本研究以全球上市銀行為樣本，針對資產、收入以及國際多角化三方面進行實證分析，以探討多角化策略是否有利或有害於金融集團的市場價值。第一階段在不考慮時間效果的情況下，結果指出多角化策略不僅不損害金融集團的市場價值，反而會增進金融集團的市場價值。第二階段在考量了多角化的時間效果以及控制資本市場、機構治理、國家風險及銀行監管的國際間差異後，實證結果依然顯示金融集團是存在著多角化溢酬的現象。可能存在以下兩個理由：第一，不同的樣本可能會產生不一致的實證結果，尤其是考量較長時間多角化程度的變化；第二，多角化策略對於金融集團的影響將會隨著時間改變。本文也探討影響短期與長期多角化溢酬的因素，研究結果發現，銀行特性以及資本市場差異將是決定短期與長期多角化溢酬的重要因素。此外，本研究證實當金融集團進行國際多角化時，將有助於提升其市場價值。但國際多角化與資產或收入多角化之間並無關聯性存在。 Previous empirical evidences lack the consensus on whether banking business ought to be focused or diversified. This paper empirically investigates whether diversification is beneficial or harmful to creating the value into financial conglomerates, defined as banks undertaking a variety of activities with respective to assets, income, and internationalization, in context of international evidences. Unlike most of previous studies, our results show that diversification does not destroy the market value of financial conglomerates. Instead, there is a diversification premium. The results still hold when we consider the time-varying patterns of diversification, capital market characteristics, institutional governance, country risk and bank regulations. This implicates two explanations: first, different sample banks might gain different results, in particularly using a long-term database to examine the effect of diversification, however, we find that there is a diversification premium; second, the diversification discount would change along with time horizons. Next, we identify cross-country determinants of short- and long-term diversification premium in financial conglomerates. The results show that bank-level and capital market characteristics are the most important determinants in affecting the diversification premium in financial conglomerates. Moreover, financial conglomerates would benefit from international diversification as well. However, there is no conjoin-effect between international and functional diversification.
