臺灣博碩士論文加值系統

本研究之樣本期間為2001至2016年全球77個國家之商業銀行，並根據各國商業銀行的總資產取該國家前十大商業銀行為樣本，總計銀行家數為812家；研究銀行競爭是否影響金融創新?及銀行競爭與金融創新之間是否存在非線性關係?實證結果如下：(一)研究結果顯示加入銀行競爭變數集中度指標(CR3)與金融創新各項指標為顯著正相關，表示因銀行過度集中造成壟斷，提高產品售價，導致銀行間競爭度下降，「逃避競爭效果」初時較強，市場不競爭度與創新呈正向關係。(二)在研究中，加入銀行競爭變數集中度指標(CR3)平方項係數顯示為負相關，當市場不競爭度上升至一定程度，獨占租逐漸降低，「熊彼得效果」居主導地位，市場不競爭度與創新改為遞減關係。(三) 綜合上述實證，我們驗證了銀行競爭的確為創新帶來改變經驗；兩者之間關係也呈現倒U型，說明了競爭和創新實存在誘導穩定性或脆弱性。

The study of the sample period is from 2001 to 2016, 77 countries of the global commercial banks and commercial banks in accordance with the total assets of the state commercial banks is the top ten samples, total number of bankers is 812; research bank financial innovation competition is affected? And bank and financial innovation competition exists between non-linear relationships? Confirm that the results are as follows: (a) the results of the study show competition to join the bank variable (CR3) concentration of indicators and indicators of financial innovations are significantly related to the excessive concentration of the Bank as a result of monopolies, improve product price competition among the banks leading to degrees lower, the escape competition effect" initially, market competition and innovation positive relations. (b) Accession to the study, concentration of bank competition variable (CR3) indicators square is displayed as a negative factor related to competition in the market does not rise to a level at exclusively rent gradually decrease, the Bears Peter effects dominate, market competition and innovation to decrement relations. (c) integrated these proven, we verified the bank competition indeed bring change for innovation experience; relationship between also rendered inverted U, describes the real existence of competition and innovation induced stability or vulnerability.

第一章 緒論 1
第一節 　 研究動機 1
第二節 　 研究目的 4
第二章 文獻探討 9
第一節　 金融創新 9
第二節　 銀行競爭 16
第三章 研究方法 20
第一節 　 研究模型 20
第二節 　 變數定義 22
第四章 資料分析與實證結果 28
第一節　 資料來源 28
第二節 基本統計量 29
第三節　 實證結果與分析 34
第五章 結論與建議 40
第一節 　研究結論 40
第二節 　研究建議 43
參考文獻 44

一、中文部份
沈中華與呂美慧(2007)，本國銀行業逐年的競爭程度及其變化之分析，證券市場發展季刊，第19期第2卷，119-152。
林惠玲、陳正倉與莊文彬(2002)，廠商的進入、退出與市場競爭性—台灣製造業的實證，經濟論文叢刊，30，491-530。
黃炳文、李建強與盧育鋒(2007)，金融控股公司成立對本國銀行業競爭程度影響之分析，金融風險管理季刊，第三卷，第四期，69-103。
曾穗雲(2003)，金融控股法後台灣銀行業及壽險業競爭程度的改變，國立高雄第一科技大學風險管理與保險研究所碩士論 文。
劉景中(2009)，銀行集中度、市場競爭度與銀行風險—台灣實證研究，經濟論文，37，101-135。
劉景中(2011)，銀行集中度及效率對市場競爭度的影響:台灣實證研究，經濟論文叢刊，39，115-173。
謝欣君(2002)，成立金融控股公司對成本、效率及市場競爭影響之模擬分析，東吳大學經濟研究所碩士論文。
鄭霖貴(2005)，台灣銀行業的市場競爭程度，雲林科技大學財務金融研究所碩士論文。
二、英文部份
Acharya, V., Richardson, M. ,(2009). Restoring Financial Stability:How to Repair a Failed System? John Wiley and Sons, New York.
Acharya, ViralV. , Schnabl, Philipp , Suarez, Gustavo , (2013). Securitization without risk transfer. Journal of Financial Economics 107, 515-536.
Aghion P, Harris C and Vickers J (1997) Competition and Growth with Step-by-Step Innovation ; An Example, European Economic Review 41, 771-782.
