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題名 模擬本國銀行業合併對市場競爭度的影響
Simulating influence of merge and acquisition to market competition
作者 林全朗
貢獻者 黃台心
林全朗
關鍵詞 競爭度
模擬合併
PR模型
規模經濟
範疇經濟
效率
日期 2011
上傳時間 30-Oct-2012 11:24:21 (UTC+8)
摘要 我國自1990年實施金融自由化以來，「銀行過多」(over-banking) 現象逐漸浮現，銀行業的過度競爭與1997年發生的亞洲金融風暴，促使政府推動金融改革政策，試圖藉銀行間的合併提高銀行業者的競爭力與經營績效，提升國際競爭力並邁向國際化。過去已有相當多文獻從事銀行業競爭程度的研究，大致分成結構法與非結構法兩類，其中不乏以非結構法之PR (Panzer and Rosse, 1987) 檢定法，對包括台灣在內的銀行業競爭程度進行探討，但較少以事前模擬的方式，分析銀行間相互合併後對市場競爭程度的影響。本研究針對我國1997-2009年銀行業資料，運用PR檢定法模擬合併前後銀行業的市場競爭程度，附帶分析其對規模、範疇經濟與技術效率之影響。發現當合併的家數愈多，銀行壟斷力及技術效率分數皆會愈高；銀行的合併對規模經濟的增加則有其極限，每兩家合併的情況下最具規模經濟，但隨合併的家數增加時規模經濟有降低之傾向；不論合併的家數為何，範疇經濟皆存在。
參考文獻 沈中華與呂慧美 (2007)，本國銀行業逐年的競爭程度及其變化之分析，證券市場發展季刊, 19：2, 119-152。
     黃台心與王美惠 (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。
     劉永琦 (2006)，不完全競爭市場下本國多產出銀行業合併之成本效益分析，臺大論文叢刊, 17：1, 137-166。
     劉景中 (2011)，銀行集中度及效率對市場競爭度的影響：台灣實證研究，經濟論文叢刊, 39：1, 115-173。
     謝佩珊 (2011)，東亞十國銀行業競爭型態之分析，政治大學金融研究所碩士論文。
     
     Al-Muharrami, S., Matthews, K. and Khabari, Y. (2006),Market structure and competitive conditions in the Arab GCC banking system, Journal of Banking and Finance, in press.
     Altunbas, Y., Carbo, S. and Gardener, E.P.M. (2000),CAR 2：the impact of CAR on bank capital augmentation in Spain, Applied Financial Economics, 10, 507-518.
     Bandt, O.D. andDavis, P.E. (2000), Competition, contestability and market structure in European banking sectors on the eve of EMU, Journal of Banking and Finance, 24, 1045-1066.
     Baumol, W.J. (1982), Contestable markets：an uprising in the theory of industry structure,American Economic Review, 72, 1-15.
     Beard, T.R., George, S.F. and Richard, P.S. (2006), An Econometric-Driven Merger Simulation：Considerations and Application, International Journal of the Economics of Business, 13, 217-228.
     Benston, G.J., Gerald, A.H. and David, B.H. (1982), Scale Economies in Banking：A Restructuring and Reassessment, Journal of Money, Credit, and Banking 4, 435-54.
     Berger,A. (1995), The profit-structure relationship in banking – tests of market-power and efficient-structure hypotheses,Journal of Money, Credit, and Banking, 27, 404–415.
     Berger, A.N. and Humphrey, D.B. (1991), The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking, Journal of Monetary Economics, 28, 117-48.
     Berger, A.N.,Leusner, J.H. andMingo, J.J. (1994), The Efficiency of Bank Branches, working paper, University of Pennsylvania.
     Bikker, A.J.and Haaf, K. (2002), Competition, concentration and their relationship: An empirical analysis of the banking industry, Journal of Banking and Finance, 26, 2191-2214.
     Bresnahan, T. (1982), The Oligopoly Solution Identified,Economics Letters, 10, 19-27.
     Casu, B. and Girardone, C. (2006), Bank competition, concentration and efficiency in the single european market, The Manchester School, 74, 441-468.
     Chalfant and Gallant (1985), Estimating Substitution Elasticity with the Fourier Cost Function, Journal of Econometrics, 28, 205-222.
     Claessens, S. and Laeven,L. (2004), What drives bank competition? Some international evidence, Journal of Money, Credit, and Banking, 36, 563-584.
     Coccorese, P. (2004), Banking competition and macroeconomic conditions: a disaggregate analysis, Journal of International Financial Markets Institutions & Money (14), 203-219.
