金融控股公司成立後是否如學理預期可透過旗下各銀行、證券、保險等聯屬子公司以共同行銷、資訊交叉運用或設備共享等，降低著運成本，冀以達到規模與範疇經濟之目標?能否繼續發揮其優勢，改善獲利能力?鑑於過去研究大多單獨比較金控公司成立前後的財務績效或經學效率，甚少著墨兩者之因果關聯。基於此，本文藉由“CAMEL刊分析金控公司成立後的財務績效，並運用資料包絡分析法(DEA)衡量其技術效率;最後，透過Causalitytest驗證其技術效率與財務績效之因果關條。結果顯示:國泰金控五年來 的CCR效率值均為1;國泰及兆豐金控五年來的BCC效率值均為1'屬於相對有效率者。此外，獲利能力與技術效率其雙向的因果關聯，但流動性與技術效率僅其有單向的因果關聯。

Financial holding companies such as whether the theoretical expected， through its banks， securities， insurance subsidiaries and affiliated achieve common marketing， information-sharing or equipment used to reduce operating costs in order to achieve economies of scale and scope? Whether they can continue to play to their strengths to improve profitability? Prior literatures focus on comparison of financial performance or operating efficiency before and after the establishment of financial holding companies， but the two rarely dwell causal link. Based on this， the paper uses“CAMEL" to measure the financial performance of FHCs， and uses of Data Envelopment Analysis (DEA) to measure their technical efficiency. Finally， we verify the causality relationship between technical efficiency and financial performance through Causality Test.

The results showed that the technicial efficiency by CCR of Cathay Financial Holdings are 1， and the technicial efficiency by BCC of Cathay Financial Holdings and Mega Holdings are 1， who are relatively efficient. In addition， there exists reciprocal relationship between profitability and technical efficiency， but the liquidity and technical efficiency is only one-sided causal relationship.