影響台灣金融機構對中小企業融資之因素探討

The Impact on the Financial Institutions in Taiwan of the Factors for SME Financing

葉英杰(Ying-Chieh Yeh)

指導教授 ： 陳達新

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

本研究旨在探討影響台灣金融機構對中小企業融資的因素探討。中小企業一向為台灣經濟發展不可或缺的主幹，依經濟部中小企業處發布2010年中小企業白皮書資料，指出2009年我國全部就業人口10,279千人，中小企業為8,066千人，佔比為78.47%。而中小企業因財務狀況相較大型企業除透明度不佳外，在資訊不對稱，財會制度較不健全等因素，財務結構及穩定度較弱；在國際間普遍以巴賽爾協定作為銀行資本適足的規範下，銀行是否傾向減少風險性較高的資產，而導致銀行對中小企業融資緊縮，進而影響總體經濟活動。另貨幣政策、銀行本身的資本適足率、資產、逾放比及是否成立金控，亦為探討是否影響銀行對中小企業融資的重要因素。
本研究以民國 95年至 99年臺灣地區的27家銀行為樣本，利用縱橫迴歸模型(panel data)，探討實施台灣金融機構對中小企業融資間之關係。結果研究發現：
(1)實施資本適足規範對銀行中小企業融資結果不顯著；顯示銀行對改善資本適足率的方式，非僅限於緊縮放款之供給，另外政策之扶植，中小企業信用保證基金之信用保證，亦可能導致分散金融機構之風險。
(2)貨幣政策對銀行中小企業融資影響不顯著；研究期間利率已達較低水準且因中小企業議價能力較為不足，利率敏感性較低，銀行對中小企業融資不因貨幣政策而有所變化。
(3)逾放比對銀行中小企業融資的影響效果為顯著；本研究為正相關，在資產品質已大幅改善下，金融機構願意承擔較大風險承作中小企業融資。
(4)銀行資產大小造成，對銀行中小企業融資效果為顯著；表示資產較大之銀行其資產配置彈性較大，因此承受風險的能力較資產小的銀行為高。
(5)金控成員對銀行中小企業融資效果為顯著；金控成員在資產規模及交叉行銷綜效下，對中小企業的融資較願意承擔風險。

關鍵字

巴賽爾資本協定 ； 中小企業 ； 縱橫迴歸模型 ； 逾放比 ； 金控公司

並列摘要

This study explored the impact factors of Taiwan's financial institutions to Small and Medium Enterprise (SME) financing. SME has been the backbone of Taiwan's economic developing essentials, according to the White Paper revealed by the Small and Medium Enterprise Administration, Ministry of Economic Affairs in 2010 Taiwan pointed out that the number of SME employment are 8,066,000 people, accounting for 78.47% of the total 10,279,000 employment. Whereas the transparency of financial situation in SMEs are poorer than large enterprises has and owing to the asymmetry of information, inadequate accounting system and other factors, in addition to the weak and instability financial structure. Now the guidance of the International Basel Accord is general applied for the banks rule in capital adequacy ratio (CAR). Will banks incline to decrease the higher risk assets (portfolio) which lead banks to tighten SME financing thereby affecting to the overall economic activity? With the addition of monetary policy, banks CAR, asset, non-performing loan ratio (NPL) and whether to set up financial holding Co., are also exploring the impact on Bank Financing for SMEs important factors.
This research use the data from 2006 to 2010 of Taiwan 27 banks as samples , and adopt the vertical and horizontal regression model (panel data), to discuss the correlations of Taiwan's financial institutions on implementing the SME financing. The results found that:

(1) Insignificant on the influence of the implementation of CAR norms for banks financing SMEs bank industry can improve their CAR, not only by tightening the supply of SME’s loan facility, but also under the authority policy supporting and the covering of credit guarantee by Small and Medium Enterprise Credit Guarantee Fund, those may lead to spread the risk of financial institutions as well.
(2) Insignificant by the influence of monetary policy on bank financing of SMEs. Amid the research period, the interest rates were down to lower standard, and due to SME are lack of bargain power, few sensitivity of the interest rate, therefore, the bank’s financing to SME would not change much by currency policy.
(3) The NPL ratio effects significantly on banks to SME financing; this study observed it was a positive correlation; based on the (SME’s) asset quality has significantly improved, the financial institutions willing to take higher risk for SME financing.
(4) The scale of bank assets is causing significant effect on SME financing; banks with the greater assets have more flexibility in asset allocation, hence, the ability to bear the risk is higher than banks with smaller assets.
(5) Financial holding members own the significant effect on SME financing; Banks financial holding members are willing to take more risks on SME financing based on it asset scale and cross-marketing synergy.

並列關鍵字

Basel Capital Accord ； SMEs ； vertical and horizontal regression model ； non-performing loan ratio ； financial holding company

參考文獻

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