Aghion P, Harris C, Howitt P and Vickers J (2001) Competition , Imitation and Growth with Step-by-Step Innovation, Review of Economic Studies 68(3): 467-492.
Aghion, P., N. Bloom, R. Blundell, R. Griffith and P. Howitt (2005), Competition and innovation: an inverted U relationship, Quarterly Journal of Economics, CXX (2): 701-728.
Agoraki, M. K., M. D. Delis, and F. Pasiouras (2011), Regulations, competition and bank risk-taking in transition countries, Journal of Financial Stability, 7, 38-48.
Akhavein, Jalal , Scott Frame, W. , White, LawrenceJ. , (2005). The diffusion of financial innovations: An examination of the adoption of small business credit scoring by large banking organizations. The Journal of Business 78, 577-596.
Al-Muharrami, S., M. Kent, and K. Yusuf (2006), Market structure and competitive conditions in the Arab GCC banking system, Journal of Banking and Finance, 30, 3487-3501.
Amir, R. (2002), Market structure, scale economies and industry performance, working paper.
Baumol, W. J. (1982), Contestable markets: An uprising in the theory of industry structure, American Economic Review, 72, 1-15.
Battese, G.E., D. S. Prasada Rao, and C.J. O'Donnell (2004), A metafrontier production function for estimation of technical efficiencies and technology gaps for firms operating under different technologies, Journal of Productivity Analysis, 21, 91-103.
Beck, T. (2008). “Bank competition and financial stability: Friends or foes?”. World Bank Policy Research Working Paper No. 4656.
Beck, T., De Jonghe, O., and Schepens, G. (2010). “Bank Competition and Stability:Reconciling Conflicting Empirical Evidence”. Cass Business School Working Paper.
Berger, A.N. (1995), The profit-structure relationship in banking--Tests of market-power and efficient-structure hypotheses, Journal of Money, Credit, and Banking, 27, 404-431.
Berger, A. N. and Mester, L. J. (1997), “Inside the black box: What explain differences in the efficiencies of financial institutions”, Journal of Banking and Finance, 21, 895-947.
Berger, AllenN.,(2003). The economic effects of technological progress: evidence from the banking industry. Journal of Money, Credit and Banking 35, 141-176.
Berger, A.N., L.F. Klapper, and R. Turk-Ariss (2009), Bank competition and financial stability, Journal of Financial Services Research, 35, 99-118.
Bekaert, Geert , Harvey, CampbellR. , Lundblad, Christian , (2005). Does financial liberalization spur growth? Journal of Financial Economics 77, 3-55 .
Berry, S., J. Levinsohn, and A. Pakes (1995), Automobile prices in market equilibrium, Econometrica, 63, 841-890.
Bérubé, C., M. Duhamel, and D. Ershov (2012), Market incentives for business innovation: Results from Canada, Journal of Industrial Competitive Trade, 12, 47-65.
Bikker, J. A. and K. Haaf (2002), Competition, concentration and their relationship: An empirical analysis of the banking industry, Journal of Banking and Finance, 26, 2191-2214.
Bikker, J.A., S. Shaffer, and L. Spierdijk (2012), Assessing competition with the Panzar-Rosse model: the role of scale, costs, and equilibrium, Review of Economics and Statistics, 94, 1025-1044.
Boone, J., J.C. van Ours, and H. van der Wiel (2007), How (not) to measure competition, TILEC discussion paper, DP 2007-014,Tilburg University.
Bos, J. W. B., J. W. Kolari, and R. van Lamoen (2009), Competition and innovation: Evidence from financial services. TKI Working Paper, 09-26, Tjalling Koopmans Institute, Utrecht School of Economics.
Bos, J. W. B., R. van Lamoen, and C. Eonomidou (2010), Too big to innovate? Scale (dis)economies and the competition-innovation relationship in U.S. banking. Maastricht Research School of Economics of Technology and Organization, 54.
Boyd, J., and G. De Nicol`o. (2005). “The Theory of Bank Risk Taking and Competition Revisited.” Journal of Finance 60 (3),1329-43.
Bresnahan, T. (1982), The oligopoly solution identified, Economics Letters, 10, 19-27. Boone, J., J.C. van Ours, and H. van der Wiel (2007), How (not) to measure competition, TILEC discussion paper, DP 2007-014, Tilburg University.
