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題名 國際化程度對台灣銀行業經營績效之影響：2005-2013
The Effect of Internationalization on Bank Performance for Taiwan Banking Industry：2005-2013
作者 龔俊吉
貢獻者 童振源
龔俊吉
關鍵詞 銀行
國際化
外國銀行進入
經營績效
國際化策略
bank
internationalization
foreign banks entry
performance
strategy in internationalization
日期 2015
上傳時間 3-Aug-2015 13:33:28 (UTC+8)
摘要 金融業健全與否對於一國之經濟發展關係密切，近年來本國銀行積極朝海外市場發展。本文從金融全球化的角度探討國際化對我國銀行業經營績效之影響，首先，根據統計資料分別檢視我國銀行業國際化程度與外資銀行進入程度，其次，利用多元迴歸分析法探討2005-2013年本國銀行國際化與外資銀行進入程度對我國銀行整體財務績效之影響，最後，進一步分析國際化策略之不同是否會造成銀行間之績效差異，以下為本文研究結果：
      分別從海外分支機構占總機構比例、海外資產占總資產比例、海外收益占總收益比例三個面向檢視我國銀行業國際化程度，可以發現除了海外收益比率呈現先下滑後上升之外，基本上近十年來是呈現穩定成長的趨勢，至2014年底為止，我國銀行之國際化程度分別為10.4%、17.5%、19.3%。在外資銀行進入程度方面，同樣從外資銀行分支機構占國內銀行總機構比例、外資銀行資產占總資產比例、外資銀行收益占總收益比例三個面向檢視，至2013年底為止，外資銀行進入程度分別為4.7%、14%、13.5%。整體而言並不算太高。
      在本國銀行國際化方面，研究結果顯示三種國際化變數FSTS、FATA、OSTS對於ROA、ROE皆呈現顯著正相關；外資銀行進入程度方面，FATA2、OSTS2對於ROA、ROE皆呈現顯著正相關。表示國際化確實對於我國銀行之財務績效有正面助益。最後進一步分析國際化策略差異之影響，發現採用攻擊型國際化策略之銀行績效顯著高於防禦型國際化策略之銀行，唯邊際效果並不顯著，因此建議銀行業可積極採取至具高成長潛力的海外國家設立據點的國際化策略。
The robustness of the financial sector is usually closely related to a country’s economic development. In recent years, domestic banks have proactively expanded into overseas markets. This study investigates the influence of internationalization on the performance of Taiwan’s banking sector in terms of financial globalization. First, the degree of internationalization of Taiwan’s banking industry and the extent of foreign bank entry will separately examined on the basis of statistical data. Next, the effects of the domestic banks’ internationalization and foreign banks entry on overall financial performance of Taiwan banks from 2005-2013 will be evaluated by applying the multiple regression analysis. Finally, a further analysis on whether the various internationalization strategies will lead to different performance among the banks will be conducted. The results of this study are as follows:
     
     The degree of internationalization of Taiwan’s banking sector is explored from the following aspects: the proportion of oversea branches, the ratios of oversea assets, and the percentage of oversea revenues. The results show that there has been a steady growth of oversea branches and assets in the past decade except oversea revenues that declined initially but rose later. The degree of internationalization of Taiwan’s banking sector was 10.4%, 17.5%, 19.3% respectively by the end of 2014. Similarly, the degree of foreign bank entry is inspected from the following aspects: the proportion of foreign bank branches, the ratios of foreign bank assets, and the percentage of foreign bank revenues. The percentage of foreign banks entry was 4.7%, 14%, 13.5% by the end of 2013. Overall, this rate is not too high.
     
