臺灣博碩士論文加值系統

近年來金融監理一元化已經成為一種趨勢。英國成功的將原本分散的自律得監管系統整合成單一的監管模式。此外，英國實施金融服務及市場法，徹底打破了銀行、證券、保險的邊界，正式將英國金融市場成為單一金融法規的時代。本文利用非參數的資料包絡分析法及MPI分析英國11家商業銀行在1998-2006年的效率在FSMA實施之後是否有得到改善的現象。我們發現2002-2006商業銀行整體績效確實比1998-2001年表現來的好。而整體效率的改善主要是來自於規模效率的提升。由MPI分析得到生產力平均每年上升1.54%，此成長主要是來自於效率進步的提升。最後，本文利用迴歸分析法發現loan、fee、ROA、deposit都是顯著影響英國銀行效率的因子。

Recently, unitary financial supervision has become a new trend around the world. England has successfully integrated several separate supervisory systems into one supervisory structure. Moreover, the way that the UK executes its Financial Services and Markets Act (FSMA) has crossed the barriers of banking, securities and insurance, and has led the British financial market into an era of implementing one single financial legal system.
This study used the nonparametric frontier approach of Data Envelopment Analysis (DEA) and the Malmquist Productivity Index (MPI) to analyze changes in bank operation efficiency and productivity during the period from 1998 to 2006 of eleven commercial banks in the UK after the implementation of FSMA. Results showed that the overall efficiency of the banks during the 2002 to 2006 period was much better than the period from 1998 to 2001. The increase in overall efficiency mainly came from the increase in scale efficiency. Furthermore, the annual average productivity increased 1.54% by MPI analysis, and this increase was primarily caused by the higher efficiency. Finally, this study used regression analysis to determine that loans, fees, ROA and deposits are factors that have a significant influence on bank efficiency in the UK.

Chapter 1 Introduction....................................1
Chapter 2 Literature......................................2
2.1 The development of financial system in United Kingdom.........2
2.2 The definition of efficiency..........................5
2.3 Brief Literature Review ...............................6
Chapter 3 Methodology....................................12
3.1 Data and Variable Selection..........................12
3.2 Non-parametric Estimation Methodology(DEA)...........14
3.3 Malmquist Productivity Index.........................15
3.4 Regression Model.....................................17
Chapter 4 Empirical results..............................19
4.1 The performance of United Kingdom commercial banks before and after the Financial Service and Market Act(2000)...................................................19
4.2 Productivity growth..................................22
4.3 Regression analysis..................................23
Chapter 5 Conclusion.....................................26
Reference................................................28
Appendix.................................................31

Bauer, P.W., Berger, A.N., Ferrier, G.D. and Humphrey, D.B. (1998)“Consistency conditions for regulatory analysis of financial institutions: A comparison of frontier efficiency methods,” Journal of Economics and Business, 50, 85–114.

Bikker, J. A. (2003) “Efficiency and cost difference across countries in a unified European banking market,”Applied Financial Economics, 12 111-131.

Brissimis, S.N. Delis, M.D. and Tsionas, E.G. (2006) “Technical and allocative efficiency in European banking,”Journal of Banking and Finance, 22, 554-585.

Capps, D. and Linsley, S. (2001) “The Financial Services Authority’s new approach to regulation,” Journal of Financial Regulation and Compliance, 3, 245-252.

Casu, B.and Girardone, C. (2002) “Efficiency of large banks in the single European market,” Eurpean Jounal of Operational , 2, 364-380.

Casu, B.and Molyneux, P. (2003) “A Comparative Study of Efficiency in European Banking,” Applied Economics, 12, 331-336.

Coelli, T. (1998) “ A multi-stage methodology for the solution of orientated DEA models,” Operations Research Letters, 23, 143–149.

Consoli, D. (2005) “The dynamics of technological change in UK retail banking services: An evolutionary perspective,” Research Policy, 34, 461–480.

