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題名 考量內生性生產要素與非意欲產出問題下探討CSR活動對銀行業經濟效率之影響
A study of the effects of bank`s CSR activities on its economic efficiency when endogenous inputs and undesirables present作者 邱義晃
Chiu, Yi-Huang貢獻者 黃台心
Huang, Tai-Hsin
邱義晃
Chiu, Yi-Huang關鍵詞 隨機邊界法
工具變數
投入面方向距離函數
企業社會責任
環境變數
非意欲產出
技術無效率
配置無效率
Stochastic frontier analysis
Instrumental variables
Input directional distance function
Corporate social responsibility
Environmental variable
Undesirable outputs
Technical inefficiency
Allocative inefficiency日期 2021 上傳時間 1-Nov-2021 11:54:09 (UTC+8) 摘要 隨著經濟成長與環境變遷,企業經營開始注重環境、社會和公司治理(ESG),本文針對這個議題,探討企業社會責任投入對銀行業經濟效率之影響,CSR資料取自EIRIS之2003-2014年32個國家287家銀行,要素投入與產出數據取自Bureau Van Dijk公司之ORBIS Bank Focus全球銀行與金融分析資料庫,利用隨機邊界方法考慮生產要素內生性與非意欲產出,同時探討技術與配置效率議題。採用Amsler, Prokhorov and Schmidt (2016)工具變數法解決要素內生性問題,確保迴歸係數估計值具備一致性,實證結果顯示總成本無效率主要來自配置無效率,而非技術無效率,此發現與銀行業常進行組織結構改造,重新調整人力、資本與資金等以改善配置無效率相呼應一致。進一步將技術和總無效率與環境變數連結,包括(1)前五大銀行市占率、(2) 銀行成立年數、(3)CSR員工項目分數、(4)資產報酬率、(5)淨值資產比、(6) CSR公司治理分數、(7)銀行資產/GDP比、(8)人均GDP等8個環境變數,其中前三項主要影響技術無效率因素,結果發現環境變數確實影響銀行經營效率,擬定執行經營策略納入考慮有其重要性。並將研究資料依年份期間與洲別分類,發現2007-2009年次貸風暴期間銀行經營效率最低,但三個期間的差異未達統計顯著;洲別分類以亞洲銀行經營效率最低,檢定發現歐洲與美洲銀行經營效率顯著高於亞洲銀行,研判與亞洲銀行種族文化、經濟環境與規模差異較大有關。文中比較不考慮(1)內生性、(2) CSR與(3)非意欲產出對經營效率之影響,發現造成技術無效率與配置無效率誤置,導致銀行經營者執行錯誤的經營策略方向,反而造成資源更多的浪費,評估銀行經營效率的影響因素必須充份完整,不得不慎。
With economic growth and environmental changes, firms begin to engage in activities of environment, society, and corporate governance (ESG). This dissertation focuses on these topics and examines the impact of corporate social responsibility (CSR) on economic efficiency of the banking industry. CSR related data are taken from EIRIS database spanning 2003-2014, including 287 banks from 32 countries. Input and output variables are collected from ORBIS Bank Focus database of Bureau Van Dijk. We use the stochastic frontier analysis that takes account of endogenous input and undesirable output into account to estimate technical and allocative efficiency for the sample banks. Following Amsler, Prokhorov and Schmidt (2016), we use instrumental variable approach to solve the endogeneity problem, which ensures the consistency of the parameter estimates. We estimate an input directional distance function and a cost frontier. The empirical results show that the total cost inefficiency is mainly from allocative inefficiency, rather than technical inefficiency. This suggests that the sample banks reallocate the employment of labor, capital, and funds in such a way as to improve allocative efficiencies.We allow technical inefficiency to be correlated with eight environmental variables, including (1) the market share of the top five banks, (2) the number of years the banks have established, (3) the scores of CSR employee, (4) return on assets, (5) equity to assets ratio, (6) the scores of CSR corporate governance, (7) the ratio of bank assets to GDP, and (8) per capita GDP. We claim that the first three variables affect technical inefficiency, while the remaining five variables impact cost inefficiency. Empirical results support the use of the chosen environmental variables to account for