Ownership Structure, Supervisory Regulation and the Diversification Effects on Bank Performance

所有權、政府監理與銀行多角化績效

10.6545/JFS.2009.17(4).1

蔡湘萍(Hsiang-Ping Tsai)；張元晨(Yuan-Chen Chang)；賴冠宇(Kuan-Yu Lai)

銀行 ； 多角化 ； 所有權 ； 政府監理 ； Bank ； Diversification ； Ownership ； Government Regulation and Supervision

財務金融學刊

17卷4期（2009 / 12 / 31）

1 - 30

英文

本研究針對70個國家研究銀行的多角化策略效果。我們發現多角化銀行的績效不如業務集中的銀行。我們進一步分析主要股東的監督與主管機關的管制是否有助於降低銀行多角化對其績效的負面影響。結果顯示，在承平時期與金融風暴期間，國內主要股東都能有效減輕多角化的負面績效。雖然國外主要股東在承平時期能降低多角化負面績效，但此效果在金融風暴期間有所改變。相反的，我們發現雖然在承平時期政府持股與主管機關對銀行業務之限制對多角化績效有負面影響，但在金融生風暴期間卻對銀行多角化績效有穩定的效果。

This study examines the effects of banks diversifying into non-traditional activities. Using bank data from 70 countries, we show that diversified banks underperform their specialized peers. We further analyze and compare whether dominant ownership and supervisory regulation help constrain negative diversification performance of banks across different economic periods. The evidence suggests that domestic dominant ownership consistently has the strongest effect on restricting poor diversification performance. Foreign dominant ownership helps limit negative effects of diversification in good times, but this effect has changed during recent financial crisis. Though government ownership and activity restrictions on banks negatively affect bank diversification performance during stable economic periods. they may help stabilize bank diversification performance during turbulent periods of economic shock.

1. Chin, H. H,Lin, Y. E.,Chou, P. H.(2007).Performance persistence and smart money effect: evidence from-Taiwan.Journal of Management,24(3),307-330.
   連結：
2. University of California at Davis Working Paper
3. University of Illionis Working Paper
4. Berk, J. B.,Green, R. C.(2004).Mutual fund flows and performance in rational markets.Journal of Political Economy,112,1269-1295.
5. Bilson, C.,Frino, A.,Heaney, R.(2005).Australian retail fund performance persistence.Accounting and Finance,45,25-42.
6. Blake, C. R.,Elton, E. J.,Gruber, M. J.(1996).The persistence of risk-adjusted mutual fund performance.Journal of Business,69,133-157.
7. Bollen, N. B.,Busse, A.(2005).Short-term persistence in mutual fund performance.The Review of Financial Study,18,569-597.
8. Brown, S. J.,Goetzmann, W. N.(1995).Performance persistence.Journal of Finance,50,679-698.
9. Carhart, M. M.(1997).On persistence in mutual fund performance.Journal of Finance,52,57-82.
10. Chen, J.,Hong, H.,Huang, M.,Kubik, J.(2004).Does fund size erode performance? Liquidity, organizational diseconomies and active money management.American Economic Review,94(5),1276-1302.
11. Fama, E. F.,French, K. R.(1993).Common risk factors in the return on stocks and bonds.Journal of Financial Economics,33,3-56.
12. Frazzini A.,Lamont, O.(2008).Dumb money: mutual fund flows and the cross-section returns.Journal of Financial Economics,88,299-322.
13. George, T.J.,Hwang, C.Y.(2004).The 52-week high and momentum investing.Journal of Finance,59,2145-2176.
14. Goetzamn, W. N.,Peles, N.(1997).Cognitive dissonance and mutual fund investors.Journal of Financial Research,20,145-158.
15. Goetzmann, W. N.,Ibbotson, R.G.(1994).Do winners repeat? Pattern in mutual fund performance.Journal of Portfolio Management,20,9-17.
16. Grinblatt, M.,Titman, S.(1993).Performance measurement without benchmarks: An examination of mutual fund returns.Journal of Business,66,47-68.
17. Gruber, M. J.(1996).Another puzzle: The growth in actively managed mutual funds.Journal of Finance,51,783-810.
18. Jagadeesh, N.,Titman, S.(1993).Returns to buying winners and selling losers: Implication for market efficiency.Journal of Finance,48,65-91.
19. Kacperczyk, M.,C. Sialm,,L. Zheng(2005).On the industry concentration of actively managed equity mutual funds.Journal of Finance,60(4),1983-2011.
20. University of Wisconsin-Milwaukee Working Paper
21. Malkiel B.G.(1995).Retums from investing in equity mutual funds 1971-1991.Journal of Finance,50,549-572.
22. Sapp, T.,Tiwari, A.(2004).Does stock return momentum explain the smart money effect?.Journal of Finance,59,2605-2622.
23. Sawicki, T.,Finn, F.(2002).Smart money and small fund.Journal of Business Finance and Accounting,29,825-846.
24. University of Maryland Working Paper
25. Zheng, L.(1999).Is money smart? A study of mutual fund investors' fund selection ability.Journal of Finance,54,901-933.

1. Lin, Kun-Li,Lin, Kun-Li(2015).Government-Owned Banks, Risks, and Political Influence: International Evidence.財務金融學刊,23(3),29-76.
2. 陳彥廷,李沃牆(2023)。股權集中度與企業經營績效之關聯性。東吳經濟商學學報，106，65-97。
3. 廖懿屏,郭俐君(2020)。The Benefits of Disclosing Internal Control Weaknesses: Evidence from Taiwanese Banks。臺大管理論叢，30(2)，175-210。
4. 魏慧珊、歐仁和、黃志偉、張傳章(2016)。臺灣財務領域研究之回顧與展望。管理學報，33(1)，105-137。