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This study comprises several different parts. The first part applies a normal benchmark valuation model established by Penman to assess the potential whole operational values of FHCs. The second part applies the concept of measuring financial risk as earnings variance to establish a financial risk measurement model. This model can be used to examine the degrees of financial risk before and after FHC’s establishment, and to distinguish different combinations of FHC based on risk diversion efficiency. | Yugoslav Journal of Operations Research Volume 20 (2010), Number 2, 276-292 DOI:10.2298/YJOR1002275C EVALUATING TOTAL OPERATIONAL VALUE AND ASSOCIATED RISKS OF FINANCIAL HOLDING COMPANIES IN TAIWAN Li-Hui CHEN Associate Professor of Departments of Business Administration, College of Management and Director of Accounting Office in Shu-Te University. Taiwan, R.O.C. Received: August 2004 / Accepted: May 2010 Abstract: This study comprises several different parts. The first part applies a normal benchmark valuation model established by Penman to assess the potential whole operational values of FHCs. The second part applies the concept of measuring financial risk as earnings variance to establish a financial risk measurement model. This model can be used to examine the degrees of financial risk before and after FHC’s establishment, and to distinguish different combinations of FHC based on risk diversion efficiency. The final part of this research constructs a new value-risk relation model that can be applied to cross-analysis for measuring total operation value of FHCs with different degrees of financial risk. Through completion of the above steps this study will demonstrate what combination of FHC offers the co-benefits of risk diversion and high whole operational value. Keywords: Financial holding companies, whole operational value, financial risk, value at risk, value-risk relation model. AMS Subject Classification: 91B30, 91B28. 1. INTRODUCTION An enterprise can use external growth strategies, including mergers, joint ventures, and the establishment of holding companies, to achieve objectives of expansion; increasing market share in the short-term, adjusting production scope to optimize economies of scale and operating multiple businesses to disperse operational risk during expansion [6]. The economic advantages of mergers are not obvious [31], 276 L.,H., Chen / Evaluating Total Operational Value and Associated Risks owing to risks involving site, production,