     When it comes to domestic banks’ internalization, the results demonstrate that three variables FSTS, FATA, and OSTS are significantly positively correlated with ROA, and ROE. As for the foreign bank entry level, FATA2, OSTS2 are significantly positively correlated with ROA and ROE. This indicates that globalization does have a positive effect on the financial performance of Taiwan’s banks. Finally, as far as the further analysis of internationalization strategies is concerned, it is found that banks with offensive approaches have significantly higher performance than those with defensive approaches. However, the marginal effect is not significant. Thus, it is recommended that the banking industry can adopt an aggressive internationalization strategy to establish overseas branches in countries which have a high growth potential.
參考文獻 中文部分：
     專書、期刊論文
     呂劍，2006，〈外資銀行進入對我國銀行業的影響〉，《第3屆中國金融學年會》
      論文，中國：上海。
     林惠文，2001，〈國際化與多角化策略對財務績效之影響-本國銀行業之比較分
      析〉，《商管科技季刊》，第二卷，第四期，頁377-397。
     張麗娟、鍾雅雯，2010，〈商業銀行國際化程度與多角化策略對經營績效之
      影響〉，《台灣經濟金融月刊》，第四十七卷，第四期，頁52-61。
     喬友慶、于卓民與林月雲，2002，〈國際化程度與產品差異化能力對廠商績
      效之影響–台灣大型製造廠商之實證研究〉，《管理學報》，第十九卷，第五期，
      頁811-842。
     黃台心，2009，《計量經濟學》，台北：新陸書局股份有限公司。
     
     學位論文
     何欣怡，2003，《外國銀行進駐－開發中國家V.S.已開發國家之經驗、意涵探
      討暨對在地國市場衝擊之全球實證研究》。台北：國立政治大學金融研究所
      碩士論文。
     高淑萍，2001，《台灣上市公司國際化程度對經營績效暨風險影響之探討》。台
     北：國立台灣科技大學企業管理研究所碩士論文。
     徐箴宜，2001，《多角化與國際化對企業經營績效影響之實證研究》。台南：國
      立成功大學國際企業研究所碩士論文。
     張燕玉，2006，《國際化程度對銀行經營績效之影響—以台灣本地銀行為例》。
     台北：國立政治大學社會科學學院行政管理碩士學程第六屆碩士論文。
     黃文彬，2008，《銀行國際化與經營績效之研究》。台北：東吳大學國經與貿易
     學系碩士論文。
     黃振泰，2010，《台灣銀行業國際化程度與銀行經營績效之研究》。台北：東吳
     大學經濟學系碩士論文。
     劉麗卿，2008，《論「本國銀行走出去、外國銀行引進來」政策─以台灣銀行業
     經營績效評估》。台北：國立政治大學社會科學學院行政管理碩士學程碩士
     論文。
     蔡佳憓，2008，《國際化程度與銀行經營績效之關係－台灣銀行業之分析》。台
     北：國立政治大學金融學系碩士論文。
     賴彥慈，2013，《國際化及多角化對銀行風險與經營績效之影響─以台灣銀行業
      為例》。台北：輔仁大學金融與國際企業學系金融班碩士論文。
     鍾文姬，2013，《國際化程度對本國商業銀行經營績效之影響》。台北：國立臺
     灣科技大學財務金融研究所碩士論文。
     鍾雅雯，2010，《探討國內商業銀行國際化程度與多角化策略對經營績效的影
     響》。雲林：虎尾科技大學經營管理研究所碩士論文。
     
     網際網路
     金融監督管理委員會網站：http://www.fsc.gov.tw。
     中央銀行網站：http://www.cbc.gov.tw。
     金融監督管理委員會銀行局網站：
     http://www.banking.gov.tw/ch/home.jsp?id=169&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201502170010&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&toolsflag=Y
     MBAlib：http://wiki.mbalib.com/zh-tw/。
     The World Bank網站：http://data.worldbank.org/indicator/。
     
     政府出版品
     行政院金融監督管理委員會銀行局統計室，2004～2014，《中華民國台灣地區
     基本金融資料》，台北：金管會銀行局。
     行政院金融監督管理委員會銀行局統計室，2004～2014，《金融業務統計輯要》
     ，台北：金管會銀行局。
     
     英文部分：
     專書
     Deresky, Helen ,1994, International Management: Managing Across
     Boarders and Cultures, New York: Haper Collins College Publisher.
     Dunning, J. H., 1992. Multinational Enterprises and the Global
     Economy, Addison-Wesley.
     Hsiao, C. ,1986, Analysis of Panel Data, New York: Cambridge
      University Press.
     Thomas, Lioyd B. Jr. ,1986, Money, Banking and Economic Activity,
     Third Edition, New Jersey: Prentice Hall, 133-134.
     
