| 摘要: | 中華開發、兆豐商銀及台灣工銀有與一般投資機構所不同之專業投資選案及評估能力，其轉投資公司之經營成果對銀行之盈餘有很大影響。有鑑於該等銀行投資之生產事業，多處於產業生命週期之成長期，亟需具創投性質且領有銀行執照之工業銀行挹注資金，以利該企業成長期之營運擴廠所需。經深入探討銀行持股公司之國際化及產業多角化，乃是企業所處長期競爭優劣勢地位與威脅，所必須審慎思考之策略使命，其決策核心系統主要在董事會監督及控制功能，並輔以專業經理人之規劃、執行及控制能力，始能達成股東利潤極大化及企業經營成長之目標。董事會決策功能係公司內部治理機制重要之一環，實足以影響公司之策略取向，而不同的策略取向也可能影響公司表現，而產生不同的績效結果。 本研究各項實證發現：三家銀行持股公司多屬電子產品集中且重視研發之產業，其管理階層持股比愈高，公司愈不重視高度國際化及產業多角化。外部董事席次比愈高，公司愈重視創新策略。董事會規模愈大，公司愈不重視創新策略。在高國際化產業集中型態之公司績效顯著高於其他型態，據此推知：國際化程度愈高，公司經營績效愈佳；多角化程度愈高，公司經營績效愈差。創新策略之研發支出率愈高愈有利於公司經營績效。在低國際化產業分散型之公司規模愈大，經營風險較低，但低國際化產業集中型之公司負債淨值比愈高，槓桿效果愈大，經營風險愈高。外部董事席次比及管理階層持股比愈高，公司經營績效愈佳。董事會規模愈大及董監持股質押比愈高，公司經營績效愈差。中華開發比兆豐商銀及台灣工銀之持股公司經營績效佳。 對工業銀行未來投資業務之建議： 1.審慎投資選案評估，深度掌握產業脈動，適時調整投資組合，擇機處分獲利，發揮專業投資評價能力，為股東創造利潤。 2.採取適當之國際化、相關多角化及創新策略，並強化董事會監督功能及公司治理機制，使各產業投資資產效益最大化。 3.持續與海外知名投資機構合作，投資美國及歐洲等地區之基金，以分散產業及地域風險。 4.注意歐美研發有限責任合夥制與技術創新之企業型態，對本國工業銀行投資業務之影響。 For China Development Industrial Bank, Mega International Commercial Bank and Taiwan Development Industrial Bank, their professional investment case screening and appraisal capability distinguish themselves from practices by other investment institutions. Thus, operational performance of their reinvestment greatly affects the bank’s profit. Since the production enterprises invested by these banks, constantly are rated as in the growth stage of its industrial life cycle, in turn, these enterprises desperately need capital infusion from licensed industrial banks, in order to facilitate and sustain operation and factory growth expansion. After delving into internationalization and industry diversification for bank’s holding companies, which are in essence reflecting the status and threats from its long term competitiveness, thus, mission of strategy must be closely examined and carefully thought out. The core of decision mechanism resides at board supervision and control, supported with professional managerial planning, execution and control, in order to achieve the goal of both maximizing the shareholder profit and managing enterprise operation growth. Decision mechanism of the board is a vital part of internal corporate governance, affecting the inclination of corporate strategy. So, different inclination would influence the corporate performance with varied results. The findings of this research are: most of the holding companies for these three banks are heavily concentrated in research-intensive electronic product industry. The more holdings by the management, the lesser the focuses unto internationalization and industry diversification. The larger the portion of external board membership, the heavier the focus onto strategy innovation by the corporate. The greater the magnitude of board, the lesser focus onto strategy innovation by the corporate. The higher the internationalization for companies with heavy industry concentration, the more notable the performance than other types of company. Based on this, this study can safely predict： the more internationalization, the better the operation performance. The heavier the diversification, the worse the operation performance. The higher the R&D expenditure, the better the operation performance. The bigger the magnitude of industry-diversified corporation with low level of internationalization, the lesser the operation risks. Nevertheless, for those less internationalized corporation with heavy industry concentration, the higher the ratio of indebtedness to net worth, the greater the leverage influence, and finally the higher the operation risk. The higher the external board membership in addition to higher ratio of stockholding by management level, the better the operation performance. The bigger the board’s magnitude and size plus higher ratio of pledge of stockholding by board members, the worse the operation performance. And the operation performance for China Development Industrial Bank is rated better than those of the holding companies for Mega International Commercial Bank and Taiwan Development Industrial Bank. This study proposes suggestions for future industrial bank investment operation: 1. Precede investment case screening and appraisal with caution, with in depth knowledge and industry pulse gauging. Timely adjust and realize investment portfolio for profit. Execute investment appraisal professionally to maximize shareholder’s profit. 2. Adopt adequate internationalization, relevant diversification and innovation tactics in addition to enhance the supervisory functionality and corporate governance mechanism. Finally, achieve maximization for industry’s investment asset performance. 3. Continue cooperate with distinguished, well-known oversea investment institutions, and invest in the investment fund from US and European area to diversify inherent industry and area risks. 4. Pay close attention to US and European research studies on industry type with limited partnership and technological innovation, and ensuing impacts onto investment operation for domestic industrial bank. |
