市场结构、厂商行为与经营绩效关系研究——基于台湾省金融控股公司数据

Evidence on Structure Conduct Performance——Hypothesis in Taiwan Financial Holding Industry

笔者通过产业组织理论SCP模型分析,探讨台湾省金控产业市场结构、行为及绩效三者间是否存有显著关系。研究期间为2004年～2010年,以台湾省14家金控为研究对象,采用Panel data的固定效果与随机效果分析。实证显示并购为多角化对绩效的部份中介变项,实证的结果支持了"行为主义"学派主张企业行为是中间变项,而企业的行为不但影响自身的绩效,也受到市场结构的影响。

This study explores relationships among structure, conduct and performance of Taiwan Financial Holding Companies by using SCP model of Industrial Organization theory. During the study period of 2004 - 2010, 14 FHCs are examined by using fixed effect model and random effect model. Empirical results show that mergers and acquisitions （M＆A） play a partial intermediation role between diversification and performance. Meanwhile, the results support the Behaviorist school who advocates that conduct is an intermediation which not only affect performance but also be effected by structure.