我國銀行放款行為之研究：心理偏誤觀點

The Lending Behaviors of Banks in Taiwan: The Perspective of Psychological Biases

陳乃菁(Nai-Jing Chen)

指導教授 ： 劉永欽

亞洲大學/管理學院/財務金融學系/碩士(2009年)

摘要

本研究以行為財務學的心理偏誤—捷思偏誤和損失/風險趨避—解釋我國銀行的放款行為，檢視高逾放後時間長短與放款標準之關係。放款標準寬緊程度以放款成長率、存放款利差、擔保放款比率及信用卡放款成長率代表之。針對36家本國銀行在2003/06～2008/12的追蹤資料進行迴歸分析，並分為是否上市櫃、新舊及公民營銀行等類別。
研究結果發現：控制其他影響放款供需因素後，不同規模與類別銀行有不同程度的心理偏誤，主要是損失趨避，且表現在放款成長與存放利差決策上。小銀行比大銀行在放款成長和擔保放款行為上有較大心理偏誤；非上市櫃、公營和舊銀行分別比上市櫃、民營和新銀行在存放利差決策上有較高的損失趨避程度。
另外，加入仰賴硬性資訊之放款—信用卡放款—做為應變數，結果發現信用卡放款也出現了損失趨避行為，意謂制度性記憶假說無法完全解釋我國銀行放款行為的循環現象。因此，本國銀行放款行為理性評估風險與報酬抵換關係的程度仍有改善空間。

關鍵字

行為財務學 ； 捷思偏誤 ； 損失趨避 ； 風險趨避 ； 制度性記憶假說

並列摘要

This paper uses psychological biases in behavioral finance—heuristic bias and loss/risk aversion—to explain the lending behaviors of banks in Taiwan. The relationship between the time following high non-performing loans and loan decisions is examined. This paper employs loan growth rate, loan-deposit interest rate spread, and collateral loan-to-total loan ratio to measure loan decision criterions. The sample is 36 banks with the period between June, 2003 and December, 2008, and panel data is analyzed by regression method. Sample banks are categorized by three rules, which are whether the stocks are publicly traded, nation-owned vs. privately-owned, and new vs. old banks. The findings are as follows. After controlling the other factors affecting loan supply and demand, there are distinctive psychological biases between both banks with different sizes and types. This bias is mainly loss/risk aversion and exhibited in the decisions of both loan growth and interest rate spread. Banks with small size have higher irrational biases than those with big size for both decisions on loan growth and collateral loan ratio. Non-publicly-traded, nation-owned, and old banks have higher loss aversion biases than publicly-traded, privately-owned, and new ones, respectively. Thus, the institutional memory hypothesis is unable to completely explain the pocyclical behaviors of lendings, and the degree of rational for loan behaviors of sample banks in Taiwan should be improved.

並列關鍵字

behavioral finance ； heuristic bias ； loss aversion ； risk aversion ； institutinal memory hypothesis

參考文獻

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