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研究生:姜麗智
研究生(外文):Li-Chih Chiang
論文名稱:歐洲商業銀行之技術效率、技術缺口與動態成長
論文名稱(外文):Technical Efficiency, Technology Gaps, and Dynamic Growth in European Commercial banks
指導教授:黃台心黃嘉興黃嘉興引用關係
學位類別:博士
校院名稱:國立雲林科技大學
系所名稱:管理研究所博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:93
中文關鍵詞:技術效率meta-frontier成本函數proportionate effect 法則效率缺口
外文關鍵詞:meta-frontier cost functiontechnical efficienc
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由於歐洲經濟的整合,使得歐洲聯盟成為一個對內涵蓋龐大會員國的共同市場,商業銀行競爭是未來發展的趨勢,本研究蒐集1994-2003 期間歐洲地區九個國家商業銀行的橫斷面與時間序列混合資料,運用FRONTIER 電腦軟體中Battese 和Coelli 模型(1992),在Battese et al.(2004) 一般 meta-frontier 函數型式下進行估計,推估各家銀行技術效率、技術效率缺口、及規模經濟,並結合dynamic panel regressions 模型,採取GMM計量方法,進一步探討歐洲地區商業銀行成長、獲利、技術效率、技術效率缺口、及規模經濟之間關係。
實證結果發現:(1) 歐洲地區商業銀行技術效率與技術效率缺口兩者呈現正向關係,顯示技術效率較高銀行相對也採取較先進的生產技術;(2) 樣本資料中,大部分國家出現技術效率缺口值低於技術效率值,也說明歐洲地區多數商業銀行遠離meta-cost 最適生產技術;(3)技術效率愈高與採用愈先進技術效率的銀行成長較遲緩 ;(4) 技術效率較高的銀行獲利性愈好,符合效率-結構假設學說;(5)在多變量成長模型中發現規模較大銀行相對成長較快,支持 LPE學說;(6) 銀行採行多角化經營策略對銀行的成長與獲利有加乘效果。
This dissertation first extends the established literature on modeling the cost structures of Europe’s banking sectors by combining the Fourier flexible functional form with time-varying technical efficiency. The meta-frontier production function proposed by Battese et al. (2004) is then generalized to the meta-frontier cost function in an attempt to study differences in technical efficiency and technology gaps across sample banks in different countries. Cross-country data are collected covering nine European countries over the period 1994-2003. Finally, dynamic panel regressions are used to examine the relationship between a bank’s growth and profit by using the same dataset.
The mean technical efficiency scores for the sample nations range from 0.73 to 0.98, which are positively correlated with the technology gap ratio with mean values ranging from 0.51 to 0.62. This implies that a relatively technically efficient bank is usually technologically efficient and vice versa. Most of the average technology gap ratios for the sample countries are much less than those of the average technical efficiency scores. This suggests that there are many banks operating off the meta-cost frontier.
Banks that are more technically efficient and adopt higher production technology tend to grow slowly. The improvement of technical efficiency helps prompt higher profit, which is in favor of the efficient-structure hypothesis. Although the univariate and bivariate growth models support the inverse growth-size relationship, this is likely to be spurious. On the contrary, the multivariate growth model reaches a different but more reliable result, i.e., the law of proportionate effect prevails in all of the sample countries. The strategy of product diversification lends strong support to bank growth and profitability.
Contents
Abstract-------------------------------------------------------------- i
Acknowledgments-------------------------------------------------------------- iii
Contents----------------------------------------------------- iv
List of Tables ------------------------------------------------------ v
List of Figures ------------------------------------------------------ vi
Appendix -------------------------------------------------------------- vii

1. Introduction ------------------------------------------------------ 1

2. Literature Review ---------------------------------------------------- 4
2.1 Technical Efficiency ------------------------------------------------ 4
2.2 Technology Gaps—Metafrontier---------------------------------------- 5
2.3 Fourier Flexible Function-------------------------------------------- 7
2.4 Bank Growth---------------------------------------------------------- 8

3.Methodology------------------------------------------------------------ 10
3.1 Fourier Flexible Cost Function--------------------------------------- 10
3.2 Meta-frontier FF cost function and Technology Gaps ------------------ 11
3.2.1 Meta-frontier FF cost function------------------------------------- 11
3.2.2 Technology Gaps---------------------------------------------------- 14
3.2.3 Estimation Procedure----------------------------------------------- 16
3.3 Econometric Models for Firm Sizes and Growth------------------------ 18

4. Data Description------------------------------------------------------ 22


5.Empirical Results – CE and TGR---------------------------------------- 28
5.1ParameterEstimates--------------------------------------------------- 28
5.2 Cost Efficiencies and Technology Gap Ratios-------------------------- 35
5.3 Estimates of Scale Economies----------------------------------------- 42

6.Empirical Results–Bank Sizes------------------------------------------ 47
6.1 Data Description for Extra Variables--------------------------------- 47
6.2 The Growth Equation-------------------------------------------------- 53
6.3 The Profit Equation-------------------------------------------------- 65

7.Concluding Remarks----------------------------------------------------- 72

References--------------------------------------------------------------- 74

Appendix----------------------------------------------------------------- 82
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