Calomiris, Charles , (January), (2009). Financial innovation, regulation, and reform. Cato Journal 29, 65-91.
Carletti, E., (2008). Competition and regulation in banking. In: Boot, A.W.A., Thakor, A. (Eds.), Handbook of Financial Intermediation and Banking. Elsevier, Amsterdam.
Careletti, E., (2010). Competition, Concentration and Stability in the Banking Sector. IstEin Working Paper 2010-10.
Casu, B. and C. Girardone (2006), “Bank competition, concentration and efficiency in the single European market,” The Manchester School, 74, 441-468.
Claessens, S. and L. Laeven (2004), What drives bank competition? Some international evidence, Journal of Money, Credit, and Banking, 36, 563-583.
Cohen, Wesley M. , Klepper, Steven , (1996). Firm size and the nature of innovation within industries: the case of process and product R&D. Review of Economics and Statistics 78, 232-243.
Corts, K.S. (1999), Conduct parameters and the measurement of market power, Journal of Econometrics, 88, 227-250. De Bandt, O. and E. P.
Davis (2000), Competition, contestability and market structure in European banking sectors on the eve of EMU, Journal of Banking and Finance, 24, 1045-1066.
Delis, M.D. (2012), Bank competition, financial reform, and institutions: The importance of being developed, Journal of Development Economics, 97, 450-465.
Demsetz, H. (1973), Industry structure, market rivalry, and public policy, Journal of Law and Economics, 16, 1-10.
Demsetz, H. (1974), “Two Systems of Belief About Monopoly,” in Industrial Concentration: The New Learning Harvey Goldschmidt et al., eds, Boston: Little, Brown, 164-84.
DeYoung, C.G., Peterson, J.B., & Higgins, D.M. (2005). Sources of openness/intellect: Cognitive and neuropsychological correlates of the fifth factors of personality. Journal of Personality, 73, 825-858.
DeYoung, C.G., Quilty, L.C., & Peterson, J.B. (2007). Between facets and domains: 10 aspects of the Big Five.Journal of Personality and Social Psychology, 93, 880-896
Fernández de Guevara, J., J. Maudos, and F. Pérez (2005), Market power in European banking sectors, Journal of Financial Services Research, 27, 109-137.
Fernández de Guevara, J., J. Maudos, and F. Pérez (2007), “Integration and competition in the European financial markets,” Journal of International Money and Finance, 26, 26-45.
Fisher, F.M. (1987), On the misuse of the profits-sales ratio to infer monopoly power, RAND Journal of Economics, 18, 384-396.
Frame, W.S. , Srinivasan, A. , Woosley, L. , (2001). The effect of credit scoring on smallbusiness lending. Journal of Money, Credit, and Banking 33 (3), 813-825.
Frame, W. S. and L. J. White (2004), Empirical studies of financial innovation: Lots of talk, little action? Journal of Economic Literature, 42, 116-144.
Frame, W.S. , Padhi, M. , Woolsey, L. , (2004). The effect of credit scoring on smallbusiness lending in low- and moderate income areas. Financial Review 39 (1),35-54 .
Fisman, Raymond , Love, Inessa , (2004). Financial development and intersectoral allo- cation: A new approach. Journal of Finance 59, 2785-2807.
Gennaioli, Nicola , Shleifer, Andrei , Vishny, Robert , (2012). Neglected risks, financial innovation, and financial fragility. Journal of Financial Economics 104, 452-468.
Gerardi, KristopherS. , Rosen, HarveyS. , Willen, PaulS. , (2010). The impact of deregulationand financial innovation on consumers: The case of the mortgage market. The Journal of Finance 65, 333-360 .
Gilbert, A.R. (1984), Bank market structure and competition: A survey, Journal of Money, Credit, and Banking, 16, 617-645.
Grinblatt, Mark, and Longstaff Francis A., (2000). Financial innovation and the role of derivative securities: An empirical analysis of the Treasury STRIPS program. Journal of Finance 55, 1415-1436.
Hannan, H.T. (1991), Foundations of the structure-conduct-performance paradigm in banking, Journal of Money, Credit, and Banking, 23, 68-84.
Hausman, J., G. Leonard, and J.D. Zona (1994), Competitive analysis with differentiated products, Annales D’ Economie et de Statistique, 34, 159-180.
Helpman, E. , (1993). Innovation, imitation, and intellectual property rights. Economet- rica 61, 1247-1280.
