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題名 國際化程度與銀行經營績效之關係--台灣銀行業之分析
作者 蔡佳憓
貢獻者 江永裕
蔡佳憓
關鍵詞 銀行國際化
國際化指標
因果關係
縱橫資料
依循客戶
Bank internationalization
DOI
Granger causality
panel data
customers-following
日期 2008
上傳時間 9-May-2016 11:50:06 (UTC+8)
摘要 本論述為找出國際化與績效的互動關係。首先，討論銀行國際化誘因，接著建立一國際化指標衡量台灣銀行業國際化程度，再檢驗兩者的關係。
     採取1998年到2007年底台灣銀行業各年銀行資料，共計樣本數達486筆。由於資料為縱橫資料，故一般迴歸方式，加入固定效果與隨機效果以檢視不同的銀行特點是否有影響結果。另外檢驗國際化與績效和其他國際化誘因之間是否有互動的因果關係。
     將國際化指標定義為海外資產比、海外營收比及海外費用比三者的一般加權指標。國際化誘因則採取：規模、績效、依循客戶、營收市占率、國內外利差、模仿跟風、市場開放與否等八項。結果發現，規模、依循客戶、國外利差等因素都顯著正向影響國際化程度，其中規模及依循客戶又與國際化程度有顯著的因果關係，故可推論國內銀行業國際化的誘因確實有擴大規模及依循客戶的考量。
      以實證結果看來，國際化與績效確實會互相影響。另外，考量個別銀行的特性後，台灣銀行業符合固定效果模型。結果顯示，影響銀行績效的因素在不同銀行間沒有很大的差異，然而各銀行所屬的固定特性不同，確實會深刻影響銀行國際化程度的差異，亦即個別銀行的固定特性是影響國際化的重要因素。可見，銀行利用國際化策略而提升銀行績效的做法是有其前提所在，也就是本身條件要好。
      銀行國際化、績效、規模等因素就像是一個迴圈，彼此影響。也可以說銀行要提升績效的方式有很多，國際化、併購、擴大市場都是策略之一，只是目前在國內銀行業市場有限的關係，造成國際化策略的自然形成，銀行國際化是一種過程、是一種手段，並不一定與績效有因果關係，只是現在剛好走到這裡。
This paper examines the relationships between bank performance and DOI(degree of internationalization). We start with explore the incentives for banks to internationalize themselves. Then we structure an index to measure the degree of internationalization and finally examine the relationships between various variables and performance.
     This study uses unbalanced panel data of the Taiwan bank industry from 1998 to 2007. Besides the often-used regression method, this paper also tests both fixed effect and random effect models with panel data, and examines Granger causality between bank internationalization, performance and incentives of internationalization.
     We find that variables such as scale, customers-following and foreign interest rate spread positively affect bank internationalization; moreover scale and customers-following factor Granger cause bank internationalization. So we can conclude that utilizing-economies-of-scale and following-customers are two incentives justifying the internationalization strategy of Taiwan’s banks.
參考文獻 英文文獻
     1. Aliber, Robert Z. (1976), “Toward a theory of International Banking”
     2. Aliber, Robert Z. (1984), “International Banking：A Survey,” Journal of Money, Credit and Banking, vol. 16, No. 4,Part 2：Bank Market Studies. ,pp. 661-678
     3. Ahmed Riahi-Belkaoui(1998), “The effects of the degree of internationalization on firm performance,” International Business Review7,pp315~321
     4. Buckley, Peter J. , John H. Dunning, and Robert B. Pearce (1977), “The Influence of Firm Size, Industry, Nationality, and Degree of Multinationality in the Growth and Profitability of the World’s Largest Firms,” Weltwirtschaftliches Archiv, CXIV, pp. 243-57.
     5. Barry Williams(1997), “Positive theories of multinational banking：eclectic theory versus internationalization theory,” Journal of economic surveys Vol.11, No.1
     6. Berger, A.N., R. DeYoung, H.Genay and G.F.Udell, (2000), Globalization of financial institutions: evidence from cross-border banking performance. Washington: Federal Reserve Board.
     7. Buhner, Rolf (1987), “Assessing International Diversification of West German Corporations,” Strategic Management Journal, 8 (1), pp. 25-37.
     8. Buckley, Peter. J. and Casson, M. (1976), The Future of the Multinational Enterprise, New York: Jolmes & Meier.
     9. Buckley, Peter. J. (1988), “The limits of Explanation: Testing the Internalization Theory of the Multinational Enterprise,” Journal of International Business Studies, 19(2), pp. 181-94.
