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題名 金融航向東南亞：新加坡分行的經營策略與啟示
Sailing Banking and Finance to Southeast Asia: Strategies and Insights from Bank Branches in Singapore
作者 謝文傑
Hsieh, Wen-Chieh
貢獻者 許永明
謝文傑
Hsieh, Wen-Chieh
關鍵詞 杜邦分析法
海外分行
新加坡
DuPont Analysis
Overseas Branch
Singapore
日期 2026
上傳時間 2-Feb-2026 12:13:35 (UTC+8)
摘要 本篇論文的研究目的係分析台資銀行新加坡分行經營績效的差異，探討其背後原因，據此提出台資銀行於經營新加坡分行及東協市場時可採行的經營策略。 研究方法採用杜邦分析法（DuPont Analysis），將股東權益報酬率（ROE）分解為淨利率（Profit Margin）、資產週轉率（Asset Turnover）及權益乘數（Equity Multiplier）三大構面，並進一步分析各銀行在新加坡分行的經營績效。研究資料為比較的六家台資銀行，其新加坡分行2022年~2024經會計師簽證的財務報告。 研究發現，因授信資產品質下降所提列的準備或壞帳打銷是影響各銀行獲利能力的重要因素，創造財富管理等手續費的收入來源以及建立穩定且分散的存款來源可有效提高資產報酬率。建議銀行管理階層在擴展海外市場時應重視信用風險管理，善用新加坡為東協國家金融中心及高資產客群聚落的市場地位，以新加坡分行做為該區域經營中心向外經營。
The purpose of this thesis is to analyze the differences in business performance among Taiwanese banks’ Singapore branches, explore the underlying causes, and propose operational strategies that Taiwanese banks can adopt when managing their Singapore branches and expanding into ASEAN markets. The research employs the DuPont Analysis framework, decomposing Return on Equity (ROE) into three key components: Profit Margin, Asset Turnover, and Equity Multiplier, to further assess the operational performance of each bank’s Singapore branch. The study is based on audited financial reports from six banks’ Singapore branches covering the years 2022 to 2024. Research findings indicate that provisions and loan write-offs arising from deteriorating credit asset quality are key factors affecting banks’profitability. In contrast, developing fee-based income sources such as wealth management services and establishing stable and well-diversified funding bases can effectively enhance return on assets. Accordingly, it is recommended that bank management place strong emphasis on credit risk management when expanding into overseas markets. In addition, banks should leverage Singapore’s position as a financial hub for ASEAN economies and a major center for high-net-worth clients, using their Singapore branches as regional operating hubs to support broader regional expansion.
參考文獻 中文部分 1.中國信託銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 2.台北富邦銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 3.台新銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 4.玉山銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 5.兆豐銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 6.安侯建業KPMG (2025)，2025台灣銀行業報告。 7.金管會金融統計月報，2025.10。 8.國泰世華銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 英文部份 1.Arsad, R., Shaari, S. N. M., & Isa, Z. (2017, November). Comparative study on DuPont analysis and DEA models for measuring stock performance using financial ratio. In Proceedings of the IMT-GT International Conference on Mathematics, Statistics and Their Applications (ICMSA2017) (pp. 167–174). Universiti Utara Malaysia. https://ui.adsabs.harvard.edu/abs/2017arXiv171207782A\Bui, C. N. M., & Martens, W. (2022). A comparison of DEA and the stochastic frontier model using panel data: Efficiency of Chinese local banks. Journal of Economic Studies, 49(5), 961–981. https://doi.org/10.1108/JES-05-2020-0249 2.Budi, R. F., Wibowo, F. D., & Rahman, A. (2025). DuPont system analysis in measuring company financial performance (Case study of Bank Central Asia and Bank Rakyat Indonesia period 2021–2023). WANARGI: Jurnal Manajemen dan Akuntansi, 2(2), 224–232. https://wanargijma.org/index.php/jma/article/view/63 3.Chang, W.-H. (2025). An analysis of Taiwanese banks’foreign direct investment timing in Japan: The role of external environmental factors. International Journal of Research in Business and Social Science, 14(1), 58–64. (SSBFNet) 4.Cheng, C.-P., Liang, L.-W., & Huang, C.