inefficiency. The data are further classified by year and location (continents). Evidence is found that during the period of the financial crisis in 2007-2009, various efficiency measures are found to be the lowest, while the differences between other periods do not attain statistical significance. As far as location is concerned, banks operating in Asia have the lowest operation efficiency, while European and American banks are found to be outperform Asian banks on average. This may be attributed to environmental differences, including ethnic culture, economic environment, legal system, and operation scale. The models that ignore (1) endogeneity, (2) CSR activities, and (3) undesirable output tend to obtain biased technical and allocative inefficiency measures, leading bank managers to adopt wrong business strategies. 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國立政治大學
金融學系
102352505資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102352505 資料類型 thesis dc.contributor.advisor 黃台心 zh_TW dc.contributor.advisor Huang, Tai-Hsin en_US dc.contributor.author (Authors) 邱義晃 zh_TW dc.contributor.author (Authors) Chiu, Yi-Huang en_US dc.creator (作者) 邱義晃 zh_TW dc.creator (作者) Chiu, Yi-Huang en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Nov-2021 11:54:09 (UTC+8) - dc.date.available 1-Nov-2021 11:54:09 (UTC+8) - dc.date.issued (上傳時間) 1-Nov-2021 11:54:09 (UTC+8) - dc.identifier (Other Identifiers) G0102352505 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137658 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 102352505 zh_TW dc.description.abstract (摘要) 隨著經濟成長與環境變遷,企業經營開始注重環境、社會和公司治理(ESG),本文針對這個議題,探討企業社會責任投入對銀行業經濟效率之影響,CSR資料取自EIRIS之2003-2014年32個國家287家銀行,要素投入與產出數據取自Bureau Van Dijk公司之ORBIS Bank Focus全球銀行與金融分析資料庫,利用隨機邊界方法考慮生產要素內生性與非意欲產出,同時探討技術與配置效率議題。採用Amsler, Prokhorov and Schmidt (2016)工具變數法解決要素內生性問題,確保迴歸係數估計值具備一致性,實證結果顯示總成本無效率主要來自配置無效率,而非技術無效率,此發現與銀行業常進行組織結構改造,重新調整人力、資本與資金等以改善配置無效率相呼應一致。進一步將技術和總無效率與環境變數連結,包括(1)前五大銀行市占率、(2) 銀行成立年數、(3)CSR員工項目分數、(4)資產報酬率、(5)淨值資產比、(6) CSR公司治理分數、(7)銀行資產/GDP比、(8)人均GDP等8個環境變數,其中前三項主要影響技術無效率因素,結果發現環境變數確實影響銀行經營效率,擬定執行經營策略納入考慮有其重要性。並將研究資料依年份期間與洲別分類,發現2007-2009年次貸風暴期間銀行經營效率最低,但三個期間的差異未達統計顯著;洲別分類以亞洲銀行經營效率最低,檢定發現歐洲與美洲銀行經營效率顯著高於亞洲銀行,研判與亞洲銀行種族文化、經濟環境與規模差異較大有關。文中比較不考慮(1)內生性、(2) CSR與(3)非意欲產出對經營效率之影響,發現造成技術無效率與配置無效率誤置,導致銀行經營者執行錯誤的經營策略方向,反而造成資源更多的浪費,評估銀行經營效率的影響因素必須充份完整,不得不慎。 zh_TW dc.description.abstract (摘要) With economic growth and environmental changes, firms begin to engage in activities of environment, society, and corporate governance (ESG). This dissertation focuses on these topics and examines the impact of corporate social responsibility (CSR) on economic efficiency of the banking industry. CSR related data are taken from EIRIS database spanning 2003-2014, including 287 banks from 32 countries. Input and output variables are collected from ORBIS Bank Focus database of Bureau Van Dijk. We use the stochastic frontier analysis that takes account of endogenous input and undesirable output into account to estimate technical and allocative efficiency for the sample banks. Following Amsler, Prokhorov and Schmidt (2016), we use instrumental variable