學術產出-學位論文

題名 國際銀行於外匯市場之競爭力分析
作者 盧長亨
貢獻者 張元晨
盧長亨
關鍵詞 外匯市場
競爭力
當地貨幣
Foreign exchange market
Competitiveness
Home currency
日期 2007
上傳時間 17-九月-2009 19:19:10 (UTC+8)
摘要 本研究之目的在檢驗國際銀行於外匯市場中競爭力的來源。研究的資料來自於歐元雜誌每年針對外匯市場作的調查,並且採用1996年至2006年各個銀行量性或質性變數。實證結果發現分行分佈的廣度、公司規模大小、併購事件和母公司的當地貨幣強勢與否,與國際銀行在外匯市場的競爭力有顯著的正向關係,然而法律的影響力較不顯著。此外發現金融控股公司和投資銀行比商業銀行在外匯市場更具有競爭力。
The aim of this research is to examine the sources of bank competitiveness inthe foreign exchange market. Using Euromoney’s annual survey of foreignexchange market competitiveness, we test the influence of various factors of
bank competitiveness using data from 1996 to 2006. Results show thatinternational branch networks in major financial centers, firm size, M&A activities,and home currency have positive effects on international banks’competitiveness in the foreign exchange market. The impact of law origin
contributes less to bank competitiveness. We also find that bank holding companies and investment banks are more competitive than commercial banks in the foreign exchange market.
參考文獻 Bank for International Settlements, 2007, Triennial central bank survey of foreign exchange and derivatives market activity in April 2007 – preliminary global results, BIS Quarterly Review.
Bishop, Graham, 2000, 1Q 2000: The measuring Euro bond market, Salomon Smith Barney

Cerutti, Eugenio, Giovanni Dell’Ariccia, Maria Soledad Martı’nez Perı’a, 2007, How banks go abroad: branches or subsidiaries? Journal of Banking & Finance, Volume: 31, Issue 6, June 2007, pp. 1669-1692.
Choi, Sang Rim, Daekeun Park, Adrian E. Tschoegl, 2002, Banks and the world`s major banking centers, 2000, Wharton Financial Institutions Center.
Cohen, Benjamin J., 2003, Global currency rivalry: can the Euro ever challenge dollar? Journal of Common Market Study, Vol. 41. No. 4, pp. 575-95.
Coleman, William D., 1994, Banking, interest intermediation, and political power: A framework for comparative analysis. European Journal of Political Research, 26, pp. 31-58.
Corvoisier, Sandrine, Reint Gropp, 2002, Bank concentration and retail interest rates, Journal of Banking and Finance, Volume: 26, Issue 11, pp. 2155-2189.
Dermine, Jean, 2003, The new world of Euro banking, Handbook of International Banking, pp. 105-129
Euromoney. 1996 – 2007
Gatati, Gabriele, Kostas Tsatsaronis, 2003, The impact of Euro on Europe’s financial market, Financial Markets, Institutions& instruments, Vol. 12,
No. 3
Grubel, Herbert G., 1993, Are banks’ speculative profits at the expense of traders? Banca Nazionale del Lavoro Quarterly Review, No. 174, 363-369.
Holmes, Peter, Paul DiLeo, Thaddeus Russell, John R. Dacey, and Kimberly Reynolds, 1991, Competitiveness in the global foreign exchange market. Federal Reserve Bank of New York Staff Study, International Competitiveness of U.S. Financial Firms.
Jagtiani, Julapa, 1996, Characteristics of banks that are more active in the swap market, Journal of Financial Services Research, 10 (1), pp. 131-141.
Jackson, Howell E., Mark J. Roe, 2007, Public enforcement of securities laws: preliminary evidence, 2nd Annual Conference on Empirical Legal Studies Paper, Harvard Law School; European Corporate Governance Institute (ECGI).
Hu, Yao-su. 1995. The international transferability of the firm’s advantages. California Management Review, 17 (4), pp. 73-88.
Kim, Moshe, Bent Vale, 2001, Non-price strategic behavior: the case of bank branches, International Journal of Industrial Organization, Volume: 19, Issue 10, pp. 1583-1602.