Dale, R. (1997) “Controlling Risks in Large Value Interbank Payments Systems,” Journal of International Banking Law, 12, 426-434.

Davies, H. (2001) “Financial Services Law and Regulation,” Journal of International Financial Markets, 3, 169.

Drake, L.(2001) “Efficiency and Productivity change in UK banking,” Applied Economics, 34, 2289-2301.

Drake, L. and Hall, M.J.B.(2003) “Efficiency in Japanese banking: An empirical analysis,” Journal of Banking and Finance , 27 , 891–917.

Drake, L. and Simper, R.(2003) “The measurement of English and Welsh police force efficiency: A comparison of distance function models,” European Journal of Operations Research, 147, 165–186.


Drake, L. and Weyman-Jones, T.G. (1997) “Productive and allocative inefficiencies in UK Building Societies: A comparison of non-parametric and stochastic frontier techniques,” Manchester School of Economic and Social Studies, 114, 22–37.

Elyasiani, E., Mehdian, S. and Rezvanian, R. (1994) “An empirical test of association between production and financial performance: the case of the commercial banking industry,” Applied Financial Economics, 4, 55 – 60.

Favero, C.A. and Papi, L. (1995) “Technical efficiency and scale efficiency in the Italian banking sector: A non-parametric approach,” Applied Economics, 27,385–395.

Farrell, M.J. (1957) “The Measurement of Productive Efficiency,” Journal of the Royal Statistical Society, 120, 499-513.

Ferrier, G.D. and Lovell, C.A.K. (1990) “Measuring cost efficiency in banking: Econometric and linear programming evidence,” Journal of Econometrics, 46, 229–245.

Grifell-Tatjé, E. and Lovell, C. A. K. (1997) “The sources of productivity change in Spanish banking,” European Journal of Operational Research,98, 364-380.

Isik, I. and Hassan, M. K. (2003) “Efficiency, ownership and market structure, corporate control and governance in the Turkish banking industry,” Business Finance Account, 30 , 1363–1421.

Lu Wen-Min. and Hung Shiu-Wan. (2006) “Assessing the performance of a vertically disintegrated chain by the DEA approach – a case study of Taiwanese semiconductor firms,” International Journal of Production Research, 11 ,321-346.

Noulas, A. G. (1997) “Productivity growth in the Hellenic banking industry: state versus private banks.” Applied Financial Economics, 7, 223–228.

Pasiouras, F. (2008)“Estimating the technical and scale efficiency of Greek commercial banks: The impact of credit risk, off-balance sheet activities, and international production,” Financial Economics, 20, 495–509.

Ronn, I. and Verma, K. (1999) “Risk-based capital adequacy standards for a sample of 43 major banks”Federal Reserve Bank of Chicago in its journal, 88, 79-90.

Schooner, H. M. and Taylar, M. (2003) “United Kingdom and United States Responses to the Regulatory Challenges of Modern Financial Markets,” HEINONLINE, 38, 317-340.

Seiford, L.M.and Zhu, J. (1999) “Profitability and marketability of the top 55 US commercial banks,” Management Science, 33, 1270-1288.

Sherman, H. D. and Gold, F. (1985) “Bank branch operating efficiency: evaluation with data envelopment analysis, ” Journal of Banking and Finance, 9, 297-315.

Stiroh, K.J. (2000) “How did bank holding companies prosper in the 1990s?” Journal of Banking & Finance, 24, 1703-1745.

Tsionas, E.G. ,Lolos, S.E.G. and Christopoulos, D. K. (2003) “The performance of the Unified Regulation in the new Market Environment,”Journal of International Banking Regulation, 35, 1345-1388.

Yildirim, C. (2002) “Evolution of banking efficiency within an unstable macroeconomic environment: the case of Turkish commercial banks,” Applied Financial Economics, 11, 557-571.

Zhu, J. W. and Schoebel, R. (1999) “Stochastic volatility with an Ornstein-Uhlenbeck process: an Extension,” European Finance Review, 3, 23-46.