(3.236.214.19) 您好!臺灣時間:2021/05/10 04:11
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:陳芃彣
研究生(外文):Peng-wen Chen
論文名稱:外國銀行進入績效之全球實證分析:進入模式選擇的影響差異
論文名稱(外文):International Investigation on Foreign Bank''s Post Entering Performance--The Differential Impact of Entry Mode Choice
指導教授:陳昇鴻陳昇鴻引用關係
指導教授(外文):Sheng-hung Chen
學位類別:碩士
校院名稱:南華大學
系所名稱:財務金融學系財務管理碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:56
中文關鍵詞:外國銀行獲利能力分析效率前緣分析進入模式選擇
外文關鍵詞:Entry Mode ChoiceForeign BankEfficiencyProfitability
相關次數:
  • 被引用被引用:0
  • 點閱點閱:174
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
  本研究以全球之1,034間多國籍銀行為樣本,探討1996至2009年間,外國銀行選擇以新設分行或以購併在地銀行之模式進入,在進入後影響績效差異的主要因素。母行篩選效率佳的外國銀行,多選擇以新設模式進入市場規模相對較大的國家。購併模式進入的外國銀行則與銀行的獲利無論是淨利率、資產報酬率或股東權益報酬率,皆有正向關係。僅管購併模式對進入後的淨入率有正向效果,但在進入後十年逆轉為負向效果的變化,而新設及合資模式仍與ROE及ROA維持負向關係。本文採取隨機效率前緣分析(SFA)方法計算銀行的效率,實證發現購併模式進入的外銀,無論是成本及獲利面向的效率分數,皆比新設外銀有較佳的表現。銀行的成本效率改善與其母行和母國的經濟狀況有正向相關,然而獲利效率則與外國銀行的財務狀況有顯著的正相關。
  Using comprehensive panel data on 1,034 multinational banks with different entry mode choice including 301 Cross-Border Mergers and Acquisitions (CB M&As) banks and 724 Greenfield Investment (GI) banks from 154 countries for the period 1996 to 2009, this paper empirically investigates the key factors differentiating poster-entering performance with entry mode choice by foreign bank. Foreign banks with better screening technology form parent banks are more likely to choose GI as entry mode. GI banks enter a host country with comparatively larger market scale. Foreign banks via CB M&A all show a positive relationship with bank’s profit with respect to NIMs, ROA, and ROE. Although CB M&A mode presents positive effects on poster-entering NIMs but inverse effect since 10th years after entry while GI and JV persist negative related to bank’s ROE and ROA. Regarding efficiency analysis based on Stochastic Frontier Analysis (SFA) approach, our empirical findings indicate that foreign banks via CB M&As show better efficiency than those via GI according to efficiency scores from cost and profit measures. The improvement on cost efficiency is positively associated with parent bank and the economic condition in the home country while profit efficiency is significantly positively related to the financial characteristics of foreign banks.
合格證書 i
版權宣告 ii
中文摘要 iii
Abstract iv
Contents v
List of Figures vii
List of Tables viii

Chapter 1 Introduction 1
1.1 Motivation 1
1.2 Research Purpose 3
1.3 Major Contributions 3

Chapter 2 Literature Review 5
2.1 The Influence of Foreign Entry 5
2.2 The Effect of Entry Mode Choice 6
2.3 The Effects of Entry Mode Choice on Foreign Banks’ Performance 8
 
Chapter 3 Methodology 10
3.1 Predicting the Probability of Different Entry Mode 10
3.2 Effects of Entry Mode on Foreign Banks’ Profitability 14
3.3 Stochastic Frontier Analysis (SFA) 17
3.4 Impacts of Entry Mode on Foreign Bank’s Efficiency 20
3.5 Data Sources 22
 
