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http://140.128.103.80:8080/handle/310901/4980
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| Title: | 金融自由化對台灣十大行庫之營運環境與績效之影響 |
| Other Titles: | The Influence of Financilal Liberalization on Taiwan Ten Big Banks'' Operating Environment and Performance |
| Authors: | 吳義雄
Wu, I-Hsiung |
| Contributors: | 林灼榮
Lin, Jwu -Rong
東海大學國際貿易學系 |
| Keywords: | 十大行庫;金融自由化;非傳統業務;Translog隨機邊界成本函數;營運績效
Ten Big Banks;Financial Liberalization;Nontraditional Activities;Translog Stochastic Frontier Cost Function;Operating Performance |
| Date: | 2004 |
| Issue Date: | 2011-05-19T07:22:29Z (UTC)
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| Abstract: | 本文旨在探討台灣十大行庫，在1981年至2001年間之營運環境與營運績效之變化，並研究金融自由化對營運績效之影響。在實證模型上，首先透過概似比檢定程序，建構半常態分配之Translog隨機邊界成本函數，推估各銀行在各年度之成本(無)效率；其次，利用Translog隨機邊界成本函數之參數推估值，進行成本互補性、規模經濟、範疇經濟及技術進步率之估計與檢定。最後，運用橫斷面異質變異與時間數列自我相關模式，以成本效率及獲利淨值比為被解釋變數，以內外部金融環境作為解釋變數，推估金融自由化對台灣十大行庫營運之影響。實證結果顯示： 1.在金融自由化方面：(1)模型I (以虛擬變數設定自由化)之實證結果，顯示金融自由化(1991年以後)對十大行庫之成本(無)效率及獲利淨值皆呈現顯著負向影響；(2)模型II以個別行庫市場佔有率及十大行庫市場集中度做為金融自由化之替代變數，顯示市場集中度對成本無效率呈現正向效果，市場份額和市場集中度對獲利淨值比亦呈顯著的正向影響；此等訊息顯示金融自由化導致市場份額減少及市場集中度降低，將促使成本無效率及獲利淨值比皆降低，且台灣十大行庫並無明顯之勾結行為。 2.在產出組合方面：經由非成對差異性t檢定，發現非傳統業務收入呈現顯著增加，且增加幅度大於投資業務；顯示在計算銀行產出時，加入非傳統業務收入之考量確有其必要性。 3.在營運績效方面：(1)台灣十大行庫之平均成本效率約為1.467，且顯著大於1，顯示十大行庫在成本控管上仍有改善之空間； (2)台灣十大行庫之平均獲利淨值比為0.158，且金融自由化後之獲利淨值比低於自由化前。 4.在產出特性方面：(1)成本互補性平均值為0.026，且顯著大於0，表示十大行庫不享有成本互補性；(2)平均規模經濟及擴增型規模經濟值，分別為為0.701及0.738且顯著小於1，意謂著平均而言十大行庫尚有擴大營運規模空間；(3)平均範疇經濟約為0.878且顯著大於0，意謂著銀行可透過營運業務之多元化降低生產成本；(4)平均技術進步率為-0.055且顯著小於0，但早期技術累退較大，晚期技術雖仍處於退步階段，退步的幅度已大幅縮小，顯示台灣十大行庫在技術層面上並沒有因銀行營運環境之高度競爭而進步，但技術累退現象已獲改善。
This paper first examines the changes of both operating environment and performance of the ten biggest government owned banks during the period of 1981 to 2001, and then evaluates the influence of Taiwan financial liberalization on their operating performance. Based on the selection of likelihood ratio tests, we construct half-normal distributed translog stochastic frontier cost function to estimate the annual cost efficiencies of all sample banks. Then, we use the estimates obtaining from translog stochastic frontier cost function to estimate cost complements, economies of scale, economies of scope, and technique progress. Finally, using cost efficiency and return on equity (ROE) as dependent variables and inbound and outbound financial environment variables as independent variables, we apply cross-sectional heteroskedasticity and time-wise autoregressive model to estimate the influence of financial liberalization on sample banks. Our findings are: 1. In the financial liberalization aspect, the results of Model I (using dummy variable as the proxy of financial liberalization) show that financial liberalization (after 1992) had negative impacts on cost inefficiency and ROE. In the Model II, we apply the market shares of individual banks and market concentrations of the sample banks as the proxy of liberalization to study the impact of liberalization on operating performance of the ten biggest banks. The results show that the market concentration has positive impact on the cost inefficiency, and the market share and concentration ratio also have positive influence on ROE. The above findings indicate that after the financial liberalization, the declining market share and shrinking market concentration cause cost inefficiency and ROE ratio to decrease. In addition, there is no explicit collusion among the ten biggest banks. 2. In the aspect of output, the revenues of nontraditional activities increase significantly, and its percentage chang is much greater than the change of revenue from investment activities. This finding confirms that it is necessary to take nontraditional activity income into account when calculating the banks’ outputs. 3. Based on the operating performance of the sample banks, we find: (1) the average value of the cost efficiency of the sample banks is 1.467, which is statistically significantly greater than one and indicates that the sample banks need to take measures to improve their cost inefficiencies. (2) The average ROE ratio of the sample banks is 0.158. Moreover, the average ROE after financial liberalization is smaller than that before liberalization. 4. As to output characteristics, we find: (1) the average impact rate of branch number on cost efficiency is 0.026, indicating that the cost would rise 0.026% for every 1% increases in the number of branches. (2) the average elasticity of economies of scale and augmented economies of scale are 0.701 and 0.738, respectively, and both are significantly less than one. This implies that the sample banks still have capacity to enlarge their operating scales. (3) the average economy of scope is 0.878, and is significantly greater than 0. This indicates that the sample banks can reduce operating costs by diversifying their operating activities. (4) the average technique progress rate of sample banks is —0.055 and is significantly less than zero, indicating the highly competitive operating environment did not make the ten biggist banks improve their technique progress. |
| Appears in Collections: | [國際經營與貿易學系所] 碩士論文
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