銀行資產與收益多角化是否影響銀行的風險？全球實證分析

Does Banking Diversification Improve Bank Risk Taking? International Evidence

林昆立(Kun-Li Lin)；張妤甄(Yu-Chen Chang)；吳朝欽(T. C. Michael Wu)

Banking ； Diversification ； Bank Stability

兩岸金融季刊

2卷4期（2014 / 12 / 01）

1 - 29

繁體中文

本研究檢視銀行資產與收益多角化對風險的關係，並且進一步分析國家發展程度與市場競爭結構對其關係的影響。本文主要的研究結果發現：在已開發國家且較高競爭程度的銀行市場，則銀行從事資產與收益多角化的經營，將對銀行的風險產生多角化溢價效果；反之，不論是已開發國家或開發中國家，當銀行的市場結構競爭程度較低時，則銀行收益多角化反而會增加銀行的風險，因此符合多角化折價的假說。

This paper investigates whether the diversity of activities conducted by financial institutions influences their risk taking. We find that there is a diversification premium: The risk taking of commercial banks that engage in multiple activities, e.g., lending and non-lending financial services, are lower than if those were broken into financial intermediaries that specialize in the individual activities in high-income and high competition market. Furthermore, we observe that there is a diversification discount in bank with less competition market, suggesting that economic development and bank market structure may play important mitigating roles.

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