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銀行業務多角化之經營績效探討－台灣實證

THE PERFORMANCE OF BANK BUSINESS DIVERSIFICATION-EVIDENCE FROM TAIWAN

陳威甫

國立臺中科技大學財務金融系碩士

李靜芠

國立臺中科技大學財務金融系副教授

黃心怡[1]

國立臺中科技大學財務金融系助理教授

Wei-Fu Chen

Master, Department of Finance,
National Taichung University of Science and Technology

Jin-Wen Lee

Associate Professor, Department of Finance,
National Taichung University of Science and Technology

Hsin-Yi Huang

Assistant Professor, Department of Finance,
National Taichung University of Science and Technology

摘要

本文主要探討銀行業務多角化對其經營績效之影響，研究樣本以2012年至2015年期間臺灣24家商業銀行為研究對象，利用銀行採行國際會計準則（IFRS）新制財務報表資訊，將銀行業務進行分類，包括企業與個人金融、信託管理業務、財務投資等業務，衡量業務收入多角化的程度是否會影響銀行的經營績效。實證結果顯示，銀行業務多角化的經營策略與經營績效呈現正相關。然而，在考量收益波動後，業務部門收益的不穩定反而降低業務部門多角化經營的好處。此外，銀行手續費收入來源多角化與績效則呈現顯著負相關，可能是銀行金融產品複雜化的成本上升而使得獲利減損。

關鍵字：商業銀行、業務多角化、經營績效

ABSTRACT

We examine the impact of revenue diversification on the operating performance of 24 commercial banks in Taiwan from 2012 to 2015, using their financial statements in accordance with IFRS (International Financial Reporting Standards). We measure the extent of banks’ revenue diversification based on the types their business sectors, which includes consumer and corporate finance, trust management, and financial investments. The empirical evidence shows a positive relationship between revenue diversification and banks’ performance. However, earnings fluctuations reduce the benefits of diversified operation in these business sectors. In addition, the diversification of banks’ fee-based revenue shows a negative correlation with banks’ performance, and this can be attributed to the impact of complex fee-based products.

Keywords: Commercial Bank, Revenue Diversification, Operating Performance

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雲嘉南地區醫療觀光產業發展策略研究

DEVELOPING MEDICAL TOURISM STRATEGIES FOR SOUTHWESTERN TAIWAN

林國華

臺南市政府觀光旅遊局副局長

林士群

國立嘉義大學企業管理學系博士生

陳玉雲

南門醫療社團法人南門醫院醫務管理中心主任

李際偉

國立嘉義大學企業管理學系副教授

Kuo-Hua Lin

Deputy Director-General, Tourism and Travel Bureau,
Tainan City Government, Taiwan

Shih-Chun Lin

DBA Student, Department of Business Administration,
National Chiayi University

Yu-Yun Chen

Hospital Administration Manager, Nan Men General Hospital

Vincent C. Li

Associate Professor, Department of Business Administration,
National Chiayi University

摘要

雲嘉南地區氣候溫和、自然環境優美及具有文化、美食等觀光特色，且醫療設施及技術與全國同步，相較於臺灣其他地區更具有發展醫療觀光產業之潛力。但如何運用雲嘉南地區內優勢醫療觀光條件，提出適合之發展策略，卻仍待探索。本研究針對醫療與觀光議題的發掘，平台的建構，醫療與觀光雙核心的結合，深入分析政策與法令並了解醫療觀光發展歷程，並運用立意抽樣，邀請相關醫療觀光領域內具執行及決策力之產、官、學專家深入訪談，針對雲林縣、嘉義縣市及臺南市之雲嘉南區域醫療觀光產業取得發展共識。透過質性研究編碼，運用SWOT分析，彙整出產業發展之優勢與弱勢、機會與威脅，建構產業發展策略及體系，並討論如何透過建立醫療觀光推動平台，跨業組合產品，以突破現行醫療法規醫療產品不得降價競爭及公開促銷的限制，使產品組合之利基及競爭力加大，並強化區域醫療觀光產業發展之競爭力。

關鍵字：醫療觀光、產業發展策略、立意抽樣、質性研究編碼

ABSTRACT

In comparison to other areas in Taiwan, southwestern Taiwan has more advantages to develop medical tourism industry as this area has nice weather, picturesque scenery, unique culture, delicious food, as well as top medical facilities and technology. However, little has been studied for how to develop medical tourism industry in this area and construct a platform that integrates medical treatment and tourism. In this study, we not only examine the policy and regulation by the government, we also analyze the development profile of medical tourism. We interview experts from the industry, academia, and the government to get the perspectives on how to develop the medical tourism industry for southwestern Taiwan. Through qualitative research coding and SWOT analysis, we summarize the strengths, weaknesses, opportunities and threats for this region to develop medical tourism industry. Moreover, we discuss how to build a platform to promote medical tourism and create a portfolio of medical tourism products so that it does not have to conflict with the medical regulated restriction that medical products cannot be marked down for the sake of competition or promoted. Ultimately, this can enhance the competitiveness of the medical tourism industry in this region.