-T. (2014). Effect of internationalization on the cost efficiency of Taiwan’s banks. Emerging Markets Finance and Trade, 50(S6), 204–228. https://doi.org/10.1080/1540496X.2014.1013857 (IDEAS/RePEc) 5.Chen, Y. M., & Hsu, J. C. (2018). Strategic frameworks for international expansion: A study of Taiwanese banks in Southeast Asia. Journal of International Financial Markets, Institutions and Money, 54, 25–39. https://doi.org/10.1016/j.intfin.2017.12.005 6.Chung, H.-J. (2015). Internationalization of the Taiwan banking industry, 1990–2001 International Journal of Social Science and Humanity, 5(3), 286–293. (ResearchGate) 7.Hsieh, M. F., & Shen, C. H. (2010). The determinants of the entry strategies of foreign banks in host countries: Institution vs. culture. The Service Industries Journal, 30(14), 2331–2352. https://doi.org/10.1080/02642060802626203 8.Huang, Y.-J., & Wang, Q. (2014). Becoming a wealth management centre and international relations implications: The Singapore policy approach and global and regional responses Japanese Journal of Political Science, 15(3), 421–450. (Cambridge University Press & Assessment) 9.Idris, M., & Hasbiah, S. (2021). Assessment of financial performance at PT Bank Tabungan Negara (Persero) Tbk using the DuPont system. Point of View Research Management, 2(1), 39–46. https://journal.accountingpointofview.id/index.php/povre/article/view/21 10.Lawrence, J., & Woo, J. (2025). Sustainability in Singapore’s financial sector: Asset management and ESG compliance. Capital Markets Law Journal, 20(4), xxx–xxx. https://doi.org/10.1093/cmlj/kmaf022 (OUP Academic) 11.Liang, C. H., Tsai, Y. J., & Lin, C. C. (2022). Taiwan’s banks’ entry strategy and performance in ASEAN countries: Institutional perspective and gradualism. Journal of Asian Business and Economic Studies, 29(3), 389–405. https://doi.org/10.1108/JABES-06-2020-0075 12.Lesmana, T. (2019). Penilaian kinerja keuangan 5 perusahaan perbankan terbesar periode 2010–2012 menggunakan DuPont system. Binus Business Review, 4(2), 729–738. https://doi.org/10.21512/bbr.v4i2.1412 13.Liu, H.-H., & Ko, W.-C. (2017). Measuring the degree of internationalization for Taiwanese banking industry: Scoring measurement by principal component analysis. International Business Research, 10(6), 212–222. https://doi.org/10.5539/ibr.v10n6p212 (Semantic Scholar) 14.Ma, Q., & Wang, X. (2023). Performance evaluation of Industrial and Commercial Bank of China based on DuPont analysis. International Journal of Mathematical Sciences and Computing, 9(1), 37–44. https://doi.org/10.5815/ijmsc.2023.01.04 15.Nguyen, H. (2023). Credit risk and financial performance of commercial banks: Evidence from Vietnam. arXiv. https://doi.org/10.48550/arXiv.2304.08217 16.Srinivasan, K., & Rajarajeswari, S. (2021). Financial performance of Indian banks using DuPont analysis – A comparative study. European Journal of Molecular & Clinical Medicine, 8(3), 698–708. https://ejmcm.com/article_14645.html 17.Slager, A. (2003). Internationalization of banks: Strategic patterns and performance In SUE-R European Research Studies (pp. 34–78). 18.Federal Reserve Bank of San Francisco. (2017). Taiwanese banks’ expansion into ASEAN: Drivers and challenges. Asia Focus Report. https://www.frbsf.org/economic-research/publications/asia-focus/2017/may/taiwan-banks-expansion-into-asean/ 19.The Banker. (2024). Taiwanese banks look south: Strategic moves into ASEAN markets. The Banker. https://www.thebanker.com/Asia-Pacific/Taiwanese-banks-look-south-Strategic-moves-into-ASEAN-markets 20.Monetary Authority of Singapore. (2025). Financial stability review 2024. Monetary Authority of Singapore. 21.Monetary Authority of Singapore. (n.d.). Wealth management. Retrieved from https://www.mas.gov.sg/development/wealth-management 22.International Monetary Fund. (2019). Singapore: Financial system stability assessment. IMF Country Report No. 19/001.
