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題名 台灣銀行業國際化與風險之關係探討
Risk of Internationalization on Taiwanese Banking Industry作者 鄭宇淳
Cheng, Yu Chun貢獻者 李桐豪
Lee, Tung Hao
鄭宇淳
Cheng, Yu Chun關鍵詞 台灣
商業銀行
銀行國際化
風險
資產規模
Taiwan
Internationalization
Risk
Commercial Bank
Size日期 2015 上傳時間 2-Nov-2015 14:47:24 (UTC+8) 摘要 隨著全球金融市場的開放，多數金融機構開始向海外擴展業務，追求更高利潤並且取得市場領先的地位。在台灣，銀行業者由於市場規模小、競爭激烈加上存、放款利差逐漸縮小的情況下，許多銀行開始往亞洲其他國家擴展，尤其是中國市場與東南亞市場。許多研究顯示，銀行國際化程度與風險呈現正相關，顯示在銀行向海外布局同時將使其風險增加。台灣過去文獻多在研究銀行業國際化程度與經營績效的關係，對於國際化程度與風險的影響較少著墨，本文使用台灣商業銀行之資料，進一步研究兩者之關聯。本研究實證顯示，整體而言，台灣銀行業可透過海外布局達到降低風險的效果，但進一步發現，台灣商業銀行資產規模大小將會造成國際化與風險的關係有所不同。大型商業銀行，雖然整體風險較小，但當國際化程度越高時，將使得風險提高；反之，小型商業銀行，整體風險較大，但可透過海外布局使其風險下降。
Global banking system has changed dramatically in the last several decades which make banks encounter difficulties and discover opportunities while developing their business. In this increasingly saturated environment, existing banks start to find a way to expand their territories overseas to set up higher entry barriers. Especially in Taiwan, because of excessive banks, small economic scale and overlap financial services, the financial industry is more competitive than in other markets resulting the interest rate spread becomes more and more narrow. Most of research find a positive relation between internationalization and bank risk. However, this paper employs the data of commercial banks in Taiwan, the result suggests that internationalization of a bank is associated with lower risk for overall banks. Additionally, we find that the bank size has different impacts on the relationship between internationalization and risk. Large bank tend to have the lower average risk but to increase the bank risk when go abroad. On the other hand, small banks have a diversification effect on internationalization but the overall risk is larger and the operation is not as efficient as large banks.參考文獻 1. Aliber, Robert Z., 1976. ‘International bank: A survey,’ Journal of Money, Credit, and Banking, 16(25), 47-51.2. Amihud, Y., DeLong, G. and Saunders, A., 2002. ‘The effects of cross-border bank mergers on bank risk and value,’ Journal of International Money and Finance, 21, 857-877.3. Ana Rosa Fonseca and Francisco González, 2010. ‘How bank capital buffers vary across countries: The influence of cost of deposits, market power and bank regulation,’ Journal of Banking & Finance, 34(4), 892-902.4. Annavarjula, M. and Beldona, S., 2000. ‘Multinationality performance relationship: A review and reconceptualization,’ International Journal of Organizational Analysis, 8(1), 48-67.5. Berger, A. and Bouwman, C., 2013. ‘How does capital affect bank performance during financial crises?’ Journal of Financial Economics, 109(1), 146-176.6. Berger, A., Bouwman, C., Kick, T. and Schaeck, K., 2012. ‘Bank risk taking and liquidity creation following regulatory interventions and capital support,’ Working paper, University of South Carolina.7. Berger, A., Sadok El Ghoul, Omrane Guedhami and Raluca A. Roman, 2013. ‘Internationalization and bank risk,’ Working paper, University of South Carolina.8. Bhagat S., Bolton, B. and Lu J., 2012. ‘Size, leverage, and risk-taking of financial institutions,’ Working paper, University of Colorado at Boulder.9. Boyd, J. and Runkle, D., 1993. ‘Size and performance of banking firms,’ Journal of Monetary Economics, 31(1), 47-67.10. Buch, Claudia M., John C. Driscoll and Charlotte Ostergaard, 2010. ‘Cross-border diversification in bank asset portfolios,’ International Finance, 13(1), 79-108.11. Cetorelli, N. and Goldberg, L., 2012. ‘Banking globalization and