國家特性對中東歐與獨立國協外資銀行績效之研究

The research of country characteristics on the performance of foreign bank: The case of Central and Eastern Europe and Commonwealth of Independent States

温健宏(Chien-Hung Wen)

指導教授 ： 吳孟紋

國立臺北大學/商學院/企業管理學系/碩士(2012年)

摘要

伴隨著全球化浪潮而來的金融自由化現象，例如1990年代初期開始，中東歐與獨立國協國家大量引入外資進入其銀行體系，使得「外資銀行」逐漸成為重要的研究議題。過去許多學術研究探討外資銀行與東道國（Host countries）銀行的績效差異，結果大多顯示外資銀行具有較佳之績效表現；然而，也有部份文獻指出外資銀行的績效表現較東道國銀行為差。因此，本研究重新檢視19個極具發展潛力的中東歐與獨立國協國家，探討外資銀行最終控制者的來源國（Home countries）與東道國的國家特性，對東道國外資銀行績效之影響，以期能提供給欲向外投資銀行業的外資，亦或是欲吸引外資進來投資的東道國銀行做參考。

　　本研究的國家特性變數有三種，分別為經濟發展程度、國家監理程度與銀行規範程度。在每個國家特性變數下，本研究分別將外資來源國及東道國之國家特性分為高、低兩個部分，總共得到四個子樣本。本研究比較這四個子樣本的績效是否有顯著差異，若有，則表示外資來源國與東道國的國家特性，對東道國外資銀行的績效有影響，反之則無。本研究藉由世界發展指標資料庫、全球國家監理指標資料庫、銀行規範與監督資料庫，以及銀行業實證研究最具權威性的Bankscope資料庫，建構本研究所需的外資股權、財務與國家特性資料。透過仔細地整理、篩選與分類後，再利用平均數差異檢定與縱橫資料迴歸分析，取得本研究重要的結論。

　　實證結果顯示，站在欲進入中東歐與獨立國協銀行業投資的外資立場，無論東道國的國家特性為何，當外資來自國家特性程度較高（如：高收入、高監理或高規範）之國家，則東道國外資銀行專注於利差交易之業務，能為其帶來較佳之績效表現；反之，若外資來自國家特性程度較低（如：低收入、低監理或低規範）之國家，則東道國外資銀行應將重心置於非利差交易之業務，才能有較佳之績效表現。換句話說，站在欲吸引外資進來投資的中東歐與獨立國協銀行立場，其必須視自身的業務目標，以決定應引入何種國家特性程度之外資作為最終控制者。若該銀行致力於利差交易業務，則應歡迎來自國家特性程度較高之外資進來投資；反之，則應歡迎來自國家特性程度較低之外資，這樣的現象在銀行規範程度較低的東道國尤為顯著。

關鍵字

外資銀行 ； 國家特性 ； 中東歐與獨立國協 ； 縱橫資料迴歸分析

並列摘要

Globalization caused financial liberty, just as the banking systems in Central and Eastern Europe (CEE) and Commonwealth Independent States (CIS) introduced foreign share in early 1990s that led to “foreign bank” as a famous research issue. Many academic researches explored the differences between the performances of foreign banks and host country banks. As a result, most researches indicated that foreign banks performed better than host country banks. However, a small portion of researches suggested that host country banks had better performances. Therefore, the research selected 19 countries in CEE and CIS which are potential and explored the country characteristics of the home countries and host countries, investigating those country characteristics effects in foreign banks. The research offers suggestions to foreign share which have interests in investing in host countries banks, and to host countries banks which devote to appealing foreign share to invest in.

　　The variables of the country characteristics in the research include level of economic development, level of country governance, and level of bank regulation. The research classifies each variable into high and low level, and assorting host and home countries into four subsamples (each kind of countries is classified into high and low level) under each variable. The research compares if the performances of those four subsamples have significant differences. If the performances have significant differences, it means that the country characteristics between home countries and host countries will affect the performance of foreign banks in host countries, and vice versa. The research uses the database of World Development Indicators, Worldwide Governance Indicators, Bank Regulation and Supervision, and Bankscope to build foreign share, finance, and country characteristics data that the research needs. Through T-test and Panel data regression analysis, the research makes important conclusions.

　　The conclusions show that in the stand of foreign share who want to invest in banking industry in CEE and CIS, whatever host countries characteristics are, if home countries have higher level (high income level, high governance level, and high regulation level), foreign banks focus on interest spread trading business will have better performances. If home countries have lower level in country characteristics, foreign banks should focus on business except interest spread trading in order to have better performances. On the other side, if host countries focus on interest spread trading business, the research suggests that they need to attract foreign share from countries in which have high level country characteristics to invest. If host countries focus on business except interest spread trading, they need to arrest foreign share from countries in which have low level characteristics to invest, especially in countries which have low level of regulation. To sum up, foreign banks need to identify their business objectives to decide what kind of foreign share they should appeal to invest.

並列關鍵字

Foreign banks ； Country characteristics ； Central and Eastern Europe and Commonwealth Independent States ； Panel data regression analysis

參考文獻

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