     期刊論文
     Agenor P. R. ,2001, “Benefits and Costs of International Financial
     Integration: Theory and Facts,” World Bank Working Paper, No. 2699.
     Annavarijula, M. and S. Beldona ,2000, “Multinationality-
     Performance Relationship: A review and Reconceptualization,” The
     International Journal of Organizational Analysis, 8(1), 48-67.
     Claessens, S., A. Demirguc- kunt, and H. Huizinga ,1998, “How
      Does Foreign Entry Affect the Domestic Banking Market?” World Bank
      Working Paper, No. 1918 .
     Contractor, F. J., Kundu, S. K., and Hsu, C. C. ,2003,“A Three-
      stage Theory of International Expansion: The Link Between
      Multinationality and Performance in the Service Sector,” Journal
      of International Business Studies, 34(1), 5-18.
     Daniel, John D. and Jeffrey Bracker ,1989, “Profit Performance: Do
     Foreign Operations Make a Difference?” Management International
     Review, 29, 46-56.
     Delios, Andrew and Paul W. Beamish ,1999, “Geographic Scope,
     Product Diversification, and the Corporate Performance of Japanese
     Firms,” Strategic Management Journal, 20(8), 711-727.
     Fayerweather, J., 1975. “Canadian foreign investment policy. ”
     California Management Review, 17, 74-83.
     Gomes, Lenn and Kannan Ramaswamy ,1999, “An Empirical Examination
     of the Form of the Relationship between Multinationality and
     Performance,” Journal of International Business Studies, 30(1),
     173-188.
     Grant, Robert M. ,1987, “Multinationality and Performance among
     British Manufacturing Companies,” Journal of International
     Business Studies, 18(3), 79-89.
     Grant, Robert M., Azar P. Jammine, and Howard Thomas ,1988,
     “ Diversity, Diversification, and Profitability Among British
     Manufacturing Companies, 1972-1984,” Academy of Management Journal,
     31(4), 771-801.
     Hitt, M. A., E. H. Robert, and K. Hicheon, 1997. “ International
     diversification: effects on innovation and firm performance in
     product-diversified firms. ” Academy of Management Journal, 40
     , 767-798.
     Lensink, R. and N. Hermes ,2004, “The Short-term Effects of Foreign
     Bank Entry on Domestic Bank Behavior: Does Economic Development
     Matter?” Journal of Banking and Finance, 28, 553-568.
     Michel, Allen and Israel Shaked ,1986, “Multinational Corporations
     vs. Domestic Corporations: Financial Performance and
     Characteristics,” Journal of International Business Studies, 17(3),
     89-100.
     Ramaswamy, K., 1995. “ Multinationality, configure, and performance:
      a study of mines in the U.S. drug and pharmaceutical industry. ”
     Journal of International Management, 1, 231-253.
     Sullivan, Daniel ,1994, “Measuring the Degree of Internationalization of a Firm,” Journal of International Business
     Studies, 25(2), 325-342.
     Sullivan, Daniel ,1996, “Measuring the Degree of
     Internationalization of a Firm: A reply,” Journal of International
     Business Studies, 27(1), 179-192.
     Thomas, D. E., and L. Eden, 2004. “What is the shape of the
     multinationality-performance relationship? ” Multinational
     Business Review, 12, 89-110.
     Tschoegl, A. 2002. “FDI and Internationalization: Evidence from U.S.
     Subsidiaries of Foreign Banks. ” Journal of International Business
     Studies, 2002(4): 805-815.
     Vernon, Raymond ,1966, “International Investment and International
     Trade in the Product Cycle,” Quarterly Journal of Economics, 80,
     190-207.
描述 碩士
國立政治大學
國家發展研究所
97261017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097261017
資料類型 thesis
dc.contributor.advisor 童振源zh_TW
dc.contributor.author (Authors) 龔俊吉zh_TW
dc.creator (作者) 龔俊吉zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 3-Aug-2015 13:33:28 (UTC+8)-
dc.date.available 3-Aug-2015 13:33:28 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2015 13:33:28 (UTC+8)-
dc.identifier (Other Identifiers) G0097261017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77256-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國家發展研究所zh_TW
dc.description (描述) 97261017zh_TW
dc.description.abstract (摘要) 金融業健全與否對於一國之經濟發展關係密切，近年來本國銀行積極朝海外市場發展。本文從金融全球化的角度探討國際化對我國銀行業經營績效之影響，首先，根據統計資料分別檢視我國銀行業國際化程度與外資銀行進入程度，其次，利用多元迴歸分析法探討2005-2013年本國銀行國際化與外資銀行進入程度對我國銀行整體財務績效之影響，最後，進一步分析國際化策略之不同是否會造成銀行間之績效差異，以下為本文研究結果：
      分別從海外分支機構占總機構比例、海外資產占總資產比例、海外收益占總收益比例三個面向檢視我國銀行業國際化程度，可以發現除了海外收益比率呈現先下滑後上升之外，基本上近十年來是呈現穩定成長的趨勢，至2014年底為止，我國銀行之國際化程度分別為10.4%、17.5%、19.3%。在外資銀行進入程度方面，同樣從外資銀行分支機構占國內銀行總機構比例、外資銀行資產占總資產比例、外資銀行收益占總收益比例三個面向檢視，至2013年底為止，外資銀行進入程度分別為4.7%、14%、13.5%。整體而言並不算太高。
      在本國銀行國際化方面，研究結果顯示三種國際化變數FSTS、FATA、OSTS對於ROA、ROE皆呈現顯著正相關；外資銀行進入程度方面，FATA2、OSTS2對於ROA、ROE皆呈現顯著正相關。表示國際化確實對於我國銀行之財務績效有正面助益。最後進一步分析國際化策略差異之影響，發現採用攻擊型國際化策略之銀行績效顯著高於防禦型國際化策略之銀行，唯邊際效果並不顯著，因此建議銀行業可積極採取至具高成長潛力的海外國家設立據點的國際化策略。		zh_TW
dc.description.abstract (摘要) The robustness of the financial sector is usually closely related to a country’s economic development. In recent years, domestic banks have proactively expanded into overseas markets. This study investigates the influence of internationalization on the performance of Taiwan’s banking sector in terms of financial globalization. First, the degree of internationalization of Taiwan’s banking industry and the extent of foreign bank entry will separately examined on the basis of statistical data. Next, the effects of the domestic banks’ internationalization and foreign banks entry on overall financial performance of Taiwan banks from 2005-2013 will be evaluated by applying the multiple regression analysis. Finally, a further analysis on whether the various internationalization strategies will lead to different performance among the banks will be conducted. The results of this study are as follows:
     
