我國金融業者透過金融控股公司的成立，以控股方式進行跨業整合，產生綜效、降低成本，以達到規模經濟及範疇經濟之效果，進而提升競爭力與獲利能力。本研究是希望透過資料包絡分析法 (Data Envelopment Analysis, DEA)經由金控公司投入與產出之關係，以瞭解金控公司的經營效率。另外透過Malmquist 指數來衡量金控公司之跨期生產力變動率，以了解金控公司經營效率是否獲得提升。同時亦將進一步說明金控公司之多角化經營策略，是否可以帶來金融控股公司之經營效率之提升及在多角化的經營策略下，比較以何種業務為主體之金控公司較具效率優勢。
本研究結果發現，整體而言，金控公司之經營效率在研究期間確實提高，而規模效率的改善較純技術效率更為明顯。比較金控公司之多角化程度與經營效率之關係，發現高度多角化的金控公司經營效率反而較低。此外，在金控成立的四年以來，以人壽保險或票券為主體的金控公司較以銀行為主體的金控公司更有效率，顯示台灣尚未走出銀行過剩（Overbanking）的問題。

關鍵字：資料包絡分析法、經營效率、多角化

In order to reduce the cost and to acquire the synthetic effect of economic scale and economic scope, financial enterprises involve in businesses of different sectors by holdings and transfer to financial holding companies. This is the prime strategy adopted by financial enterprises to raise their competitiveness and abilities of earning profits in recent years.
This paper, first, uses Data Envelopment Analysis to evaluate the inputs and outputs of the existing 14 financial holding companies in Taiwan, and to determine their operating efficiency. Secondly, this paper uses Malmquist index to evaluate the growth rate of production capability across periods, and to analyze whether the operating efficiency has been raised. Thirdly, it also further describes if diversification really brings a higher operating efficiency, and tries to indicate which kind of financial holding companies has higher efficient advantage bases on their leading business.
The paper’s findings indicate that, in general, the operating efficiency is increased during the studying period, and such growth is more noticeable for the improvement of scale efficiency than for the improvement of pure technical efficiency. To analyze the relations between the level of diversification and the operating efficiency, we also find that highly diversified financial holding companies instead have lower operating efficiency. Furthermore, financial holding companies which have life insurance as leading business are more efficient than which focus on banking business. This indicates that Taiwan still not get over from overbanking issues.

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