台灣地區銀行市場結構與價格僵固性

The Bank Market Structure and Price Rigidity in Taiwan

林文昌(Wen-Chang Lin) ； 賴怡洵(Yi-Hsun Lai) ； 陳家彬(Chia-Pin Chen)

《證券市場發展季刊》 17卷1期 (2005/04) Pp. 1-39

https://doi.org/10.6529/RSFM.2005.17(1).1

摘要

本研究採用隨機成本邊界（stochastic cost frontier）函數分析法來衡量效率變數，進而探討在納入效率變數後，效率對銀行經營績效或訂價行為的影響，並比較分析新銀行開放初期與開放後期的國內銀行市場結構是否有顯著變化。主要實證結果顯示，有包含非傳統業務收入之效率估計模型較無包含非傳統業務收入之估計模型為佳，故選擇包含非傳統業務收入之效率估計模型；再者，亦發現沒有包含非傳統業務收入時，銀行成本效率值有被低估之情況發生。另外，在探討市場結構對銀行獲利率、訂價力之影響時，在整體樣本、新銀行開放後期下，以淨利息邊際（NIM）、權益報酬率（ROE）為依變數時，則支持X效率結構假說；而在新銀行開放初期，不管是以ROE或NIM為依變數則皆不支持任何假說。最後，相較於開放初期，存、放款利率、存放款利差及淨利息邊際的利率調整速度在新銀行開放後期皆顯著增快，此發現支持利率僵固性假說。

關鍵字

銀行 ； 市場結構 ； 結構－行為－績效假說 ； 效率結構假說 ； 利率僵固性

並列摘要

This study examines the bank market structure-conduct-performance relationship by incorporating efficiency variables, as well as other conventional test variables, and compares the domestic bank market structure between initial period and later period of the entry of the new banks in Taiwan. We utilize the stochastic cost frontiers to develop the measures of X-efficiency and scale-efficiency. Our results suggest that cost efficiency estimated by the models with nontraditional output be better than those without nontraditional output. The evidences also suggest that the standard model which omits nontraditional output understate bank efficiency. Furthermore, the empirical results support the X-efficiency structure hypothesis when we use NIM and ROE as the dependent variables respectively in all samples and later period of the entry of new bank, implying potential benefits for bank mergers and acquisitions in Taiwan. We also find that the adjustment speeds of deposit rate, lending rate, NIM and spread between deposit rate and loan rate increase in the later period of new banks' entry, thereby in favor of the price rigidity hypothesis.

並列關鍵字

Banking ； Market Structure ； Structure-Conduct-Performance (SCP) Hypothesis ； Efficient Structure (EFS) Hypothesis ； Price Rigidity

參考文獻

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