放款品質、經營績效與資訊不對稱－兼論34號公報第三次修訂之效果

Loan Quality, Operating Performance and the Level of Information Asymmetry-Investigating Banking Industry under the Third Amendment to SFAS No. 34

張哲銘(Che-Ming Chang) ； 王貞靜(Chen-Chin Wang) ； 謝昇樺(Shen-Hua Hsieh)

《會計審計論叢》 4卷1期 (2014/06) Pp. 53-98

摘要

相對於一般產業，受到高度保護管制之銀行（金融）產業存有較高的資訊不對稱；為強化銀行產業資訊揭露與授信資產品質，財務會計準則第34號公報「金融商品之會計處理準則」於2008年增訂納入原始產生之放款及應收款的規範，此舉影響銀行產業甚鉅。本文旨在檢視受到金融監理機關關切的放款品質，是否與銀行的經營績效攸關，以及該品質的提升能否降低銀行的資訊不對稱程度。以2000至2010年的季別資料，本文實證結果支持放款品質與銀行經營績效的正向關聯性；而維護授信品質的銀行，其資訊不對稱程度亦相對越低。整體而言，本文以實證證據支持了主管機關以放款品質為銀行財報重心的主張。最後，以第34號公報第三次修訂之公告日為事件日，本文發現放款品質良好且資訊不對稱程度較低之銀行，市場報酬相對較佳。

關鍵字

經營績效 ； 放款品質 ； 資訊不對稱 ； 優勢資訊交易

並列摘要

The banking industry is thoroughly regulated and exhibits high degrees of information asymmetry. On December 4, 2008 the SFAS No.34-Accounting for Financial Instruments - was revised to include initial loans and receivables into the regulatory scope. This third amendment substantially impacts the banking industry as it strengthens information disclosure and loan qualities of banks. This study tests the relationship between loan quality, performance, and information asymmetry level in the banking industry. Using data spanning the first quarter of 2000 to the fourth quarter of 2010, we examine the positive correlation between loan quality and bank performance; taking note of loan quality relatively decreasing information asymmetry. Overall this study supports that financial supervisory boards deliberate loan quality on bank financial statements. The event date is that of SFAS No. 34's commissioning. The empirical results show that good loan quality and low degrees of information asymmetry in the banking industry do not seriously affect stock return under the third amendment to SFAS No. 34.

並列關鍵字

Bank performance ； Loan quality ； Asymmetric information ； PIN

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