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題名 金融科技浪潮下台灣金控銀行業多角化經營與績效之關聯性研究
作者 鄭婷月
Cheng, Ting-Yueh
貢獻者 林士貴<br>程國榮
鄭婷月
Cheng, Ting-Yueh
關鍵詞 金融科技
多角化經營
銀行績效
策略排擠效應
生產力矛盾
FinTech
Income Diversification
Bank Performance
Strategic Crowding-out Effect
Productivity Paradox
日期 2026
上傳時間 2-Feb-2026 12:14:34 (UTC+8)
摘要 本研究以 2015 至 2024 年台灣 14 家金控銀行為對象，探討多角化經營與金融科技投入之績效影響及交互作用。透過雙因子固定效果模型實證發現，多角化主要貢獻在於優化營運效率（降低成本收入比），而非直接提升獲利；金融科技投入則呈現「生產力矛盾」，短期因研發成本衝擊資產報酬率，惟 IT 資產在滯後一期後展現顯著正向效益。最關鍵之結論為兩者間存在「策略排擠效應」，證實銀行若同時追求高強度專利創新與多角化業務，將因內部資源競奪而顯著侵蝕股東權益報酬（ROE），建議管理者應重視資源協同配置以避免顧此失彼。
This study investigates the performance impacts and interaction effects of business diversification and FinTech investment, targeting 14 subsidiary banks of financial holding companies in Taiwan from 2015 to 2024. Utilizing a Two-way Fixed Effects Model, the empirical findings reveal that the primary contribution of diversification lies in optimizing operational efficiency (lowering the Cost-to-Income Ratio) rather than directly enhancing profitability. FinTech investment exhibits a &quot;Productivity Paradox,&quot; where short-term R&D costs negatively impact Return on Assets (ROA); however, IT assets demonstrate a significant positive effect after a one-year lag. The most critical conclusion is the existence of a &quot;Strategic Crowding-out Effect&quot; between the two strategies. The results confirm that simultaneous pursuit of high-intensity patent innovation and business diversification significantly erodes Return on Equity (ROE) due to internal resource competition. Consequently, managers are advised to prioritize synergistic resource allocation to prevent mutually exclusive outcomes.
參考文獻 一、中文文獻 1.王乙玄 (2023)。金融科技與銀行績效之關聯性：以臺灣銀行業為例。﹝碩士論文。國立嘉義大學﹞臺灣博碩士論文知識加值系統。 2.王姿琇、戴錦周 (2024)。金融科技對台灣商業銀行經營效率影響之研究。東吳經濟商學學報。 3.李昀臻 (2023)。金融科技對銀行經營績效之影響–依IPC分類詳細剖析。﹝碩士論文。輔仁大學﹞臺灣博碩士論文知識加值系統。 4.邱美菁、許永明、陳寧馨 (2011)。台灣銀行業多角化經營對績效的影響。商略學報。 5.金融監督管理委員會 (2020)。金融科技發展路徑圖 (2.0)。政策文件。 6.郭純雅 (2023)。金融科技發展對銀行財務績效的影響-分量回歸應用。﹝碩士論文。銘傳大學﹞臺灣博碩士論文知識加值系統。 7.陳威甫、李靜芝、黃心怡 (2019)。銀行業務多角化之經營績效探討－台灣實證。商管科技季刊。 8.劉景中 (2024)。資產規模、多角化與銀行風險：台灣實證研究。經濟論文叢刊。 9.顏俊仁、許華倫、廖河信 (2018)。從專利探討我國金融科技發展的概貌。智慧財產權月刊。 二、外文文獻 1.Al Sharif, B. M. M. (2025). Digital finance strategy and bank performance in emerging markets: The role of financial soundness. Corporate & Business Strategy Review, 6(3), 401–410. 2.Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205-2230. 3.Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65. 4.Chiu, Y. H., Chen, Y. C., & Lin, T. Y. (2021). Fintech and bank performance: Evidence from an emerging market. Review of Financial Economics, 39(3), 347-370. 5.DeYoung, R., & Roland, K. P. (2001). Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model. Journal of Financial Intermediation, 10(1), 54-84. 6.Houston, J., James, C., & Marcus, D. (1997). Capital market frictions and the role of internal capital markets in banking. Journal of Financial Economics, 46(2), 135-164. 7.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. 8.Khattak, M. A., Ali, M., Azmi, W., & Rizvi, S. A. R. (2023). Digital transformation, diversification and stability: What do we know about banks? Economic Analysis and Policy, 78, 122-132. 9.Klein, P. G., & Saidenberg, M. R. (1997). Organizational structure and the diversification discount: Evidence from commercial banking. Journal of Industrial Economics, 46(1), 21-43. 10.Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of Financial Economics, 85(2), 331-367. 11.Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking & Finance, 32(8), 1452-1467. 12.Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521-537. 13.Lozano-Vivas, A., & Pasiouras, F. (2010). The impact of non-traditional activities on the efficiency of financial institutions: A profit meta-frontier approach. Journal of Banking & Finance, 34(11), 2636-2649. 14.March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87. 15.Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. 16.Meslier, C., Tacneng, R., & Tarazi, A. (2014). Bank income diversification and performance in an emerging economy. Economic Modelling, 39, 135-147. 