     Coccorese, P. (2009), Market power in local banking monopolies, Journal of Banking & Finance, 33, 1196–1210.
     Craig, P. (2003), Evaluating the Performance of Merger Simulation：Evidence from the U.S. Airline Industry, Working Paper Antitrust Division, US Department of Justice.
     Cuesta, R.A. and Orea, L. (2002), Mergers and technical efficiency in Spanish savings banks: A stochastic distance function approach, Journal of Banking and Finance, 26, 2231-2247.
     Demsetz, H. (1973), Industry structure, market rivalry, and public policy, Journal of Law and Economics, 16, 1–10.
     Emmons, W.R., Gilbert,R.A. and Yeager,T.J. (2001), The Importance of Scale Economies and Geographic Diversification in Community Bank Mergers, Working Paper, Federal Reserve Bank of St. Louis.
     Fernández, J., Maudos, J.and Perez,F. (2005), Market power in European banking sectors, Journal of Financial Services Research, 27:2, 109–137.
     Gallant, A.R. (1981), On the Bias in Flexible Functional Forms and an Essentially Unbiased Form：The Fourier Flexible Form, Journal of Econometrics, 15, No.2, 211-245.
     George, R.J. and George, S.O. (2012), Projecting Market Structure by Monte Carlo Simulation：A Study of Bank Expansion in New Jersey, The Journal of Finance, 27：5, 1101-1126.
     Gilbert, A.R. (1984), Bank market structure and competition: A survey, Journal of Money, Credit, and Banking, 16, 617-645.
     Hannan, T.H. (1991), Foundations of the structure-conduct-performance paradigm in banking, Journal of Money, Credit, and Banking, 23, 68-84.
     Hannan, T.H. and Liang,J.N. (1993), Inferring market power from time-series data, International Journal of Industrial Organization, 11, 205-218.
     Hausman, J.A. (1978), Specification Tests in Econometrics,Econometrica, 46：6, 1251-1271.
     Hempell, H.S. (2002), Testing for competition among German banks,Economic Research Centre of the Deutsche Bundesbank Discussion paper 04/02, 1-53.
     Hondroyiannis, G., Sarantis, E.L. and Papapetrou,E. (1999), Assessing competitive conditions in the Greek banking system, Journal of International Financial Markets, Institutions and Money, 9, 377-391.
     Mitchell, K. and Onvural, N.M. (1996), Economies of Scale and Scope at Large Commercial Banks：Evidence from the Fourier Flexible Functional Form, Journal of Money, Credit and Banking, 28：2, 178-199.
     William, C.H. and Stephen, G.T. (1991), Technological Change in Large U.S. Commercial Banks, The Journal of Business, 64：3, 339-362.
     Iwata, P.A. (1982), Measurement of Conjectural Variation in Oligopoly, Econometrica, 42, 947-966.
     Jiang, G., Wong, J., Tang, N., and Sze, A. (2004), Banking sector competition in Hong Kong -- Measurement and evolution over time, Research Department, Hong Kong Monetary Authority.
     Jozsef, M. (2008), Market power and merger simulation in retail banking, Discussion Papers, Monetary Policy and Research Department.
     Julapa, J., Alli, N., Gordon, S. (1995), Scale Economies and Cost Complementarities in Commercial Banks：On-and Off-Balance-Sheet Activities, Journal of Banking & Finance, 19, 1175-1189.
     Schaeck, K., Martin, C. and Simon, W. (2009), Are Competitive Banking Systems More Stable, Journal of Money, Credit, and Banking, 41, 711-734.
     Mason, E.S. (1939), Price and Production Policies of Large Scale Enterprises, American Economic Review, 29, 61-74.
     Matthews, K., Murinde,V. and Tianshu, Z. (2007), Competitive conditions among the major British banks, Journal of Banking and Finance, 31, 2025-2042.
     McAllister, P.H. and McManus, D. (1993), Resolving the Scale Efficiency Puzzle in Banking, Journal of Banking and Finance, 17, 389-406.
     Molyneux, P., Lloyd-Williams, D.M. and Thornton, J. (1994), Competitive conditions in European banking, Journal of Banking and Finance, 18, 445-459.
     Molyneux, P., Thornton,J. and Lloyd-Williams, D.M. (1996), Competition and market Contestability in Japanese commercial banking, Journal of Economics and Business, 48, 33-45.
     Nathan, A. and Neave, E.H. (1989), Competition and contestability in Canada`s financial system: empirical results, Canadian Journal of Economics, 3, 577-594.
