金融科技Bank 3.0前後期金融業效率與生產力之實證

The Empirical Study from Financial Industry’s Efficiency and Productivity between Pre- and Post- FinTech of Bank 3.0

金融科技顧名思義就是金融與技術的融合。技術一直影響著金融業，進而改變金融業的運作，這場金融科技革命的獨特之處在於，許多變化都是來自於金融業之外，因為年輕的新創公司或擁有成熟技術的大型公司，正在試圖顛覆現有產業，推出新產品和技術並使整個產業更有競爭力。早在2016年，《金融研究評論》（The Review of Financial Studies）編輯團隊就認可了這一在全球金融服務行業中蓬勃發展的主題，齊心協力推動金融科技的相關研究。鑑於以往文獻研究期間，多著重於金融科技本身的探討，少有針對Bank 3.0實施前後比較的相關研究，且過去研究取得的年度期間資料有限，與使用智慧資本衡量的研究亦不多見，因此，本研究建構2005年第一季至2020第三季共63季，國內金融產業之企業別資料。首先，本研究運用資料包絡分析法（data envelopment analysis, DEA）求算效率值，並納入過去研究鮮少採用之智慧資本變數，比較金融業Bank 3.0實施前後之經營效率。進一步使用麥氏生產力（Malmquist productivity index, MPI）衡量金融業Bank 3.0實施前後生產力變動情形。最後，將效率值及麥氏生產力運用四象限圖比較分析。

Fintech, as the name implies, is the convergence of finance and technology. Technology has always influenced the financial industry and, in turn, changed its operations. What is unique about this FinTech revolution is that many of the changes are coming from outside the financial industry, as young start-ups or large companies with proven technology are trying to disrupt the existing industry, introducing new products and technologies and making the industry more competitive. Back in 2016, the editorial team of The Review of Financial Studies recognized this burgeoning theme in the global financial services industry and worked together to promote research related to fintech. In view of the fact that most of the previous studies have focused on the study of financial technology itself, there are few studies that compare Bank 3.0 before and after its implementation, and the data obtained in the past studies are limited in terms of annual periods, and there are few studies that use intelligent capital measurement. Therefore, this study constructs 63 quarters of data on domestic financial industry companies from the first quarter of 2005 to the third quarter of 2020. First, this study uses data envelopment analysis (DEA) to calculate the efficiency values and incorporates intelligent capital variables, which have rarely been used in previous studies, to compare the operational efficiency of the financial industry before and after the implementation of Bank 3.0. The Malmquist productivity index (MPI) was further used to measure the productivity change before and after the implementation of Bank 3.0 in the financial industry. Finally, the efficiency values and Malmquist productivity were compared using a four-quadrant diagram.