臺灣博碩士論文加值系統

過去研究指出若銀行有較多的外資股權，無論在節省成本或增加利益上皆會帶來較佳的效率，而台灣自2001年政府開放外資持股比率限制以來，金融業平均外資持股比率已從2001年1月底時的4.83%成長至2007年底的17.20%，約以3.56倍速度上升，因而外資所帶來的影響性是與日俱增。本文研究目的主要探討外資持股比率大小對本國銀行經營績效造成的影響。而在研究銀行經營績效時，本文使用CAMELS和Tobin’s Q分別做為銀行經營管理和銀行未來成長機會表現的代理變數，使用線性迴歸模型說明高外資持股比率的本國銀行與經營績效有正向的關係，與近年來政府積極鼓勵外資進入國內銀行業政策相呼應。再進一步使用門檻迴歸模型將外資持股分成三個區間，在第一區間(0%<γ≦5%)下外資持股比率與銀行經營績效兩者無顯著的關係；在第二區間(5%<γ≦29%)下兩者為顯著正相關；在第三區間下(29%<γ≦58.2%)兩者依舊為正相關，但每增加一單位的外資持股比率對銀行經營績效所產生的影響已開始降低。

目錄
摘要i錄ii
表、圖目錄iii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機、目的與貢獻 4
第三節 研究架構 6
第二章 文獻 7
第一節 外資持股比率對公司經營所造成影響 7
第二節 探討經營管理績效相關文獻 10
第三節 探討未來成長機會表現文獻 14
第三章 研究方法與模型 17
第一節 研究方法 17
第二節 研究期間與研究資料來源 20
第三節 變數衡量 21
第四節 研究模型 29
第四章 實證結果與分析 33
第一節 基本統計量 33
第二節 實證分析 40
第五章 結論與建議 44
第一節 結論 44
第二節 研究限制與建議 46
參考文獻 48
國外文獻 48
國內文獻 51
附錄 52
附錄一 樣本彙總表 52
附錄二 樣本彚總表2 53
附錄三 外資持股比率相關法令 54
表 目 錄
表2-1 外資持股比率改變對經營影響的文獻整理9
表2-2 傳統財務指標探討公司經營績效11
表2-3 以CAMELS做為公司經營績效代理變數的文獻13
表2-4 Tobin’s Q探討公司經營績效整理15
表3-1 變數整理23
表3-2因素分析萃取結果25
表3-3因素分析成份矩陣26
表4-1 敘述性統計檢定32
表4-2 ADF、PP單根檢定35
表4-3 Bretiung單根檢定35
表4-4 相關性分析36
表4-5 R squared表37
表4-6 容忍值與變異數膨脹因素表37
表4-7 實證模型一 (被解釋變數為SCORE) 38
表4-8 Chow’s Breakpoint Test39
表4-9 實證模型二 (門檻值為29%40
表4-10 實證模型二 (門檻值為5%41
圖 目 錄
圖1-1 歷年上市公司資本來源統計1
圖1-2 本國銀行、金控公司平均外資持股比率變化3
圖1-3：研究架構6
圖3-1 研究之研究架構30
圖4-1 變數次數分配圖33

參考文獻
國外文獻
Abdulrazzak C., (2001) “Developing a model to restructure the overpopulated banking industry in Lebanon”Managerial Auditing Journal, 16, 28-35.
Arshadi N. and Lawrence E. C (1987) “An Empirical Investigation of New Bank Performance” Journal of Banking and Finance, 11, 33-48.
Athanasoglou P.P. , Brissimis S.N. and Delis M.D.(2008) "Bank-specific, industry-specific and macroeconomic determinants of bank profitability"Journal of International Financial Markets, Institutions and Money, 2008, 18(2), 121-136.
Barr R.S. and Siems T.F. (1994) "Predicting bank failure using DEA to quantify managementquality" Federal Reserve Bank of Dallas Financial Industry Studies, 26(January), 1-31.
Berger A.N., Clareke, G., Cull R., Klapper L. and Udell G.F. (2005) "Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership," Journal of Banking and Finance 29 (8-9), 2179-2221.
Bikker J.A. and Hu H. (2002) "Cyclical patterns in profits, provisioning and lending of banks and procyclicality of the new Basel capital requirements", De Nederlandsche Bank Quarterly Review 221, 143–175.