     Panzar, J.C. and Rosse, J.N. (1987), Testing for "monopoly" equilibrium, Journal of Industrial Economics, 35, 443-456.
     Rhoades, S.A. (1985), Market Share as a Source of Market Power：Implications and Some Evidence, Journal of Economics and Business, 37, 343-365.
     Schaeck, K., Cihak, M. and Simon, W. (2009), Are competitive banking systems more stable?Journal of Money, Credit, and Banking, 41, 711-734.
     Shaffer, S. (1982), A non-structural test for competition in financial markets, In: Bank structure and competition, Conference Proceedings, Federal Reserve Bank of Chicago, 225-243.
     Shaffer, S. (1992), Can Megamergers Improve Bank Efficiency?Journalof Banking and Finance, 17, 423-436.
     Shaffer, S. (2004), Patterns of competition in banking, Journal of Economics and Business, 56, 287-313.
     Turk-Ariss, R. (2009), Competitive behavior in Middle East and North Africa banking systems, The Quarterly Review of Economics and Finance, 49, 693-710.
     Vesala, J. (1995), Testing for competition in banking: Behavioral evidence from Finland, Bank of Finland Studies, E:1, 1-202.
     Yeyati, E.L. and Micco, A. (2007), Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk, Journal of Banking and Finance, 31, 1633–1647.
     Yuan, Y. (2006), The state of competition of the Chinese banking industry, Journal of Asian Economics, 17, 519-534.
描述 碩士
國立政治大學
金融研究所
99352017
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993520171
資料類型 thesis
dc.contributor.advisor 黃台心zh_TW
dc.contributor.author (Authors) 林全朗zh_TW
dc.creator (作者) 林全朗zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 11:24:21 (UTC+8)-
dc.date.available 30-Oct-2012 11:24:21 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 11:24:21 (UTC+8)-
dc.identifier (Other Identifiers) G0993520171en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54590-
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) 99352017zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 我國自1990年實施金融自由化以來，「銀行過多」(over-banking) 現象逐漸浮現，銀行業的過度競爭與1997年發生的亞洲金融風暴，促使政府推動金融改革政策，試圖藉銀行間的合併提高銀行業者的競爭力與經營績效，提升國際競爭力並邁向國際化。過去已有相當多文獻從事銀行業競爭程度的研究，大致分成結構法與非結構法兩類，其中不乏以非結構法之PR (Panzer and Rosse, 1987) 檢定法，對包括台灣在內的銀行業競爭程度進行探討，但較少以事前模擬的方式，分析銀行間相互合併後對市場競爭程度的影響。本研究針對我國1997-2009年銀行業資料，運用PR檢定法模擬合併前後銀行業的市場競爭程度，附帶分析其對規模、範疇經濟與技術效率之影響。發現當合併的家數愈多，銀行壟斷力及技術效率分數皆會愈高；銀行的合併對規模經濟的增加則有其極限，每兩家合併的情況下最具規模經濟，但隨合併的家數增加時規模經濟有降低之傾向；不論合併的家數為何，範疇經濟皆存在。zh_TW
dc.description.tableofcontents 摘要 i
     目錄 ii
     表次 iv
     壹、前言 1
     (一) 研究背景與目的 1
     (二) 研究架構 2
     貳、文獻回顧 4
     2.1 銀行競爭度 4
     2.2 規模、範疇經濟 5
     2.3 PR 模型 6
     2.4 模擬合併 9
     參、研究方法 13
     3.1 模擬合併 13
     3.2 PR法 13
     3.3長期均衡檢定 16
     3.4規模、範疇經濟及技術效率─Translog函數 16
     3.4.1 規模經濟(Economics Scale，ES) 17
     3.4.2 範疇經濟(Economics Scope，Scope) 18
     3.4.3 技術效率 18
     3.4.4技術進步率 19
     3.5規模、範疇經濟及技術效率─ Fourier函數 20
     肆、實證結果分析 22
     4.1 資料來源 22
     4.2 實證方法 26
     4.3 實證結果 27
     4.3.1 合併前檢定 27
     (一) PR模型 27
     (二) 規模經濟 29
     (三) 範疇經濟 36
     (四) 技術效率 39
     (五)技術進步率 39
     (六) 模擬結果 40
     伍、結論與建議 43
     參考文獻 44		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993520171en_US
dc.subject (關鍵詞) 競爭度zh_TW
dc.subject (關鍵詞) 模擬合併zh_TW
dc.subject (關鍵詞) PR模型zh_TW
dc.subject (關鍵詞) 規模經濟zh_TW
dc.subject (關鍵詞) 範疇經濟zh_TW
dc.subject (關鍵詞) 效率zh_TW
dc.title (題名) 模擬本國銀行業合併對市場競爭度的影響zh_TW
dc.title (題名) Simulating influence of merge and acquisition to market competitionen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 沈中華與呂慧美 (2007)，本國銀行業逐年的競爭程度及其變化之分析，證券市場發展季刊, 19：2, 119-152。
     黃台心與王美惠 (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。
     劉永琦 (2006)，不完全競爭市場下本國多產出銀行業合併之成本效益分析，臺大論文叢刊, 17：1, 137-166。
     劉景中 (2011)，銀行集中度及效率對市場競爭度的影響：台灣實證研究，經濟論文叢刊, 39：1, 115-173。
     謝佩珊 (2011)，東亞十國銀行業競爭型態之分析，政治大學金融研究所碩士論文。
     
     Al-Muharrami, S., Matthews, K. and Khabari, Y. (2006),Market structure and competitive conditions in the Arab GCC banking system, Journal of Banking and Finance, in press.
