台湾银行业效率分析
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摘要
台湾银行业成立“金融控股公司”是否真正能提升其经营效率,故本文以“金融控股公司”架构下之13家子银行与“非金融控股公司”架构下之27家独立银行来做经营效率上的比较,研究期间从2001年12月至2006年12月,共6年,投入与产出变量采用中介法,以资金、利息支出、及资本为投入变量;放款、利息收入、长期投资为产出变量。以资料包络(DEA)分析法为主轴,分别以CCR模型及BCC模型求出技术效率值(TE)、纯技术效率值(PTE)、规模效率值(SE),并测算出40家银行ROA、ROE财务绩效再利用Tobit回归分析分别以技术效率值、纯技术效率值、规模效率值为应变量,并选取投入变量与产出变量以外之其它变量包括获利能力、公司治理、人力资源、资产品质为解释变量,验证探讨影响效率的其它外在因素。
本研究主要实证结论如下:
一、由各银行在各年之效率值,可得知在6年中完全有效率银行有台新银行与中华开发银行,上述两家银行皆为金控下之子银行;在6年中完全无效率银行有华侨银行,为非金控下之独立银行。
二、无论在技术效率值(TE)、纯技术效率值(PTE)、规模效率值(SE),在金控架构下子银行皆优于非金控下之独立银行。
三、银行在成立「金融控股公司」后其平均效率值上升仅二家,而下降的有7家,由此可知银行在成立金融控股公司后并未能提高其经营效率。
四、在金融控股公司成立后银行的效率变动趋势,无论是金控下银行或非金控下之独立银行,其技术效率值(TE)、纯技术效率值(PTE)、规模效率值(SE)皆呈现退步的迹象。
五、独立银行在金控公司成立后,造成其无论在经营管理及决策或生产最适规模上皆呈现退步的趋势。
六、Tobit回归模式以获利能力、公司治理、人力资源、资产品质来探讨其它可能影响银行效率之因素,进行影响程度的评估。结果如下:
(1)自变量获利能力方面ROA有非常显著的影响,达到1%显著水准,表示在变动规模下经营者管理决策正确,则要素投入能更有效率,进而使得资产能够有效率运用。ROE与纯技术效率有负相关,且X2的p-value也只有0.093,达到10%显著水准,推论出ROA与ROE这二项效率因素对纯技术效率是有影响的。
(2)公司治理方面、董监席次与纯技术效率是正相关,而且达到5%显著水准,表明董监席次与公司治理有一致性的关系,对提升银行的效率是有影响的。
(3)在人力资源方面、各银行员工人数、员工平均年龄与总效率是正相关的、而员工人数与纯技术效率是正相关的,达到1%显著水准,表示员工人数愈多,能提升银行的效率是有规模效率的存在,与本文预期的方向是一致的。
(4)在资产品质方面、资本充足率与纯技术效率值有正相关,银行资产品质与效率息息相关,资本适足率愈高表示银行资金运用风险愈低,而此变量并不显著,逾放比率、分行家数与技术效率值呈负相关,尤其是分支机构愈多,销售据点愈多,进而增加其销售通路,因此有利银行的经营,且此变量达到5%显著水准,表示分行数与银行整体经营效率有明显关系。
This study aims to understand whether the banks under the FHCs can have better performance. By polling 13 banks inside of FHCs and 27 independent banks outside of FHCs in Taiwan, business efficiency was compared The study lasted for total 6 years, from December 2001 to December 2006. Fund, interest payments and capital were taken as input variables; loan, interest income and long-term investment as the output variables. We first have the Data Envelopment (DEA) analysis method as the main axis, CCR model and BCC model respectively to obtain technical efficiency (TE), a purely technical efficiency values (PTE), the scale of efficiency (SE), laterally calculated 40 banks’ROA and ROE financial performance and then employ the Tobit regression method, taking technical efficiency (TE), pure technical efficiency (PTE) and the scale technical efficiency(SE) as dependent svariables, and choose the variables other than input and output factors. such as profitability, corporate governance, human resources, asset quality as the explanatory variables, impact and investigate the efficiency of other external factors.
Pertinent study findings are concluded as follows:
First, Based on the efficiency value of each bank, we can get that in the six years that Taishin Bank and the China Development Bank can be evaluated as fully efficient, these two banks are under FHC. In the past six years, Bank of Overseas Chinese is a non-overall efficient bank, which is outside of FHCs.
Second, in respect of TE, PTE and SE, the banks inside FHCs is better than outside of FHCs.
Third, after banks’setting up the financial holding companies; only two banks increased average efficiency, seven banks declined. Thus, the establishment of financial holding company has failed to improve its operating efficiency.
Fourth, after the financial holding company established, the bank’s efficiency trends downward in terms of technical efficiency (TE), purely technical efficiency values (PTE) and the value of the efficiency scale (SE), whether it is under FHC or not.