approach to solve the endogeneity problem, which ensures the consistency of the parameter estimates. We estimate an input directional distance function and a cost frontier. The empirical results show that the total cost inefficiency is mainly from allocative inefficiency, rather than technical inefficiency. This suggests that the sample banks reallocate the employment of labor, capital, and funds in such a way as to improve allocative efficiencies.We allow technical inefficiency to be correlated with eight environmental variables, including (1) the market share of the top five banks, (2) the number of years the banks have established, (3) the scores of CSR employee, (4) return on assets, (5) equity to assets ratio, (6) the scores of CSR corporate governance, (7) the ratio of bank assets to GDP, and (8) per capita GDP. We claim that the first three variables affect technical inefficiency, while the remaining five variables impact cost inefficiency. Empirical results support the use of the chosen environmental variables to account for inefficiency. The data are further classified by year and location (continents). Evidence is found that during the period of the financial crisis in 2007-2009, various efficiency measures are found to be the lowest, while the differences between other periods do not attain statistical significance. As far as location is concerned, banks operating in Asia have the lowest operation efficiency, while European and American banks are found to be outperform Asian banks on average. This may be attributed to environmental differences, including ethnic culture, economic environment, legal system, and operation scale. The models that ignore (1) endogeneity, (2) CSR activities, and (3) undesirable output tend to obtain biased technical and allocative inefficiency measures, leading bank managers to adopt wrong business strategies. We recommend that researchers incorporate the above three factors in their empirical models. en_US dc.description.tableofcontents 第一章 前言 11.1 研究背景 11.2 研究動機與目的 41.3 研究流程與架構 7第二章 文獻回顧 82.1 企業社會責任 82.1.1 企業社會責任定義 82.1.2 企業社會責任發展沿革 102.1.3 企業社會責任衡量範疇與影響 122.1.4 企業社會責任績效衡量 142.2 方向距離函數與非意欲產出 202.2.1 國內文獻 202.2.2 國外文獻 222.3 內生性 252.3.1 內生性緣由與特質 252.3.2 相關文獻 262.4 銀行業效率分析 302.4.1 資料包絡分析法 302.4.2 隨機邊界法 322.4.3 總要素生產力 392.4.4 共同生產邊界 41第三章 研究方法 443.1 投入產出變數定義與效率衡量 443.1.1 投入產出變數與效率 443.1.2 隨機邊界法 453.1.3 方向距離函數 483.2 內生性生產要素與環境變數 533.2.1 內生性問題 533.2.2 環境變數 553.3 銀行業參與社會責任程度 58第四章 實證結果 634.1 銀行投入產出與環境變數 634.1.1 不同資料期間 664.1.2 所得分類 674.1.3 洲別分類 684.1.4 環境變數 704.2 內生性與工具變數 764.2.1 不同資料期間技術效率 804.2.2 洲別技術效率 814.3 環境變數 844.3.1 不同資料期間技術效率 874.3.2 洲別技術效率 884.4 比較分析 914.4.1 忽略內生性問題 914.4.2 不考慮CSR 934.4.3 不考慮非意欲產出 954.5 總效率與配置效率 984.5.1 總效率與配置效率-不考慮環境變數 984.5.2 總效率與配置效率-考慮環境變數 1034.6 比較分析-總效率與配置效率 1094.6.1 忽略內生性問題-總效率與配置效率 1094.6.2 不考慮CSR-總效率與配置效率 1104.6.3 不考慮非意欲產出-總效率與配置效率 111第五章 結論與建議 1145.1 結論 1145.2 研究建議 118參考文獻 119 zh_TW dc.format.extent 1481331 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102352505 en_US dc.subject (關鍵詞) 隨機邊界法 zh_TW dc.subject (關鍵詞) 工具變數 zh_TW dc.subject (關鍵詞) 投入面方向距離函數 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 環境變數 