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研究生:陳瑞煬
論文名稱:台灣本國銀行業經營績效之分析─兼論購併之影響
指導教授:陳碧綉陳碧綉引用關係
學位類別:碩士
校院名稱:東吳大學
系所名稱:經濟學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:77
中文關鍵詞:經營績效效率結構理論市場力量理論成本效率規模效率市場集中度市場占有率購併
外文關鍵詞:ESXESSSCPRMPefficientROAROEM&As
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本文主要是探討民國81年至89年間具有完整年資料之50家本國銀行經營績效(Performance)之變動來源,亦可說是研究影響這些銀行獲利能力(Profitability)高低之因素。
過去有關一般產業及銀行業的獲利能力研究,有兩個主要的理論:其一為效率結構理論(Efficient-Structure theories;ES theories),認為個別廠商的經營效率將影響廠商的獲利能力;另一為市場力量理論(Market Power theories;MP theories),認為整體產業結構與獲利能力具有關聯。效率結構理論可分為二個假說,一為衡量廠商管理績效,以管理效率(X-efficiency)為觀點的效率結構假說(ESX hypothesis),主要認為個別廠商卓越的管理將提高廠商的獲利能力;另一為衡量廠商規模經濟,以規模效率(Scale-efficiency)為觀點的效率結構假說(ESS hypothesis),主要認為廠商藉由規模經濟的達成,將提高廠商的獲利能力。市場力量理論亦可分為二個假說,一為傳統的結構-行為-績效假說(Structure-Conduct-Performance hypothesis;SCP hypothesis),主要探討市場集中度是否與獲利能力有關;另一為相對市場力量假說(Relative Market Power hypothesis;RMP hypothesis),主要探討個別廠商市場佔有率是否與獲利能力具有對應關係。
本文於經營績效之衡量以資產報酬率(ROA)及淨值報酬率(ROE)為指標,而影響獲利能力之因素則根據兩種主要理論:效率結構理論(ES theories)與市場力量理論(MP theories),分別以成本效率值(CEFF)代表管理效率結構(ESX)假說中的解釋變數、規模效率值(SEFF)代表規模效率結構(ESS)假說中的解釋變數、市場集中度(CONC)代表結構-行為-績效(SCP)假說中的解釋變數與市場占有率(MS)代表相對市場力量(RMP)假說中的解釋變數,同時進行四大假說之檢定。
以ROA為經營績效之衡量指標時,實證結果顯示僅符合結構-行為-績效(SCP)假說,以ROE為經營績效之衡量指標時,包含結構-行為-績效(SCP)假說與相對市場力量(RMP)假說之市場力量理論(MP theories)可得到顯著的認同。
效率結構理論(ES theories)無法獲得本研究之支持原因來自於效率不能夠解釋市場占有率,亦即效率無法透過影響市場結構而造成獲利能力改變;然而,效率對經營績效之正面貢獻卻是不爭的研究結果。因此,本文提出有關經營績效之另一思考邏輯─效率績效假說(Efficent Performance hypothesis;EP hypothesis),認為廠商經營效率之提昇,亦即透過卓越之管理效率或最適經濟規模之達成,皆可直接造成經營績效,也就是獲利能力之提高。
除了經營績效之研究重點外,本文亦兼論具有購併前、後年資料之11家存續銀行其購併行為對經營效率及市場競爭性之影響。研究結果發現,購併愈早,成本效率改善愈明顯;於規模效率之影響,則發現因購併而改變規模時,是需要時間來調整才能有效營運。此外,有關市場競爭性之分析,具有購併行為之新銀行,存、放款市場占有率皆於購併後顯著增加,且並未利用市場份額增加所衍生之市場力量來操縱價格。
目 錄
第一章 緒論
第一節 產業背景及研究動機…………………………………………………1
第二節 本文架構及研究流程…………………………………………………3
第二章 文獻回顧
第一節 經營績效理論及國外相關文獻………………………………………4
第二節 經營績效理論之國內相關文獻………………………………………6
第三節 銀行購併對效率及市場競爭性影響之國內外相關文獻……………7
第三章 研究方法
第一節 經營績效分析之實證模型……………………………………………9
第二節 成本效率估計之實證模型 ………………………….….……….….14
第三節 變數之定義與資料來源……………………………………………..19
第四節 規模效率之估計……………………………………………………..25
第五節 市場結構之衡量……………………………………………………..26
第六節 購併對效率及市場競爭性之影響…………………………………..28
第四章 實證分析結果
第一節 成本函數之估計結果………………………………………………..30
第二節 成本函數之特性檢定………………………………………………..32
第三節 成本效率之估計結果………………………………………………..36
第四節 規模效率之估計結果………………………………………………..38
第五節 市場結構之衡量結果………………………………………………..42
第六節 經營績效之檢定結果………………………………………………..47
第七節 購併對效率及市場競爭性之影響…………………………………..50
第五章 結論與未來研究方向
第一節 結論…………………………………………………………………..55
第二節 未來研究方向………………………………………………………..58
附錄…………………………………………………………………………………60
參考文獻………………………….……..…………………………………………67
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