| 摘要: | 由於金控法的實施，未來金控公司相互整併為必然之趨勢。在二次金改的要求下，金融產業正朝向自由化以及大型化，金控公司必須提昇自身企業價值以培養其長期之競爭能力。因此本研究利用Kaplan and Norton所提出的平衡計分卡(Balanced Scorecard)之財務構面、顧客構面、內部流程構面及學習與成長構面，分別探討我國14家金融控股公司之企業附加價值之相關影響因素。而附加價值衡量指標眾多，本研究以企業的市價與淨值差做為附加價值之代理變數。研究期間及資料為2002年至2004年。分別探討四項構面對企業附加價值之解釋能力。迴歸分析實證結果如下：
ㄧ、平衡計分卡整體解釋能力為84.1%，四構面之解釋程度高低分 別為顧客構面、財務構面、學習與成長構面、內部流程構面。
二、財務構面之總資產、每股盈餘、顧客構面之市場佔有率、內部流程構面之金融業務成本率、學習與成長構面之員工每人薪資與企業附加價值間呈顯著正向關係。
三、若將14家金控公司按業務主體之型態分為以銀行為主體、證券為主體與保險為主體三類。則以保險為主體之金控企業附加價值顯著高於以銀行為主體及以證券為主體之金控，而以銀行為主體及以證券為主體之金控間附加價值差異則不顯著。
Due to the implementation of the Financial Holding Law, it is a trend that financial holding companies are consolidated each other. Under the request of Second Finance Reform, the financial industries are moving forward with liberalization and enlargement. The financial holding companies must upgrade the firm value and to develop the long term potential competition. Therefore, this study applies the proposal of Kaplan and Norton’s four perspectives of Balanced Scorecard. The four perspectives are financial, customer, internal process, and learning and growth. This research investigates the association of firm value added among 14 financial holding companies in Taiwan. However, there are too many measuring indexes of firm value. Accordingly, this study mainly focuses on the difference of firm’s market and book value as proxy variable of value added. The research period and data sources are from 2002 to 2004. The aim is to examine the explanation of firm value added in four perspectives. After regression analysis, the research results are as followed:
1. The overall explanation of Balanced Scorecard is 84.1%. The ranking of four perspectives in explanation is customer, finance, learning and growth, and internal process respectively.
2. The total assets and earning per share of financial perspective, market share of customer perspective, cost rate of business sales in internal process perspective, and compensation per employee in learning and growth perspective are all significant positive relationship with firm value added.
3. According to the classification of major businesses among 14 financial holding companies, there are mainly of banks, securities and insurance. Regarding the firm value added, mainly of insurances are higher than the mainly of banks and securities. However, the difference between mainly of banks and securities is not significant. |
