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台灣證券公司發展策略：多角化或是專業化 = The Developmen...

國立高雄大學國際企業管理碩士學位學程

台灣證券公司發展策略：多角化或是專業化 = The Development Strategies of Securities Firms in Taiwan: Diversification or Specialization

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	The Development Strategies of Securities Firms in Taiwan: Diversification or Specialization
作者:	賴佳敬,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2015[民104]
面頁冊數:	57面圖，表 : 30公分;
標題:	多角化
標題:	Diversification
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/34644831252878434616
附註:	104年10月31日公開
附註:	參考書目：面48-50
摘要註:	近年來,金融整併已成為趨勢。有部份的文獻研究結果指出,在小型證券公司中,專業化比多角化來得更具有規模經濟上的優勢。另一方面,也有文獻研究結果指出,多角化對於公司績效具有正面的影響,且多角化的程度和公司規模彼此間的關係也呈現正相關。本研究之目的在於檢驗證券公司應該從事多角化抑或專業化,以便於在競爭的產業中生存。本研究以國內證券公司為樣本,樣本涵蓋期間從1994年至2013年,風險調整股東權益報酬率(risk adjusted return on equity, ADROE)和風險調整資產報酬率(risk adjusted return on assets, ADROA)為績效衡量指標,為衡量多角化程度,本研究使用赫芬達爾指數(Herfindahl-Hirschman Index, HHI)為依據。為了處理多角化的內生性問題,本研究使用了追蹤資料工具變數(Panel IV)固定效果(fixed-effects) Financial conglomeration has already became a trend nowadays. Some existing literature indicated that specialization is better than diversification in small size securities firms based on advantage of economies of scale. On the other hand, there are some researches implying that diversification has positive effects on performance of securities firms as well and the degree of diversification is related to the size of firm. The objective of this research is to examine whether the security firm should be diversified or specialized to survive in the competitive industry. This study uses domestic securities firms in Taiwan as the samples from 1994 to 2013. Risk adjusted return on equity (ADROE) and risk adjusted return on asset (ADROA) are the measurements of the performance. To assess the degree of diversification, this study takes Herfindahl-Hirschman Index (HHI) as reference. In order to deal with the endogeneity of the diversification, this study implements panel instrumental variables regression with fixed effect estimation. The results indicate that diversification and firm size are positively significant on firm performance. Securities firms might suffer from loss during expanding the scale, but they may start profiting after expanding. The results, using Taiwan domestic securities firms, support Goldberg et al. (1991) that securities firms might be benefited by diversification.

台灣證券公司發展策略：多角化或是專業化 = The Development Strategies of Securities Firms in Taiwan: Diversification or Specialization
賴, 佳敬

台灣證券公司發展策略：多角化或是專業化 = The Development Strategies of Securities Firms in Taiwan: Diversification or Specialization / 賴佳敬撰 - [高雄市] : 撰者, 2015[民104]. - 57面 ; 圖，表 ; 30公分.
104年10月31日公開參考書目：面48-50.
多角化Diversification

台灣證券公司發展策略：多角化或是專業化 = The Development Strategies of Securities Firms in Taiwan: Diversification or Specialization
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