銀行所有權、績效，與選舉間關係之探討--台灣金融機構之追蹤資料

本研究探討金融機構的所有權和經營績效是否會受到總統選舉影響，研究對象為台灣地區的所有金融機構，本文考慮的應變數有平均資產報酬率(ROAA)、平均股東權益報酬率(ROAE)、淨利差(NIM)、管銷費用比率(Overheads over Total Assets)、貸款比率(Loans over Total Assets)等五個變數作為評價金融機構經營績效的指標。資料期間為1994年至2009年的年資料。在實證上，本文採用追蹤資料(Panel Data)方法，藉由虛擬變數來區分出公營金融機構與外國金融機構，接著加入總統選舉和金融改革虛擬變數，比較加入虛擬變數之後對金融機構的經營績效所造成的影響。實證結果發現，公營金融機構在一般時候的盈利能力不佳，平均資產報酬率會比外國金融機構還要低。且公營金融機構的管銷費用比率比較高(0.28%)。公營金融機構的貸款比率(4.61%)比外國金融機構的貸款比率(-1.80%)還要高。在總統選舉當年，公營金融機構的平均資產報酬率反而比外國金融機構還要好。然而，公營金融機構的管銷費用比率係數是最大(0.201%)，比其他時候都還要大。公營金融機構和外國金融機構的貸款比率係數都呈現正數，而且係數比其他年度都還要多，顯示金融機構會受到政治事件(總統選舉)的影響。總統選舉前一年，公營金融機構的淨利差係數最大(0.32%)。而這時候金融機構的貸款比率比其他年度都還要少。總統選舉後一年，公營金融機構的貸款比率(4.96%)，為次多的。實施金融改革之後，金融機構的管銷費用比率較接近。平均資產報酬率也有比較好。貸款比率則和總統選舉當年差不多。

關鍵字

經營績效；銀行所有權；追蹤資料

並列摘要

This study investigates the performance of different ownerships of financial institutions varies during election years in Taiwan. The annual data set covers the period starting in the 1994 through 2009 for 50 financial institutions. We use dummy variables to identify the different types of ownership of financial institutions, and the event of presidential elections. Empirical results found that public financial institutions have poor profitability, return on average assets will be even lower than foreign financial institutions. And public financial institution’s overheads is relatively high (0.28%). Public financial institutions’ loans rate (4.61%) even higher than foreign financial institutions, loan ratio (-1.80%). In the presidential election year, public financial institutions, average return on assets is better than the foreign financial institutions. However, public financial institutions’ overheads coefficient is the largest (0.201%) and more than any other time. Public financial institutions and foreign financial institutions’ loans rate coefficients showed positive, and coefficient are also more than any other year that showing financial institutions are subject to political events. Before presidential election year, public financial institutions’ net interest margin coefficient (0.32%)is the largest. And this time, the loans ratio of all financial institutions are far less than other years and after the presidential election, public financial institutions loans rate (4.96%) followed. After the Financial Regulatory Reform, financial institutions’ overheads are all similar. Return on average assets is also better. Loans ratio are also similar with the presidential election year.