所有權結構與治理機制對銀行績效的影響-以台灣為例

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姓名

韓銘源(Ming-yuan Han) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

所有權結構與治理機制對銀行績效的影響-以台灣為例
(The effects of ownership structure and corporate governance on bank performance-The case of Taiwan)

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摘要(中)

本研究主旨在探討所有權結構與治理機制對銀行績效的影響。檢視過去10年間，台灣金融環境經歷了許多變化。包括發生了亞洲金融風暴、卡債事件、次貸與二房事件，數家銀行經營不善爆發倒閉危機等，透露出種種金融體質不良的問題。為解決台灣脆弱的金融環境，政府推出多個金融政策，試圖改善國內的金融體制，包括一次、二次金融改革。另外在法規方面，則有金融機構合併法、金融控股公司法的制定，以及公司法及證券交易法相關修正法案。以上種種法規及政策的因素，皆造成國內銀行的所有權結構與治理機制產生劇烈的改變。故本研究的第一階段，檢測國內銀行在1997年至2008年6月，參考Berger et al.(2005)文獻所有權結構之靜態效果、選擇效果與動態效果做法，欲瞭解那些經歷所有權改變的銀行其原先的經營績效如何，以及經歷改變之後的影響，績效是否有所改善；同時，第二階段參閱Choi and Hasan (2005)，針對近年來外資和私募基金紛紛進入國內銀行市場，檢視2005年至2008年6月，外資與私募基金股權對國內銀行績效之影響。
從第一階段的模型結果發現，靜態及選擇效果顯示，公營銀行原先績效表現比其他類型的銀行差。在動態效果方面，不同的所有權改變多少對銀行績效造成影響，但不同的所有權結構改變，在不同績效指標下，其造成的影響有好有壞。從第二階段模型結果發現，有外資持股的銀行，績效會比其他銀行差；引進外資董事可以改善銀行的放款品質與獲利能力。然而在獲利穩定性方面，引入外資造成銀行更大的風險，進而使獲利穩定性降低。此外，有私募持股之銀行，在放款品質與獲利穩定性表現較好，然而私募董事對銀行績效之影響並不明顯。

摘要(英)

The subject of this paper is to analyze the ownership structures and company governance on bank performance. Taiwan finaicial market experiences many changes in past ten years. For example, it occured Asia financial crisis, card debt storm, subprime storm and the event of Fannie and Freddie. Many domestic banks face insolvency. It reveals the fragile constitution of Taiwan financial market. In order to solve this problem, the government releases some financial policies, such as first and second financial reforms. On the orther hand, some financial rules also be set up, it contains Financial Holding Company Act, Financial Institutions Merger Act, the amendatory acts of Company Law and Securities and Exchange Law. Because of the above rules and policies, it causes the ownership structure having an enormous change.
The first stage of my research refers to Berger et al. (2005) paper, using static, selection, and dynamic effects of ownership from 1997 to June 2008 to analyze bank previous performance before ownership structure change and also look at bank’s performance change after the ownership structure change. At the same time, I also refer to Choi and Hasan (2005) paper, doing the second stage research. In this stage, I analyze the effects of foreign or private fund ownership and their gorporate governence on bank performance.
From the results of first stage model, the static and selection effects show that state bank performances are poorer than other types of banks. And dynamic effects show that ownership structure change affect bank performance. But different ownership structure changes have dissimilar effect on diverse performance index. Some effects are potive and some are negative and some are none. From the second stage model results, the banks which have foreign ownership perform worse than other banks. But bank having foreign directors have better performance on quality of loan and profit. However foreign directors will make bank have more profit risks and let bank’s profits be unstable. In addition, private fund ownership makes banks have more quality of loan and profit stability. Nevertheless, the effects of private fund directors on bank performance are not obvious.

關鍵字(中)

★ 私募基金
★ 銀行績效
★ 治理機制
★ 所有權

關鍵字(英)

★ Private Fund
★ Bank Performance
★ Corporate Governence
★ Ownership

論文目次

中文摘要................................................I
英文摘要................................................II
目錄....................................................III
表目錄..................................................IV
第一章緒論............................................1
第一節台灣金融環境簡介................................1
第二節研究動機........................................4
第三節研究目的........................................8
第四節研究架構........................................9
第二章文獻回顧........................................10
第三章研究設計........................................15
第一節選樣設計........................................15
第二節模型設計與變數..................................16
一、模型介紹............................................16
二、變數介紹............................................18
第三節計量分析方法....................................29
第四章實證結果........................................37
第一節敘述統計結果....................................37
第二節迴歸結果與分析..................................43
一、計量分析結果........................................43
二、階段一：外資、併購與金控事件之所有權改變對銀行績效之影響..47
三、階段二：外資、私募基金持股及董事結構對銀行績效之影響...69
第五章結論與建議......................................86
第一節結論............................................86
第二節未來研究之建議..................................89
參考文獻................................................90
附錄一：各年度銀行及家數資訊表..........................93
附錄二：銀行與銀行併購、銀行加入金控、外資或私募基金入主銀行事件時間表....94

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指導教授

陳錦村(Jing-twen Chen)

審核日期

2009-7-6

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