銀行業經營績效與股票報酬之關聯性

銀行業相較於一般產業，具有特殊的行業特性，在過去的文獻研究的討論較少，尤其關於重大事件對銀行經營績效與股價的研究更是缺乏。本研究以臺灣上市銀行業與金控業為研究對象，樣本期間為2008年至2022年，取季度縱橫資料(Panel Data)探討其經營績效與股價報酬率間之關聯性。具體而言，本研究以獲利能力與放款品質作為銀行經營績效指標，並將2020年到2022年間新冠肺炎與景氣循環變數進一步納入考量，以時間序列迴歸模型進行實證探討臺灣銀行業之股價報酬率與經營績效的關聯性。實證結果發現，在其他情況不變下，銀行經營績效與股價報酬具有正向關聯性，且新冠肺炎確實會影響銀行經營績效與股價報酬間之關聯性。

關鍵字

經營績效；報酬率；獲利能力；放款品質；新冠肺炎

並列摘要

Compared with the general industry, the banking industry has special industry characteristics, and there are few discussions in the literature research in the past, especially the research on the impact of major events on the bank's operating performance and stock price is lacking. This study takes Taiwan's listed banking and financial holding industries as the research object. The sample period is from 2008 to 2022. Quarterly panel data are used to explore the correlation between their operating performance and stock price return. Specifically, this study uses profitability and loan quality as the bank's operating performance indicators, and further takes major events (2020 to 2022) and business cycle variables into consideration, and uses a time series regression model to conduct an empirical study on the Bank of Taiwan The relationship between the industry's stock price return and operating performance. The empirical results show that, other things being equal, there is a positive correlation between bank operating performance and stock price returns, and major events do affect the correlation between bank operating performance and stock price returns.