Three essays on efficiency of financial institutions in Taiwan : banking, non-life insurance and securities industries

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Title:	Three essays on efficiency of financial institutions in Taiwan : banking, non-life insurance and securities industries
Other Titles:	三篇有關臺灣金融機構效率的論文 : 銀行、產險與證券業
Authors:	廖振盛;Liao, Chang-sheng
Contributors:	淡江大學財務金融學系博士班蕭峯雄;Shiau, Feng-shiong
Keywords:	公司治理;所有權結構;高階經理人離職;資料包絡分析;生產力變動;可競爭性;市場結構;corporate governance;ownership structure;Top Executive Turnover;Data Envelopment Analysis;Productivity change;Contestability;market structure
Date:	2009
Issue Date:	2010-01-11 01:05:13 (UTC+8)
Abstract:	銀行、保險與證券業為一國金融系統之主要的三大支柱，在2001年，政府允許金融機構申請設立金融控股公司，設立金融控股公司目的在於獲取交叉銷售平台的利潤，未來高階經理人對於金融機構的經營策略與管理實務，不應僅局限於單一金融產業。因此本文主要研究著重於有關於金融機構效率的議題，包括銀行業、產險業與證券業，本文共分為以下三個部份，第一部份為「台灣銀行業公司治理與效率關聯性的研究」；第二部分為「台灣產險業效率與生產力變動的研究」；第三部分為「台灣證券商競爭、可競爭性與市場結構的研究」。最後一節為「台灣金融機構的效率：總結與建議」。將此三部份的內容敘述如下：第一部分研究目的在於探討公司治理與銀行經營效率的關聯性，本文主要解釋股權結構、機構投資人結構與高階經理人離職對於銀行效率的關聯性。實證結果顯示僅有較弱的證據力支持設置獨立董事可以改善銀行效率。本文分解機構投資人結構，研究發現當本國公司法人持股比例較高時，支持效率增加假說；當本國信託基金持股比率較高時，則支持效率減少假設。除此之外，本文發現台灣銀行業的高階經理人，即使經營績效不佳也不容易失去工作，有時董事會任命經理人並不是根據其能力，往往是由家族董事會的個人偏好來決定人事任命。第二部分的研究目的在於探討台灣產險業效率與生產力的變動，本文採用資料包絡分析法衡量產險業的經營效率，並採用麥氏指數衡量生產力的變動，研究期間為1996-2007年。平均成本效率為0.8228，顯示產險業受益於快速成長的保險滲透度。而平均的總要素生產力變動相當接近於1，顯示產險業生產力幾乎沒有改善，而影響生產力變動的主要來源為技術因子甚於效率因子。最後，本文探討影響產險業經營效率之因素，並解釋兩個有關於經營策略與政府政策的問題，首先，最求市占率是否為一個適當的策略? 市占率係數的估計結果為顯著的負向，顯示高市占的產險業者並不能改善其效率。其次，最低資本限額政策對於產險業的影響為何? 本文發現權益資本與效率間並不存在關聯性，因此本文建議政府並不應該干預公司的資本決策，只需要扮演好盡責的監督者角色。第三部分的研究目的在於探討台灣證券商的市場結構與可競爭性，研究期間為1998-2006年。本文整合結構與非結構法針對證券商的競爭狀況進行衡量。實證結果支持相對獨占力假設與規模效率版的效率結構假設成立。本文提供對於管理者實務應用的建議，研究發現市占率與獲利能力為正向關，但與經營效率為負相關，顯示對於證券商而言追求市占率的經營策略並不適當。H統計量的衡量結果顯示證券商並非處於完全競爭市場，其市場特性為獨占性競爭市場。考量市場競爭程序變化的結果，實證顯示證券商的競爭程度並沒有改善，雖然政府推行了一連串的金融改革政策，但並沒有影響證券商的競爭狀態，仍然處於低競爭性的獨占市場環境。最後，本文提出結論與相關建議，希望能夠提供有價值的建議給予政策制定者與經營決策者。 The banking, insurance and securities industries constitute the main pillars of a country’s financial system. In 2001, the Taiwanese government allowed financial institutions to apply for financial holding company (FHC) status. The majority of financial institutions actively seek FHC status in order to reap the benefits of cross-selling platforms. Therefore, it is not sufficient for future top executives to understand the operating strategy and management practices of just one financial institution. Thus, this study focuses on financial institutions efficiency in Taiwan, including banking industry, non-life insurance industry and securities industry. The first part titled: “The corporate governance-efficiency relationship in the banking industry in Taiwan”, the second titled: “Efficiency and productivity changes in the non-life insurance industry in Taiwan” and the three titled is “Competition, contestability and market structure in the securities firms in Taiwan”. The last one titled is “The Efficiency of Taiwanese Financial Institutions: Summary and Suggestion for Policymakers”. A brief introduction of these three parts is described as follow: in the first part, the purpose of this study is to investigate the relationship between bank efficiency and corporate governance in Taiwan. It aims to explain the effects of ownership structure, institutional investors’ structure, and manager turnover. The empirical results provide a weak evidence to support the proposition that independent directors can improve bank efficiency. We broke down the structure of institutional investors, and found that when a higher percentage of banks was owned by domestic corporations, the efficiency-augmentation hypothesis was supported, whereas when a higher percentage of banks was owned by domestic trust funds, the efficiency-abatement hypothesis was supported. We also found that, in general, in the Taiwanese banking industry, top executives of poorly performing banks are not more likely to lose their jobs and that, sometimes, boards did not appoint top executive based on ability, but rather, tended to appoint them based on the personal preferences of family board members. In the second part, this study investigates efficiency and productivity changes in the non-life insurance industry in Taiwan. We use a data envelopment analysis (DEA) to measure the efficiency of non-life insurance firms. The Malmquist methodology is used to measure changes in efficiency over the period 1996 to 2007. The mean cost efficiency score is 0.8228, implying that the efficiency of non-life insurers benefited from rapid growth in the ratio of insurance penetration. The mean total factor productivity change is close to one, implying that the productivity of non-life insurers barely improved and that the productivity change is mainly due to the technological factor, rather than to the efficiency factor. Finally, this study identifies the determinants of insurers’ efficiency, and answers two questions regarding firms’ strategy and governmental policy. First, is the pursuit of market share an appropriate strategy in the non-life insurance industry? The coefficient of market share is significantly negative, implying that insurers with higher market shares cannot to improve efficiency. Second, how does the minimum capital requirement policy affect insurers’ efficiency? We find no relationship between equity capital and efficiency. Thus, we suggest that the government should not to intervene in corporate decisions with capital structure, but only play the role of conscientious supervisor. The last part focus on competition of securities firm, the purpose of this study is to investigate securities firms’ market structure and contestability in Taiwan over the period from 1998 to 2006. This is the first study to integrate structural and non-structural approaches to the evaluation of competitive conditions in securities firms. We find that the relative market power hypothesis and scale version of the efficient structure hypothesis are supported in securities firms. The findings of this study have managerial implications, as the results show that market share is positively related to profitability but negatively related to efficiency, implying that the pursuit of market share may not be an appropriate strategy for securities firms. The results of the H-statistic show that securities firms are not in perfect competition and that the market is instead characterised by monopolist competition. The results regarding changes in the degree of competition show that securities firms’ competitive condition is not improving. The government is to advance a serial of financial reform policies, but they do not affect securities firms, so the market remains a monopolist competitive environment with a lower level of contestability. Finally, the conclusions are drawn, empirical results presented, and the suggestions provided. We expect that our results can provide valuable suggestions for both policy makers and managers.
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