     The degree of internationalization of Taiwan’s banking sector is explored from the following aspects: the proportion of oversea branches, the ratios of oversea assets, and the percentage of oversea revenues. The results show that there has been a steady growth of oversea branches and assets in the past decade except oversea revenues that declined initially but rose later. The degree of internationalization of Taiwan’s banking sector was 10.4%, 17.5%, 19.3% respectively by the end of 2014. Similarly, the degree of foreign bank entry is inspected from the following aspects: the proportion of foreign bank branches, the ratios of foreign bank assets, and the percentage of foreign bank revenues. The percentage of foreign banks entry was 4.7%, 14%, 13.5% by the end of 2013. Overall, this rate is not too high.
     
     When it comes to domestic banks’ internalization, the results demonstrate that three variables FSTS, FATA, and OSTS are significantly positively correlated with ROA, and ROE. As for the foreign bank entry level, FATA2, OSTS2 are significantly positively correlated with ROA and ROE. This indicates that globalization does have a positive effect on the financial performance of Taiwan’s banks. Finally, as far as the further analysis of internationalization strategies is concerned, it is found that banks with offensive approaches have significantly higher performance than those with defensive approaches. However, the marginal effect is not significant. Thus, it is recommended that the banking industry can adopt an aggressive internationalization strategy to establish overseas branches in countries which have a high growth potential.		en_US
dc.description.tableofcontents 第一章、緒論
      第一節、研究動機與研究問題.....................................1
      第二節、研究架構與流程.........................................6
     第二章、文獻回顧
      第一節、國際化定義與相關理論...................................7
      第二節、國際化程度與經營績效之衡量指標........................12
      第三節、企業國際化程度與經營績效之關係研究....................17
      第四節、銀行業國際化程度與經營績效之關係研究..................23
      第五節、外國銀行進入與經營績效之關係研究......................26
     第三章、研究設計
      第一節、研究方法..............................................27
      第二節、研究對象與資料來源....................................29
      第三節、實證模型設定與變數說明................................31
      第四節、研究限制..............................................36
     第四章、我國銀行業國際化程度與外資銀行進入程度
      第一節、我國銀行業國際化程度..................................37
      第二節、外資銀行進入程度......................................43
      第三節、小結..................................................48
     第五章、實證研究結果分析
     第一節、國際化及外資銀行進入程度對台灣銀行業財務績效之影響....50
      第二節、不同國際化策略對銀行財務績效之影響分析................56
      第三節、小結..................................................67
     第六章、結論與政策建議.............................................68
     