Fifth, FHC’s establishment caused a backward trend in independent banks’management, strategy-making or are and the scale of optimum production. Sixth, To explore other possible impacts on the banking sector efficiency by Tobit regression model to profitability, corporate governance, human resources, asset quality to, the degree of impact assessment, results are as follows:
(1) Since ROA has a very significant impact on the variable: profitability, reaching 1 per cent level, it indicates the scale of changes that are operating under management’s correct decisions, the factor inputs can be more efficient, thereby making efficient utilization of assets. There is a negative correlation between ROE and pure technical efficiency, and the X2 p-value isof only 0.093, 10% notable standard, which infers that ROA and ROE do influence the efficiency of pure technical efficiency.
(2) In regard to management the precedence in the board has a positive effect on pure technical efficiency , achieve significant 5% level. It clearly shows the consistency relationship between precedence in the board and management which does enhance the bank’s efficiency.
(3) In terms of human resources, there is a positive correlation between the number of bank employees, the average age of employees and total efficiency. The number of employees and purely technical efficiency are positively related, reaching 1% notable level, indicating that with higher number of employees the banks can upgrade the existence of a large-scale efficiency, and this is the same as expected direction.
(4) Concerning asset quality, capital adequacy ratio and pure technical efficiency values are positively related. The bank’s assets quality and efficiency are closely related, the higher the capital adequacy ratio, the lower the of using bank funds. Yet this variable is not significant. Over-loaning ratios, the number of branches and technical efficiency are negatively correlated. Especially the more branches, the more sales locations, thereby increasing their sales channels, which benefits the bank operation . And this variable reaches significant 5 percent, indicating that the number of branches has significant relationship with the bank’s overall operating efficiency.
本研究主要实证结论如下:
一、由各银行在各年之效率值,可得知在6年中完全有效率银行有台新银行与中华开发银行,上述两家银行皆为金控下之子银行;在6年中完全无效率银行有华侨银行,为非金控下之独立银行。
二、无论在技术效率值(TE)、纯技术效率值(PTE)、规模效率值(SE),在金控架构下子银行皆优于非金控下之独立银行。
三、银行在成立「金融控股公司」后其平均效率值上升仅二家,而下降的有7家,由此可知银行在成立金融控股公司后并未能提高其经营效率。
四、在金融控股公司成立后银行的效率变动趋势,无论是金控下银行或非金控下之独立银行,其技术效率值(TE)、纯技术效率值(PTE)、规模效率值(SE)皆呈现退步的迹象。
五、独立银行在金控公司成立后,造成其无论在经营管理及决策或生产最适规模上皆呈现退步的趋势。
六、Tobit回归模式以获利能力、公司治理、人力资源、资产品质来探讨其它可能影响银行效率之因素,进行影响程度的评估。结果如下:
(1)自变量获利能力方面ROA有非常显著的影响,达到1%显著水准,表示在变动规模下经营者管理决策正确,则要素投入能更有效率,进而使得资产能够有效率运用。ROE与纯技术效率有负相关,且X2的p-value也只有0.093,达到10%显著水准,推论出ROA与ROE这二项效率因素对纯技术效率是有影响的。
(2)公司治理方面、董监席次与纯技术效率是正相关,而且达到5%显著水准,表明董监席次与公司治理有一致性的关系,对提升银行的效率是有影响的。
(3)在人力资源方面、各银行员工人数、员工平均年龄与总效率是正相关的、而员工人数与纯技术效率是正相关的,达到1%显著水准,表示员工人数愈多,能提升银行的效率是有规模效率的存在,与本文预期的方向是一致的。
(4)在资产品质方面、资本充足率与纯技术效率值有正相关,银行资产品质与效率息息相关,资本适足率愈高表示银行资金运用风险愈低,而此变量并不显著,逾放比率、分行家数与技术效率值呈负相关,尤其是分支机构愈多,销售据点愈多,进而增加其销售通路,因此有利银行的经营,且此变量达到5%显著水准,表示分行数与银行整体经营效率有明显关系。
This study aims to understand whether the banks under the FHCs can have better performance. By polling 13 banks inside of FHCs and 27 independent banks outside of FHCs in Taiwan, business efficiency was compared The study lasted for total 6 years, from December 2001 to December 2006. Fund, interest payments and capital were taken as input variables; loan, interest income and long-term investment as the output variables. We first have the Data Envelopment (DEA) analysis method as the main axis, CCR model and BCC model respectively to obtain technical efficiency (TE), a purely technical efficiency values (PTE), the scale of efficiency (SE), laterally calculated 40 banks’ROA and ROE financial performance and then employ the Tobit regression method, taking technical efficiency (TE), pure technical efficiency (PTE) and the scale technical efficiency(SE) as dependent svariables, and choose the variables other than input and output factors. such as profitability, corporate governance, human resources, asset quality as the explanatory variables, impact and investigate the efficiency of other external factors.