monetary transmission,’ Journal of Finance, 67, 1811-1843.12. Chiorazzo, V., Milani, C. and Salvini, F., 2008. ‘Income diversification and bank performance: Evidence from Italian banks,’ Journal of Financial Services Research, 33, 181-203.13. Demirgüç-Kunt, A. and Huizinga, H., 2010. ‘Bank activity and funding strategies: The impact on risk and returns,’ Journal of Financial Economics, 98, 626-650.14. Demsetz, R. S. and Strahan, P. E., 1997. ‘Diversification, size and risk at bank holding companies,’ Journal of Money, Credit, and Banking, 29 (3), 300-313.15. Doukas, J. and Kan, O. 2006. ‘Does global diversification destroy firm value?’ Journal of International Business Studies, 37, 352-71.16. Flamini, V., McDonald, C.A. and Schumacher, L.B., 2009. ‘The determinants of commercial bank profitability in Sub-Saharan Africa,’ IMF Working Paper, No. 09/15.17. Giuliano Iannottaa, Giacomo Nocerab, and Andrea Sironi 2013. ‘The impact of government ownership on bank risk,’ Journal of Financial Intermediation, 22(2), 152-176.18. Grubel, Herbert G., 1977. ‘A theory of multinational banking,’ Banca Nazionale del Lavoro Quarterly Review, 349-363.19. Gulamhussena, M.A., Pinheirob, C. and Pozzolo A.F., 2014. ‘International diversification and risk of multinational banks: Evidence from the pre-crisis period,’ Journal of Financial Stability, 13, 30-40.20. Houston, Joel F., Chen Lin, Ping Lin and Yue Ma., 2010. ‘Creditor rights, information sharing, and bank risk-taking,’ Journal of Financial Economics, 96(3), 485-512.21. Stiroh, K. J. and Rumble, A., 2006. ‘The dark side of diversification: The case of US financial holding companies,’ Journal of Banking & Finance, 30(8), 2131-2161.22. Laeven, L. and Levine, R., 2007. ‘Is there a diversification discount in financial conglomerates?’ Journal of Financial Economics, 85, 331-67.23. Laeven, L. and Levine, R., 2009. ‘Bank governance, regulation and risk taking,’ Journal of Financial Economics, 93, 259-275.24. Laeven, L., Ratnovski, L. and Tong, H., 2014. ‘Bank size and systemic risk,’ International Monetary Fund.25. Mamiza Haq and Richard Heaney, 2012. ‘Factors determining European bank risk,’ Journal of International Financial Markets, Institutions and Money, 22(4), 696-718.26. Shen, C. H. and Chang Y., 2012. ‘To join or not to join?-Do banks that are of a Financial-Holding-Company perform better than banks that are not,’ Contemporary Economic Policy, 30(1), 113-128.27. Thi Canh Nguyen, Dinh Vinh Vo and Van Chien Nguyen, 2015. ‘Risk and income diversification in the Vietnamese banking system,’ Journal of Applied Finance & Banking, 5(1), 93-109.28. Wang, Tianxi, 2014. ‘Competition and Increasing Returns to Scale: A Model of Bank Size’ The Economic Journal, Early View. 描述 碩士
國立政治大學
金融研究所
102352007資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102352007 資料類型 thesis dc.contributor.advisor 李桐豪 zh_TW dc.contributor.advisor Lee, Tung Hao en_US dc.contributor.author (Authors) 鄭宇淳 zh_TW dc.contributor.author (Authors) Cheng, Yu Chun en_US dc.creator (作者) 鄭宇淳 zh_TW dc.creator (作者) Cheng, Yu Chun en_US dc.date (日期) 2015 en_US dc.date.accessioned 2-Nov-2015 14:47:24 (UTC+8) - dc.date.available 2-Nov-2015 14:47:24 (UTC+8) - dc.date.issued (上傳時間) 2-Nov-2015 14:47:24 (UTC+8) - dc.identifier (Other Identifiers) G0102352007 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/79195 - 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) 102352007 zh_TW dc.description.abstract (摘要) 隨著全球金融市場的開放，多數金融機構開始向海外擴展業務，追求更高利潤並且取得市場領先的地位。在台灣，銀行業者由於市場規模小、競爭激烈加上存、放款利差逐漸縮小的情況下，許多銀行開始往亞洲其他國家擴展，尤其是中國市場與東南亞市場。