Breitung J. (2000) "The Local Power of Some Unit Root Tests for Panel Data” in: B.
Baltagi (ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels,
Advances in Econometrics, 15, JAI: Amsterdam, 161-178.
Bonin J.P., Hasan I. and Watchtel P., (2005) "Bank Performance, efficiency and ownership intransition countries" Journal of Banking and Finance, 29(1), 31-53.
Chaganti R. and Damanpour F. (1991) "Institutional Ownership, Capital Structure and Firm Performance," Strategic Management Journal,12(7), 479-491.
Chung K. H. and Pruitt S. W. (1994) ”A Simple Approximation of Tobin''s q” Journal of the Financial Management, 23(3), 70-74.
Chen C. R.and Steniner T.L. (2000) ”tobin’s Q, mangerial ownership, and analyst coverage:a nonlinear simultaneous equation model”Journal of Economics and Business, 52, 365-382.
Claessens S., Demirgüç-Kunt A. and Huizinga H. (1998) "How Does Foreign Entry Affect Domestic Banking Markets?" Journal of Banking and Finance 25, 891-911.
Cole R.A. and Gunther J.W. (1995) "Separating the likelihood and timing of bank failure" Journal of Banking and Finance 19(6), 1073-89.
Cummins J.D. , Lewis T. M. and Wei R. (2006) “The market value impact of operational loss events for US banks and insurers” Journal of Banking and Finance, 30, 2605-2634.
Demirguc-Kunt A. and Huizinga H. (2000) “How does foreign entry affect domestic banking markets?” Journal of Banking and Finance, 25(5), 891-911.
DeYoung R. and Nolle D.E. (1996) "Foreign-owned banks in the United States: Earning Market Share of Buying it?" Journal of Money, Credit, and Banking 28 (4), 622-636.
Djankov S., Jindra J. and Klapper L. (2005) "Corporate valuation and the resolution of bank insolvency in East Asia" Journal of Banking and Finance, 29(8-9), 2095-2118.
Dutta S. and Reichelstein S. (2005),”stock price,earnings,and book value in managerial performance measures” The Accounting review,90(4)1069-1100
Easton P. and Harris T. (1991) ”Earnings As an Explanatory Variable for Returns” Journal of Accounting Research, 29(1), 19-36.
Eugene P. (1992) ”Growth Opportunities and the Stock Price Response to New Financing” Journal of Business, 65(3), 371-394.
Easton P.D. and Harris T.S. (1991) “Earnings As an Explanatory Variable for Returns”Journal of Accounting Research, 29(1), 19-36.
Gay G. and Nam J. (1998) ” The Underinvestment Problem and Corporate Derivatives Use” Financial Management, 27(4), 53–69.
Gonzalez-H. B., Pazarbasioglu C.and Billings R. (1997) "Determinants of banking system fragility: A case study of Mexico" International Monetary Fund Staff, 44, 295-314.
Hansen B.E. (1999) ”Threshold effects in non-dynamic panels:Estimation,testing,and inference” Journal of Econometrics , 93, 345-368.
Hasan I. and Marton K. (2003) "Development and efficiency of the banking sector in a transitional economy: Hungarian experience" Journal of Banking and Finance 27, 2249–2271.
Hair J.F. , Anderson R.E. , Tatham R.L. and Black W.C. (1998) “Multivariate data analysis” 5th ed., Prentice-Hall International, Inc.
Hooks L.M. (1995) "Bank asset risk: evidence from early warning models"Contemporary Economic Policy, 13(4), 36-50.
Jermakowicz E. K. and Gornik-Tomaszewski S. (1998) ” Information Content of Earnings in the Emerging Capital Market: Evidence from the Warsaw Stock Exchange” Multinational Finance Journal , 2(4), 245–267.
Lang L. E. and Ofek R.M. (1996) ”Leverage, investment, and firm growth” Journal of Financial Economics, 40, 3-29.
Lindenberg E. B. and Ross S. A. (1981) “Tobin''s Q ratio and industrial organization.” Journal of business, 54, 1-32.
Liu Y.C. and Hung J.H. (2006) "Services and the long-term profitability in Taiwan’s banks"Global Finance Journal, 17, 177-191.
