金融自由化與國際化，逐漸造成了金融機構業務區隔的瓦解與同質化。透過金融機構間異業之合併，使業務多角化不但可滿足消費者多樣化的需求，而且可增加收益並分散風險。儘管各國放寬金融機構跨業經營的方式不同，但是集團化與百貨化的經營型態，卻是所有國際級金融機構的最愛。美國業於1999年底，通過了「金融服務現代化法案」，允許金融控股公司之成立來從事跨業經營。我國為加快金融改革步伐，亦在2001年7月也通過了「金融控股公司法」。可是，金融控股公司的成立能否為國內、外金融機構帶來全新的願景，卻尚待印證。
本研究以台灣及美國的金控公司為研究對象，運用事件研究法與準實驗設計法，探討成立金控公司對其股東財富之相關影響，在國內金控方面，研究發現（1）金控公司的股東財富，在金控法通過、宣告籌組、申設送審及核准設立等事件宣告皆受到顯著影響。（2）金控公司與未發生異業合併的金融機構相較，短期內股東財富發現顯著的影響。（3）金控公司的超額報酬在法令通過日、宣告日、申設日及核准日後仍有顯著持續效果。此外，在美國金控方面，異業合併的宣告效果對主併公司的股東財富並無顯著影響，此與國內金控的主併公司所得結論相同。在此提出三方面建議：就金融產業而言，成立金控公司與否，應以公司發展策略及長期目標為考量，不可盲目追求潮流。就管理當局而言，金融機構跨業限制的放寬，確實受到投資大眾的正向支持，且該結果與美國現代法案有相同結論。就學術界而言，本研究建議後續學者，可進一步探討金控與非金控經營績效之比較，以供各界人士參考。

As a result of deregulation by banks and securities firms, the U.S. Congress passed the Financial Service Modernization Act of 1999, which touted as the biggest change in the regulation of financial institutions in nearly 70 years. The bill not only repealed the Glass-Steagall barriers between commercial banking and investment banking, but also allowed for the creation of a “financial services holding company” that could engage in certain activities, including insurance and securities underwriting and agency activities, merchant banking, and insurance company portfolio investment activities. In 2001, motivated by this Act, the Taiwan Government also opened the door for the creation of full-service financial institutions similar to these existed in the U.S..
The purpose of this study is to examine the effects of establishing a financial services holding company on the stockholder’s wealth in the Taiwan as well as the U.S. case. The study has event study methodology which based on OLS regression and GARCH（1,1）, will be needed to test for significant abnormal return, cumulated abnormal return surrounding the date of public announcement (or establishment) of a financial services holding company. Due to the insufficient sample size of Taiwan and American, I will develop a new methodology based on the Quasi-experiment and repeated measures ANOVA, to obtain valid test statistics. Empirical results indicate that : （1）Those joined the financial holding companies have significantly abnormal return at the Act amendment date, announcement date, application date, and permission date, but not at the listing date. （2）Compared with stockholder of non-financial holding companies, stockholders of financial holding companies have significant increase in wealth in the short term.（3）After the Act amendment date, announcement date, application date, and permission date, the increase in stockholders’ wealth in financial holding companies seems lasting. Consistent with the Taiwan case, stockholders of the U.S. acquiring financial holding companies have insignificant increase in wealth at the announcement date.

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