17.Ocasio, W. (1997). Towards an attention-based view of the firm. Strategic Management Journal, 18(S1), 187-206. 18.Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2021). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, 62, 101210. 19.Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1), 111-133. 20.Stein, J. C. (2003). Agency, information and corporate investment. Handbook of the Economics of Finance, Vol. 1, 111-165. 21.Stiroh, K. J., & Rumble, A. S. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. 22.Teece, D. J. (1980). Economies of scope and the scope of the enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247. 23.Teece, D. J. (1982). Towards an economic theory of the multiproduct firm. Journal of Economic Behavior & Organization, 3(1), 39-63. 24.Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533. 25.Wu, K., Fu, Y., & Klotz, A. C. (2025). Digital transformation and firm business diversification: An inverse U-shaped relationship. Economic Analysis and Policy, 87. 26.Zhao, J., Li, X., & Yu, C. H. (2022). FinTech innovation and bank risk-taking: Evidence from China. International Review of Economics & Finance, 77, 398-418. 三、網路資料 1.銀行保險金融機構生成式人工智慧 (GenAI) 策略報告。安永聯合會計師事務所。機構報告。 https://www.ey.com/zh_tw/insights/ai/harnessing-the-power-of-genai-in-financial-institution
描述 碩士
國立政治大學
國際金融碩士學位學程
113zb1024
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113ZB1024
資料類型 thesis
dc.contributor.advisor 林士貴<br>程國榮zh_TW
dc.contributor.author (Authors) 鄭婷月zh_TW
dc.contributor.author (Authors) Cheng, Ting-Yuehen_US
dc.creator (作者) 鄭婷月zh_TW
dc.creator (作者) Cheng, Ting-Yuehen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Feb-2026 12:14:34 (UTC+8)-
dc.date.available 2-Feb-2026 12:14:34 (UTC+8)-
dc.date.issued (上傳時間) 2-Feb-2026 12:14:34 (UTC+8)-
dc.identifier (Other Identifiers) G0113ZB1024en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161372-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 113zb1024zh_TW
dc.description.abstract (摘要) 本研究以 2015 至 2024 年台灣 14 家金控銀行為對象，探討多角化經營與金融科技投入之績效影響及交互作用。透過雙因子固定效果模型實證發現，多角化主要貢獻在於優化營運效率（降低成本收入比），而非直接提升獲利；金融科技投入則呈現「生產力矛盾」，短期因研發成本衝擊資產報酬率，惟 IT 資產在滯後一期後展現顯著正向效益。最關鍵之結論為兩者間存在「策略排擠效應」，證實銀行若同時追求高強度專利創新與多角化業務，將因內部資源競奪而顯著侵蝕股東權益報酬（ROE），建議管理者應重視資源協同配置以避免顧此失彼。zh_TW
dc.description.abstract (摘要) This study investigates the performance impacts and interaction effects of business diversification and FinTech investment, targeting 14 subsidiary banks of financial holding companies in Taiwan from 2015 to 2024. Utilizing a Two-way Fixed Effects Model, the empirical findings reveal that the primary contribution of diversification lies in optimizing operational efficiency (lowering the Cost-to-Income Ratio) rather than directly enhancing profitability. FinTech investment exhibits a &quot;Productivity Paradox,&quot; where short-term R&D costs negatively impact Return on Assets (ROA); however, IT assets demonstrate a significant positive effect after a one-year lag. The most critical conclusion is the existence of a &quot;Strategic Crowding-out Effect&quot; between the two strategies. The results confirm that simultaneous pursuit of high-intensity patent innovation and business diversification significantly erodes Return on Equity (ROE) due to internal resource competition. Consequently, managers are advised to prioritize synergistic resource allocation to prevent mutually exclusive outcomes.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與問題 5 第三節 預期研究貢獻 6 第四節 研究範圍與對象 6 第五節 研究流程 7 第六節 論文架構 8 第二章 文獻探討 9 第一節 銀行多角化經營與績效之關聯 9 第二節 金融科技對銀行業績效之關聯 13 第三節 金融科技的調節角色 16 第四節 小結 18 第三章 研究方法 20 第一節 資料來源與樣本 20 第二節 變數定義與計算 20 第三節 研究假設 23 第四節 實證模型設定 24 第四章 實證結果與分析 27 第一節 敘述性統計分析與變數診斷 27 第二節 初步模型分析(以IT資產佔總資產比率為代理變數) 30 第三節 核心分析(以金融科技專利數量為代理變數) 32 第四節 穩健性測試與子樣本分析 35 第五節 假說檢定結果彙整 38 第五章 結論與建議 40 第一節 研究結論 40 第二節 理論貢獻與學術意涵 41 第三節 實務意涵與政策建議 42 第四節 研究限制 42 第五節 未來研究建議 43 參考文獻 44zh_TW
dc.format.extent 1307376 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113ZB1024en_US
dc.subject (關鍵詞) 金融科技zh_TW
dc.subject (關鍵詞) 多角化經營zh_TW
dc.subject (關鍵詞) 銀行績效zh_TW
dc.subject (關鍵詞) 策略排擠效應zh_TW