Henderson, B. J. and Pearson, N. D.,(2011). The dark side of financial innovation: a case study of the pricing of a retail financial product. Journal of Financial Economics, 100, 227-47
Iwata, G. (1974). Measurement of conjectural variations in oligopoly. Econometrica: Journal of the Econometric Society, 947-966.
Keeley, M. C. (1990). “Deposit Insurance, Risk, and Market Power in Banking.” American Economic Review 80 (5): 1183-1200.
Lerner J., Tufano P. (2011) The Consequences of Financial Innovation: A Counterfactual Research Agenda, NBER Working Paper 16780, February.
Levin, R. C., W.M. Cohen, and D.C. Mowrey (1985), R&D appropriability, opportunity, and market structure: New evidence onsome Schumpeterian hypotheses, American Economic Review, 75 (2), 20-24.
Marcus, A. J. (1984). “Deregulation and Bank Financial Policy.” Journal of Banking and Finance 8 (4): 557-65.
Nevo, A. (2001), Measuring market power in the ready-to-eat cereal industry, Econometrica, 69, 307-342.
Nickell, S. (1996) Competition and corporate performance, Journal of Political Economy, 104, 724-746.
Mishkin, F. S. (1999): “Financial consolidation: Dangers and opportunities.” Journal of Banking and Finance 23, pp. 675-691.
Molyneux, P., D. M. Lloyd-Williams, and J. Thornton (1994), Competitive conditions in European banking, Journal of Banking and Finance, 18, 445-459.
Molyneux, P., J. Thornton, and D. M. Lloyd-Williams (1996), Competition and market contestability in Japanese commercialbanking, Journal of Economics and Business, 48, 33-45.
Norden, L. , Silva, BustonC. , Wagner, W. , (2014). Financial innovation and bank behav- ior: Evidence from credit markets. Journal of Economic Dynamics and Control 43, 130-145.
O’Donnell, C.J., D. S. Prasada Rao, G.E. Battese (2008), Metafrontier frameworks for the study of firm-level efficiencies and technology ratios, Empirical Economics, 34, 231-255.
Panzar, J. C., & Rosse, J. N. (1977). Chamberlin versus Robinson: An Empirical Test for Monopoly Rents. Workshop on Applied Microeconomics, Industrial Organization, and Regulation, Department of Economics, Stanford Univ.
Panzar, J. C., & Rosse, J. N. (1987). Testing for“ monopoly” equilibrium. The Journal of Industrial Economics, 443-456.
Peroni, C. and I.S.G. Ferreira (2012), Competition and innovation in Luxembourg, Journal of Industrial Competitive Trade, 12, 93-117.
Rajan, Raghuram , Zingales, Luigi ,(1998). Financial dependence and growth. American Economic Review 88, 559-586.
Rajan, RaghuramG. , (2006). Has finance made the world riskier. European Financial Management 12, 499-533.
Saretto, Alessio , Tookes, HeatherE. , (2013). Corporate leverage, debt maturity, and credit supply: The role of credit default swaps. Review of Financial Studies 26,1190-1247.
Schumpeter, J. A. (1942), Capitalism, Socialism and Democracy, Harper and Row, New York, NY.
Scherer, F. M. (1967), Market structure and the employment of scientists and engineers, American Economic Review, 57 (3), 524-531.
Schroth, Enrique. (2003). Innovation, differentiation, and the choice of an underwriter:Evidence from equity-linked securities. Mimeo, HEC, U. Lausanne.
Shaffer, S. (2004), Patterns of competition in banking, Journal of Economics and Business, 56, 287-313.
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312-320.
Tabak, B.M., D.M. Fazio, and D.O. Cajueiro (2012), The relationship between banking market competition and risk-taking: Do size and capitalization matter? Journal of Banking and Finance, 36, 3366-3381.
Van Leuvensteijn, M., J.A. Bikker, Adrian A.R.J.M. van Rixtel, and C.K. Sorensen (2011), A new approach to measuring competition in the loan markets of the euro area, Applied Economics, 43, 3155-3167.
Van Leuvensteijn, M., C.K. Sorensen, J.A. Bikker, Adrian A.R.J.M. van Rixtel (2013), Impact of bank competition on the interest rate pass-through in the euro area, Applied Economics, 45, 1359-1380.