Keywords: Medical Tourism, Industry Development Strategies, Purposive Sampling, Qualitative Research Coding

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中高齡創業文獻回顧

REVIEW OF MIDDLE AND SENIOR ENTREPRENEURIAL LITERATURE

洪德俊

國立中央大學企管系副教授

林渭川

國立中央大學企管系博士生

Der-Juinn Horng

Associate Professor, Department of Business Administration,
National Central University

Wei-Chuan Lin

Ph. D. Student, Department of Business Administration,
National Central University

摘要

　　高齡化已是世界的趨勢，人口老化社會高齡人口與青壯人口的比率出現嚴重失衡，對經濟、政治及社會的衝擊便開始出現。如此快速的人口結構改變，除了政府政策難以快速因應之外，整個社會也顯得無所適從。如何維持國家足夠的勞動力並促進中高齡者保持經濟性生產，已成為現代化國家需要關切的議題。

　　因國內學術界對於高齡創業的研究鮮少關注，研究者搜尋國外相關議題，並因高齡創業相關文獻較少僅篩選出13篇涵蓋2011年至2017年期間有關高齡創業相關議題的國外文獻，並加以彙整討論最後給予結論與建議。

　　當高齡化社會來臨，高齡者比例將會快速提高，若沒有完善政策來多加利用高齡者人力的資源，將對國家經濟造成莫大的影響，較少數量的年輕人必須承擔照顧老一代，必將成為年輕人的巨大負擔。因此，政府應建立健全高齡創業政策，審查福利制度，提供高齡者友善的創業環境與創業資源。讓退休人員可充分掌握許多關於創業的信息，以及商業機會，並為他們媒合合適的產業。

關鍵字：中高齡創業、高齡化、中高齡人力資源

ABSTRACT

　　Aged society is nowadays a widespread phenomenon worldwide. The imbalance ratio between the senior population and the young population begins to widen, resulting in the impact on a nation’s economy, politics and society. In addition, the rapid change of population distribution not only makes it hard for the government to handle, but it also causes many social problems. As a result, it becomes a must concerned issue for modern countries to deal with the problem of sustaining the sufficient demand of labor forces and increase economic productivity of senior force.

　　Owing to the insufficient attention to senior entrepreneurship in domestic academic community, for this issue, researchers had collected 13 international articles between 2011 and 2017, and concluded the articles, and gave the suggestion.

　　With the arriving of aged society, the elderly will be the fastest growing segment of the population. If there is no comprehensive policy to take advantage of senior labor force, the young will have to claim full responsibilities for taking care of the senior that not only becoming the great burden of the young but causing serious impact on national economic development. Therefore, the government should build up a thorough policy for senior entrepreneurs to follow and also a welfare system to provide them a friendly entrepreneurial environment and resources. With these resources, the retired senior could receive more information and chances for the new business and also be easier to find the match one.

Keywords: Middle and the Elderly Entrepreneurship, Aging, Middle and Senior Labor Force

回目錄

企業創新效率之六因子資產定價模型

AN INNOVATION-AUGMENTED SIX-FACTOR ASSET PRICING MODEL

劉清標

國立中正大學財務金融學系助理教授

吳佩紋

國立中正大學財務金融學系碩士生

林筱鳳

私立大葉大學會計資訊學系副教授

Chin-Piao Liu

Assistant Professor, Department of Finance,
National Chung Cheng University

Pei-Wen Wu

Graduate Student, Department of Finance,
National Chung Cheng University

Hsiao-Feng Lin

Associate Professor, Department of Accounting Information,
Da-Yeh University

摘要

本文實證分析加入創新效率因子之六因子資產定價模型，其他五因子為市場溢酬因子、市值規模因子、帳面市值比因子、獲利能力因子、以及投資策略因子。實證結果發現，創新效率因子對股票報酬之解釋力不顯著，至於市場溢酬因子與市值規模因子則與文獻一致，維持高度顯著解釋力，獲利能力因子與投資策略因子亦呈現顯著，然而，帳面市值比因子雖因獲利能力因子與投資策略因子之加入模型中，其部分解釋力為其所取代，惟本實證結果尚不足以推論帳面市值比因子應自資產定價模型中去除。

關鍵字：資產定價模型、三因子模型、五因子模型、創新效率

ABSTRACT

This paper empirically examines an innovation-augmented six-factor asset pricing model. In addition to the innovative efficiency factor, the other factors in the model include market premium factor, market size factor, book-to-market ratio factor, profitability factor, and investment strategy factor. We find that the innovative efficiency factor has an insignificant impact on stock returns. Market premium factor and market size factor remain their high significant impacts as prior studies have found. We also find that the impacts of profitability factor and investment strategy factor are significant. However, the impact of book-to-market ratio factor decreases with the inclusion of the profitability factor and the investment strategy factor in the model. Nonetheless, we cannot infer that the book-to-market ratio factor should be excluded from the model.

Keywords: Asset Pricing Model, Three-Factor Model, Five-Factor Model, Innovative Efficiency

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