Pertinent study findings are concluded as follows:
First, Based on the efficiency value of each bank, we can get that in the six years that Taishin Bank and the China Development Bank can be evaluated as fully efficient, these two banks are under FHC. In the past six years, Bank of Overseas Chinese is a non-overall efficient bank, which is outside of FHCs.
Second, in respect of TE, PTE and SE, the banks inside FHCs is better than outside of FHCs.
Third, after banks’setting up the financial holding companies; only two banks increased average efficiency, seven banks declined. Thus, the establishment of financial holding company has failed to improve its operating efficiency.
Fourth, after the financial holding company established, the bank’s efficiency trends downward in terms of technical efficiency (TE), purely technical efficiency values (PTE) and the value of the efficiency scale (SE), whether it is under FHC or not.
Fifth, FHC’s establishment caused a backward trend in independent banks’management, strategy-making or are and the scale of optimum production. Sixth, To explore other possible impacts on the banking sector efficiency by Tobit regression model to profitability, corporate governance, human resources, asset quality to, the degree of impact assessment, results are as follows:
(1) Since ROA has a very significant impact on the variable: profitability, reaching 1 per cent level, it indicates the scale of changes that are operating under management’s correct decisions, the factor inputs can be more efficient, thereby making efficient utilization of assets. There is a negative correlation between ROE and pure technical efficiency, and the X2 p-value isof only 0.093, 10% notable standard, which infers that ROA and ROE do influence the efficiency of pure technical efficiency.
(2) In regard to management the precedence in the board has a positive effect on pure technical efficiency , achieve significant 5% level. It clearly shows the consistency relationship between precedence in the board and management which does enhance the bank’s efficiency.
(3) In terms of human resources, there is a positive correlation between the number of bank employees, the average age of employees and total efficiency. The number of employees and purely technical efficiency are positively related, reaching 1% notable level, indicating that with higher number of employees the banks can upgrade the existence of a large-scale efficiency, and this is the same as expected direction.
(4) Concerning asset quality, capital adequacy ratio and pure technical efficiency values are positively related. The bank’s assets quality and efficiency are closely related, the higher the capital adequacy ratio, the lower the of using bank funds. Yet this variable is not significant. Over-loaning ratios, the number of branches and technical efficiency are negatively correlated. Especially the more branches, the more sales locations, thereby increasing their sales channels, which benefits the bank operation . And this variable reaches significant 5 percent, indicating that the number of branches has significant relationship with the bank’s overall operating efficiency.
引文
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12.李水德台湾银行业经营效率与外汇业务之实证研究[J]成功大学企管研究所硕士论文2006年6月
13.台湾金融业100大排名调查天下杂志第298期(2004年5月1日),322期(2005年5月1日),347期(2006年5月1日),371期(2007年5月9日)
14.林相君台湾金融控股公司经营概况简析[J]台经月刊2004年6月
15.郑惠如等再论银行业真实净值与逾放比之估计[J]货币观测与信用评等第64期,2007年3月,PP6-9
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1.台湾经济新报,2008,金融业数据库http://www.tje.com.tw
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2.李坤仪金融控股大未来[M]台北大树林出版社2003年7月
3.高强管理绩效评估[M]台北华泰文化事业公司2003年7月
4.张平沼企业并购与金融攺组[M]台北财团法人台湾金融研训院2002年10月
5.魏权龄评价相对有效性的DAE方法—运筹学的新领域[M]北京中国人民大学出版社1988年
6.魏权龄数据包络分析[M]北京科学出版社2004年
7.魏权龄、阎洪广义最优化理论和模型[M]北京科学出版社,2004年
8.张平沼BaselⅡ对我国金融版图的冲击与影响[J] 2003全国大专教师经济金融会计研讨会2003年8月pp263-270
9.陈衍洁台湾金融法制的攺革过程[J]台经月刊2006年12月
10.张原铭金控架构下与非金控架构下之银行效率分析[J]高雄第一科大金融营运系硕士论文2003年6月
11.张坤杉、杨世芳金控银行效率分析[J]创新研发学刊第三卷第二期2007年12月
12.李水德台湾银行业经营效率与外汇业务之实证研究[J]成功大学企管研究所硕士论文2006年6月
13.台湾金融业100大排名调查天下杂志第298期(2004年5月1日),322期(2005年5月1日),347期(2006年5月1日),371期(2007年5月9日)
14.林相君台湾金融控股公司经营概况简析[J]台经月刊2004年6月
15.郑惠如等再论银行业真实净值与逾放比之估计[J]货币观测与信用评等第64期,2007年3月,PP6-9
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