隨著國際化趨勢,金融產業面臨市場開放、對外競爭與經營業務創新等挑戰,進而造就多元的金融市場。由於金融全球化,美國次級房貸風暴影響擴及全國,使得全球股市大幅下跌,各國經濟衰退,造成投資人前所未有的恐慌。經由亞洲金融危機與美國金融風暴的教訓,各國紛紛提出金融改革,提升競爭力、增加經營績效與營運效率,藉此穩定金融產業。因此,深入探討金融產業之經營績效與效率具有其價值與必要性。 近年來新興市場廣受全球矚目,拉丁美洲、東歐與亞洲這三大新興市場中,亞洲新興市場的發展備受好評。以往銀行績效的文獻中,大多僅探討單一國家 (Banker et al., 2010;Hsiao et al., 2010;Siriopoulos and Tziogkidis, 2010;Holod and Lewis, 2011等),跨國研究則以拉丁美洲、歐洲以及經濟轉型的國家為主 (Bonin et al., 2004;Koutsomanoli-Filippaki et al., 2008;Brissimis et al., 2008等),針對亞洲新興市場探討的文獻並不多。因此,本研究針對亞洲七國新興市場國家,分別為台灣、印度、印尼、南韓、馬來西亞、菲律賓與巴基斯坦為研究對象,建構1991年至2005年,共367家商業銀行的企業別平衡型縱橫資料 (firm-level balanced panel data),進一步探討亞洲新興市場各國金融市場銀行經營績效之影響因素。此外,除財務變數外,亦加入非財務變數,考慮新巴賽爾協議 (Basel Ⅲ) 議題,納入信用評等與風險變數。由於金融業經營深受景氣影響,為使銀行經營績效的探討更具備完整性,亦加入總體環境變數之考量。 本研究運用資料包絡分析法 (Data envelopment analysis;以下簡稱DEA),估計各國銀行之效率值,探討經營效率,為進一步比較新興市場國家在亞洲金融風暴前後效率表現之差異與排名,將樣本期間以1997年予以區隔。相較於過去的研究,本研究具備更完整的研究期間與更詳盡的變數及樣本資料,並進一步選擇最適panel data模型與DEA進行實證分析及跨國分析比較。 經營績效之實證結果發現,在亞洲新興市場七個國家中,不論是亞洲金融風暴前與後,Spread、ROE與ROA模式中影響銀行績效決定因素最重要的變數分別為流動性、自有資本比率與行政成本。其中,流動性以及自有資本比率為正向影響,而行政成本與ROA、ROE為負向影響,與Spread為正向影響。 銀行效率之實證結果發現,於完整的研究年度其效率最好的前三名國家分別為韓國、菲律賓、台灣與馬來西亞,其中台灣與馬來西亞並列第三名。亞洲金融風暴前,效率最好的前三名國家分別為菲律賓、馬來西亞與韓國。亞洲金融風暴後,效率最好的前三名國家分別為韓國、菲律賓與巴基斯坦。
With the trend of globalization, opening of financial markets, competition of foreign banks, acquisition and innovation, that brings about different features in financial industry. In addition, the US subprime mortgage crisis has evolved into a global financial tsunami, global stock markets fell sharply, bringing economic recession, and causing scare of investors. Because getting some lessons from Asian and American financial crisis, many countries had reformed to stabilize financial industry. Therefore, the investigation of the determinants of performance and measurement of banking performance would be worthy by further researching. In recent years, the emerging market especially the Asian is the most import and discussed market. The past literatures most detect single country, for example Banker et al., 2010;Hsiao et al., 2010;Siriopoulos and Tziogkidis, 2010;Holod and Lewis, 2011. The studies of cross country focus on country of Latin America and Europe, for example Bonin et al., 2004;Koutsomanoli-Filippaki et al., 2008;Brissimis et al., 2008. Therefore, this paper constructs 1991-2005 financial industry firm-level panel data of Asian emerging market countries for further explore the determinants of bank performance. Besides, except financial variables, this paper considers the credit rating and risk variables, that rare used by former researches. This study uses the data envelopment analysis to calculate the efficiency values as proxy of performance to compare with Asian emerging market countries banks operating efficiency and ranking. Compare with previous studies, this study extension of the period and with more detailed variables. We hope the empirical results would provide some valuable information for government, firms, investors and the further study. Operating performance empirical results show that in seven countries of Asian emerging market, the determinants of bank performance in Spread、ROE and ROA models are Liquidity、Equity and Costs. Liquidity and Equity have the positive effects, but Costs with ROA and ROE have the negative effects, and with Spread have the positive effects. Banking efficiency empirical results show that the top three countries separately are Korea, Philippines, Taiwan and Malaysia in study period. Pre-crisis, the top three countries separately are Philippines, Malaysia and Korea. Post-crisis, the top three countries separately are Korea, Philippines and Pakistan.