dc.subject (關鍵詞) 生產力矛盾zh_TW
dc.subject (關鍵詞) FinTechen_US
dc.subject (關鍵詞) Income Diversificationen_US
dc.subject (關鍵詞) Bank Performanceen_US
dc.subject (關鍵詞) Strategic Crowding-out Effecten_US
dc.subject (關鍵詞) Productivity Paradoxen_US
dc.title (題名) 金融科技浪潮下台灣金控銀行業多角化經營與績效之關聯性研究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻 1.王乙玄 (2023)。金融科技與銀行績效之關聯性：以臺灣銀行業為例。﹝碩士論文。國立嘉義大學﹞臺灣博碩士論文知識加值系統。 2.王姿琇、戴錦周 (2024)。金融科技對台灣商業銀行經營效率影響之研究。東吳經濟商學學報。 3.李昀臻 (2023)。金融科技對銀行經營績效之影響–依IPC分類詳細剖析。﹝碩士論文。輔仁大學﹞臺灣博碩士論文知識加值系統。 4.邱美菁、許永明、陳寧馨 (2011)。台灣銀行業多角化經營對績效的影響。商略學報。 5.金融監督管理委員會 (2020)。金融科技發展路徑圖 (2.0)。政策文件。 6.郭純雅 (2023)。金融科技發展對銀行財務績效的影響-分量回歸應用。﹝碩士論文。銘傳大學﹞臺灣博碩士論文知識加值系統。 7.陳威甫、李靜芝、黃心怡 (2019)。銀行業務多角化之經營績效探討－台灣實證。商管科技季刊。 8.劉景中 (2024)。資產規模、多角化與銀行風險：台灣實證研究。經濟論文叢刊。 9.顏俊仁、許華倫、廖河信 (2018)。從專利探討我國金融科技發展的概貌。智慧財產權月刊。 二、外文文獻 1.Al Sharif, B. M. M. (2025). Digital finance strategy and bank performance in emerging markets: The role of financial soundness. Corporate & Business Strategy Review, 6(3), 401–410. 2.Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205-2230. 3.Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65. 4.Chiu, Y. H., Chen, Y. C., & Lin, T. Y. (2021). Fintech and bank performance: Evidence from an emerging market. Review of Financial Economics, 39(3), 347-370. 5.DeYoung, R., & Roland, K. P. (2001). Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model. Journal of Financial Intermediation, 10(1), 54-84. 6.Houston, J., James, C., & Marcus, D. (1997). Capital market frictions and the role of internal capital markets in banking. Journal of Financial Economics, 46(2), 135-164. 7.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. 8.Khattak, M. A., Ali, M., Azmi, W., & Rizvi, S. A. R. (2023). Digital transformation, diversification and stability: What do we know about banks? Economic Analysis and Policy, 78, 122-132. 9.Klein, P. G., & Saidenberg, M. R. (1997). Organizational structure and the diversification discount: Evidence from commercial banking. Journal of Industrial Economics, 46(1), 21-43. 10.Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of Financial Economics, 85(2), 331-367. 11.Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking & Finance, 32(8), 1452-1467. 12.Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521-537. 13.Lozano-Vivas, A., & Pasiouras, F. (2010). The impact of non-traditional activities on the efficiency of financial institutions: A profit meta-frontier approach. Journal of Banking & Finance, 34(11), 2636-2649. 14.March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87. 15.Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. 16.Meslier, C., Tacneng, R., & Tarazi, A. (2014). Bank income diversification and performance in an emerging economy. Economic Modelling, 39, 135-147. 17.Ocasio, W. (1997). Towards an attention-based view of the firm. Strategic Management Journal, 18(S1), 187-206. 18.Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2021). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, 62, 101210. 19.Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1), 111-133. 20.Stein, J. C. (2003). Agency, information and corporate investment. Handbook of the Economics of Finance, Vol. 1, 111-165. 21.Stiroh, K. J., & Rumble, A. S. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161. 22.Teece, D. J. (1980). Economies of scope and the scope of the enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247. 23.Teece, D. J. (1982). Towards an economic theory of the multiproduct firm. Journal of Economic Behavior & Organization, 3(1), 39-63. 24.Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533. 25.Wu, K., Fu, Y., & Klotz, A. C. (2025). Digital transformation and firm business diversification: An inverse U-shaped relationship. Economic Analysis and Policy, 87. 26.Zhao, J., Li, X., & Yu, C. H. (2022). FinTech innovation and bank risk-taking: Evidence from China. International Review of Economics & Finance, 77, 398-418. 三、網路資料 1.銀行保險金融機構生成式人工智慧 (GenAI) 策略報告。安永聯合會計師事務所。機構報告。 https://www.ey.com/zh_tw/insights/ai/harnessing-the-power-of-genai-in-financial-institutionzh_TW