本文旨在探討臺灣十大行庫，在1981年至2001年間金融自由化，對產出組合（放款、投資、非傳統業務）與營運績效（成本效率、規模經濟、範疇經濟、獲利能力）之影響。實證結果顯示：(1) 十大行庫在面對金融自由化衝擊下，僅能在傳統放款上維持競爭優勢，但在投資業務上則面臨嚴重衝擊，而非傳統業務仍有拓展空間。(2) 金融自由化雖可刺激十大行庫調整銀行經營體質而強化成本效率並發揮規模經濟，但由於其他內外金融環境因素，而不利於營運效率，進而壓縮獲利空間。

This paper studies the effect of financial liberalization on Taiwan's ten largest banks' output variables (loans, investments, and non-traditional activities) and operating performances (cost efficiencies, economies of scales, economies of scopes, and returns on assets). The empirical results show that: (1) The sample banks still maintain their competitive advantages on loan activities, but have faced a big challenge on their investment activities after financial liberalization, and need to make efforts to enlarge the revenues from nontraditional activities. (2) Although the financial liberalization stimulated the sample banks to enhance their cost efficiencies and improve economies of scales, other inbound and outbound environmental factors have made negative impact on the sample banks' operating efficiencies, and cause their profitability to decline.