zh_TW dc.subject (關鍵詞) 非意欲產出 zh_TW dc.subject (關鍵詞) 技術無效率 zh_TW dc.subject (關鍵詞) 配置無效率 zh_TW dc.subject (關鍵詞) Stochastic frontier analysis en_US dc.subject (關鍵詞) Instrumental variables en_US dc.subject (關鍵詞) Input directional distance function en_US dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) Environmental variable en_US dc.subject (關鍵詞) Undesirable outputs en_US dc.subject (關鍵詞) Technical inefficiency en_US dc.subject (關鍵詞) Allocative inefficiency en_US dc.title (題名) 考量內生性生產要素與非意欲產出問題下探討CSR活動對銀行業經濟效率之影響 zh_TW dc.title (題名) A study of the effects of bank`s CSR activities on its economic efficiency when endogenous inputs and undesirables present en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻池祥麟、陳庭萱(2004),銀行業企業社會責任之探討,台灣金融財務季刊,5(2),111-127。李文福、張民忠、王媛慧(2015),衡量與分解臺灣銀行業生產力與利潤力變動,經濟研究,51(2),305-356。李宜謙(2010),應用方向距離函數估計台灣銀行業效率與生產力,國立政治大學經濟學碩士論文。李秀英、劉俊儒、楊筱翎(2011),企業社會責任與公司績效之關聯性,東海管理評論,13(1),77-111。沈中華、陳庭萱(2008),台灣商業銀行修正呆帳提列後的成本效率實證研究,經濟論文,36(2),223-247。林灼榮、張國雄、徐啟升、邱敬貿(2007),金融自由化對台灣十大行庫營運績效之影響,經濟研究,43(1),1-33。林宜諄(2008),企業社會責任入門手冊,天下遠見。林炳文(2002),臺灣地區商業銀行合併效率性之分析-資料包絡分析法的應用,臺灣管理學刊,1(2),341-356。卓佳慶(2011),以方向性距離函數法衡量本國銀行業之效率與生產力-考慮逾放比率,台灣銀行季刊,62(1),26-41。胡聚男(2020),利用網絡 DEA 與網絡 SFA 探討企業社會責任對於銀行效率之影響,國立政治大學金融所博士論文。姚富元(2007),台灣地區金融控股公司子銀行與一般商業銀行經營績效分析:隨機邊界利潤函數之應用,國立中興大學應用經濟研究所碩士論文。莊國柱、吳振國(2006),臺灣區農會信用部經營效率評估:非意欲因素資料包絡分析法的應用,東吳經濟商學學報,52,1-26。陳柏琪、張靜貞、游明敏與徐世勳(2009),臺灣地區農會經營績效之評估-多部門資料包絡法之應用,經濟論文叢刊,37(4),415-453。陳昱宏、方顯光、蘇怡真(2012),台灣之銀行業經營與財務績效分析,華人經濟研究,10(2),79-103。張穎中(2017),企業社會責任與成本效率之關係-隨機成本邊界法,國立政治大學金融所碩士論文。黃台心(1997),臺灣地區本國銀行成本效率之實證研究-隨機邊界模型之應用,人文及社會科學集刊,9(1),85-123。黃台心(1998),以隨機成本邊界函數分析本國銀行的規模與多元經濟,經濟論文叢刊,26(2),209-241。黃台心(2002),我國多產出銀行業不完全競爭策略行為之研究,經濟論文,30(1),79-113。黃台心、王美惠(2005),考慮技術與配置無效率下的銀行業規模與多元經濟分析,東吳經濟商學學報,50,1-44。黃台心、沈中華、吳孟紋、張穎中(2019),在隨機成本架構下銀行從事CSR會否影響其效率?財務金融學刊,27(4),1-32。黃台心、林嘉偉、胡聚男(2019),考慮單調性與曲度於貝氏隨機方向距離函數以衡量生產效率,經濟論文叢刊,47 (2),273-320。黃台心、張寶光、邱郁芳(2009),應用共同成本函數探討東亞六國銀行業之生產效率,經濟論文,37,61-100。黃旭寧(2017),企業社會責任與銀行成本效率之關係-兩階段資料包絡分析法,國立政治大學金融所碩士論文。黃美瑛、盧彥瑋(2008),台灣金融業結合案例之經濟效益評估-金控公司範疇經濟衡量,公平交易季刊,16(4),31-66。黃建銘(2006),企業社會責任與營運績效分析:兩層級資料包絡分析法之應用,國立政治大學財政所碩士論文。黃國睿(2014),金融監理制度對商業銀行利潤效率之影響--亞洲12國之實證分析,國立政治大學金融所碩士論文。梁連文、李盈慧(2016),企業社會責任與銀行效率關聯性之探討-三階段資料包絡分析法,會計與財金研究,9(1),11-30。梁連文、彭顯浩(2016),公司治理、外資進入可提升銀行效率嗎?金控與非金控銀行之比較分析,績效與策略研究,13(1),21-44。梁連文、黃舒筠(2013),企業社會責任可提升銀行經營績效嗎?-隨機邊界法之應用,中華管理績效評鑑學會,5(2),49-66 。馮燕(2004),企業型基金會公益資源運用個案研究,行政院國家科學委員會專題研究計畫成果報告。馮璐、吳夢(2018),互聯網金融對中國商業銀行利潤效率的影響研究,武漢金融,2018(10),41-53。曾昭玲、陳世能、林俊宏(2005),逾放比對銀行經營績效影響之多期性研究,台灣金融財務季刊,6(4),41-68。楊文、孫蚌珠、程相賓(2015),中國國有商業銀行利潤效率及影響因素-基於所有權結構變化視角,經濟學(季刊),2015(1),535-556。楊永列、黃鏡如(2010),台灣地區本國銀行生產面與成本面 Malmquiest生產力指數之估計,經濟論文叢刊,37(4),353-378。詹維玲、劉景中(2006),金融自由化後台灣銀行的效率與生產力,經濟論文,34(4),251-300。劉松瑜、謝棋、溫育芳(2006),台灣銀行業在金控與非金控架構下之效率分析,台灣金融財務季刊,7(3),127-176。劉孟飛、王軍(2015),系統性風險約束下的商業銀行成本、利潤效率比較研究,中國管理科學,23(12),27-34。劉湘國(1998),臺灣地區一般新、舊銀行經營效率之比較:利潤函數之應用與研究,國立交通大學管理科學研究所碩士論文。鄭秀玲、劉育碩(2000),銀行規模、多角化程度與經營效率分析-資料包絡法之應用,人文及社會科學集刊,12(1),103-148。鍾朝偉(2013),台灣金融控股公司的成本與利潤效率之分析,國立中興大學應用經濟研究所碩士論文。戴錦周、丁佳瑜(2006),台灣商業銀行成本效率與風險之研究-異質變異隨機邊界分析之應用,亞洲管理與人文科學期刊,1(3),404-421。英文文獻Ackerman, R. 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