本研究檢視銀行資產與收益多角化對風險的關係,並且進一步分析國家發展程度與市場競爭結構對其關係的影響。本文主要的研究結果發現:在已開發國家且較高競爭程度的銀行市場,則銀行從事資產與收益多角化的經營,將對銀行的風險產生多角化溢價效果;反之,不論是已開發國家或開發中國家,當銀行的市場結構競爭程度較低時,則銀行收益多角化反而會增加銀行的風險,因此符合多角化折價的假說。
This paper investigates whether the diversity of activities conducted by financial institutions influences their risk taking. We find that there is a diversification premium: The risk taking of commercial banks that engage in multiple activities, e.g., lending and non-lending financial services, are lower than if those were broken into financial intermediaries that specialize in the individual activities in high-income and high competition market. Furthermore, we observe that there is a diversification discount in bank with less competition market, suggesting that economic development and bank market structure may play important mitigating roles.