台灣商業銀行經營績效因素影響之研究

A Study on the Determinants of Taiwan Commercial Banks’ Performance

劉麗翎(Liu, Li Ling)

指導教授 ： 王致怡

國立臺北商業大學/財經學院/財務金融系研究所/碩士(2019年)

摘要

本研究以台灣地區商業銀行作為研究對象，探討銀行財務比率、總體經濟變數、公司治理變數與銀行業經營績效之關聯，本研究以淨值報酬率（ROE）、資產報酬率（ROA）作為銀行經營績效之代理變數，資料期間涵蓋2008年至2017年之季資料。本研究根據過去文獻先選取24項財務比率，先應用主成份分析法萃取重要因子，並納入總體經濟指標及董監持股比例、董監質押比率、女性董監席次比率等公司治理變數，利用追蹤資料（Panel data）模型進行實證分析。研究結果納入總體經濟指標及財務比率有助於提升模型的解釋度。董監持股比例、董監質押比率、及女性董監席次比率對銀行績效的影響會因銀行屬性而異。本研究實證結果有助於投資人資產配置、公司治理以及金融監理之參考。

關鍵字

公司治理 ； 追蹤資料模型 ； 銀行績效

並列摘要

In this paper, we employ a panel data model to explore the dynamic relations between the macro economic factors, banks’ financial ratios and corporate governance factors for commercial banks over the period 2008-2017. Using the Return on Equities (ROE) and the Return on Assets (ROA) as proxies for bank’s performance, we select 24 financial ratios and use principal component analysis to extract important factors. In addition, by including macroeconomic factors and financial ratios, we examine the relation between bank’s performance and corporate governance variables, such as stockholding ratio of directors, equity pledge ratio of directors and female director’s ratio. The results indicate that increasing the macro economic factors will improve explanation power of the model. The impacts of shareholding ratio of directors, equity pledge ratio of directors and female director’s ratio on the bank’s performance is different across bank’s attributes. The empirical results are helpful for investors in asset allocation, arbitrage and hedge decision and provide policy makers with insights into corporate governance and banks’ performance.

並列關鍵字

Corporate Governance ； Panel Data Model ； Bank’s Performance

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