本研究利用資料包絡分析法探討被併購標的銀行於購併前後是否能增加效率，以及具有何種特徵之銀行較易成為金控公司併購之對象。 研究結果發現標的銀行於購併之後，雖能促進效率，但結果並不顯著，顯示合併之後效率提升是綜合標的銀行之高資產品質、高獲利能力、低利率風險及分行數少才使購併後效率提升。在標的銀行的特徵方面顯示當銀行處於非遞減規模報酬、財務上呈現弱點，但銀行資本結構較佳、利率風險較低時，容易成為金控公司購併的對象。 / This paper tried to apply Data Develop Analyis (DEA) to examine whether M&A could promote the targeted banks’ efficiency and the criterions when financial holding companies choose the targeted bank. The experical resoults suggested that although the targeted banks denoted higher efficiency gains, however, the gains do not achieve statiscally signicant level. The results implied that the higher efficiency gains might come from the targeted banks’ high quality assets, greater profitability, lower interest risk and less number of branches. On the other hand, the banks operated under non-decreasing return to scale, financially vulnerable banks, better capital structure, and lower interest risks were more likely to be the acquisition targets.

Dissertation thesis called "Czech and French Law of Corporate Groups" analyzes French law of corporate groups and judicial decisions of the French courts, the so called Rozenblum concept - a set of conditions fulfillment of which might lead to exoneration of the company's directors acting in detriment of the company if such act is beneficiary to the group as a whole. The dissertation then analyzes relevant provisions of the new Czech business companies and cooperatives bill, partly inspired by the French law and by the Rozenblum concept. Under the conditions given by the Czech bill, dominant company shall not be obliged to compensate damages caused to the dominated company if such damages were caused to the benefit of the group as a whole and were or will be counterbalanced within the group. Moreover, the dissertation thesis at hand analyzes other provisions of the new Czech bill, assesses them and compares them with the provisions of the French law.

近二十年來，臺灣積極推動金融自由化及國際化，臺灣銀行業於1991年陸續開放16家新銀行設立以來，競爭加劇。同時，臺灣正式加入WTO後，臺灣金融機構面臨來自國際間跨國金融業嚴峻的挑戰，然而銀行體系普遍所面臨的問題，包括銀行家數過多、規模過小、同質性過高、逾放比過高等現象，都是主管機關在近年來希望能進行金融改革的重要課題。正當此際，為了迎接國際強大的金融集團競爭挑戰，政府必需盡速解決國內的金融問題，加速整合金融機構，因此早在2001年6月27日即通過《金融六法》，其中《金融控股公司法》對臺灣金融業的影響甚巨，其立法目的是希望臺灣金融體制朝向“股權集中化、組織大型化、經營多角化、監理透明化”方向發展，以提升金融機構的競爭力及國際化。 《金融控股公司法》通過至今已有十四家金融控股公司成立，重整了金融版圖，也影響銀行的經營模式。本研究透過搜集先進國家的金融制度發展及臺灣目前金融市場概況來研究金融控股制度對銀行業經營所產生之影響。 跨業經營已是國際間金融業整合之趨勢，因此，金融控股公司法的設立將付予臺灣金融機構進行整合、轉型的機制，讓其更具競爭力，只是是否每一金融控股公司均能成功經營，恐怕短期間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。究竟金融控股公司的設立，能否為臺灣的金融業帶來生機？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？是本文的研究目的。 本研究以質化研究中之個案分析法為研究方法，針對個案公司之總體策略進行研究，以策略形態分析法進行。因我國金控公司成立年代尚短，金控公司中子公司業別、轉投資事業與策略聯盟等總體策略的完整性與代表性皆具足較少，在個案選擇上來源有限。富邦金控（Fubon Financial Co., Ltd）在子公司業別、轉投資事業與策略聯盟等總體策略的完整性與代表性較其他金控公司相對完整，且經營績效表現亦佳，故以個案分析法綜合上述資料分析歸納出本研究之結論。 研究結果顯示，金融控股公司制度為近代世界金融體制之新潮流，全球金融商品已進入國際化，多元化的時代，傳統銀行的金融商品已無法滿足顧客之需求，因此銀行經營多元化已為一種趨勢，在金控公司體制下的銀行可藉交叉行銷金控子公司之各項金融商品提供顧客「一次購足」的服務，且能有效運用資源，降低成本，因此較單獨經營之銀行更具範疇經濟的效果及優勢。所以許多銀行選擇加入金控公司，也間接加速了銀行合併。 / Taiwan has been actively promoting financial liberalization and internationalization in the last two decades, and the competition is intensified when 16 new banks were set up since 1991. After Taiwan enters WTO formally, all the financial institutions face severe challenge from international banks, moreover, the domestic banking system has been facing problems such as over banking, small business scale, similar business nature, high NPL ratio, etc, and these are the problems that the government must solve as quick as possible. Taiwan government passed "Six Laws on Finance" on June 27th 2001, in order to improve the competitiveness and internationalization of the financial institutions in the following four aspects, "centralization of ownership, organization maximization, business diversification and transparent supervision". Cross business operating is becoming the main driver of international financial industry integration nowadays. The Financial Holding Company Law can help Taiwan financial institutions to merge and transform to become more competitive. At the same time, supervising authority should also review the guidelines and standards to cope with the fast changing financial habitat. The purpose of this thesis is to evaluate the impact of the Financial Holding Company model to the Taiwan financial industry and the measures that authority should take to have better monitoring and supervising over financial institutions in the effective and cost saving way. The case analytic approach in this research is studied with the qualitative method and analyzed by shape tactics. Fubon Financial Holding Company is more representative with better performance, so we choose it as an example in our case study. The study result shows that financial holding company model is a new trend of the modern banking system. Traditional financial products can no longer meet customers’ needs and the global financial products nowadays must be internationalized and diversified, that’s why diversification of business is also a main theme of the banking industry now. Under the Financial Holding Company model banks can cross sell products from subsidiaries of holding companies. By providing this “one stop shopping” service banks can allocate resources more efficiently and lower cost, so a lot of banks choose to join to become Financial Holding Company and which accelerated the merger of banks indirectly.

