本研究針對2003 年至2017 年間，臺灣地區16 家金融控股公司為研究對象，運用資料包絡分析法(DEA)估計金融控股公司的經營效率，採用差額變數分析對無效率之金融控股公司提出可改善之變數項目及差額進行探討；最後，使用Panel Tobit 迴歸分析探討影響金融控股公司經營效率與系統風險之決定因素，特別是公司治理的因素。實證結果如下：第一，16 家金融控股公司的經營效率仍有改善空間，其中以保險業為經營主體的國泰金、新光金和富邦金的整體經營效率表現較佳，且較為穩定。第二，實證出相對無效率的金融控股公司可以改善之變數項目及差額。第三，以保險業為經營主體的金融控股公司能顯著提升經營效率，但對系統風險無顯著影響差異。第四，多角化經營程度與金融控股公司變動規模報酬下之經營效率呈顯著負相關，與系統風險並無顯著影響性。第五，經營主體營收占整體金控營收比例與金融控股公司固定規模報酬下之經營效率呈顯著負相關，與系統風險並無顯著影響性。第六，良好的公司治理機制，可有效提升金控公司經營效率並降低系統風險。 This thesis aims at 16 Financial Holding Companies (FHC) in Taiwan from 2003 to 2017. Data Envelopment Analysis (DEA) is used to estimate the operating efficiency of FHCs. The differential vitiation analysis is applied to disentangle the variable items and the differences that the inefficient FHC to be improved further. Finally, Panel Tobit Regression analysis is used to explore determinants of operational efficiency and systemic risk, especially the impact of corporate governance factors in FHCs. Empirical results are presented as follows: First, the operating efficiency of 16 FHCs still have room for improvement. Among them, the overall operating efficiency for Cathay FHC, Shin Kong FHC, and Fubon FHC, mainly operated by the insurance industry, are shown better and more stable. Second, inefficient FHCs could be improved with the variable items and the difference. Third, FHCs with the insurance industry as the main business could be significantly improved by the operating efficiency, but have no significant impacts on the system risk. Fourth, the degree of diversification has negative impacts on the various efficiency, but have no significant impacts on the system risk. Fifth, the operating revenue as a percentage of the overall financial control revenues has negative impacts on the FHC's constant operating efficiency, but have no significant impacts on the system risk. Sixth, FHCs with good corporate governance mechanism can effectively improve the operational efficiency and then reduce systemic risks.
