當「農夫」遇到「獵人」—金控架構下銀行跨業經營之選擇策略

　　本研究質疑一般人的認知：「銀行業(農夫)」與「證券業(獵人)」配最能達到互補效果的看法。本文嘗試以銀行為觀察中心，建立兩大評估構面，全面檢視銀行採合併或轉投資到其他相關的金融事業，特別是證券業與保險業之各種策略優缺點。上述所提的兩大構面分別是：來自公部門政府的「防火牆」管制觀點，以及來自業者「利潤極大，風險極小」的目標。討論的結果發現：(1)從政府消極管制的觀點來看：銀行與證券業的結合不僅在文化上有先天的較大衝突性，就防火牆的觀點來看，銀行業與證券業的結合亦較容易產生利益衝突，因此，若銀行業非得跨業經營證券業務，以「轉投資」的方式進行較佳；但是銀行與保險的結合，在利益上的衝突相對較低。(2)就民營金融業者利益的積極觀點來看，銀行與保險業業的結合，特別是與壽險業的結合，對於雙方利潤的增加與營運風險的降低助益最大。

關鍵詞：銀行、證券、銀行保險、防火牆、利潤、風險〕

When a “Farmer” Meets a “Hunter”—A Study of the Cross-Operation Strategies of Banks under a Financial Holding Company
　　　　　　　　　　　　　　　　　　　　　　　　　　　
Considering matching roles of the banking industry (a farmer) and the securities industry (a hunter) under Taiwan’s financial holding companies, we review and summarize literature and discuss the best cross-operation strategies that banks engage in using two measures: “Chinese Walls” and “Risks and Returns.” In contrast with the traditional view, we find there is conflict when banks engage in securities or investment banking activities. On the other hand, we also find that the added value is largest in “bancassurances” of all matching strategies. In the context of allowing banks to expand into insurance activities (as in the Citigroup case), particularity into life insurance, the problem of conflict seems smaller, and this match group has higher returns and lower risks than other mixed groups.

Keywords: banks, securities, bancassurance, Chinese Walls, risks and returns