本研究旨在探討台灣金融控股公司經營績效與外匯市場之關聯性，並利用追蹤資料模型、追蹤單根檢定與追蹤共整合檢定來分析外匯市場變動對台灣金融控股公司經營績效與股價之影響。本文研究對象為台灣14家金融控股公司與各國外匯市場進行實證研究，期間為2003年第一季至2018年第三季之季資料，合計882筆。本研究實證結果顯示，追蹤資料單根檢定發現英鎊、歐元與日圓存在單根現象，表示序列呈現非穩定，而在追蹤共整合檢定方面，本文發現各金融控股公司的ROA、ROE、EPS與各國匯率均存在長期均衡關係，另外，在追蹤資料估計結果，發現各國外匯市場顯著影響國泰金股價與富邦金股價。本文主要貢獻在於應用追蹤共整合技術來檢視國內金融控股公司營運績效、股價與各國匯率之關係，除了考量整體金融控股公司經營績效與外匯之影響外，並進一步分析日圓、英鎊、台幣對金控經營績效之關係，期能提供廣大消費者之投資標的與參考，使研究結果更具指標性。

This article aimed to explore the correlation between the foreign exchange market and the performances of 14 financial holding companies in Taiwan was analyzed by the panel data test of random effect, as well as the panel unit root test and the co-integration test from the first quarter of 2003 to the third quarter of 2018, with a total of 882 samples, The empirical find that the Pound, Euro and Yen have unit root effect, which indicates that the sequences are not stable, and there is a long-term relationship with the exchange rate and ROA、ROE、 EPS. In addition, the estimate of panel data discovered that exchange rate have a significant impact on Cathay Pacific's stock price and Fubon Gold's price. The main contribution of this research is the application of panel integration technology to examine the relationship between the performances of financial holding companies and foreign exchange market. The innovation of this paper is in addition to considering the impact of the financial holding company performance and foreign exchange, this study further analyzes the relationship between other exchange rates, which can provide investment trading strategy references.