國有銀行、政治干預與銀行民營化__臺灣博碩士論文知識加值系統

詳目顯示 ; 林智勇 · Chih-Yung Lin · 國有銀行、政治干預與銀行民營化 · Government Banks, Political Interference and Bank Privatization · 沈中華. 資料載入處理中... 跳到主要內容 臺灣博碩士論文加值系統 ::: 網站導覽| 首頁| 關於本站| 聯絡我們| 國圖首頁| 常見問題| 操作說明 English |FB專頁 |Mobile 免費會員 登入| 註冊 功能切換導覽列 (188.166.176.73)您好！臺灣時間：2022/07/2314:53 字體大小：       ::: 詳目顯示 recordfocus 第1筆/ 共1筆  /1頁 論文基本資料 摘要 外文摘要 目次 參考文獻 紙本論文 QRCode 本論文永久網址: 複製永久網址Twitter研究生:林智勇研究生(外文):Chih-YungLin論文名稱:國有銀行、政治干預與銀行民營化論文名稱(外文):GovernmentBanks,PoliticalInterferenceandBankPrivatization指導教授:沈中華學位類別:博士校院名稱:國立臺灣大學系所名稱:財務金融學研究所學門:商業及管理學門學類:財務金融學類論文種類:學術論文論文出版年:2010畢業學年度:98語文別:英文論文頁數:186中文關鍵詞:國有銀行、政治干預、配對理論、倒閉銀行、銀行民營化和國家治理外文關鍵詞:Government-ownedbanks、politicalinterference、matchingmethods、distressedbank、bankprivatization、andcountrygovernance相關次數: 被引用:0點閱:534評分:下載:0書目收藏:0 本論文包含三篇關於國有銀行、政治干預與銀行民營化的文章。

第一篇文章為“反民營化:國有銀行是否有較好的績效？從政治觀點的角度分析之”。

第二篇文章為“銀行民營化、國家治理、投資人保護與銀行管制”。

第三篇文章為“銀行民營化是否能改進其績效表現?暫時或持久效果”。

最後，我們在最後一節說明論文的結論。

一、反民營化:國有銀行是否有較好的績效？從政治觀點的角度分析之過去有許多的研究都指出國有銀行的績效表現比民營銀行來的差。

但是卻沒有實證研究去研究此現象存在的原因為何?本研究企圖利用三十七個國家從1993到2007的資料去補足此文獻上的缺口。

為了簡潔的理由，我們將國有銀行比較差的表現定義為“GOB效果”。

兩個配對方法(Nearest-NeighborMatching和MahalanobisMetricMatching)被用來選取該國特徵變數相似的配對樣本。

我們定義政治干預的過程為「當國有銀行被要求去併購倒閉銀行的過程」。

接者我們發現國有銀行在併購一家倒閉銀行之後，其績效有明顯的下降。

此證據顯示政治干預的過程可能是GOB效果存在的原因。

因此我們接著去研究沒有受到政治干預的國有銀行表現，我們發現這些銀行的績效並沒有比民營銀行來的差。

所以我們認為政治干預的過程會造成國有銀行的績效變差，以及傳統上我們所認為的GOB效果是源自於政治干預影響的結果。

 二、銀行民營化、國家治理、投資人保護與銀行管制過去有許多的研究都指出國有銀行的民營化可以提升其績效表現。

為了簡潔的理由，我們將銀行民營化後的績效提升定義為“民營化效果”。

但是卻沒有實證研究去研究為何民營化效果存在於某些國家但卻不存在於其他國家。

本研究企圖利用43個國家從1992到2007的民營化資料去補足此文獻上的缺口。

兩個配對方法(Nearest-NeighborMatching和MahalanobisMetricMatching)被用來選取該國特徵變數相似的配對樣本。

我們提出了四個假說並發現民營化效果在國家治理差、投資人保護差以及銀行活動管制較鬆的國家會比較有效。

三、銀行民營化是否能改進其績效表現?暫時或持久效果本研究企圖利用43個國家從1992到2007的民營化資料去研究銀行民營化是否能改進其績效表現?四個配對方法(Nearest-NeighborMatching、1-to-2NearestNeighborMatching、MahalanobisMetricMatching和1-to-2MahalanobisMetricMatching)被用來選取該國特徵變數相似的配對樣本。

