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題名 集團持股對台灣銀行業績效之影響
The impact of conglomerates shares on performance of commercial banks in Taiwan作者 楊育霖 貢獻者 李桐豪
楊育霖關鍵詞 剝奪
現金流量權
盈餘分配權
股份盈餘比
馬可夫鍊
交叉持股
金字塔結構日期 2011 上傳時間 30-Oct-2012 11:24:19 (UTC+8) 摘要 自2007年金融海嘯爆發以來，至目前2012年的歐債危機，銀行部門就不斷成為風暴的中心。雖然金融危機並非金融海嘯或歐債危機的起因，但卻像是一種經濟衰退放大的機制。如何針對銀行部門進行有效的監管，自上世紀末90年代就已經開始進行討論。然而，經過十年來的發展，仍然發生雷曼兄弟倒閉等事件的金融危機。除了銀行的表現之外，是否仍有其他因素會影響銀行的經營績效？因此，本文欲探討：銀行的控制股東，是否會影響銀行經營決策的方向，進而產生不同的營運表現。本文先分析集團內部股份盈餘比差異，分析集團內部是否存在剝奪的動機。其中，相較於目前計算金字塔結構的現金流量權的方法，本文發展馬可夫鍊計算現金流量權(盈餘分配權)。除了金字塔結構之外，本方法亦可精確地計算交叉持股或者較複雜的股權結構的現金流量權。本文並利用簡單回歸，分析集團持股銀行的比例，是否會對銀行績效產生影響，藉此觀察其中產生的剝奪問題。本文進一步分析，當控制股東進入董事會之後，其董事會代表持股銀行比例，是否也會對銀行績效產生影響，產生剝奪問題。最後，本文歸納出可能發生的剝奪機制：控制股東利用放款的途徑，因而導致逾期放款比例的增加，降低銀行營運表現，進而達到剝奪的效果。 參考文獻 Micco ,A., Panizza, U., Yanez,M.,2007.Bank ownership and performance. Does politics matter? Journal of Banking & Finance 31, 219–241Allen, F., Cebenoyan, A.S.,1991.Bank acquisitions and ownership structure: theory and evidence. Journal of Banking and Finance 15, 425–448.Berle, Adolf A., Jr. and Gardner C. Means, 1932.The modern corporation and private property.Macmillan, New York.Bonin, J.P., Hasan, I., Wachtel, P., 2005. Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance 29 (1), 31–53.Caprio, G., Levine, R., 2002. Corporate governance in finance: concepts andinternational observations. In: Litan, R.E., Pomerleano, M., Sundararajan, V.(Eds.), Financial Sector Governance: The Roles of the Private and Public Sectors.The Brookings Institution, Washington, DC.Caprio, G., Laeven, L., Levine, R., 2007. Governance and bank valuation. Journal of Financial Intermediation 16, 584–617.Claessens, S., Djankov, S., Fan, J., Lang, L., 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741–2771.Claessens, S., Djankov, S., Lang, L., 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58, 81–112.Demsetz, H., 1986. Corporate control, insider trading, and rates of return. American Economic Review 76, 313–316.Faccioa, M., and L.,H., Lang, 2002. The Ultimate Ownership of Western European Corporations. Journal of Financial Economics 65, 365-395.Giuliano Iannotta, Giacomo Nocera , Andrea Sironi, 2007.Ownership structure, risk and performance in the European banking industry.Journal of Banking & Finance 31 , 2127–2149Haw, I.M., Ho, S., Hu, B., Wu, D., 2010. Concentrated control, institutions, and banking sector: an international study. Journal of Banking and Finance 34, 485–497.John Pound, 1998. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237–265La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R.W., 1997. Legal determinants of external finance. Journal of Finance 52, 1131–1150.Laeven, L., Levine, R., 2005. Beyond the Biggest: Do Other Large Shareholders Influence Corporate Valuations. Working Paper, University of Minnesota.Laeven, L., Levine, R., 2009. Bank governance, regulation and risk taking.Journal of Financial Economics 93, 259–275.McConnell, John J., Servaes,H., 1990. Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.Morck, R., A. Shleifer and R. W. Vishny, 1988,“Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics 20,293-315.Prowse, S., 1995. Alternative methods of corporate control in commercial banks. Economic and Financial Policy Review third quarter, 24–36Shleifer, A., and Vishny,R.W., 1986. Large shareholders and corporate control, Journal of Political Economy 94, 461-488Barry,T.A., Lepetit,L.,Tarazi,A., 2011. Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance 35, 1327-1340Valentín Azofra, Marcos Santamaría, 2011. Ownership, control, and pyramids in Spanish commercial banks. Journal of Banking & Finance 35, 1464-1476Villalonga, B., Amit, R., 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics 80, 385–417.Xiang, B., G.Zhang, 1996, Large shareholder expropriation and corporate ownership structure, APEA/PACAP Finance conference and annual meetings. 描述 碩士
國立政治大學
金融研究所
99352027
