銀行民營化的績效表現－配對理論的應用

The Performance of Bank Privatization: The Application of the Matching Theory

沈中華(Chung-Hua Shen) ； 林智勇(Chih-Yung Lin)

《經濟論文》 37卷3期 (2009/09) Pp. 369-405

https://doi.org/10.29628/AEP.200909.0004

摘要

本文利用1992年到2007年共43個國家的資料分析銀行民營化是否真的能夠改進銀行的績效表現？本研究利用美國統一金融機構評等制度評鑑銀行績效所採用的方法(CAMEL)作為衡量民營化效果的指標。本文也利用配對理論的四個配對準則挑選該國具有相似特徵變數的控制組樣本，以利準確地探討本文所提出的五個議題：第一，民營化效果存在於資本適足率、資產品質、管理能力與獲利能力指標上；第二，民營化的長期效果大過於短期效果，且只存在於管理與獲利能力指標上；第三，只有部分民營化效果存在於完全民營化樣本，而不存在於部分民營化樣本；第四，不論民營化方式為何，民營化效果都只有在管理能力與獲利能力指標上有顯著的改進效果；第五，部分民營化效果存在於低度和中度開發國家，但是卻不存在於高度開發程度國家。綜合以上，本研究發現民營化效果明顯受時問、民營化程度、民營化方式和國家發展程度所影響而有所不同。由實證結果可知在大部分情況下民營化效果都只專在於管理與獲利能力指標上，而且在部分民營化和高度開發程度國家樣本中甚至於幾乎看不到民營化效果。由此可見，也許銀行民營化不一定能提升銀行的績效表現。

關鍵字

銀行民營化 ； CAMEL ； 配對理論 ； 國家發展程度

並列摘要

This paper compares the performance of bank privatization using privatized banks from 43 countries ranging 1992-2007. We use the CAMEL model, which is used by the Uniform Financial Institution Rating System, to examine the performance of the bank. This paper uses four matching methods to search for controlled banks with similar characteristic variables in the same countries. Then this study proposes five issues to investigate whether the performance of banks can be improved after privatization. First, the performance of banks can be improved after privatization in capital, asset, management and earnings indices. Next, the long-term privatization effect outperforms the short-term privatization effect, but only for management and earnings indices. Third, there is only a partial privatization effect in full privatization, but not for partial privatization. Fourth, both types of privatization are only effective for management and earnings indices. Last, privatization effects are only effective in low and middle development countries, but not in high development countries. Overall, our results show that the privatization of banks can only partially improve performance in some cases. So we consider the privatization effect obviously affected by the time, the percent of privatization, the type of privatization and the development degree of countries. Hence, the performance of banks is not always improved after privatization.

並列關鍵字

Bank privatization ； CAMEL model ； Matching theories ； The development degree of countries

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