描述 碩士
國立政治大學
國際金融碩士學位學程
113ZB1009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113ZB1009
資料類型 thesis
dc.contributor.advisor 許永明zh_TW
dc.contributor.author (Authors) 謝文傑zh_TW
dc.contributor.author (Authors) Hsieh, Wen-Chiehen_US
dc.creator (作者) 謝文傑zh_TW
dc.creator (作者) Hsieh, Wen-Chiehen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Feb-2026 12:13:35 (UTC+8)-
dc.date.available 2-Feb-2026 12:13:35 (UTC+8)-
dc.date.issued (上傳時間) 2-Feb-2026 12:13:35 (UTC+8)-
dc.identifier (Other Identifiers) G0113ZB1009en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161367-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 113ZB1009zh_TW
dc.description.abstract (摘要) 本篇論文的研究目的係分析台資銀行新加坡分行經營績效的差異，探討其背後原因，據此提出台資銀行於經營新加坡分行及東協市場時可採行的經營策略。 研究方法採用杜邦分析法（DuPont Analysis），將股東權益報酬率（ROE）分解為淨利率（Profit Margin）、資產週轉率（Asset Turnover）及權益乘數（Equity Multiplier）三大構面，並進一步分析各銀行在新加坡分行的經營績效。研究資料為比較的六家台資銀行，其新加坡分行2022年~2024經會計師簽證的財務報告。 研究發現，因授信資產品質下降所提列的準備或壞帳打銷是影響各銀行獲利能力的重要因素，創造財富管理等手續費的收入來源以及建立穩定且分散的存款來源可有效提高資產報酬率。建議銀行管理階層在擴展海外市場時應重視信用風險管理，善用新加坡為東協國家金融中心及高資產客群聚落的市場地位，以新加坡分行做為該區域經營中心向外經營。zh_TW
dc.description.abstract (摘要) The purpose of this thesis is to analyze the differences in business performance among Taiwanese banks’ Singapore branches, explore the underlying causes, and propose operational strategies that Taiwanese banks can adopt when managing their Singapore branches and expanding into ASEAN markets. The research employs the DuPont Analysis framework, decomposing Return on Equity (ROE) into three key components: Profit Margin, Asset Turnover, and Equity Multiplier, to further assess the operational performance of each bank’s Singapore branch. The study is based on audited financial reports from six banks’ Singapore branches covering the years 2022 to 2024. Research findings indicate that provisions and loan write-offs arising from deteriorating credit asset quality are key factors affecting banks’profitability. In contrast, developing fee-based income sources such as wealth management services and establishing stable and well-diversified funding bases can effectively enhance return on assets. Accordingly, it is recommended that bank management place strong emphasis on credit risk management when expanding into overseas markets. In addition, banks should leverage Singapore’s position as a financial hub for ASEAN economies and a major center for high-net-worth clients, using their Singapore branches as regional operating hubs to support broader regional expansion.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的及問題 3 第三節 研究重要性與貢獻 5 第二章 文獻回顧 6 第一節 杜邦分析法應用在銀行績效分析 6 第二節 銀行經營績效差異的研究 8 第三節 銀行經營海外市場的策略研究 10 第三章 經營環境與制度背景 13 第一節 新加坡經營環境分析 13 第二節 MAS對外資銀行的規管原則 14 第三節 台資銀行於新加坡的經營型態 16 第四章 研究方法 18 第一節 研究的設計 18 第二節 數據的收集與分析 18 第三節 研究的方法 20 第五章 實證結果 22 第一節 實證數據 22 第二節 杜邦分析研究發現 27 第三節 研究結果分析 29 第四節 個別分行績效探討 34 第六章 建議與結論 40 第一節 研究發現 40 第二節 經營策略建議 41 第三節 研究限制 42 第四節 未來研究方向 43 參考文獻 44zh_TW
dc.format.extent 870889 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113ZB1009en_US
dc.subject (關鍵詞) 杜邦分析法zh_TW
dc.subject (關鍵詞) 海外分行zh_TW
dc.subject (關鍵詞) 新加坡zh_TW
dc.subject (關鍵詞) DuPont Analysisen_US
dc.subject (關鍵詞) Overseas Branchen_US
dc.subject (關鍵詞) Singaporeen_US
dc.title (題名) 金融航向東南亞：新加坡分行的經營策略與啟示zh_TW
dc.title (題名) Sailing Banking and Finance to Southeast Asia: Strategies and Insights from Bank Branches in Singaporeen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分 1.中國信託銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 2.台北富邦銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 3.台新銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 4.玉山銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 5.兆豐銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 6.安侯建業KPMG (2025)，2025台灣銀行業報告。 7.金管會金融統計月報，2025.10。 8.國泰世華銀行新加坡分行(2022~2024)。2022~2024年財務報告書(經會計師簽核) 英文部份 1.Arsad, R., Shaari, S. N. M., & Isa, Z. (2017, November). Comparative study on DuPont analysis and DEA models for measuring stock performance using financial ratio. In Proceedings of the IMT-GT International Conference on Mathematics, Statistics and Their Applications (ICMSA2017) (pp. 167–174). Universiti Utara Malaysia. https://ui.adsabs.harvard.edu/abs/2017arXiv171207782A\Bui, C. N. M., & Martens, W. (2022). A comparison of DEA and the stochastic frontier model using panel data: Efficiency of Chinese local banks. Journal of Economic Studies, 49(5), 961–981. https://doi.org/10.1108/JES-05-2020-0249 2.Budi, R. F., Wibowo, F. D., & Rahman, A. (2025). DuPont system analysis in measuring company financial performance (Case study of Bank Central Asia and Bank Rakyat Indonesia period 2021–2023). WANARGI: Jurnal Manajemen dan Akuntansi, 2(2), 224–232. https://wanargijma.org/index.php/jma/article/view/63 3.Chang, W.