Rhodes, Stephen A., 1982, The relative size of banks and industrial firms in the U.S. and other countries. Journal of Banking and Finance, 6, pp. 579-585.
Rosati, Dariusz, EU enlargement and its macroeconomic effects in Eastern Europe, currencies, prices, investment and competitiveness, 2001, Economic Systems, Volume: 25, Issue: 2, pp. 161-166
Tschoegl, Adrian E, 1997, Country and firm sources of international competitiveness: The case of foreign exchange market, The Performance of Financial Institutions, Wharton Financial Institutions Center’s conference.
描述 碩士
國立政治大學
財務管理研究所
94357003
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094357003
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (作者) 盧長亨zh_TW
dc.creator (作者) 盧長亨zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 17-九月-2009 19:19:10 (UTC+8)-
dc.date.available 17-九月-2009 19:19:10 (UTC+8)-
dc.date.issued (上傳時間) 17-九月-2009 19:19:10 (UTC+8)-
dc.identifier (其他 識別碼) G0094357003en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34063-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 94357003zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 本研究之目的在檢驗國際銀行於外匯市場中競爭力的來源。研究的資料來自於歐元雜誌每年針對外匯市場作的調查,並且採用1996年至2006年各個銀行量性或質性變數。實證結果發現分行分佈的廣度、公司規模大小、併購事件和母公司的當地貨幣強勢與否,與國際銀行在外匯市場的競爭力有顯著的正向關係,然而法律的影響力較不顯著。此外發現金融控股公司和投資銀行比商業銀行在外匯市場更具有競爭力。zh_TW
dc.description.abstract (摘要) The aim of this research is to examine the sources of bank competitiveness inthe foreign exchange market. Using Euromoney’s annual survey of foreignexchange market competitiveness, we test the influence of various factors of
bank competitiveness using data from 1996 to 2006. Results show thatinternational branch networks in major financial centers, firm size, M&A activities,and home currency have positive effects on international banks’competitiveness in the foreign exchange market. The impact of law origin
contributes less to bank competitiveness. We also find that bank holding companies and investment banks are more competitive than commercial banks in the foreign exchange market.
en_US
dc.description.tableofcontents 1.Introduction…………………………………………………………………5
1.1 Motivation for This Study
1.2 Substantial Increase of Trading Volume
1.3 Significant Changes of Ranking of International Banks
1.4 The Changes of Vehicle Currency
1.5 Purpose of Research and Research Question
2. Literature Review………………………………………………………12
2.1 Firm-Specific Factors: Firm Size and International Spread
2.1.1 Firm Size
2.1.2 International Spread of Branches
2.2 Country-Specific Factor: Legal System and Home Currency
2.2.1 Legal System
2.2.2 Home Currency
3. Data and Methodology…………………………………………………………………… 20
3.1 The Measurement of Bank Competitiveness in the Foreign Exchange Market: Euromoney’s Survey on Bank Ranking and Estimated Market Shares
3.2 Factors of Competitiveness of International Banks
4. Empirical Findings and Discussion………………………………24
4.1 International Spread of Branches
4.2 Home Currency
4.3 Banking M&A
4.4 Bank holding companies, Investment Bank, and Commercial Banks
4.5 Robustness Tests
5.Limitation of This Study …………………………………………… 34
6.Conclusion……………………………………………………………………35
7.References……………………………………………………………………36
8.Appendices……………………………………………………………………44
zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094357003en_US
dc.subject (關鍵詞) 外匯市場zh_TW
dc.subject (關鍵詞) 競爭力zh_TW
dc.subject (關鍵詞) 當地貨幣zh_TW
dc.subject (關鍵詞) Foreign exchange marketen_US
dc.subject (關鍵詞) Competitivenessen_US
dc.subject (關鍵詞) Home currencyen_US
dc.title (題名) 國際銀行於外匯市場之競爭力分析zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Bank for International Settlements, 2007, Triennial central bank survey of foreign exchange and derivatives market activity in April 2007 – preliminary global results, BIS Quarterly Review.zh_TW
