臺灣博碩士論文加值系統

隨著1991年銀行開放成立後，銀行家數快速成長，形成銀行過度競爭現象，無法達規模經濟。在此情勢下，銀行可藉由內部資本結構的調整或是透過資本市場融通資本，來改善體質達成特定經濟規模，進而提高經營績效，因此，銀行應如何在負債與權益間選擇一最適的平衡點，是很值得探討的議題。
本研究之目的為分析在代理問題存在下，銀行是否能透過資本結構的選擇，來降低代理成本或改善體質達成特定經濟規模，進而提高銀行的經營績效。研究對象為台灣地區44家本國銀行，樣本期間選取民國88年至93年所組成之縱橫資料。研究方法分兩階段進行，第一階段採用隨機成本邊界法估計個別銀行的成本效率，有別於傳統以財務指標作為經營績效的衡量指標，由於此類財務指標只重財務面，並未考慮經營管理面，而成本效率為一全面性指標，同時考量內外在環境因素，可有效估計代理成本，此為本文最大突破之處；第二階段以成本效率作為績效指標，採用兩階段最小平方法(2SLS)估計聯立方程式，主要探討台灣銀行業的經營績效與資本結構間之相互影響關係。實證結果發現：1.銀行經營績效與資本結構間存有非線性關係；2.管理者持股比例與經營績效呈負相關；3.銀行規模與經營績效呈正相關；4.銀行風險與資本結構呈正相關。

Although the financial regulations had been released in Taiwan, the rapid growth of banks caused the over-competitive situation. That is, some banks can not gain scale economics as they did before. However, banks could rely on adjusting their internal capital structure or financial capital via capital markets to reach their goals of scale economics and enhance their performance. Thus, banks should choose their optimal proportion between debt and equity. This issue deserves more than a passing notice.
The purpose of this paper is to analyze whether banks are able to minimize the agency costs or gain scale economics by choosing the optimal capital structure. This study picked 44 banks in Taiwan during 1999-2004. The study methods can be divided into two stages. The first one adopts stochastic frontier approach (SFA) to estimate the cost efficiency among banks. Cost efficiency is a comprehensive indicator which includes both inside and outside factors belonged to environment. Thus, it is better than financial indicators which emphasize only the aspects of finance. The later one employs two-stage least squares (2SLS) to estimate a two-equation structural model which utilizes cost efficiency as a representative indicator of bank performance. The following results were obtained: 1. The relationship between bank performance and capital structure is non-linear. 2. Manager shareholdings associate negatively with bank performance. 3. Bank size associate positively with bank performance. 4. A positive relationship between bank risk and capital structure.

目 錄
中文摘要…………………………………………………………I
英文摘要…………………………………………………………II
致 謝 辭 ……………………………………………………… III
目 錄……………………………………………………………IV
圖目錄 ………………………………………………………… VI
表目錄 ………………………………………………………… VI
第壹章　緒論1
第一節 研究動機與目的……………………………………1
第二節 研究背景……………………………………………5
第三節 研究步驟與流程……………………………………9
第四節 章節安排……………………………………………12
第貳章 理論基礎與文獻回顧………………………………13
第一節 銀行經營效率………………………………………13
第二節 資本結構與經營績效之關係………………………37
第三節 所有權結構與經營績效之關係……………………49
第四節 本章小結……………………………………………61
第參章 研究方法……………………………………………63
第一節 研究架構……………………………………………63
第二節 研究假設……………………………………………65
第三節 實證模型設立………………………………………72
第四節 研究變數之操作性定義……………………………79
第五節 資料來源……………………………………………86
第肆章 實證結果分析………………………………………89
第一節 第一階段之成本函數實證結果……………………89
第二節 第二階段之聯立方程式實證結果…………………98
第伍章 結論與建議…………………………………………107
第一節 研究結論……………………………………………107
第二節 研究建議……………………………………………112
參考文獻………………………………………………………115

圖目錄
圖1-1 直接金融與間接金融存量比率………………………7
圖1-2 研究流程圖……………………………………………11
圖2-1 技術效率與配置效率…………………………………17
圖2-2 隨機邊界生產函數……………………………………23
圖3-1 研究架構………………………………………………64

表目錄
表1-1 全體台灣銀行逾期放款比率…………………………6
表1-2 直接金融與間接金融存量比率之比較………………7
表1-3 台灣一般銀行存放款加權平均利率…………………8
表2-1 經營效率之文獻彙整…………………………………34
表2-2 資本結構與經營績效之文獻彙整……………………47
表2-3 所有權結構與經營績效之文獻彙整…………………59
表3-1 研究假設與預期方向…………………………………71
表3-2 成本效率與資本結構聯立方程式之相關變數說明…76
表3-3 投入變數與產出變數定義及說明……………………83
表3-4 聯立方程式變數定義及說明…………………………85
表3-5 樣本銀行編號與分析資料期間………………………88
表4-1 投入價格與產出之敘述性統計………………………90
表4-2 隨機邊界成本函數之估計結果………………………93
表4-3 各家銀行歷年之成本效率值…………………………95
表4-4 民國88至93年銀行之六年平均效率值與排名………96
表4-5 銀行各年成本效率之分佈及平均效率值……………97
表4-6 聯立方程式變數之敘述性統計………………………99
表4-7 聯立方程式的各項變數之Pearson相關係數 ………100
表4-8 聯立方程式之估計結果………………………………104
表4-9 成本效率績效指標與財務績效指標估計結果之比較106
表5-1 研究假設之實證結果…………………………………110

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