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本文首先从理论角度论述金融控股公司与全能银行以及经营单一业务的金融企业相比具有比较优势；并构建“税前经营现金流收益率”指标，对金融控股公司控制下的上市银行绩效进行评估，并对这一指标进行分解和进一步分析。结果显示兴业银行表现较优，而中信银行和招商银行经营绩效逊于单一经营的银行平均值，显示两家银行未能有效实现金融控股公司内部的协同效应。“,”The article firstly argues theoretically that financial holding company is comparatively superior to universal bank and other financial companies that run single business; it constructs an indicator of ＂ROE on pre-tax operating cash flow＂, evaluates the performance of listed banks under the control of financial holding companies, and conducts further analysis of this indicator. The results show that the performance of Industrial Bank is better, while the performance of China CITIC Bank and China Merchants Bank is below the average performance of banks that run single business, showing that these two banks haven＇t realized synergy effects inside financial holding company.