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099352027 資料類型 thesis dc.contributor.advisor 李桐豪 zh_TW dc.contributor.author (Authors) 楊育霖 zh_TW dc.creator (作者) 楊育霖 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-Oct-2012 11:24:19 (UTC+8) - dc.date.available 30-Oct-2012 11:24:19 (UTC+8) - dc.date.issued (上傳時間) 30-Oct-2012 11:24:19 (UTC+8) - dc.identifier (Other Identifiers) G0099352027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54588 - 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) 99352027 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 自2007年金融海嘯爆發以來，至目前2012年的歐債危機，銀行部門就不斷成為風暴的中心。雖然金融危機並非金融海嘯或歐債危機的起因，但卻像是一種經濟衰退放大的機制。如何針對銀行部門進行有效的監管，自上世紀末90年代就已經開始進行討論。然而，經過十年來的發展，仍然發生雷曼兄弟倒閉等事件的金融危機。除了銀行的表現之外，是否仍有其他因素會影響銀行的經營績效？因此，本文欲探討：銀行的控制股東，是否會影響銀行經營決策的方向，進而產生不同的營運表現。本文先分析集團內部股份盈餘比差異，分析集團內部是否存在剝奪的動機。其中，相較於目前計算金字塔結構的現金流量權的方法，本文發展馬可夫鍊計算現金流量權(盈餘分配權)。除了金字塔結構之外，本方法亦可精確地計算交叉持股或者較複雜的股權結構的現金流量權。本文並利用簡單回歸，分析集團持股銀行的比例，是否會對銀行績效產生影響，藉此觀察其中產生的剝奪問題。本文進一步分析，當控制股東進入董事會之後，其董事會代表持股銀行比例，是否也會對銀行績效產生影響，產生剝奪問題。最後，本文歸納出可能發生的剝奪機制：控制股東利用放款的途徑，因而導致逾期放款比例的增加，降低銀行營運表現，進而達到剝奪的效果。 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與背景 1第二節 研究架構 3第二章 文獻探討 4第一節 股權結構與公司績效 4第二節 銀行與公司治理 6第三章 研究方法 7第一節 以馬可夫鍊計算現金流量權 7第二節 集團持股實證模型 10第三節 各類變數 13第四章 實證探討 16第一節 資料來源 16第二節 集團內部分析 17第三節 各假說實證結果分析 22第五章 結論與建議 33 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099352027 en_US dc.subject (關鍵詞) 剝奪 zh_TW dc.subject (關鍵詞) 現金流量權 zh_TW dc.subject (關鍵詞) 盈餘分配權 zh_TW dc.subject (關鍵詞) 股份盈餘比 zh_TW dc.subject (關鍵詞) 馬可夫鍊 zh_TW dc.subject (關鍵詞) 交叉持股 zh_TW dc.subject (關鍵詞) 金字塔結構 zh_TW dc.title (題名) 集團持股對台灣銀行業績效之影響 zh_TW dc.title (題名) The impact of conglomerates shares on performance of commercial banks in Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Micco ,A., Panizza, U., Yanez,M.,2007.Bank ownership and performance. Does politics matter? Journal of Banking & Finance 31, 219–241Allen, F., Cebenoyan, A.S.,1991.Bank acquisitions and ownership structure: theory and evidence. Journal of Banking and Finance 15, 425–448.Berle, Adolf A., Jr. and Gardner C. Means, 1932.The modern corporation and private property.Macmillan, New York.Bonin, J.P., Hasan, I., Wachtel, P., 2005. Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance 29 (1), 31–53.Caprio, G., Levine, R., 2002. Corporate governance in finance: concepts andinternational observations. In: Litan, R.E., Pomerleano, M., Sundararajan, V.(Eds.), Financial Sector Governance: The Roles of the Private and Public Sectors.The Brookings Institution, Washington, DC.Caprio, G., Laeven, L., Levine, R., 2007. Governance and bank valuation. Journal of Financial Intermediation 16, 584–617.Claessens, S., Djankov, S., Fan, J., Lang, L., 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741–2771.Claessens, S., Djankov, S., Lang, L., 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58, 81–112.Demsetz, H., 1986. Corporate control, insider trading, and rates of return. American Economic Review 76, 313–316.Faccioa, M., and L.,H., Lang, 2002. The Ultimate Ownership of Western European Corporations. Journal of Financial Economics 65, 365-395.Giuliano Iannotta, Giacomo Nocera , Andrea Sironi, 2007.Ownership structure, risk and performance in the European banking industry.Journal of Banking & Finance 31 , 2127–2149Haw, I.M., Ho, S., Hu, B., Wu, D., 2010. Concentrated control, institutions, and banking sector: an international study. Journal of Banking and Finance 34, 485–497.John Pound, 1998. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237–265La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R.W., 1997. Legal determinants of external finance. Journal of Finance 52, 1131–1150.Laeven, L., Levine, R., 2005. Beyond the Biggest: Do Other Large Shareholders Influence Corporate Valuations. Working Paper, University of Minnesota.Laeven, L., Levine, R., 2009. Bank governance, regulation and risk taking.Journal of Financial Economics 93, 259–275.McConnell, John J., Servaes,H., 1990. Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.Morck, R., A. Shleifer and R. W. Vishny, 1988,“Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics 20,293-315.Prowse, S., 1995. Alternative methods of corporate control in commercial banks. Economic and Financial Policy Review third quarter, 24–36Shleifer, A., and Vishny,R.W., 1986. Large shareholders and corporate control, Journal of Political Economy 94, 461-488Barry,T.A., Lepetit,L.,Tarazi,A., 2011. Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance 35, 1327-1340Valentín Azofra, Marcos Santamaría, 2011. Ownership, control, and pyramids in Spanish commercial banks. Journal of Banking & Finance 35, 1464-1476Villalonga, B., Amit, R., 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics 80, 385–417.Xiang, B., G.Zhang, 1996, Large shareholder expropriation and corporate ownership structure, APEA/PACAP Finance conference and annual meetings. zh_TW