     Altunbas, Y., Carbo, S. and Gardener, E.P.M. (2000),CAR 2：the impact of CAR on bank capital augmentation in Spain, Applied Financial Economics, 10, 507-518.
     Bandt, O.D. andDavis, P.E. (2000), Competition, contestability and market structure in European banking sectors on the eve of EMU, Journal of Banking and Finance, 24, 1045-1066.
     Baumol, W.J. (1982), Contestable markets：an uprising in the theory of industry structure,American Economic Review, 72, 1-15.
     Beard, T.R., George, S.F. and Richard, P.S. (2006), An Econometric-Driven Merger Simulation：Considerations and Application, International Journal of the Economics of Business, 13, 217-228.
     Benston, G.J., Gerald, A.H. and David, B.H. (1982), Scale Economies in Banking：A Restructuring and Reassessment, Journal of Money, Credit, and Banking 4, 435-54.
     Berger,A. (1995), The profit-structure relationship in banking – tests of market-power and efficient-structure hypotheses,Journal of Money, Credit, and Banking, 27, 404–415.
     Berger, A.N. and Humphrey, D.B. (1991), The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking, Journal of Monetary Economics, 28, 117-48.
     Berger, A.N.,Leusner, J.H. andMingo, J.J. (1994), The Efficiency of Bank Branches, working paper, University of Pennsylvania.
     Bikker, A.J.and Haaf, K. (2002), Competition, concentration and their relationship: An empirical analysis of the banking industry, Journal of Banking and Finance, 26, 2191-2214.
     Bresnahan, T. (1982), The Oligopoly Solution Identified,Economics Letters, 10, 19-27.
     Casu, B. and Girardone, C. (2006), Bank competition, concentration and efficiency in the single european market, The Manchester School, 74, 441-468.
     Chalfant and Gallant (1985), Estimating Substitution Elasticity with the Fourier Cost Function, Journal of Econometrics, 28, 205-222.
     Claessens, S. and Laeven,L. (2004), What drives bank competition? Some international evidence, Journal of Money, Credit, and Banking, 36, 563-584.
     Coccorese, P. (2004), Banking competition and macroeconomic conditions: a disaggregate analysis, Journal of International Financial Markets Institutions & Money (14), 203-219.
     Coccorese, P. (2009), Market power in local banking monopolies, Journal of Banking & Finance, 33, 1196–1210.
     Craig, P. (2003), Evaluating the Performance of Merger Simulation：Evidence from the U.S. Airline Industry, Working Paper Antitrust Division, US Department of Justice.
     Cuesta, R.A. and Orea, L. (2002), Mergers and technical efficiency in Spanish savings banks: A stochastic distance function approach, Journal of Banking and Finance, 26, 2231-2247.
     Demsetz, H. (1973), Industry structure, market rivalry, and public policy, Journal of Law and Economics, 16, 1–10.
     Emmons, W.R., Gilbert,R.A. and Yeager,T.J. (2001), The Importance of Scale Economies and Geographic Diversification in Community Bank Mergers, Working Paper, Federal Reserve Bank of St. Louis.
     Fernández, J., Maudos, J.and Perez,F. (2005), Market power in European banking sectors, Journal of Financial Services Research, 27:2, 109–137.
     Gallant, A.R. (1981), On the Bias in Flexible Functional Forms and an Essentially Unbiased Form：The Fourier Flexible Form, Journal of Econometrics, 15, No.2, 211-245.
