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研究生:陳佳欣
研究生(外文):CHEN, JIA-XIN
論文名稱:國家文化與銀行業之市場競爭
指導教授:林文昌林文昌引用關係
指導教授(外文):LIN, WEN-CHANG
口試委員:郭良瑋賴怡洵
口試委員(外文):KUO, LIANG-WEILAI, YI-HSUN
口試日期:2021-06-18
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
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:2021
畢業學年度:109
語文別:中文
論文頁數:39
中文關鍵詞:國家文化Hofstede文化模型市場競爭Boone指標
外文關鍵詞:national cultureHofstede cultural dimensionsmarket competitionBoone indicator
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過去文獻發現監管制度、總體經濟、科技、金融機構體系和文化因素皆會影響銀行市場競爭程度,但是甚少探討國家文化對於銀行業市場競爭程度可能存在的影響。Hofstede的國家文化價值衡量指標在財務文獻上被廣泛應用在各個公司決策,其衡量架構給予研究國家文化影響更明確定義的衡量方法。本研究以Hofstede(1980)四項國家文化衡量指標:權力距離(Power distance index, PDI)、個人主義(Individualism, IND)、陽剛文化(Masculinity, MAS)和不確定性規避(Uncertainty avoidance index, UAI)作為國家文化不同面向,檢視國家文化是否對銀行業之效率及競爭力產生影響。過去研究市場競爭的相關議題,常以結構變數為基礎,然而許多文獻提出結構衡量方法非競爭的理想指標,因此本研究採用基於效率的競爭之非結構的Boone指標作為銀行市場競爭之代理變數,探討是否具有效率者能獲得競爭力、進而改變銀行市場競爭結構,而支持效率結構假說。
實證結果顯示,當權力距離低、個人主義高、不確定性規避低、陽剛文化高的國家,銀行具有較高的效率及競爭力。另外的實證結果也顯示,在同時考量國家法律經濟及銀行層面控制變數下,以Boone指標的效率變數對市場結構進行迴歸分析,結果皆呈現顯著負向影響,代表效率越高的銀行,市場集中度越低,即銀行可能會因提升營運效率而降低成本、提升獲利時,增加了銀行市場競爭程度。因此本研究不支持效率結構假說,銀行營運效率高者並無法獲得市佔率,而去影響銀行市場結構。

A large body of literature on bank competition suggest that factors such as regulation, macroeconomics, technology, financial system affect can impact market competition in the banking sector. Although there are also a number of studies examining the impact of firm culture or industry culture on bank competition, few studies focusing on the influence of national culture on the market competition in the baking industry. The seminal research by Hofstede (1980) unprecedentedly provides a precise measure national culture, including four dimensions, i.e., Power distance index (PDI), Individualism (IND), Masculinity (MAS), and Uncertainty avoidance index (UAI). This study uses four cultural indexed by Hofstede (1980) as the proxies of national culture to test if national culture can impact the efficiency and market competition in the banking sector.
Previous studies on bank competition suggest that the structural measures may not be adequate indicators of competitive power. This research therefore employs the non-structural measure, Boone indicator, developed by Boone (2008), which is based on the efficient structure (ES) rationale. Boone indicator can capture the extent to which the profits reallocate form less efficient firms to more efficient firms when market competition is increasing. This study first tests if national culture can impact the efficiency in the banking sector, and subsequently tests if banks’ efficiency can affect market structure.
The empirical results suggest that, countries with lower Power distance index and Uncertainty avoidance index, higher Individualism and Masculinity index tend to have a greater extent of market competition. This study also finds that more efficient banks do not dominate the market and hence fails to support the efficient structure hypothesis.

摘要 ii
目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 論文架構 3
第二章 文獻探討 5
第一節 銀行競爭相關文獻 5
第二節 國家文化對於銀行競爭相關文獻 8
第三章 研究方法與設計 11
第一節 研究期間與資料來源 11
第二節 研究模型 11
第三節 變數定義與假說發展 12
第四章 實證結果 20
第一節 敘述性統計 20
第二節 實證結果分析 25
第五章 結論與建議 35
第一節 結論 35
第二節 研究限制及建議 36
參考文獻 37

表目錄
表一、Hofstede 國家文化指標分數 20
表二、國家法律層面指標分數表 21
表三、敘述性統計 23
表四、相關係數表 24
表五、國家文化對銀行 效率 競爭力影響之實證結果 26
表六、銀行效率競爭力對市場結構(CR3)影響之實證結果 30
表七 、 銀行效率競爭力對市場結構(HHI)影響之實證結果 32
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