臺灣博碩士論文加值系統

公司治理的概念於1970年初發生無效監理造成公司經營不善時，就已經逐漸發展。1998年經濟合作暨發展組織(OECD)更在其會員大會上指出，公司治理的欠缺是造成近年來亞洲金融風暴的根源。而代理問題則為公司治理主要研究的課題之一，銀行業在國家的經濟發展上扮演著重要的角色，其公司治理之良窳深深影響著國家經濟的發展，故本文由股權結構及穩定性所產生之代理問題對銀行效率的影響進行探討。
本文以2003年至2004年台灣上市櫃之13家金控子銀行及19家一般銀行為研究對象，利用資料包絡分析法(Data Envelopment Analysis)衡量銀行效率；而以政府持股比率、董監事持股比率、市場占有率、金控Dummy、股權偏離程度及穩定性為解釋變數，並以Tobit迴歸分析探討銀行效率與各解釋變數間之關係。
實證結果發現，股權偏離程度愈大及穩定性較差者，其效率較差，表示股權偏離及穩定性較差之銀行較易產生代理問題影響銀行效率；另外政府持股比率及金控Dummy對銀行效率則有正向且顯著的關係，顯示金融風暴後人民對政府持股比率高之銀行較為信賴，並觸使其效率的提升。

In early 1970’s the concept of corporate governance has been emerging in response to the perceived ineffective oversight that contributed to the poor performance problems. In 1998, OECD point out that the lack of corporate governance has been one of the root causeing of the recent Asian financial crisis. Therefore, the agency problem is worth to discuss. Banking industry usually plays an important role in the nation’s economic development, and the inadequate corporate governance of banking system has significant impact on the nation’s economic development. So it is important to the bank’s efficiency under the influence of agency problem.
This study focuses on thirteen public-listed and OTC-listed financial holding subsidiary banks and nineteen ordinary banks in Taiwan from 2003 to 2004. We adopt the data envelopment analysis (DEA) method to estimate bank’s efficiency. Also, we get the independent variables, shareholding by government, shareholding by board of directors and auditors, market share, financial holding dummy, the deflection of shareholding and stability to examine the bank’s efficiency effect.
Empirical results indicate that the more deflection and unstable of shareholding exhibit more agency problems impact on the bank’s efficiency. In addition, bank’s efficiency is positively and significantly correlated to shareholding by government and the dummy variable. Obviously, after the Asian financial crisis, public banks have more promote the bank’s efficiency than private banks can promote the bank’s efficiency.

第一章 緒論﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .1
第一節 研究背景與動機﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .1
第二節 研究目的﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .4
第三節 論文架構與研究流程﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .5
第二章 文獻回顧﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒..7
第一節 代理理論﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .7
第二節 產業概況﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .7
第三節 文獻探討﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 11
第三章 研究方法﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒21
第一節 經營效率研究方法﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.21
第二節 DEA效率評估理論﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒22
第三節 Malmquist生產力指數分析法﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .32
第四節 Tobin迴歸分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒36
第五節 DEA投入產出變數之界定﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.38
第四章 實證結果與分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.40
第一節 敍述統計分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.40
第二節 銀行效率評估﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.42
第三節 股權偏離程度及股權穩定性之衡量﹒﹒﹒﹒﹒﹒﹒﹒﹒.47
第四節 銀行效率之Tobit迴歸分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. 51
第五章 結論與建議﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒54
第一節 實證結論﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.54
第二節 建議﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.56
參考文獻﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒57
表目錄
表1-1 金融危機案件一覽表﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒3
表2-1 金融控股公司設立情況表﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. 10
表4-1 選定之投入產出之敘述統計﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. . .41
表4-2 投入產出變數之Pearson相關分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.42
表4-3 各年銀行之經營效率﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. 43
表4-4 金控下子銀行之MPI分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.45
表4-5 一般銀行之MPI分析﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒.46
表4-6 股權偏離及穩定程度與銀行效率﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. 49
表4-7 Tobit迴歸分析結果﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒52
圖目錄
圖1-1 研究流程﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒6
圖-3-1 Farrell定義之經濟效率圖﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒26
圖3-2 BCC模式之幾何概念﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒. .31
圖3-3 MPI分解圖﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒35
圖4-1 台灣企銀之股權結構圖﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒48
圖4-2 股權偏離與銀行效率﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒50
圖4-3 股權穩定與銀行效率﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒51

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