實證結果如下：首先，銀行民營化可以提升其績效表現在於股東權益報酬、淨利息收益與不良資產放款等衡量指標，但是卻無法提升銀行的資產報酬。

次之，在大部分的案例當中，完全民營化比部分民營化來的有效。

第三點，資產出售的民營化方式相對於公開釋股的民營化方式有著比較大的績效改進。

最後，民營化的績效在長期相對於短期有著比較大的改進效果。

ThisdissertationconsistsofthreeessaysonGovernmentBanks,PoliticalInterferenceandBankPrivatization.Thefirstessayis“De-Privatization:DoGovernmentBanksPerformBetter?APoliticalInterferenceView.”Thesecondessayis“BankPrivatization,CountryGovernance,InvestorProtectionandBankRegulation.”Thethirdessayis“WhenDoesthePrivatizationofBanksImprovePerformance?TransientorPersistentEffect.”Last,wepresenttheconclusionsinlastsection.Essay1:De-Privatization:DoGovernmentBanksPerformBetter?APoliticalInterferenceViewManystudiesreportthatgovernment-ownedbanksunderperformcomparedwithprivate-ownedbanks.However,noempiricalstudieshaveexaminedthereasonsforthisevidence.Thisstudyaddressesthisgapusingbanksfrom37countriesfromtheperiod1993to2007.Forsimplicity’ssake,theunderperformanceofgovernment-ownedbanks(GOB)isreferredtoasthe“GOBeffect.”Twomatchingmethods,theNearest-NeighborMatchingandMahalanobisMetricMatching,areadoptedtoseekmatchedbanks(e.g.sharingsimilarcharacteristicvariables)locatedinthesamecountry.Wedefinepoliticalinterferenceastheprocessbywhichgovernment-ownedbanksaremandatedtomergewithadistressedbank.Wewillthenshowthatgovernment-ownedbanks,aftermergingwithadistressedbank,sufferadverseperformance.Thisevidenceindicatesthatpoliticalinterferencemaybethecauseofunderperformance.Furthermore,weobservedthatgovernment-ownedbanksthatdidnotexperienceanypoliticalinterferencegenerallyperformaswellasprivate-ownedbanks.Therefore,wereiteratethatpoliticalinterferencenegativelyaffectsgovernmentbanks’performance,andtheGOBeffectinstereotypicalimageisaconsequenceofpoliticalinfluences.Essay2:BankPrivatization,CountryGovernance,InvestorProtectionandBankRegulationManystudiesreportthattheprivatizationofgovernment-ownedbanks(GOBs)canenhancetheirperformance.Forsimplicity’ssake,theimprovementofbankprivatizationreferredtoasthe“privatizationeffect”.However,noempiricalstudieshaveexaminedwhyprivatizationeffectexistsinsomecountries,butnotinothers.Thisstudyaddressesthisgapusingbankprivatizationfrom43countriesduring1992~2007.Twomatchingmethods,theNearest-NeighborMatchingandMahalanobisMetricMatching,areadoptedtoseekmatchedbanks(e.g.sharingsimilarcharacteristicvariables)locatedinthesamecountry.Weproposefourhypothesesandfindthattheprivatizationeffectareenhancingwhencountrieswithworsecountrygovernance,weakinvestorprotectionandfewerbankactivityregulation.Essay3:WhenDoesthePrivatizationofBanksImprovePerformance?TransientorPersistentEffectThisstudycomparestheperformancesofprivatizedbanksfrom43countriesduring1992-2007byusingfourmatchingtheories,Nearest-NeighborMatching,1-to-2NearestNeighborMatching,MahalanobisMetricMatching,and1-to-2MahalanobisMetricMatching.Theevidencedemonstratesthefollowing:first,theprivatizedbanksoutperformnon-privatizedbanksintermsofreturnonequity(ROE),netinterestmargin(NIM)andnon-performanceloan(NPL)butaretiedintermsofreturnonasset(ROA);second,inmostcases,fullprivatizationismoreeffectivethanpartialprivatizationinimprovingbankperformance;third,theresultsdemonstratethatprivatizationthroughassetsalesyieldabetterperformance;andfinally,theresultsdemonstratethatimprovedperformance,measuredintermsofprofitability,isexhibitedmoreinthelong-termwhilewithrespecttoimprovedperformanceintermsofassetquality,theimprovementsaremoreprevalentintheshort-term. Chapter1Introduction1Chapter2De-Privatization:DoGovernmentBanksPerformBetter?APoliticalInterferenceView92.1Introduction92.2LiteratureReview172.2.1GovernmentBankPerformance172.2.2PoliticalInterference192.3MatchingTheory222.3.1EstimatingtheMergingEffect232.3.2PropensityScoreMatching252.3.3MatchingCriteria262.4DefinitionofDataandBasicStatistics272.4.1DefinitionsofGovernment-ownedBanks282.4.2IdentifyingGOBswithPoliticalInterference292.4.3DataDescriptive322.4.4DescriptiveStatisticsbeforeMatching332.4.5DescriptiveStatisticsafterMatching362.5DescriptiveResults382.5.1TheBasicStatisticsoftheTargetBanks382.5.2Political-AcquirerGOBsVersusPrivateBanks392.5.3Normal-AcquirerGOBsversusPrivateBanks442.5.4Non-acquirerGOBsversusPrivateBanks462.6RegressionAnalysis502.6.1EconometricModel512.6.2.PoliticalInterferenceHypothesis522.6.3RobustnessCheck572.7Conclusion62References66Chapter3BankPrivatization,CountryGovernance,InvestorProtectionandBankRegulation703.1Introduction703.2PrivatizationEffectinCountrieswithInstitutionalFactors733.2.1CountryGovernance733.2.2InvestorProtection753.2.3BankRegulation773.2.4FinancialStructure793.3MatchingTheory813.3.1PropensityScoreMatching823.3.2MatchingCriteria833.4DataandDescriptiveStatisticsResults843.4.1SourcesofVariables853.4.2DataDescriptive913.4.3DescriptiveStatisticsbeforeMatching953.4.4DescriptiveStatisticsafterMatching963.4.5PerformanceComparisons:PrivatizationEffect983.4.6PerformanceComparisons:InstitutionalFactors1023.5RegressionAnalysis1103.5.1EconometricModel1103.5.2PrivatizationEffect1143.5.3PrivatizationEffectversusCountryGovernance1143.5.4PrivatizationEffectversusInvestorProtection1173.5.5PrivatizationEffectversusBankRegulation1193.5.6PrivatizationEffectversusFinancialStructure1213.5.7UsingAlternativeproxyofCountryGovernanceasRobustnessTesting1223.5.8UsingNearestmethodasRobustnessTesting1243.6Conclusion126References129Chapter4WhenDoesthePrivatizationofBanksImprovePerformance?TransientorPersistentEffect1344.1Introduction1344.2Hypotheses1414.2.1PrivatizationEffect1414.2.2FullandPartialPrivatization1434.2.3PrivatizationthroughASandSIP.1434.2.4DynamicEffect:theShort-andLong-termEffect1444.3MatchingTheory1454.3.1PropensityScoreMatching1464.3.2MatchingCriteria1474.3.3EstimatetheTreatmentEffects1494.4EmpiricalResults1534.4.1VariableDescriptionandSources1544.4.2DescriptiveStatisticsbeforeMatching1574.4.3DescriptiveStatisticsafterMatching1594.4.4RegressionAnalysis1694.5Conclusion175References178Chapter5Conclusions182 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