies and activate the financial market. However, the competitive ability of Taiwan¡¦s financial industry was not significantly improved. Instead, a series of problems with the financial sector erupted one after another. The reasons for such a condition were due to more risks faced by the financial holding companies after financial deregulation. Therefore, this study used 14 financial holding companies in Taiwan as of 2006 as subjects, and constructed a financial early warning system for the original samples by using the following two kinds of models. After factor analysis¡Athe remaining financial variables ¡Alike capital adequary ratio(C2) ¡Atotal debt/equit capital (C3) ¡A total deposit/equit capital(C4), ratio of non-performing loans(A2) the operational expense ratio(M3), efficiency ratio (M4), earnings before taxes/sales(E1) and so on, have more influence on the performances of the financial holding companies in Taiwan. As to the whole efficiency of the self-examination, CAMELS still has good prediction ability and can enable predicting ability increases after joining the risk parameters¡D Predictive sample enters two models and obtains¡Gthe predictive efficiency, type error and type error of Model Two work better than Model One¡Aso in predicting samples, think CAMELS still has good predicition ability and can enable predicting ability increases after joining the risk parameters.

本文主要目的在探討金融控股公司於進行交叉銷售時教育訓練體系之規劃研究。在總體環境與個體環境產生變革之促使下，金融業跨業兼營各類商品將會逐漸成為未來趨勢，本文希望以目前國內實際從事金融商品交叉銷售之金融保險業為研究範圍，並以負責規劃相關教育訓練活動之執行者及受訓者為研究對象，透過人員問卷查詢與訪談，及報章雜誌等相關文獻之探討，進一步分析交叉銷售時訓練體系規劃可行架構，期能對新興之金融控股公司進行交叉銷售活動時有所助益。 研究中首先透過金融業傳統教育訓練體系之分析，分別探討產物保險，人壽保險，銀行與證券公司之訓練體系，發現企業教育訓練方式將隨產業急遽變化而轉變。次則分析金融控股公司設立對金融產業之影響，包括商品，客層區隔與交叉銷售通路，而以花旗銀行為例。繼而以訪談及問卷查詢彙整結果，發現金融控股公司成立後，進行交叉銷售對企業訓練單位及受訓員工皆產生影響。最後綜合本研究結果，提出對業者進行交叉銷售訓練模式與相關實務執行之建議。期望透過本研究，能對從事交叉銷售訓練之金融控股公司或非金融控股公司與相關人員有所助益，且使其教育訓練模式之效益極大化。 / Under the pressure of changes from macro and micro environments, cross selling of various products and services among different financial industries become a trend in the near future The purpose of this paper is to analyze the establishment of training system for the cross selling demand in financial holding company. The analysis covers the financial insurance industry with practical cross-selling experience of financial products, and targets persons who are responsible to plan related training activities and trainees. The analysis method is through questionnaire survey and interview, as well as investigation of media reporting, to further analyze the possible framework of cross selling training system, with an aim to benefit those booming financial holding companies while they implement cross selling activities. Propose certain recommendations for the booming financial holding companies while they implement the cross selling activities. The study begins with analysis of traditional training system of the financial industry, including property insurance, life insurance, banks and security companies, and discovers the training methods shall change with the rapid change of the industry. Followed by analysis of the impact of financial holding companies to industry, including products, customer segmentation, and cross-selling, taking CITI CORP. as example. Then consolidates result collected from the interview and survey, finds out that after the financial holding company set up, cross selling has impacted both training persons and trainees. Lastly this paper proposes recommendations for companies doing cross selling training and practical execution, expecting to benefit both financial holding companies and non-holding companies, related persons who work on cross selling training, and to maximize the effectiveness of training models.