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.

鑒於美國、日本先後引進金融控股公司法制從事金融改革，我國政府亦為增進金融機構經營效能及國際競爭力，於2001年開始陸續通過「金融機構合併法」、「金融控股公司法」等，並准許銀行、保險及證券三大金融業務得跨業經營，鼓勵同業及異業合併，期能發揮金融機構業務經營與組織整合綜效。金融控股公司為追求其成立目標之整合綜效，以組織整合方案以因應，已成為多變的競爭環境必然之趨勢。 本研究以金融控股公司為追求組織整合綜效，配合旗下子公司之核心事業與發展專業分工組織整合，對應調整內部控制與內部稽核之影響。透過○○金融控股公司之案例，論述組織整合後之內部控制與內部稽核並進行分析，作為日後金融控股公司組織整合時，於內部控制與內部稽核制度面之參考，避免產生不必要之問題，俾利於強化整合綜效。 本研究由探討為追求組織整合綜效目標成立金融控股公司出發，再論述現行金融控股公司之組織及組織整合與內部控制、內部稽核之關係，配合○○金融控股公司組織整合案例，進而論述金融控股公司組織整合後之內部控制及稽核制度，提出金融控股公司組織整合實務上所面臨之矛盾現象與建議解決方案，最後以內部稽核角度推演金融控股公司組織架構之未來發展，就本研究所探討金融控股公司組織整合發展過程，對其內部控制及稽核制度所產生之問題與影響，由研究過程中歸納彙整各項法規後，作成結論並對我國金融控股公司與金融監理單位提供建議。 此外，本研究由金融控股公司成立後，檢視現行內部控制及稽核作業規範，配合實務案例之組織整合過程，指出組織整合過程所面臨實務之問題，說明內部稽核未來發展所面臨之挑戰。推論過程均以案例公司之實務問題與解決方案，並據以為結論之依據，因此，並未對於整合綜效建立指標或實證研究，建議留為以後研究方向參考。

This work deals with mergers of commertial companys in largers economic units. Chapters are systematicly organized and provide the reader with overview of the development, relevant issues and execution of mergers of commercial companies. The work shows styles of merger execution, company´s motives for merger and finally also legal regulations connected with this proccess. Other sections of this work show analyses of companies, which have undergone a merger. You can see characteristics of these organisations and compare their merger execution plans and detailed schedule for different stages of the merge project.

