COVID-19對金融控股公司之影響-以國泰金控、第一金控為例

Abstract

2019年底，新冠疫情爆發，對全球經濟造成了嚴重的打擊。這一全球危機 波及各個行業，其中金融控股公司受到了極大的損害。金融控股公司旗下 通常 擁 有壽險業，壽險公司 透過 持有債券以賺取利息，或進行交易 來 實現利潤。然而， 新冠疫情的爆發和美國升息政策的影響，對金融控股公司的營運帶來了巨大的挑 戰，使得已經脆弱的金 融體系雪上加霜。 因此，為了深入 探討此 一問題，我們選擇台灣金融控股公司中壽險業占比最 高的 「 國泰金控 」 ，以及壽險業占比相對較低，主要以銀行業為主的 「 第一金控 」 作為研究的對象。旨在探討 在同為金控 公司 的基準下但經營層面差距甚遠的公司 在疫情前、後期所受到的影響以及導致財務比率波動的成因。 我們運用了財務報表分析的方法，結合金控公司所注重的比率分析，例如資 本適足率、淨值比等。這些比率反映了金融控股公司的財務健康狀況以及 所受之 影響造成的波動 。為了進一步的分析，將 以 疫情爆發前三年（即 2016 年至 2018 年）的數據平均值作 為比較的基準 ，故 能夠清晰地看到在疫情爆發後這些比率的 變化，並理解這些變化背後的原因。 通過深入探討疫情爆發前、後期，我們將試圖 瞭解 這兩家金控公司所受到的 影響。 由資本適足率可以得出兩家都呈現下降趨勢；淨值比的變動疫情雖不是主 要原因但仍有部分影響； 逾期放款比 的變化為兩家銀行在疫情後的逾放比都較疫 情前低； 備抵呆帳覆蓋率 顯示 兩家 在 銀行的備抵呆帳率都逐漸攀升 ；在股東權益 報酬率則發現 兩家公司疫情後的 股東權益報酬率 都低於疫情前 ；每股盈餘則顯示 第一金受疫情影響較大 ，以上為本研究結果之簡述。

In late 2019, the COVID 19 pandemic erupted, causing a severe blow to the global economy. This global crisis affected various industries, with financial holding companies experiencing substantial damage. Financial holding companies typically own life insurance businesses, earning interest through bond holdings or trading to generate profits. However, the outbreak of the COVID 19 pandemic and the influence of the U.S. interest rate policy presented significant challe nges to the operations of financial holding companies, further complicating an already fragile financial system. To delve deeper into this issue, we chose Cathay Financial Holding, which has the highest proportion of life insurance business among Taiwa nese financial holding companies, and First Financial Holding, with a relatively lower proportion of life insurance and a primary focus on banking. The objective was to explore the impact on these two companies, operating under the umbrella of financial holding companies, but with significant differences in their business profiles, both before and after the pandemic, and to understand the factors contributing to fluctuations in financial ratios. We employed financial statement analysis methods, incorporating ratio analyses that financial holding companies typically emphasize, such as capital adequacy ratio and net worth ratio. These ratios reflect the financial health of financial holding companies and the fluctuations caused by the impact they face. To further analyze, we used the average data from the three years before the pandemic (2016 to 2018) as a baseline for comparison. This approach allows us to observe changes in these ratios after the pandemic outbreak and comprehend the underlying reasons for these changes. By thoroughly investigating the pre-and post-pandemic periods, we aim to understand the impact on these two financial holding companies. Capital adequacy ratios indicate a downward trend for both companies. While the pandemic is not th e main cause of net worth ratio fluctuations, it still has some impact. Changes in loan ratios show that both banks had lower overdue ratios after the pandemic. Loan loss reserve coverage ratios indicate that both banks experienced a gradual increase in th e coverage of loan loss reserves in their banking operations. Shareholders' equity return ratios reveal that both companies had lower return ratios after the pandemic. Earnings per share demonstrate that First Financial was more significantly affected by t he pandemic. These are summarized findings of our research.