本文旨在探討金控公司合併換股比率之決定因素，變數包含財務與非財務因素。依財務變數選用標準之不同，區分為一般財務指標模型與五構面指標模型，兩模型之非財務變數皆相同。截至民國100年12月31日，樣本共43家。一般財務指標模型包含八項財務變數，五構面指標模型則包含七項財務變數，由中央存款保險公司金融預警系統中資本適足性、資產品質、管理績效、營利性、流動性等五個構面中捕捉。一般財務指標模型中共有每股淨值、員工平均年齡、員工學歷程度、董監事持股比率、服務據點等五個變數達到影響換股比率之顯著結果，截距項係數的不顯著結果，顯示主併與被併公司在併購價格中未有顯著溢價或折價之收付；五構面指標模型則有財務槓桿、貝里比率、每人營收淨額、稅前純益占實收資本比率、稅後淨利率、員工平均年齡、員工人數、服務據點八項變數達到顯著結果。五構面模型解釋能力較一般財務指標模型高，但截距項呈現顯著負值，顯示可能有併購溢價或其他為五構面所遺漏的變數未被納入。 / The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the common financial index model and the five-perspective index model, depending on the choosing standard in financial factors. Financial factors in the common financial index model are widely used in financial statement analysis, while in five-perspective index model they’re chosen based upon five critical elements of CAMEL ratings system, a method of evaluating the health of credit unions. All non-financial factors used are indifferent between the two models. Choosing the study sample which has been a member of financial holding company until December 2011 and using ordinary least square (OLS) method, the empirical investigations suggest that in the common financial index model there are five factors have significantly positive effects on the exchange ratio, which are book value per share, average employees’ ages, the educational background of employees, corporate ownership and service locations. The intercepts in this model are not statistically significant in the regressions, implying that there are not any premiums or discounts after incorporating the impact of the financial and non-financial factors. In the five-perspective index model there are eight factors have significantly positive effects on the exchange ratio, which are financial leverage, Berry ratio, net sales revenue per employee, the proportion of capital of the pretax income, net profit margin, average ages of employees, number of employees and service locations. In summary, the interpretation power of the five-perspective index model is greater than the common financial index model. But the fact that the intercepts in this model are statistically significant, implying that there might be some other factors which have been omitted.

2015~2016年間台灣金融業發生許多重大新聞事件，隨著資訊科技普及，網路搜尋已成為大眾獲取資訊的重要管道。本文利用Google Trends關鍵字搜尋指數作為網路關注度的代理變數，進行與台灣上市金控公司股價報酬相關之研究。 本文使用三種研究方法進行探討，首先利用圖表式比對法，初步觀察異常搜尋指數與異常報酬出現時間之關聯性，結果並未發現搜尋指數與台灣上市金控股價報酬間有明顯且一致的關係；接著套用向量自我迴歸模型進行分析，然而14家台灣上市金控公司中，僅從兆豐金數據可發現前一期搜尋指數的異常變動量增加1%將使下一期異常報酬率下降約2.67%；最後參考相關文獻使用Fama Macbeth兩階段迴歸模型，結果發現平均而言搜尋指數的異常變動量每上升一個標準差會顯著影響兩週後股價的異常報酬率下降約0.17%，SVI對於股價報酬影響為負向符合本文研究動機與背景，且有相關文獻指出投資人對於壞消息的反應較慢，因此使股價報酬有延後反應的現象，但無法解釋兩週的反應時間，因此對於這樣的研究結果持保留的態度。 總結三種研究方法所得結果，本文認為網路關注度對於目前台灣上市金控公司股價的影響仍然有限。 / It’s unquiet for Taiwanese Financial industry between 2015 and 2016. There has been a lot of major news. With the popularity of information technology, Internet search has become an important channel for public access to information. Therefore, we use Search Volume Index (SVI) as a proxy for public online attention and conducts research related to the stock returns of listed financial holding companies in Taiwan. In this paper, three kinds of research methods are used. The first way is chart comparison method for preliminary data analysis. The results couldn’t show a clear and consistent relationship between SVI and stock returns. The second method is vector self-regression model. However, only Mega financial holding company’s result indicates abnormal search volume index(ASVI) increase 1% will decrease next week abnormal return by 2.67%. At last, we use Fama Macbeth two-stage regression model and find that on average 1 standard deviation increased in ASVI will decrease abnormal return by 0.17% after two weeks. The negative impact of SVI on the stock returns of financial holding companies is in line with the research motivation and background, and some relevant literatures prove that investors’ response to the bad news is slow, which leads to the delayed response of stock returns. However, the two weeks of reaction time for stock returns is unknown. In conclusion, this paper finds out that the impact of public online attention on share price of listed financial holding companies in Taiwan is still limited currently.

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.