臺灣博碩士論文加值系統

本文試圖建構較先前學術研究更為完整的國際銀行業資料，藉以更周延地討論銀行業市場競爭、競爭決定因素與競爭對於企業融資的影響。首先，本文利用傳統產業組織理論的集中度(CR)、Herfindahl-Hirschman index (HHI)、新產業組織理論的Panzar-Rosse模型的H值，以及Mueller (1990) 提出的獲利力持續性 　(The persistence of profitability)，分別衡量61個國家銀行業的競爭程度。其次，本文進行競爭指標間的關聯分析，以決定出最佳的競爭指標。最後討論銀行競爭決定因素與競爭對於企業融資的影響。
本文結論如下：實證研究發現61國銀行業的競爭程度大多屬於獨占性競爭，亦即市場的競爭程度較低。其次，對競爭程度的關聯性分析發現Panzar-Rosse模型的H值是最佳的競爭指標。就競爭的決定因素—市場結構、可競爭性、產業內競爭與經濟發展程度—而言，發現當銀行集中度越高時，銀行競爭程度反而越高；活動限制與進入限制亦對競爭呈現顯著正向的影響；外國銀行所有權、政府銀行所有權與保險滲透率對銀行競爭則有顯著的負向影響；國家財富與通貨膨脹率對銀行的競爭影響則呈現顯著的正向影響。最後在分析有關競爭對於企業融資的影響時，本研究發現不同的競爭指標對於企業融資難易度的影響方向並不完全相同。

This paper try to construct more completed data, than previous literatures did, of banks across countries to comprehensively discuss about bank competition, the determinants of the competition and the effect of bank competition on access of firms to bank finance. First, we used concentration ratio indicators and Herfindahl-Hirschman index derived from traditional industrial organization theory, H-statistics of Panzar-Rosse Model, and the persistence of profitability suggested by Mueller (1990), respectively, to measure bank competition of 61 countries. Second, we execute correlation analysis between competition indicators to decide which the best indicator is. Finally, we use the best indicator to investigate the determinants of competition and the effect of competition on access of firms to bank finance.
Our findings are as follows. First, we found banking industries of 61 countries are mostly monopolistic competition. Second, our result of correlation analysis shows that H-statistics of Panzar-Rosse Model is the best competition indicator. As to the determinants of bank competition— market structure, contestability, inter-industry competition and economics development, we found the higher banking concentration, the more banking competition; the system with more activities restrictions and entry fit test restrictions to be more competitive; the more foreign bank ownership, government bank ownership and insurance penetration, the more banking competition; We also find significantly positive relationship between country wealth, inflation and banking competition. Finally, we find the relationship between bank competitions and financing obstacles of firms is not robust when the bank competition is measured by different competition indicators.

目次
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構 6
第貳章 文獻探討 7
第一節 金融體系競爭與整體經濟 7
第二節 競爭指標 8
第三節 影響競爭的決定因素 19
第四節 競爭對於融資的影響 21
第參章 研究方法 22
第一節 資料來源 22
第二節 資料分析方法 23
一、競爭衡量指標 23
二、競爭的決定因素 27
三、競爭對於融資的影響 31
第肆章 實證結果與分析 33
第一節 競爭衡量指標與其關聯性分析 33
ㄧ、集中度 33
二、Herfindahl-Hirschman index (HHI) 33
三、Panzar-Rosse Model 40
四、獲利力持續性 (The persistence of profitability) 44
五、靜態指標與動態指標的關聯性分析 47
第二節 競爭的決定因素 50
第三節 競爭對於融資的影響 55
第伍章 結論與建議 63
第一節 研究結論 63
第二節 研究限制 65
第三節 建議未來研究方向 66
參考文獻 78
一、中文文獻 78
二、英文文獻 78



表次
表 2-1 銀行體系競爭對經濟的影響 7
表 2-2 Panzar-Rosse 模型的 H值意義 16
表 2-3 Panzar-Rosse 模型國內外研究的實證結果 17
表 2-4 獲利力持續性研究的實證結果 18
表 2-5 集中度對競爭程度的影響 20
表 2-6 活動限制與進入限制對競爭程度的影響 20
表 2-7 外國銀行進入對競爭程度的影響 20
表 2-8 政府對銀行控制程度對競爭的影響 21
表 4-1 61個國家1993年至2003年前四大銀行集中度 (CR4) 35
表 4-2 61個國家1993年至2003年HHI值 37
表 4-3 61國銀行業競爭概況 (HHI) 39
表 4-4 HHI與集中度指標相關係數表 39
表 4-5 Panzar-Rosse 模型的 H值意義 41
表 4-6 61個國家1993年至2003年Panzar-Rosse Model估計之H值 42
表 4-7 H值、HHI與集中度指標相關係數 44
表 4-8 獲利力持續性 45
表 4-9 靜態指標與動態指標Spearman相關性分析 48
表 4-10　 靜態指標與動態指標迴歸分析結果 49
表 4-11 競爭決定因素相關係數矩陣 53
表 4-12 競爭決定因素迴歸分析結果 54
表 4-13 融資困難分析變數敘述統計量 58
表 4-14 39國融資與公司資料 59
表 4-15 競爭程度對融資影響相關係數矩陣 (Firm-level) 61
表 4-16 競爭程度對融資影響迴歸分析表 62
附表1　 Bankscope與TEJ財務變數對照表 68
附表2　 利潤縮減式變數表 68
附表3 決定因素變數表 69
附表4 競爭對於融資的影響變數表 70
附表5 61個國家1993年至2003年前三大銀行集中度 (CR3) 71
附表6 61個國家1993年至2003年前五大銀行集中度 (CR5) 73
附表7 61個國家1993年至2003年前十大銀行集中度 (CR10) 75
附表8 競爭決定因素迴歸分析結果 77

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