Chapter 4 Empirical Results 24
4.1 Descriptive Statistics and Efficiency Scores24
4.2 Identifying Cross-country Determinants of Entry Mode Choice by Foreign Bank: Panel Multinomial Logit Model condition 26
4.3 Post-entering performance for foreign banks: Profitability measures 28
4.3.1 Net Interest Margins (NIMs) 29
4.3.2 Return on assets (ROA) 31
4.3.3 Return on equity (ROE) 32
4.4 Post-entering performance for foreign banks: Efficiency measures 33
4.4.1 Cost Efficiency 33
4.4.2 Profit Efficiency. 34

Chapter 5 Conclusions 36

References 39
Al-Sharkas, A. A., Hassan, M. K. and Lawrence, S. (2007), “The Impact of Mergers and Acquisitions on the Efficiency of the US Banking Industry: Further evidence”. Journal of Business Finance and Accounting, Vol.35(1) and (2), pp.50–70.
 
Baek, H. Y. and Kwok, C. C. Y. (2002), “Foreign Exchange Rates and the Corporate Choice of Foreign Entry Eode”. International Review of Economics and Finance, Vol.11, pp.207–227.
 
Banker, R. D., Charnes, A. and Cooper, W. W. (1984), “Some Models for the Estimation of Technical and Scale Inefficiencies in Data Envelopment Analysis”. Management Science, Vol.30, pp.1078–1092.
 
Battese, G. E. and Coelli, T. J. (1995), “A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data”. Empirical Economics, Vol.20, pp.325–332.
 
Beccalli, E. and Frantz, P. (2009), “M&A Operations and Performance in Banking”. Journal of Financial Services Research, Vol. 36, pp.203–226
 
Beck T. and Peria M.S.M. (2010), “Foreign Bank Participation and Outreach: Evidence from Mexico”. Journal of Finance Intermediation, Vol. 19, pp.52–73.
 
Berger, A. N. and Mester, L. J. (1997), “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions”. Journal of Banking and Finance, Vol.21, pp.895–947.
 
Berger, A.N., Klapper, L.F., Martinez Peria, M.S., and Zaidi, R. (2008), “Bank Ownership Type and Banking Relationships”. Journal of Financial Intermediation, pp.37–62.
 
Bernad, c., Fuentelsaz, L. and Gomez J. (2010), “The Effect of Mergers and Acquisitions on Productivity: An Empirical Application to Spanish Banking”. The International Journal of Management Science, Vol.38, pp.283–293.
 
Bruno, V. and Hauswald, R., 2009. “The Real Effect of Foreign Banks”. Paolo Baffi Centre Research Paper Series No. 2009-50
 
Canhoto, A. and Dermine, J. (2003), “A Note on Banking Efficiency in Portugal, New vs. Old Banks”, Journal of Banking and Finance, Vol.27(11), pp.2087-2098.
 
Charnes, A., Cooper, W. W. and Rhodes, E. (1978), “Measuring the Efficiency of Decision-making Units”, European Journal of Operations Research, Vol.2, pp.429-444.
 
Chen, S.-H. and Liao, C.-C. (2011), “Are Foreign Banks More Profitable than Domestic Banks? Home- and Host-country Effects of Banking Market Structure, Governance, and Supervision”, Journal of Banking and Finance, Vol.35(4), pp.819-839.
 
Das A. and Ghosh S. (2006), “Financial Deregulation and Efficiency: An Empirical Analysis of Indian Banks During the Post Reform Period”. Review of Financial Economics, Vol.15, pp.193-221.
 
De Haas, R. and Lelyveld, I. (2006), “Foreign banks and credit stability in Central and Eastern Europe: A Panel Data Analysis”. Journal of Banking and Finance Vol.30, pp.1927–1952.
 
Dell’Ariccia, G. and Marquez, R. (2004), “Information and Bank Credit Allocation”. Journal of Financial Economics, Vol.72, pp.185–214.
 
Demirguc-Kunt, A., Detragiache, E. and Tressel, T. (2008). “Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness”. Journal of Financial Intermediation, Vol.17, pp.511–542.
 
Drake, L. and Hall M. J. B. (2003), “Efficiency in Japanese banking: An empirical analysis”. Journal of Banking and Finance, Vol.27, pp.891-971.
 