     10. Collins, J. Markham (1990), “A Market Performance Comparison of U.S. Firms Active in Domestic Developed and Developing Countries,” Journal of International Business Studies, 21 (2), pp. 271-87.
     11. Casson, M. 1990. “Evolution of multinational banks: a theoretical perspective”. In Jones, G.(ed) Banks as multinational. London: Routledge.
     12. Davidson, W. H. (1980), “The Location of Foreign Investment Activity,” Journal of International Business Studies, 11(2), pp.9-23.
     13. Dunning, John H. (1988), “The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions,” Journal of International Business Studies, 19 (1), pp. 1-31.
     14. Daniels, John D. and Jeffrey Bracker (1989), “Profit Performance: Do Foreign Operations Make a Difference,” Management International Review, 29 (1), pp. 46-56
     15. Dunning, J. H. (1993), Multinational Enterprises and the Global Economy, Addison-Wesley: Workingham. The Economist (1992), “Go west, young firms,” May 9, pp.88-89.
     16. Daniel, Sullivan (1994)，“The Threshold of Internationalization：Replication, Extension and Reinterpretation,” Management International Review vol.34, 1994/2, pp.165-186
     17. Daniel, Sullivan (1994), “Measuring the Degree of Internationalization of a Firm,” Journal of International Business Studies, Vol.25, No. 2, pp. 325-42.
     18. Dario Focarelli &Alberto Franco Pozzolo(2005), “Where do banks Expand abroad? An Empirical Analysis,” Journal of Business 2005,vol. 78, no. 6
     19. Evans, J. and F. T. Mavondo (2002), “Psychic Distance and Organizational Performance: An Empirical Examination of International Retailing
     Operations,” Journal of International Business Studies, 33(3), pp.515-32.
     20. Fayerweather, John (1969), “Canadian Foreign Investment Policy,” California Management Review, Berkeley: Spring 1975.Vol.17 (3), pp.74-83
     21. Fladmoe-Lindquist, K. and S. Tallman (1994), “Resource-Based Strategy and Competitive Advantage among Multinationals,” Advances in Strategic Management, P. Shrivastava, A. Huff, and J. Dutton (Eds.), 10A, Greenwich, CT: JAI Press, pp. 45-72.
     22. Goldberg Lawrence G. and Anthony Saunders (1981), “The determinants of foreign banking activity in the United States,” Journal of Banking and Finance 5,pp17~32
     23. Gray, Jean M. and H. Peter Gray (1981), “The Multinational Bank：A Financial MNC? ”, Journal of Banking and Finance 5,pp33~63
     24. Grant, Robert M. (1987), “Multinationality and Performance among British Manufacturing Companies,” Journal of International Business Studies, 18 (3),
     pp. 79-89.
     25. Grant, Robert M., Azar P. Jammine, and Howard Thomas (1988), “Diversity, Diversification, and Profitability among British Manufacturing Companies,
     1972-1984,” Academy of Management Journal, 31 (4), pp. 771-801.
     26. Gomes, Lenn and Kannan Ramaswamy (1999), “An Empirical Examination of the Form of the Relationship Between Multinationality and Performance,”Journal of International Business Studies, 30 (1), pp. 173-88.
     27. Geringer, J. Michael, S. Tallman, and David M. Olsen (2000), “Product and International Diversification among Japanese Multinational Firms,” Strategic
     Management Journal, 21 (1), pp. 51-80.
     28. Horst, Thomas E. (1972), “Firm and Industry Determinants of the Decision to Invest Abroad,” Review of Economics and Statistics, 54 (August), pp. 258-66.
     29. Hennart, J.-F. (1991), “The Transaction Cost Theory of the Multinational Enterprise,” In The Nature of the Transnational Firm, C. Pitelis and R.Sugden (Eds.), London: Routledge, pp.81-116.
     30. Hymer, S. H. (1976), “The International Operations of National Firms: A Study of Direct Foreign Investment, ” Doctoral dissertation, Cambridge, MA: MIT Press.
     31. Johanson, J. and J.-E. Vahlne (1977), “The Internationalization Process of the Firms – Model of Knowledge Development and Increasing Foreign Market Commitments,” Journal of International Business Studies, 8(1), pp.23-32.
     32. Jordi Canals(1997), Universal Banking：International Comparisons and Theoretical Perspectives, Clarendon Press Oxford.
