本文根據Boyd & Graham (1988)的方法，以臺灣資料，進行銀行與保險業結合的模擬分析，以探討二者結合時風險與報酬率潛在的效果。實證結果發現(1)在假設性產業與樣本產業間風險與報酬率的比較上發現，壽險公司不論與銀行、產險與三者結合，不僅獲利能力增加，且有降低風險的潛在效果。(2)相較於產險公司，部分證據顯示假設性產業的報酬率會顯著地下降，但是在降低風險效果方面卻沒有一致性的結論。

　　　　　By employing Boyd and Graham's (1988) framework, the purpose of this paper is to conduct merger simulations between Taiwan banks and insurers to examine the potential risk and return effects. Comparing the average risk and return of simulated hypothetical industry with the sample industry, our simulations suggest that life insurers could significantly increase return and reduce risk (measured by the standard deviation of returns and Z-score) through all hypothetical mergers. At the same time, some evidences show that simulated hypothetical industry compared with non-life insurance industry, would have significantly decrease return, and the potential risk-reducing effects are mixed.