Feito-Ruiz, I. and Menendez-Requejo, S. (2011), “Cross-border Mergers and Acquisitions in Different Legal Environments”. International Review of Law and Economics, forthcoming.
 
Gehrig, T. (1998), “Screening, Cross-border Banking, and the Allocation of Credit”. Research in Economics, Vol.52, pp.387-407.
 
Gianneti, M. and Ongena, S. (2009), “Financial Integration and Firm Performance_ Evidence from Foreign Bank Entry in Emerging Markets”. Review of Finance, Vol. 13, pp.181–223
 
Havrylchyk, O. (2006), “Efficiency of the Polish Banking Industry: Foreign versus Domestic Banks”. Journal of Banking and Finance, Vol.30, pp.1975-1996
 
Havrylchyk, O. and Jurzyk, E. (2011), Profitability of Foreign and Domestic Banks in Central and Eastern Europe : Does the Mode of Entry Matter ? Economics of Transition, forthcoming.
 
Hryckiewicz, A. and Kowalewski, O. (2011). "Why do Foreign Banks Withdraw from Other Nations. International Finance, Vol.14(1), pp.67–102
 
Kaufmann, D. and Kraay, A. and Mastruzzi, M. (2007), The Worldwide Governance Indicators Project: Answering the Critics. Policy Research Working Paper Series 4149. The World Bank.
 
Kosmidou, K., Pasiouras, F., Tsaklanganos, A. (2007), “Domestic and Multinational Determinants of Foreign Bank Profits: The Case of Greek Banks Operating Abroad”. Journal of Multinational Financial Management, Vol.17, pp.1-5.
 
La Porta, R., Lopez-de-Silanes, F. and Shleifer A. (1999), “Corporate Ownership Around the World”, Journal of Finance, Vol.54, pp.471–517.
 
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000), “Investor Protection and Corporate Governance”, Journal of Financial Economics, Vol.58, pp.3–27.
 
Lehner, M. (2009), “Entry Mode Choice of Multinational Banks”. Journal of Banking and Finance, Vol.33, pp.1781–1792.
 
Lensink R., Meesters, A. and Naaborg, I. (2008), “Bank Efficiency and Foreign Ownership: Do Good Institutions Matter?” Journal of Banking and Finance, Vol.32, pp.834–844.
 
Maudos, J., Pastor, J. M., Perez, F. and Quesada, J. (2002), “Cost and profit efficiency in European banks”. Journal of International Financial Markets, Institutions and Money, Vol.12, pp.33–58.
 
Pagano, M. and Jappelli, T. (1993), "Information sharing in credit markets". Journal of Finance,Vol. 48, pp.1693–1718.
 
Pasiouras, F. (2007), “International Evidence on the Impact of Regulations and Supervision on Banks’ Technical Efficiency: An Application of Two-Stage Data Envelopment Analysis”. Review of Quantitative Finance and Accounting, Vol. 30, pp.187-223.
 
Pasiouras, F., Tanna, S. and Zopounidis, C. (2009), “The Impact of Banking Regulations on Banks'' Cost and Profit Efficiency: Cross-country Evidence”. International Review of Financial Analysis, Vol. 18, pp.294–302.
 
Poghosyan, T. and de Haan J. (2010), “Determinants of Cross-Border Bank Acquisitions in Transition Economies”. Economics of Transition, Vol. 18(4), pp.671–696
 
Sengupta, R., (2007), “Foreign Entry and Bank Competition”, Journal of Financial Economics, Vol. 84(2), pp.502-528.
 
Tsai, H. P., Chang, Y. C. Hsiao, P. H. (2011). “What Drives Foreign Expansion of the Top 100 Multinational Banks? The Role of the Credit Reporting System”. Journal of Banking and Finance, Vol. 35, pp.588–605.
 
Vo Thi, N. A. and Vencappa, D. (2008), “Does the Entry Mode of Foreign Banks Matter for Bank Efficiency? Evidence From the Czech Republic,Hungary, and Poland”. William Davidson Institute Working Paper, Number 925.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