政府持股與規模對台灣銀行業風險及外部援助之影響

The Impact of Government Ownership and Size on Bank Risk and External Support in Taiwan

10.6277/TER.2017.452.4

黃玉麗(Yu-Li Huang)；林昆立(Kun-Lin Lin)；遲淑華(Shu-Hwa Chih)

政府持股 ； 銀行規模 ； 銀行風險 ； 信用評等 ； 外部援助 ； government ownership ； bank size ； bank risk ； credit rating ； external support

經濟論文叢刊

45卷2期（2017 / 06 / 01）

339 - 389

繁體中文

本文以2002至2012年間，獲得穆迪與惠譽信評公司給予評等的台灣銀行為研究對象。發現本國銀行獲得的銀行個別評等較差，而獲得的發行體評等相對較佳,顯示信評機構認為本國銀行的營運風險高，但違約風險不高。政府持股比率高的銀行，獲得較差的穆迪銀行財務強度評等及惠譽的銀行個別評等,表示信評機構將政府持股比率較高的銀行視為營運風險較高。當銀行規模愈小，信評機構視為違約風險較大，但大規模銀行則無論政府持股高低，不影響違約風險。信評機構評估銀行獲得外部援助的程度，將政府持股比率超過20%的大銀行視為出事時可以獲得較多的外部援助。

This paper uses banks assigned ratings by Moody’s and Fitch from 2002 to 2012 as our sample and uses individual ratings as proxies for operational risk and issuer ratings as proxies for default risk. The results show banks in Taiwan obtain better individual ratings and worse issuer ratings, suggesting higher operational risk but lower default risk. Banks with higher government ownership obtain worse individual ratings, suggesting higher operational risk. Small banks face higher default risk and large banks have lower default risk no matter the ownership structure. Banks with more than 20% government ownership can obtain more external support.

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