     33. Jode Paulo Esperanca and Mohamed Azzim Gulamhussen(2001), “(Re)Testing the‘follow the customer’hypothesis in multinational bank expansion,” Journal of Multinational Financial Management 11,pp281-193
     34. Kogut, B. (1985), “Designing Global Strategies: Profiting from Operation
     Flexibility,” Sloan Management Review, 27(1), pp.27-38.
     35. Kim, W. Chan, Peter Hwang, and Willem P. Burgers (1993), “Multinationals’ Diversification and the Risk-Return Trade-Off,” Strategic Management Journal, 14 (4), pp. 275-86.
     36. Magee, S. P. (1977), “Information and the Multinational Corporation: An Appropriability Theory of Direct Foreign Investment,” in New International
     Economic Order (Ch.13), Bhagwati (Eds.), Cambridge: MIT Press,
     pp.317-40.
     37. Mathur, I. and K. Hanagan (1983), “Are Multinational Corporations Superior
     Investment Vehicles for Achieving International Diversification?,” Journal International Business Studies, 14(3), pp.135-46.
     38. Michel, Allen and Israel Shaked (1986), “Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics,” Journal of
     International Business Studies, 17 (3), pp. 89-100.
     39. Maria Ersson, Jan Tryggvason(2007), “Internationalization of Nordic Banks”
     40. Miguel Sebastian and Carmen Hernansanz, The Spanish Banks’ Strategy in Latin America, Vienna, 2000, ISBN 3-902109-01-7.
     41. Olusoga, S. Ade (1993), “Marker Concentration Versus Marker Diversification and Internationalization: Implications for MNE Performance,” International Marketing Review, 10(2), 40-59.
     42. Piercy, Nigel (1981), “Company Internationalisation: Active and Reactive
     Exporting,” European Journal of Marketing, 15 (3), pp. 26-40.
     43. Ramaswamy, Kannan (1995), “Multinationality, Configuration, and Performance: A Study of MNEs in the U.S. Drug and Pharmaceutical Industry,” Journal of International Management, 1 (2), pp. 231-53.
     44. Robert N McCauley, Judith S Ruud and Phillip D Wooldridge(2002), “Globalising international banking,” BIS Quarterly Review, March 2002
     45. Siddharthan, Natteri and Sanjaya Lall (1982), “Recent Growth of the Largest U.S Multinationals,” Oxford Bulletin of Economics and Statistics, 44(1),pp.1-13.
     46. S. Ade Olusoga(1993),“Market Concentration versus Market Diversification and Internationalization: Implications for MNE Performance,” International Marketing Review, Vol. 10,NO.2
     47. Slager(2005), “Internationalization of Banks: Strategic Patterns and Performance,”(中譯本:銀行大就美?銀行國際化的模式、策略與績效，長智文化，民96年，p80~p105, p123~p147)
     48. Thomas Dalsgaard, Jorgen Elmeskov, Cyn-Young Park, Ongoing Changes in the Business Cycle – Evidence and Causes, Vienna, 2002, ISBN 3-902109-12-2.
     49. Teece, D. J., G. Pisano, and A. Shuen (1997), “Dynamic Capabilities and Strategic Management,” Strategic Management Journal, 18(7), pp. 509-34.
     50. Vernon, Raymond (1966), “International Investment and International Trade in the Product Cycle,” Quarterly Journal of Economics, 80, pp. 190-207.
     51. Vernon, Raymond (1971), Sovereignty at bay: The Multinational Spread of U.S.
     Enterprises, New York: Basic Books.
     52. Wells, Louis T. Jr. (1998), “Multinationals and the Developing Countries,” Journal of International Business Studies, 29 (1), pp. 101-14.
     53. Walid Hejazi &Eric Santor(2005), “Degree of Internationalization and Performance：An Analysis of Canadian Banks,” Working paper 2005-32，Bank of Canada
     54. Walter, I.1988. Global competition in financial services. Cambridge, Massachusetts: Ballinger Publishing Company.
     55. Yoshihara, Hiro (1985), “Multinational Growth of Japanese Manufacturing Enterprises in the Postwar Period”, Proceedings of the Fuji International
     Conference on Business History, Tokyo: University of Tokyo Press.