     
     參考文獻...........................................................70		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097261017en_US
dc.subject (關鍵詞) 銀行zh_TW
dc.subject (關鍵詞) 國際化zh_TW
dc.subject (關鍵詞) 外國銀行進入zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 國際化策略zh_TW
dc.subject (關鍵詞) banken_US
dc.subject (關鍵詞) internationalizationen_US
dc.subject (關鍵詞) foreign banks entryen_US
dc.subject (關鍵詞) performanceen_US
dc.subject (關鍵詞) strategy in internationalizationen_US
dc.title (題名) 國際化程度對台灣銀行業經營績效之影響：2005-2013zh_TW
dc.title (題名) The Effect of Internationalization on Bank Performance for Taiwan Banking Industry：2005-2013en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分：
     專書、期刊論文
     呂劍，2006，〈外資銀行進入對我國銀行業的影響〉，《第3屆中國金融學年會》
      論文，中國：上海。
     林惠文，2001，〈國際化與多角化策略對財務績效之影響-本國銀行業之比較分
      析〉，《商管科技季刊》，第二卷，第四期，頁377-397。
     張麗娟、鍾雅雯，2010，〈商業銀行國際化程度與多角化策略對經營績效之
      影響〉，《台灣經濟金融月刊》，第四十七卷，第四期，頁52-61。
     喬友慶、于卓民與林月雲，2002，〈國際化程度與產品差異化能力對廠商績
      效之影響–台灣大型製造廠商之實證研究〉，《管理學報》，第十九卷，第五期，
      頁811-842。
     黃台心，2009，《計量經濟學》，台北：新陸書局股份有限公司。
     
     學位論文
     何欣怡，2003，《外國銀行進駐－開發中國家V.S.已開發國家之經驗、意涵探
      討暨對在地國市場衝擊之全球實證研究》。台北：國立政治大學金融研究所
      碩士論文。
     高淑萍，2001，《台灣上市公司國際化程度對經營績效暨風險影響之探討》。台
     北：國立台灣科技大學企業管理研究所碩士論文。
     徐箴宜，2001，《多角化與國際化對企業經營績效影響之實證研究》。台南：國
      立成功大學國際企業研究所碩士論文。
     張燕玉，2006，《國際化程度對銀行經營績效之影響—以台灣本地銀行為例》。
     台北：國立政治大學社會科學學院行政管理碩士學程第六屆碩士論文。
     黃文彬，2008，《銀行國際化與經營績效之研究》。台北：東吳大學國經與貿易
     學系碩士論文。
     黃振泰，2010，《台灣銀行業國際化程度與銀行經營績效之研究》。台北：東吳
     大學經濟學系碩士論文。
     劉麗卿，2008，《論「本國銀行走出去、外國銀行引進來」政策─以台灣銀行業
     經營績效評估》。台北：國立政治大學社會科學學院行政管理碩士學程碩士
     論文。
     蔡佳憓，2008，《國際化程度與銀行經營績效之關係－台灣銀行業之分析》。台
     北：國立政治大學金融學系碩士論文。
     賴彥慈，2013，《國際化及多角化對銀行風險與經營績效之影響─以台灣銀行業
      為例》。台北：輔仁大學金融與國際企業學系金融班碩士論文。
     鍾文姬，2013，《國際化程度對本國商業銀行經營績效之影響》。台北：國立臺
     灣科技大學財務金融研究所碩士論文。
     鍾雅雯，2010，《探討國內商業銀行國際化程度與多角化策略對經營績效的影
     響》。雲林：虎尾科技大學經營管理研究所碩士論文。
     
     網際網路
     金融監督管理委員會網站：http://www.fsc.gov.tw。
     中央銀行網站：http://www.cbc.gov.tw。
     金融監督管理委員會銀行局網站：
     http://www.banking.gov.tw/ch/home.jsp?id=169&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201502170010&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&toolsflag=Y
     MBAlib：http://wiki.mbalib.com/zh-tw/。
     The World Bank網站：http://data.worldbank.org/indicator/。
     