許多研究顯示，銀行國際化程度與風險呈現正相關，顯示在銀行向海外布局同時將使其風險增加。台灣過去文獻多在研究銀行業國際化程度與經營績效的關係，對於國際化程度與風險的影響較少著墨，本文使用台灣商業銀行之資料，進一步研究兩者之關聯。本研究實證顯示，整體而言，台灣銀行業可透過海外布局達到降低風險的效果，但進一步發現，台灣商業銀行資產規模大小將會造成國際化與風險的關係有所不同。大型商業銀行，雖然整體風險較小，但當國際化程度越高時，將使得風險提高；反之，小型商業銀行，整體風險較大，但可透過海外布局使其風險下降。 zh_TW dc.description.abstract (摘要) Global banking system has changed dramatically in the last several decades which make banks encounter difficulties and discover opportunities while developing their business. In this increasingly saturated environment, existing banks start to find a way to expand their territories overseas to set up higher entry barriers. Especially in Taiwan, because of excessive banks, small economic scale and overlap financial services, the financial industry is more competitive than in other markets resulting the interest rate spread becomes more and more narrow. Most of research find a positive relation between internationalization and bank risk. However, this paper employs the data of commercial banks in Taiwan, the result suggests that internationalization of a bank is associated with lower risk for overall banks. Additionally, we find that the bank size has different impacts on the relationship between internationalization and risk. Large bank tend to have the lower average risk but to increase the bank risk when go abroad. On the other hand, small banks have a diversification effect on internationalization but the overall risk is larger and the operation is not as efficient as large banks. en_US dc.description.tableofcontents Chapter 1 Introduction 1Chapter 2 Literature Review 32.1 Internationalization of Bank 32.2 Bank Risk 4Chapter 3 Methodology and Framework 53.1 Data 53.2 Measure of Risk 53.3 Measure of Internationalization 63.4 Control Variable 73.5 Empirical Model 10Chapter 4 Empirical Analysis 124.1 Summary Statistics 124.2 Univariate Analysis 154.3 Regression Analysis 164.4 Robustness Tests 194.4.1 Alternative Measures of Risk 194.4.2 Alternative Measures of Internationalization 214.5 Additional Analysis 224.5.1 Internationalization and Risk during Financial Crisis 224.5.2 Bank Size Break Down 23Chapter 5 Conclusions 26Reference 27 zh_TW dc.format.extent 796285 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102352007 en_US dc.subject (關鍵詞) 台灣 zh_TW dc.subject (關鍵詞) 商業銀行 zh_TW dc.subject (關鍵詞) 銀行國際化 zh_TW dc.subject (關鍵詞) 風險 zh_TW dc.subject (關鍵詞) 資產規模 zh_TW dc.subject (關鍵詞) Taiwan en_US dc.subject (關鍵詞) Internationalization en_US dc.subject (關鍵詞) Risk en_US dc.subject (關鍵詞) Commercial Bank en_US dc.subject (關鍵詞) Size en_US dc.title (題名) 台灣銀行業國際化與風險之關係探討 zh_TW dc.title (題名) Risk of Internationalization on Taiwanese Banking Industry en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1. Aliber, Robert Z., 1976. ‘International bank: A survey,’ Journal of Money, Credit, and Banking, 16(25), 47-51.2. Amihud, Y., DeLong, G. and Saunders, A., 2002. ‘The effects of cross-border bank mergers on bank risk and value,’ Journal of International Money and Finance, 21, 857-877.3. Ana Rosa Fonseca and Francisco González, 2010. ‘How bank capital buffers vary across countries: The influence of cost of deposits, market power and bank regulation,’ Journal of Banking & Finance, 34(4), 892-902.4. Annavarjula, M. and Beldona, S., 2000. ‘Multinationality performance relationship: A review and reconceptualization,’ International Journal of Organizational Analysis, 8(1), 48-67.5. Berger, A. and Bouwman, C., 2013. ‘How does capital affect bank performance during financial crises?’ Journal of Financial Economics, 109(1), 146-176.6. Berger, A., Bouwman, C., Kick, T. and Schaeck, K., 2012. ‘Bank risk taking and liquidity creation following regulatory interventions and capital support,’ Working paper, University of South Carolina.7. Berger, A., Sadok El Ghoul, Omrane Guedhami and Raluca A. Roman, 2013. ‘Internationalization and bank risk,’ Working paper, University of South Carolina.8. Bhagat S., Bolton, B. and Lu J., 2012. ‘Size, leverage, and risk-taking of financial institutions,’ Working paper, University of Colorado at Boulder.9. Boyd, J. and Runkle, D., 1993. ‘Size and performance of banking firms,’ Journal of Monetary Economics, 31(1), 47-67.10. Buch, Claudia M., John C. Driscoll and Charlotte Ostergaard, 2010. ‘Cross-border diversification in bank asset portfolios,’ International Finance, 13(1), 79-108.11. Cetorelli, N. and Goldberg, L., 2012. ‘Banking globalization and monetary transmission,’ Journal of Finance, 67, 1811-1843.12. Chiorazzo, V., Milani, C. and Salvini, F., 2008. ‘Income diversification and bank performance: Evidence from Italian banks,’ Journal of Financial Services Research, 33, 181-203.13. Demirgüç-Kunt, A. and Huizinga, H., 2010. ‘Bank activity and funding strategies: The impact on risk and returns,’ Journal of Financial Economics, 98, 626-650.14. Demsetz, R. S. and Strahan, P. E., 1997. ‘Diversification, size and risk at bank holding companies,’ Journal of Money, Credit, and Banking, 29 (3), 300-313.15. Doukas, J. and Kan, O. 2006. ‘Does global diversification destroy firm value?’ Journal of International Business Studies, 37, 352-71.16. Flamini, V., McDonald, C.A. and Schumacher, L.B., 2009. ‘The determinants of commercial bank profitability in Sub-Saharan Africa,’ IMF Working Paper, No. 09/15.17. Giuliano Iannottaa, Giacomo Nocerab, and Andrea Sironi 2013. ‘The impact of government ownership on bank risk,’ Journal of Financial Intermediation, 22(2), 152-176.18. Grubel, Herbert G., 1977. ‘A theory of multinational banking,’ Banca Nazionale del Lavoro Quarterly Review, 349-363.19. Gulamhussena, M.A., Pinheirob, C. and Pozzolo A.F., 2014. ‘International diversification and risk of multinational banks: Evidence from the pre-crisis period,’ Journal of Financial Stability, 13, 30-40.20. Houston, Joel F., Chen Lin, Ping Lin and Yue Ma., 2010. ‘Creditor rights, information sharing, and bank risk-taking,’ Journal of Financial Economics, 96(3), 485-512.21. Stiroh, K. J. and Rumble, A., 2006. ‘The dark side of diversification: The case of US financial holding companies,’ Journal of Banking & Finance, 30(8), 2131-2161.22. Laeven, L. and Levine, R., 2007. ‘Is there a diversification discount in financial conglomerates?’ Journal of Financial Economics, 85, 331-67.23. Laeven, L. and Levine, R., 2009. ‘Bank governance, regulation and risk taking,’ Journal of Financial Economics, 93, 259-275.24. Laeven, L., Ratnovski, L. and Tong, H., 2014. ‘Bank size and systemic risk,’ International Monetary Fund.25. Mamiza Haq and Richard Heaney, 2012. ‘Factors determining European bank risk,’ Journal of International Financial Markets, Institutions and Money, 22(4), 696-718.26. Shen, C. H. and Chang Y., 2012. ‘To join or not to join?-Do banks that are of a Financial-Holding-Company perform better than banks that are not,’ Contemporary Economic Policy, 30(1), 113-128.27. Thi Canh Nguyen, Dinh Vinh Vo and Van Chien Nguyen, 2015. ‘Risk and income diversification in the Vietnamese banking system,’ Journal of Applied Finance & Banking, 5(1), 93-109.28. Wang, Tianxi, 2014. ‘Competition and Increasing Returns to Scale: A Model of Bank Size’ The Economic Journal, Early View. zh_TW