-H. (2025). An analysis of Taiwanese banks’foreign direct investment timing in Japan: The role of external environmental factors. International Journal of Research in Business and Social Science, 14(1), 58–64. (SSBFNet) 4.Cheng, C.-P., Liang, L.-W., & Huang, C.-T. (2014). Effect of internationalization on the cost efficiency of Taiwan’s banks. Emerging Markets Finance and Trade, 50(S6), 204–228. https://doi.org/10.1080/1540496X.2014.1013857 (IDEAS/RePEc) 5.Chen, Y. M., & Hsu, J. C. (2018). Strategic frameworks for international expansion: A study of Taiwanese banks in Southeast Asia. Journal of International Financial Markets, Institutions and Money, 54, 25–39. https://doi.org/10.1016/j.intfin.2017.12.005 6.Chung, H.-J. (2015). Internationalization of the Taiwan banking industry, 1990–2001 International Journal of Social Science and Humanity, 5(3), 286–293. (ResearchGate) 7.Hsieh, M. F., & Shen, C. H. (2010). The determinants of the entry strategies of foreign banks in host countries: Institution vs. culture. The Service Industries Journal, 30(14), 2331–2352. https://doi.org/10.1080/02642060802626203 8.Huang, Y.-J., & Wang, Q. (2014). Becoming a wealth management centre and international relations implications: The Singapore policy approach and global and regional responses Japanese Journal of Political Science, 15(3), 421–450. (Cambridge University Press & Assessment) 9.Idris, M., & Hasbiah, S. (2021). Assessment of financial performance at PT Bank Tabungan Negara (Persero) Tbk using the DuPont system. Point of View Research Management, 2(1), 39–46. https://journal.accountingpointofview.id/index.php/povre/article/view/21 10.Lawrence, J., & Woo, J. (2025). Sustainability in Singapore’s financial sector: Asset management and ESG compliance. Capital Markets Law Journal, 20(4), xxx–xxx. https://doi.org/10.1093/cmlj/kmaf022 (OUP Academic) 11.Liang, C. H., Tsai, Y. J., & Lin, C. C. (2022). Taiwan’s banks’ entry strategy and performance in ASEAN countries: Institutional perspective and gradualism. Journal of Asian Business and Economic Studies, 29(3), 389–405. https://doi.org/10.1108/JABES-06-2020-0075 12.Lesmana, T. (2019). Penilaian kinerja keuangan 5 perusahaan perbankan terbesar periode 2010–2012 menggunakan DuPont system. Binus Business Review, 4(2), 729–738. https://doi.org/10.21512/bbr.v4i2.1412 13.Liu, H.-H., & Ko, W.-C. (2017). Measuring the degree of internationalization for Taiwanese banking industry: Scoring measurement by principal component analysis. International Business Research, 10(6), 212–222. https://doi.org/10.5539/ibr.v10n6p212 (Semantic Scholar) 14.Ma, Q., & Wang, X. (2023). Performance evaluation of Industrial and Commercial Bank of China based on DuPont analysis. International Journal of Mathematical Sciences and Computing, 9(1), 37–44. https://doi.org/10.5815/ijmsc.2023.01.04 15.Nguyen, H. (2023). Credit risk and financial performance of commercial banks: Evidence from Vietnam. arXiv. https://doi.org/10.48550/arXiv.2304.08217 16.Srinivasan, K., & Rajarajeswari, S. (2021). Financial performance of Indian banks using DuPont analysis – A comparative study. European Journal of Molecular & Clinical Medicine, 8(3), 698–708. https://ejmcm.com/article_14645.html 17.Slager, A. (2003). Internationalization of banks: Strategic patterns and performance In SUE-R European Research Studies (pp. 34–78). 18.Federal Reserve Bank of San Francisco. (2017). Taiwanese banks’ expansion into ASEAN: Drivers and challenges. Asia Focus Report. https://www.frbsf.org/economic-research/publications/asia-focus/2017/may/taiwan-banks-expansion-into-asean/ 19.The Banker. (2024). Taiwanese banks look south: Strategic moves into ASEAN markets. The Banker. https://www.thebanker.com/Asia-Pacific/Taiwanese-banks-look-south-Strategic-moves-into-ASEAN-markets 20.Monetary Authority of Singapore. (2025). Financial stability review 2024. Monetary Authority of Singapore. 21.Monetary Authority of Singapore. (n.d.). Wealth management. Retrieved from https://www.mas.gov.sg/development/wealth-management 22.International Monetary Fund. (2019). Singapore: Financial system stability assessment. IMF Country Report No. 19/001.zh_TW