金融機構跨業經營及轉投資之利潤與風險：全球實證分析

DO REGULATION AND OWNERSHIP AFFECT BANK PERFORMANCES? GOVERNANCE MAY MATTER

10.29628/AEP.200209.0002

沈中華(Chung-Hua Shen)；張雲翔(Yuen-Hsiang Chang)

銀行管制 ； 銀行體系 ； 綜合銀行 ； 政府效能 ； Bank regulation ； Banking system ； Universal bank ； Governance

經濟論文

30卷3期（2002 / 09 / 01）

275 - 310

繁體中文

本文首先特別針對金融機構跨業經營及轉投資是否有助於銀行績效，進行實證分析。其次探討在不同的政府紀律及管理能力之下，限制度的提高或降低，對於銀行利潤以及風險的影響，將發生何種影響。 本文使用46個國家，共計8,113家銀行，樣本期間為1995年至1999 年進行實證研究。本文的實證結果為：一、政府紀律及管理能力較差的國家，應該盡可能解除其商業銀行在從事證券業、保險業及持有非金融相關事業的限制，以免造成銀行利潤的損失。二、一國如欲限制其商業銀行從事證券業、保險業及持有非金融相關事業，則此國之政府紀律及管理能力必須具備一定的水準，否則提高限制度將加速其銀行利潤的減少。

This paper studies the impacts of the restrictions on a commercial bank's ability to engage in three financial activities and one non-financial activity and their effects on a bank's profits and risks. The former three includes securities, insurance, and real estate, while the latter contains a mix of banking and commerce. Our model further specifies the impacts as the function of government governance (the rule of law), which may overturn the adverse influence into a good influence. Our study demonstrates that restrictions on commercial banks' ability to engage in securities and insurance and restrictions on the mixing of banking and commerce will reduce their profit. However, good governance mitigates these adverse impacts. When the governance index exceeds roughly 8.5, the previous negative effects turn positive. Restrictions on real estate, however, do have positive effects on bank profit, but the impacts of restrictions on banks' risks are, however, less important. While restrictions on securities are found to raise banks' risk, restrictions on the remaining three activities are insignificant in our statistical analyses.

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