     中文文獻
     1. 中華經濟研究院，民96年，銀行國際化策略之研究，金融研究發展基金會管理委員會九十五年度委託研究計畫
     2. 史萊格，民96年，銀行大就美?銀行國際化的模式、策略與績效，長智文化，p80~p105, p123~p147
     3. 余慈蕙，民93年，國際化和公司績效之關係—台灣企業實證研究，逢甲大學國際貿易所碩士論文
     4. 林惠文，民90年，國際化與多角化對財務績效之影響--本國銀行業之比較分析，商管科技季刊第二卷第四期p377~P397
     5. 林婷鈴，銀行業國際化併購整合性觀念模式之探討
     6. 高淑萍，民90年，台灣上市公司國際化程度對經營績效暨風險影響之探討，台灣科技大學企業管理研究所碩士論文
     7. 喬有慶，民91年，國際化程度、產品差異化能力與績效之關聯性—台灣企業之實證研究，國立政治大學企業管理研究所博士論文
     8. 張瓊心，民94 年，國際化程度對廠商經營績效影響之分析--以台灣製造廠商為例，東吳大學經濟系碩士論文
     9. 張燕玉，民94年，國際化程度對銀行經營績效之影響--以台灣本地銀行為例，政治大學行政管理學系碩士論文
     10. 楊蓁海，民96年，我國銀行業存放利差減少原因剖析與因應對策，中央銀行季刊第二十九卷第二期
     網站
     1. 中央銀行http://www.cbc.gov.tw/
      本國銀行營運績效季報
     2. 金管會http://www.fscey.gov.tw/
      中華民國基本金融資料，銀行局金融業務統計輯要
     3. 各銀行網站
     4. 經濟新報資料庫(TEJ)
描述 碩士
國立政治大學
金融研究所
95352024
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095352024
資料類型 thesis
dc.contributor.advisor 江永裕zh_TW
dc.contributor.author (Authors) 蔡佳憓zh_TW
dc.creator (作者) 蔡佳憓zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 9-May-2016 11:50:06 (UTC+8)-
dc.date.available 9-May-2016 11:50:06 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 11:50:06 (UTC+8)-
dc.identifier (Other Identifiers) G0095352024en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94764-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融研究所zh_TW
dc.description (描述) 95352024zh_TW
dc.description.abstract (摘要) 本論述為找出國際化與績效的互動關係。首先，討論銀行國際化誘因，接著建立一國際化指標衡量台灣銀行業國際化程度，再檢驗兩者的關係。
     採取1998年到2007年底台灣銀行業各年銀行資料，共計樣本數達486筆。由於資料為縱橫資料，故一般迴歸方式，加入固定效果與隨機效果以檢視不同的銀行特點是否有影響結果。另外檢驗國際化與績效和其他國際化誘因之間是否有互動的因果關係。
     將國際化指標定義為海外資產比、海外營收比及海外費用比三者的一般加權指標。國際化誘因則採取：規模、績效、依循客戶、營收市占率、國內外利差、模仿跟風、市場開放與否等八項。結果發現，規模、依循客戶、國外利差等因素都顯著正向影響國際化程度，其中規模及依循客戶又與國際化程度有顯著的因果關係，故可推論國內銀行業國際化的誘因確實有擴大規模及依循客戶的考量。
      以實證結果看來，國際化與績效確實會互相影響。另外，考量個別銀行的特性後，台灣銀行業符合固定效果模型。結果顯示，影響銀行績效的因素在不同銀行間沒有很大的差異，然而各銀行所屬的固定特性不同，確實會深刻影響銀行國際化程度的差異，亦即個別銀行的固定特性是影響國際化的重要因素。可見，銀行利用國際化策略而提升銀行績效的做法是有其前提所在，也就是本身條件要好。
      銀行國際化、績效、規模等因素就像是一個迴圈，彼此影響。也可以說銀行要提升績效的方式有很多，國際化、併購、擴大市場都是策略之一，只是目前在國內銀行業市場有限的關係，造成國際化策略的自然形成，銀行國際化是一種過程、是一種手段，並不一定與績效有因果關係，只是現在剛好走到這裡。		zh_TW
dc.description.abstract (摘要) This paper examines the relationships between bank performance and DOI(degree of internationalization). We start with explore the incentives for banks to internationalize themselves. Then we structure an index to measure the degree of internationalization and finally examine the relationships between various variables and performance.
     This study uses unbalanced panel data of the Taiwan bank industry from 1998 to 2007. Besides the often-used regression method, this paper also tests both fixed effect and random effect models with panel data, and examines Granger causality between bank internationalization, performance and incentives of internationalization.