Lloyd-Williams D.M., Molyneux P.and Thornton J. (1994) "Market structure and performance in Spanish banking" Journal of Banking and Finance, 18(3), 433-443.
Lo Shih-Fang and Sheu Her-Jiun (2007) “Is Corporate Sustainability a Value- Increasing Strategy for Business?” Corporate Governance: An International Review, 15(2), 345-358.
Martinez P. and Mody A. (2004) "How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America" Journal of Money, Credit, and Banking 36(3), 539-542.
McConnell J. J. and Servaes H. (1990) ”Additional Evidence on Equity Ownership and Corporate Value” Journal of Financial Economics, 27, 595-612.
Morck R., Andrei S. and Robert W. V. (1988) ” Management ownership and market valuation: An empirical analysis” Journal of Financial Economics, 20, 293-315.
Nikiel E.M and Opiela T.P. (2002) "Customer type and bank efficiency in Poland implications for emerging market banking" Contemporary Economic Policy 20 (3), 255–271.
Persons O.S. (1999) "Using financial information to differentiate failed vs. survivingfinance companies in Thailand: An application for emerging economies"Multinational Finance Journal, 3, 127–145.
Szewczyk S.H., Tsetsekos G. P.and Zantout Z. (1996) ” The Valuation of Corporate R&D Expenditures：Evidence from Investment Opportunities and Free Cash Flow” Financial Management, 25(1), 15-29.
Tam K. Y. and Kiang M.Y. (1992) “Managerial Application of Neurnal Networks: The Case of Bank Failure Predictions”Management Science, 38(7), 926-946.
Thomson J.B. (1991) "Predicting bank failure in the 1980s" Economic Review- Federal Reserve Bank of Cleveland, 1, 9-20.
Tobin J. (1969) "A General Equilibrium Approach to Monetary Theory." Journal of Money, Credit, and Banking, 1, 15-29.
West R.C. (1985) "A factor-analytic approach to bank condition," Journal of Banking and Finance 9, 253-266.
Wheelock D.C.and Wilson P.W.(1994)"Can deposit insurance increase the risk of bank failure?” Federal Reserve Bank of St. Louis Review, 76, 57-71.

國內文獻
王正羽(2003) 「智慧資本、研究發展與企業績效之關聯性研究-以我國光電產業為例」，碩士論文，立德管理學院科技管理研究所。
吳精展(2004)「外資持股比率與持股比率變動對股價之影響」，碩士論文，國立中正大學財務金融研究所。
李詩文，(1995)，「股市外資、自營商與基金之互動關係-狀態空間應用之實證研究」，碩士論文，國立中興大學企業管理研究所。
沈中華 (2002)，「金控公司的銀行與獨立銀行CAMEL 比較：1997~1998」，台灣金融則務季刊，第三輯，第二期，頁73-94。
林清山 (1980)「心理與教育統計學」，東華書局。
姜義軒（2000），「台灣電子產業與非電子產業Tobin''s q之差異及其成因之研究」，碩士論文，國立交通大學經營管理研究所。
陳順宇 (2000)，多變量分析，華泰書局。
黃仁德、曾令寧(2003)，「現代銀行監理與風險管理」，財團法人金融研訓院。
黃懷慶 (2000)，「臺灣股市三大機構投資人(外資、投信與自營商)投資行為之實證研究」，碩士論文，朝陽科技大學。
楊秋雅 (2006)，「外資持股對銀行經營績效的影響」，碩士論文，國立中正大學財務金融研究所。
溫育芳 (2000)「國內上市公司的鉅額交易, 股票價格與經營績效關係之研究」，碩士論文，國立宜蘭大學經營管理研究所。
溫怡俐 (2004)「本國商業銀行與外商銀行經營績效之實證研究」，碩士論文，朝陽科技大學財務金融研究所。
劉宜和 (2006)「債務結構及股權結構與公司價值之關係」，碩士論文，國立中正大學企業管理研究所。
謝劍平 (1993)「閒餘現金流量與托賓Q對資本投資決策中股東財富效果的影響」中國財務學會八十二年會論文，509-529。
謝士偉 (2005) ，「金控董監事、外資及官股持股比率與經營績效的關係」，輔仁大學金融研究所在職專班碩士論文。