     政府出版品
     行政院金融監督管理委員會銀行局統計室，2004～2014，《中華民國台灣地區
     基本金融資料》，台北：金管會銀行局。
     行政院金融監督管理委員會銀行局統計室，2004～2014，《金融業務統計輯要》
     ，台北：金管會銀行局。
     
     英文部分：
     專書
     Deresky, Helen ,1994, International Management: Managing Across
     Boarders and Cultures, New York: Haper Collins College Publisher.
     Dunning, J. H., 1992. Multinational Enterprises and the Global
     Economy, Addison-Wesley.
     Hsiao, C. ,1986, Analysis of Panel Data, New York: Cambridge
      University Press.
     Thomas, Lioyd B. Jr. ,1986, Money, Banking and Economic Activity,
     Third Edition, New Jersey: Prentice Hall, 133-134.
     
     期刊論文
     Agenor P. R. ,2001, “Benefits and Costs of International Financial
     Integration: Theory and Facts,” World Bank Working Paper, No. 2699.
     Annavarijula, M. and S. Beldona ,2000, “Multinationality-
     Performance Relationship: A review and Reconceptualization,” The
     International Journal of Organizational Analysis, 8(1), 48-67.
     Claessens, S., A. Demirguc- kunt, and H. Huizinga ,1998, “How
      Does Foreign Entry Affect the Domestic Banking Market?” World Bank
      Working Paper, No. 1918 .
     Contractor, F. J., Kundu, S. K., and Hsu, C. C. ,2003,“A Three-
      stage Theory of International Expansion: The Link Between
      Multinationality and Performance in the Service Sector,” Journal
      of International Business Studies, 34(1), 5-18.
     Daniel, John D. and Jeffrey Bracker ,1989, “Profit Performance: Do
     Foreign Operations Make a Difference?” Management International
     Review, 29, 46-56.
     Delios, Andrew and Paul W. Beamish ,1999, “Geographic Scope,
     Product Diversification, and the Corporate Performance of Japanese
     Firms,” Strategic Management Journal, 20(8), 711-727.
     Fayerweather, J., 1975. “Canadian foreign investment policy. ”
     California Management Review, 17, 74-83.
     Gomes, Lenn and Kannan Ramaswamy ,1999, “An Empirical Examination
     of the Form of the Relationship between Multinationality and
     Performance,” Journal of International Business Studies, 30(1),
     173-188.
     Grant, Robert M. ,1987, “Multinationality and Performance among
     British Manufacturing Companies,” Journal of International
     Business Studies, 18(3), 79-89.
     Grant, Robert M., Azar P. Jammine, and Howard Thomas ,1988,
     “ Diversity, Diversification, and Profitability Among British
     Manufacturing Companies, 1972-1984,” Academy of Management Journal,
     31(4), 771-801.
     Hitt, M. A., E. H. Robert, and K. Hicheon, 1997. “ International
     diversification: effects on innovation and firm performance in
     product-diversified firms. ” Academy of Management Journal, 40
     , 767-798.
     Lensink, R. and N. Hermes ,2004, “The Short-term Effects of Foreign
     Bank Entry on Domestic Bank Behavior: Does Economic Development
     Matter?” Journal of Banking and Finance, 28, 553-568.
     Michel, Allen and Israel Shaked ,1986, “Multinational Corporations
     vs. Domestic Corporations: Financial Performance and
     Characteristics,” Journal of International Business Studies, 17(3),
     89-100.
     Ramaswamy, K., 1995. “ Multinationality, configure, and performance:
      a study of mines in the U.S. drug and pharmaceutical industry. ”
     Journal of International Management, 1, 231-253.
     Sullivan, Daniel ,1994, “Measuring the Degree of Internationalization of a Firm,” Journal of International Business
     Studies, 25(2), 325-342.
     Sullivan, Daniel ,1996, “Measuring the Degree of
     Internationalization of a Firm: A reply,” Journal of International
     Business Studies, 27(1), 179-192.
     Thomas, D. E., and L. Eden, 2004. “What is the shape of the
     multinationality-performance relationship? ” Multinational
     Business Review, 12, 89-110.
     Tschoegl, A. 2002. “FDI and Internationalization: Evidence from U.S.
     Subsidiaries of Foreign Banks. ” Journal of International Business
     Studies, 2002(4): 805-815.
     Vernon, Raymond ,1966, “International Investment and International
     Trade in the Product Cycle,” Quarterly Journal of Economics, 80,
     190-207.		zh_TW