     We find that variables such as scale, customers-following and foreign interest rate spread positively affect bank internationalization; moreover scale and customers-following factor Granger cause bank internationalization. So we can conclude that utilizing-economies-of-scale and following-customers are two incentives justifying the internationalization strategy of Taiwan’s banks.		en_US
dc.description.tableofcontents 謝辭 I
     中文摘要 II
     英文摘要 III
     表次 V
     圖次 VI
     第一章 序論 1
     第一節 研究背景 1
     第二節 研究目的 3
     第三節 研究架構 4
     第二章 理論基礎與文獻探討 5
     第一節 國際化定義 5
     第二節 國際化相關理論 7
     第三節 銀行國際化 10
     第四節 國際化程度及績效衡量指標 15
     第五節 國際化與經營績效之關係 18
     第三章 台灣本地銀行國際化現況分析 24
     第一節 銀行海外分支機構之型態 24
     第二節 台灣本地銀行國際化之現況 26
     第四章 研究設計 37
     第一節 研究方法 37
     第二節 樣本資料分析 40
     第三節 實證模型設定 45
     第四節 研究限制 46
     第五章 實證結果與分析 47
     第一節 國際化與績效的關係 47
     第二節 國際化與績效、規模之因果關係 61
     第六章 結論與建議 64
     第一節 結論 64
     第二節 後續研究的方向與建議 66
     參考文獻 67		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095352024en_US
dc.subject (關鍵詞) 銀行國際化zh_TW
dc.subject (關鍵詞) 國際化指標zh_TW
dc.subject (關鍵詞) 因果關係zh_TW
dc.subject (關鍵詞) 縱橫資料zh_TW
dc.subject (關鍵詞) 依循客戶zh_TW
dc.subject (關鍵詞) Bank internationalizationen_US
dc.subject (關鍵詞) DOIen_US
dc.subject (關鍵詞) Granger causalityen_US
dc.subject (關鍵詞) panel dataen_US
dc.subject (關鍵詞) customers-followingen_US
dc.title (題名) 國際化程度與銀行經營績效之關係--台灣銀行業之分析zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 英文文獻
     1. Aliber, Robert Z. (1976), “Toward a theory of International Banking”
     2. Aliber, Robert Z. (1984), “International Banking：A Survey,” Journal of Money, Credit and Banking, vol. 16, No. 4,Part 2：Bank Market Studies. ,pp. 661-678
     3. Ahmed Riahi-Belkaoui(1998), “The effects of the degree of internationalization on firm performance,” International Business Review7,pp315~321
     4. Buckley, Peter J. , John H. Dunning, and Robert B. Pearce (1977), “The Influence of Firm Size, Industry, Nationality, and Degree of Multinationality in the Growth and Profitability of the World’s Largest Firms,” Weltwirtschaftliches Archiv, CXIV, pp. 243-57.
     5. Barry Williams(1997), “Positive theories of multinational banking：eclectic theory versus internationalization theory,” Journal of economic surveys Vol.11, No.1
     6. Berger, A.N., R. DeYoung, H.Genay and G.F.Udell, (2000), Globalization of financial institutions: evidence from cross-border banking performance. Washington: Federal Reserve Board.
     7. Buhner, Rolf (1987), “Assessing International Diversification of West German Corporations,” Strategic Management Journal, 8 (1), pp. 25-37.
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     中文文獻
     1. 中華經濟研究院，民96年，銀行國際化策略之研究，金融研究發展基金會管理委員會九十五年度委託研究計畫
     2. 史萊格，民96年，銀行大就美?銀行國際化的模式、策略與績效，長智文化，p80~p105, p123~p147
     3. 余慈蕙，民93年，國際化和公司績效之關係—台灣企業實證研究，逢甲大學國際貿易所碩士論文
     4. 林惠文，民90年，國際化與多角化對財務績效之影響--本國銀行業之比較分析，商管科技季刊第二卷第四期p377~P397
     5. 林婷鈴，銀行業國際化併購整合性觀念模式之探討
     6. 高淑萍，民90年，台灣上市公司國際化程度對經營績效暨風險影響之探討，台灣科技大學企業管理研究所碩士論文
     7. 喬有慶，民91年，國際化程度、產品差異化能力與績效之關聯性—台灣企業之實證研究，國立政治大學企業管理研究所博士論文
     8. 張瓊心，民94 年，國際化程度對廠商經營績效影響之分析--以台灣製造廠商為例，東吳大學經濟系碩士論文
     9. 張燕玉，民94年，國際化程度對銀行經營績效之影響--以台灣本地銀行為例，政治大學行政管理學系碩士論文
     10. 楊蓁海，民96年，我國銀行業存放利差減少原因剖析與因應對策，中央銀行季刊第二十九卷第二期
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