     George, R.J. and George, S.O. (2012), Projecting Market Structure by Monte Carlo Simulation：A Study of Bank Expansion in New Jersey, The Journal of Finance, 27：5, 1101-1126.
     Gilbert, A.R. (1984), Bank market structure and competition: A survey, Journal of Money, Credit, and Banking, 16, 617-645.
     Hannan, T.H. (1991), Foundations of the structure-conduct-performance paradigm in banking, Journal of Money, Credit, and Banking, 23, 68-84.
     Hannan, T.H. and Liang,J.N. (1993), Inferring market power from time-series data, International Journal of Industrial Organization, 11, 205-218.
     Hausman, J.A. (1978), Specification Tests in Econometrics,Econometrica, 46：6, 1251-1271.
     Hempell, H.S. (2002), Testing for competition among German banks,Economic Research Centre of the Deutsche Bundesbank Discussion paper 04/02, 1-53.
     Hondroyiannis, G., Sarantis, E.L. and Papapetrou,E. (1999), Assessing competitive conditions in the Greek banking system, Journal of International Financial Markets, Institutions and Money, 9, 377-391.
     Mitchell, K. and Onvural, N.M. (1996), Economies of Scale and Scope at Large Commercial Banks：Evidence from the Fourier Flexible Functional Form, Journal of Money, Credit and Banking, 28：2, 178-199.
     William, C.H. and Stephen, G.T. (1991), Technological Change in Large U.S. Commercial Banks, The Journal of Business, 64：3, 339-362.
     Iwata, P.A. (1982), Measurement of Conjectural Variation in Oligopoly, Econometrica, 42, 947-966.
     Jiang, G., Wong, J., Tang, N., and Sze, A. (2004), Banking sector competition in Hong Kong -- Measurement and evolution over time, Research Department, Hong Kong Monetary Authority.
     Jozsef, M. (2008), Market power and merger simulation in retail banking, Discussion Papers, Monetary Policy and Research Department.
     Julapa, J., Alli, N., Gordon, S. (1995), Scale Economies and Cost Complementarities in Commercial Banks：On-and Off-Balance-Sheet Activities, Journal of Banking & Finance, 19, 1175-1189.
     Schaeck, K., Martin, C. and Simon, W. (2009), Are Competitive Banking Systems More Stable, Journal of Money, Credit, and Banking, 41, 711-734.
     Mason, E.S. (1939), Price and Production Policies of Large Scale Enterprises, American Economic Review, 29, 61-74.
     Matthews, K., Murinde,V. and Tianshu, Z. (2007), Competitive conditions among the major British banks, Journal of Banking and Finance, 31, 2025-2042.
     McAllister, P.H. and McManus, D. (1993), Resolving the Scale Efficiency Puzzle in Banking, Journal of Banking and Finance, 17, 389-406.
     Molyneux, P., Lloyd-Williams, D.M. and Thornton, J. (1994), Competitive conditions in European banking, Journal of Banking and Finance, 18, 445-459.
     Molyneux, P., Thornton,J. and Lloyd-Williams, D.M. (1996), Competition and market Contestability in Japanese commercial banking, Journal of Economics and Business, 48, 33-45.
     Nathan, A. and Neave, E.H. (1989), Competition and contestability in Canada`s financial system: empirical results, Canadian Journal of Economics, 3, 577-594.
     Panzar, J.C. and Rosse, J.N. (1987), Testing for "monopoly" equilibrium, Journal of Industrial Economics, 35, 443-456.
     Rhoades, S.A. (1985), Market Share as a Source of Market Power：Implications and Some Evidence, Journal of Economics and Business, 37, 343-365.
     Schaeck, K., Cihak, M. and Simon, W. (2009), Are competitive banking systems more stable?Journal of Money, Credit, and Banking, 41, 711-734.
     Shaffer, S. (1982), A non-structural test for competition in financial markets, In: Bank structure and competition, Conference Proceedings, Federal Reserve Bank of Chicago, 225-243.
     Shaffer, S. (1992), Can Megamergers Improve Bank Efficiency?Journalof Banking and Finance, 17, 423-436.
     Shaffer, S. (2004), Patterns of competition in banking, Journal of Economics and Business, 56, 287-313.
     Turk-Ariss, R. (2009), Competitive behavior in Middle East and North Africa banking systems, The Quarterly Review of Economics and Finance, 49, 693-710.
     Vesala, J. (1995), Testing for competition in banking: Behavioral evidence from Finland, Bank of Finland Studies, E:1, 1-202.
     Yeyati, E.L. and Micco, A. (2007), Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk, Journal of Banking and Finance, 31, 1633–1647.
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