我國境外金融中心經營績效的分析－以隨機邊界模型為例

The Study of the Operation and Performance of Offshore Banking Units in Taiwan- The Application of Stochastic Frontier

王譽穎(Yu-Ying Wang)

指導教授 ： 陳若暉

中原大學/商學院/企業管理研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400337

摘要

摘要
為提升我國整體金融服務業之水準、促進金融產業升級及國際金融的地位的提升，政府於民國72年成立境外金融中心(Offshore Banking Units,OBU)。近年來，為使OBU成為台商之資金調度中心，財政部於民國90年11月16日起，開放OBU得與大陸地區金融機構直接通匯。本研究運用隨機邊界(Stochastic Frontier)之成本函數(Translog Cost Function)，探討民國85年至92年間，影響OBU經營成本的因素；並將研究對象分為大資本額、小資本額OBU兩組，利用縱橫資料(Panel Data)中的固定效果模型(Fixed Effects Model)與隨機效果模型(Random Effects Model)評估35家本國銀行OBU的經營績效。
在影響OBU經營成本的因素方面，僅勞動價格對銀行開辦OBU之經營成本有顯著的負向影響，意即詳加規劃用人成本，同時秉持人事精簡原則招募、培訓金融專業人才，為降低OBU經營成本的關鍵。而其他變數對經營成本的實證結果顯示，由於缺乏足夠的金融操作經驗及專業營運人才，增加投資總額所累積的資源，不易獲得有效的配置；而提高短期放款比重，能夠降低營運風險，達到成本極小化的目標。要素價格投入方面，藉由較高的資金成本吸引境外資金，同時減少固定資產的持有以增加流動性，能使OBU在經營成本的運用上更有效率。
有關OBU之績效評估方面，本研究以技術無效率指數為依變數，辦理兩岸金融業務、負債占淨值比、存款利率、存放比率、利息支出對利息收入比、現金及存放同業占資產比、存款準備率、營業利益率、利息淨收益對資產比及營收成長率為變數進行探討。實證發現OBU辦理兩岸金融業務對技術無效率指數呈顯著的正向影響，顯然在未經過審慎評估開放風險、建立有效風險控管機制前即開放兩岸直接貿易，對於OBU經營績效的提升實屬不利。而藉由增加自有資金的比重，來強化OBU的資本適足性，並以提高存款利率的方式吸引外資，導入金融專業技術，培訓金融專業人才，同時運用規模經濟的優勢，提高營業利益，將使OBU的經營績效獲得提升。
此外，資本額較大的OBU應以較高的存款利率吸收更多的資金予以貸放；增加短期易變現資產的持有以應付存款的減少與臨時性放款的增加；並避免投資高風險的金融商品，將有助於經營績效的提升。而小資本額的OBU，則應避免過度擴張放款業務、持有過多的流動性資產，才能減少營運成本上的浪費。

關鍵字

OBU ； 隨機效果模型 ； 國際金融業務分行 ； 隨機邊界模型 ； 經營績效 ； 固定效果模型 ； 境外金融中心 ； 縱橫資料 ； 成本函數

並列摘要

Abstract
To promote the efficiency of banking industry and heighten the position of international finance in Taiwan, the government established the Offshore Banking Units(OBU) in 1983 to upgrade the financial services. Recently, in order to make OBU become the fund dispatching center of Taiwan traders, the Ministry of Finance declared that OBU can correspond with financial institutions in mainland China directly started on Nov. 16th, 2001. Firstly, this study will use Translog Cost Function to investigate what factors influence OBU’s operating cost during 1995 to 2002. Then, this study will separate the 35 OBU into two groups (In terms of capital size), we use the Panel Data of fixed and random effects models to analysis the operating performance of the 35 OBU in Taiwan from 1995 to 2002.
To investigate the factors that influence OBU’s operating cost, the results show that only the labor price has a negative impact on total cost. It means that the way to decrease OBU’s operating cost is to plan labor cost carefully, streamline the organization, and recruit the professional. About the other independent variables, because of the lack of financial operation experience and the professional, resource gaining from the accumulated investment can’t allocate effectively. Increasing short-term loan will reduce the risk of operation and minimize operating cost. In addition, by raising interest expense to get more overseas capital and holding less fixed assets to promote liquidity will elevate operating performance.
About the OBU performance in Taiwan, this study used inefficiency index as dependent variable, and corresponding with China financial institutions directly, ratio of liability division equity, deposit interest rate, ratio of deposit and loan, ratio of interest expensive and revenue, ratio of current asset, preparing raio of deposit, ratio of operating profit, ratio of net interest, and growth rate of operating revenue as independent variables. The results show that corresponding with China financial institutions directly has a positive impact on inefficiency index. It means without examining risk analysis, it is harmful for OBU performance to correspond with China financial institutions in a hurry. Furthermore, increasing its own reserves to strengthen capital adequacy, raising deposit interest rate to attract more foreign capital, raising the professional of finance , and taking the advantage of scope economic to increase operating profit will elevate OBU performance.
Besides, OBU with large capital should heighten interest on deposit to attract more overseas capital to increase the amount of loans, keep more current assets to deal with decreasing deposit and increasing loans, and avoid engaging with monetary speculation. It will make OBU operate more effectively. OBU with less capital should reduce the amount of loans, keep less current assets, that will reduce the waste of operating cost.

並列關鍵字

Panel data ； OBU ； Translog cost function ； Stochastic frontier ； Operating performance ； Fixed-effects model ； Random-effects model.

參考文獻

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