Multinational enterprises are continuously in search of investment opportunities to grow their businesses. For over two decades South Africa, being one of the economic powerhouses of Africa, has been one such target for global investors. A company planning to invest in South Africa will attempt to identify the most appropriate way to do so, for tax and non-tax reasons. However, tax consequences are one of the main factors influencing the decision of an investor. While certain companies choose to invest directly into the target country, the majority choose to set up a holding company outside of the investor country. Such a company is known as an intermediary holding company and is defined as a company which is interposed between a shareholder and its foreign subsidiary. The main purpose of this study is to investigate the best manner, for tax purposes, in which a foreign company would invest into South Africa, either directly or indirectly through an intermediary holding company. Should the intermediary holding company option be selected, the company will then need to select the country in which to base its intermediary holding company. Tax havens are commonly used as a base for intermediary holding companies, however, these may not be the most advantageous option in all cases. Literature on intermediary holding companies and tax havens is reviewed and thereafter the study analyses and compares the tax efficiency of a hypothetical UK company investing into South Africa using different options. The options available to the UK Company which are compared, include investing directly into South Africa or investing indirectly through an intermediary holding company based in either Cyprus, Mauritius or the Netherlands, all of which are commonly used as bases for intermediary holding companies. The comparative study on the different intermediary holding company options is performed based on the domestic tax laws of each country as well as the effects of the double tax agreements in force between these countries and other tax jurisdictions. Thereafter, the most tax efficient intermediary holding company option is compared to the tax efficiency of direct investment by the UK Company and a conclusion is reached on which is the best manner for such a company to invest into South Africa, for tax purposes. AFRIKAANS : Multi-nasionale ondernemings is voortdurend op soek na nuwe beleggingsgeleenthede ten einde besigheidsgroei te bewerkstelling. Internasionale beleggers sien Suid-Afrika nou al vir meer as twee dekades as ʼn toetreepunt tot geleenthede in Afrika, vanweë Suid-Afrika se status as een van die ekonomiese reuse in Afrika. Maatskappye wat beplan om in Suid-Afrika te belê sal ondersoek doen om die beste moontlike beleggings manier te vind. Talle besigheidsredes, waarvan belastingimplikasies een van die hoofoorwegings is, sal die faktore wees wat ʼn potensiële belegger se besluitneming beïnvloed. Terwyl sommige maatskappye verkies om direk in die beleggingsland te belê sal die meeste maatskappye eerder in ʼn houermaatskappy buite die beleggingsland belê. So ʼn maatskappy staan bekend as ʼn intermediêre houer maatskappy en word gedefinieer as ʼn “tussenganger” maatskappy wat as geleibuis optree tussen die aandeelhouer en die buitelandse filiaal. Die hoofdoel van hierdie studie is om ondersoek in te stel na die beste metode, vanuit ʼn belastingoogpunt, vir ʼn buitelandse maatskappy om in Suid-Afrika te belê. Dit kan óf direk óf indirek deur middel van ʼn intermediêre houer maatskappy gedoen word. Indien die intermediêre houer maatskappy opsie gekies word, moet die maatskappy ook die land kies waarin die intermediêre houer maatskappy opgerig gaan word. Lande wat bekend is as belastingtoevlugsoorde word dikwels gekies om intermediêre houer maatskappye op te rig. Dit is egter nie in alle gevalle die mees voordeligste metode nie. Literatuur oor intermediêre houer maatskappye en belastingtoevlugsoorde word nagevors, waarna hierdie studie die belastingeffektiwiteit van ʼn hipotetiese Britse maatskappy, wat in Suid-Afrika belê, ondersoek deur gebruik te maak van verskillende opsies. Die opsies wat beskikbaar is en ondersoek sal word sluit in, direkte belegging in Suid-Afrika en belegging deur van ʼn intermediêre houer maatskappy gebruik te maak in Cyprus, Mauritius of Nederland. Al die vooraf genoemde lande is algemeen bekend daarvoor dat dit gebruik word om intermediêre houer maatskappye op te rig. Die verskillende intermediêre houer maatskappy opsies word met mekaar vergelyk, deur die belastingimplikasies van plaaslike belastingwetgewing van elke land, asook enige dubbele belastingooreenkomste van krag tussen hierdie lande en ander regsgebiede, te oorweeg. Die mees effektiewe intermediêre houer maatskappy opsie word dan vergelyk met die belastingeffektiwiteit van direkte belegging deur die Britse maatskappy. ʼn Gevolgtrekking word gemaak oor die metode wat die mees effektiefste belastinggevolge inhou vir ‘n Britse maatskappy wat in Suid-Afrika belê. / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

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 -----

The main purpose of the thesis is to explore the specifics of the financial management of holdings companies in the Czech Republic with an emphasis on the area of financial management. However, the author assumes that persistent reasons for holding creation is using of synergy effects consisting mainly of centralized management of cash flows to minimize the cost of capital and minimizing the risk of an individual investor who actively makes managerial functions in view guarantees of individual companies. It was found the lack of a comprehensive and systematic approach for a qualitative research. A total of 15 holding companies was use for the qualitative research. The outcome gives many answers concerning the specifics of the financial management of the holdings companies. It seems guarantee, minimizing cost of capital and cash management are key points. The synergistic effect of the holding companies can be used when transferring financial means between companies holding. The impact of the transfer of available financial means was simulated for holding No. 13. It was clearly shown to decrease WACC at one of the companies within the holding. It was found that the subsidiaries, which effectively control the cash flow, maintain a low level of Cash Ratio and Net Working Capital. It was also found that the subsidiaries that manage cash flow effectively, achieve higher ROA. The same assumption was not found in the parent companies. The research question that subsidiaries, which effectively control the cash flow, use financing through bank loans to a lesser extent, was partially confirmed.

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%.