本文以G20和台灣的金融機構作為研究對象，調查在控制銀行資本結構下，公司治理程度與流動性創造之關係。研究期間為2002年至2008年年底，樣本數為776筆，資料來源取自於BANKSCOPE資料庫，並以最小帄方法來進行實證研究。
實證結果顯示：在全樣本下，銀行公司治理與流動性創造呈一倒U型關係。本文也探討在不同銀行規模下及不同發展程度下，公司治理程度與流動性創造之關係，結果指出：在小銀行及大銀行下，公司治理對於流動性創造是有影響的，但二者之間呈一線性關係。另在小銀行間，流動性創造與資本呈現負向關係，支持「金融脆弱排擠假說」；在大銀行間，資本與流動性創造呈正向關聯，反而支持「風險吸收假說」。在已開發國家及新興國家中，董事會規模對於流動性創造沒有任何影響；但股東獨立性程度與流動性創造在已開發國家中呈倒U型關係；在新興國家中，二者卻呈現負向線性關係。

The researchers selected 776 banks operated in G20 countries and Taiwan at the period from 2002 to 2008 as samples. We also obtained information from the BANKSCOPE database and adapted ordinary least square (OLS) to execute the study.
Several findings can be confirmed. First of all, it presented an inverted U-type relationship between corporate governance and liquidity creation. This also stated the extent of corporate governance below a certain critical value and the internal directors acted as the key indicators or banks will create more liquidity creation. In addition, this study scrutinizes the scale of the bank under the circumstances and extent in the development of the relationship between the two. The result revealed that the small banks and large banks of Corporate Governance for the liquidity creation were influential, but both were a linear relationship. This study also discusses the relationship between liquidity creation and capital. The results indicated that the small inter-bank liquidity creation and capital was negatively correlated, corresponding to “financial fragility-crowding out”. It was also found that it achieved significant correlation between large inter-bank capital and liquidity creation, with the identification in “risk absorption.”

目次
摘要 ................................................................................................................................ iv
英文摘要 .......................................................................................................................... v
致謝 ................................................................................................................................ vi
表目錄 ............................................................................................................................. ix
圖目錄 .............................................................................................................................. x
第一章 緒論 .......................................................................................................... 1
1.1 研究背景、動機與目的 .......................................................................... 1
1.2 研究架構與流程 ...................................................................................... 3
第二章 文獻探討 .................................................................................................. 5
2.1 公司治理的探討 ...................................................................................... 5
2.1.1 股東獨立性程度之探討 .................................................................. 6
2.1.2 董事會規模之探討 .......................................................................... 7
2.2 流動性創造的重要性 .............................................................................. 9
第三章 實證方法 ................................................................................................ 12
3.1 樣本資料蒐集 ........................................................................................ 12
3.2 研究假說 ................................................................................................ 13
3.2.1 全樣本 ............................................................................................ 13
3.2.2 依銀行規模分類 ............................................................................ 13
3.2.3 依發展程度分類 ............................................................................ 14
3.3 實證模型 ................................................................................................ 16
3.3.1 變數定義 ........................................................................................ 16
3.3.1.1 應變數 ..................................................................................... 16
3.3.1.2 自變數 ..................................................................................... 18
3.3.1.3 控制變數涵蓋金融機構因素及國家因素 ............................. 20
第四章 實證結果與分析 .................................................................................... 28
4.1 敘述性統計分析 .................................................................................... 28
4.2 全樣本之實證結果 ................................................................................ 29
viii
4.3 依銀行規模分類之實證結果 ................................................................ 32
4.4 依發展程度分類標準之實證結果 ........................................................ 37
第五章 結論 ........................................................................................................ 46
參考文獻 ................................................................................................................ 48

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