dc.relation.reference (參考文獻) Bishop, Graham, 2000, 1Q 2000: The measuring Euro bond market, Salomon Smith Barneyzh_TW
dc.relation.reference (參考文獻) zh_TW
dc.relation.reference (參考文獻) Cerutti, Eugenio, Giovanni Dell’Ariccia, Maria Soledad Martı’nez Perı’a, 2007, How banks go abroad: branches or subsidiaries? Journal of Banking & Finance, Volume: 31, Issue 6, June 2007, pp. 1669-1692.zh_TW
dc.relation.reference (參考文獻) Choi, Sang Rim, Daekeun Park, Adrian E. Tschoegl, 2002, Banks and the world`s major banking centers, 2000, Wharton Financial Institutions Center.zh_TW
dc.relation.reference (參考文獻) Cohen, Benjamin J., 2003, Global currency rivalry: can the Euro ever challenge dollar? Journal of Common Market Study, Vol. 41. No. 4, pp. 575-95.zh_TW
dc.relation.reference (參考文獻) Coleman, William D., 1994, Banking, interest intermediation, and political power: A framework for comparative analysis. European Journal of Political Research, 26, pp. 31-58.zh_TW
dc.relation.reference (參考文獻) Corvoisier, Sandrine, Reint Gropp, 2002, Bank concentration and retail interest rates, Journal of Banking and Finance, Volume: 26, Issue 11, pp. 2155-2189.zh_TW
dc.relation.reference (參考文獻) Dermine, Jean, 2003, The new world of Euro banking, Handbook of International Banking, pp. 105-129zh_TW
dc.relation.reference (參考文獻) Euromoney. 1996 – 2007zh_TW
dc.relation.reference (參考文獻) Gatati, Gabriele, Kostas Tsatsaronis, 2003, The impact of Euro on Europe’s financial market, Financial Markets, Institutions& instruments, Vol. 12,zh_TW
dc.relation.reference (參考文獻) No. 3zh_TW
dc.relation.reference (參考文獻) Grubel, Herbert G., 1993, Are banks’ speculative profits at the expense of traders? Banca Nazionale del Lavoro Quarterly Review, No. 174, 363-369.zh_TW
dc.relation.reference (參考文獻) Holmes, Peter, Paul DiLeo, Thaddeus Russell, John R. Dacey, and Kimberly Reynolds, 1991, Competitiveness in the global foreign exchange market. Federal Reserve Bank of New York Staff Study, International Competitiveness of U.S. Financial Firms.zh_TW
dc.relation.reference (參考文獻) Jagtiani, Julapa, 1996, Characteristics of banks that are more active in the swap market, Journal of Financial Services Research, 10 (1), pp. 131-141.zh_TW
dc.relation.reference (參考文獻) Jackson, Howell E., Mark J. Roe, 2007, Public enforcement of securities laws: preliminary evidence, 2nd Annual Conference on Empirical Legal Studies Paper, Harvard Law School; European Corporate Governance Institute (ECGI).zh_TW
dc.relation.reference (參考文獻) Hu, Yao-su. 1995. The international transferability of the firm’s advantages. California Management Review, 17 (4), pp. 73-88.zh_TW
dc.relation.reference (參考文獻) Kim, Moshe, Bent Vale, 2001, Non-price strategic behavior: the case of bank branches, International Journal of Industrial Organization, Volume: 19, Issue 10, pp. 1583-1602.zh_TW
dc.relation.reference (參考文獻) Rhodes, Stephen A., 1982, The relative size of banks and industrial firms in the U.S. and other countries. Journal of Banking and Finance, 6, pp. 579-585.zh_TW
dc.relation.reference (參考文獻) Rosati, Dariusz, EU enlargement and its macroeconomic effects in Eastern Europe, currencies, prices, investment and competitiveness, 2001, Economic Systems, Volume: 25, Issue: 2, pp. 161-166zh_TW
dc.relation.reference (參考文獻) Tschoegl, Adrian E, 1997, Country and firm sources of international competitiveness: The case of foreign exchange market, The Performance of Financial Institutions, Wharton Financial Institutions Center’s conference.zh_TW