我國境外金融中心經營與績效之研究

The Study of the Operation and Performance of Offshore Banking Units in Taiwan

陳又慈(Yao-Tzu Chen)

指導教授 ： 陳若暉

中原大學/商學院/企業管理研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100220

摘要

摘 要
民國七十二年，我國政府為提升我國整體金融服務業之水準、提高我國國際金融上的地位，成立境外金融中心（Offshore Banking Units, OBU），以促進我國金融產業的升級。本研究運用採用期間模型（Duration Model），將研究對象分為全體、本國、外商OBU三組，探討民國72年至88年間，影響銀行加入OBU市場先後期間之因素；並以縱橫資料（Panel Data）中的固定效果模型（Fixed effects model）與隨機效果模型（Random effects model）評比我國69家OBU在民國84年至88年間的經營績效。

在影響銀行加入OBU市場先後期間之因素方面，實證結果顯示，Duration Model最適機率分配的選擇上，研究發現全體、本國以及外商OBU均以Weibull分配為較佳之機率分配。在各獨立變數對銀行開辦OBU業務期間早晚的影響方面，實證顯示僅政府法規對全體、本國和外商三組樣本群均有正向顯著影響，亦即政府金融自由化、國際化政策有益於我國OBU的設立，其餘變數僅對本國OBU有顯著影響，其中資產規模越大、現金及存放同業佔資產比越高、營業利益率越高的OBU，採用期間較短；負債佔淨值比越高、總資產成長越高的OBU，採用期間較長。

在評比OBU經營績效方面，本研究以資產報酬率（ROA）與淨值報酬率（ROE）為相依變數，獨立變數則分資本適足性、效率性、流動性、獲利性、成長性五個構面探討。比較各構面指標對ROA與ROE的影響發現，在資本適足性指標，淨值佔資產比率在以ROA為相依變數時，對全體和外商OBU呈現正向關係，而在以ROE為相依變數時，卻對全體和本國OBU呈現負向關係；顯示外商OBU業務的經營，藉由增加淨值佔資產比，以健全資本結構並強化獲利基礎，而本國OBU則減少淨值佔資產比以減低風險性資產的持有，因而縮減獲利空間。在效率性指標方面，實證發現放款利益率對全體、本國以及外商OBU之ROA有負向顯著的影響，對本國OBU 之ROE則為正向顯著影響，顯示放款利益率受東南亞金融風暴的影響而使得OBU的獲利降低，對ROA產生負面影響，但對ROE仍有正相關。流動性指標方面，與ROA為相依變數相較，現金及存放同業對資產比對全體以及本國OBU呈現正相關，而以ROE為相依變數時，卻呈現負相關。顯示OBU會基於風險考量，調高總資產中短期易變現資產的比重，以應付存款的減少與臨時性放款的增加，幫助提升其資產報酬率；也有會因流動性資產的收益性不大，而將OBU的流動性視為營運成本而降低持有比率，但卻使得淨值報酬率下降。

關鍵字

國際金融業務分行 ； 縱橫資料 ； 存活期間模型 ； 境外金融中心 ； OBU

並列摘要

Abstract
To promote the efficiency of banking industry and heighten the position of international finance in Taiwan, the government established the Offshore Banking Units (OBU) in 1983 in order to upgrade the financial services. Using Duration Model, this study separated the 69 OBU in Taiwan into three groups (that is, overall OBU, domestic OBU, and foreign OBU) to investigate what factors may influence banks’ decision to join the OBU markets during 1983 to 1999. Using the Panel Data of fixed and random effects models, this study compared the performance of overall, domestic, and foreign OBU between 1995 and 1999.

To investigate the factors that influenced the spell length of banks entering into the OBU market, the results show that Weibull distribution was the fittest probability distribution in the Duration Model for overall, domestic, and foreign OBU. We found that only the government rule had a positive impact on the spell length of banks, which influenced these three OBU groups. This suggested that the financial liberalization and internationalization policies in Taiwan benefited to the banks that entered to the OBU market. Obviously, the other independent variables including total assets, debit to equity, cash and savings in other banks to total assets, operation revenue, and the growth rate of total assets, have influenced to the domestic OBU. The results show that the greater total assets, the higher the ratio of cash and savings in other banks, and the larger of the operation revenue, the shorter of the spell length of the banks to set up OBU. In addition, the higher of the debit to equity ratio, the greater growth rate of the OBU, the longer of the spell length of the banks to set up OBU.

To compare the OBU performance in Taiwan, this study used ROA and ROE as dependent variables, and separated the independent variable into five indexes, including capital adequacy, efficiency, liquidity, profitability, and growth. From the perspective of the capital adequacy indexes, we found that the ratio of equity to total assets have a positive impact on ROA for overall and foreign OBU, but have a negative influence to ROE for overall and domestic OBU. It indicates that foreign OBU may enhance the capital structure by increasing equity to total assets ratio. However, domestic OBU decreased the ratio of equity to total assets to reduce the risky assets and leaded to a lower profitability. In the efficiency indexes, the profitability of lending ratio shows a negative impact on the ROA for overall, domestic, and foreign OBU, but have a positive influence to ROE for domestic OBU. These results implied that the Asia financial crisis might cause a lower profitability of lending ratios. In the liquidity indexes, we found that the cash and savings in other banks to total assets ratio has a positive influence to ROA for overall and domestic OBU, but has a negative impact on ROE for overall and domestic OBU. To improve ROA, it seems that OBU increase the weights of the liquidity assets to meet the shortage of saving and lending. On the contrast, because of the less benefit of the liquidity indexes, the OBU may reduce liquidity assets as operation cost. Thus, we found that liquidity assets have a negative impact on ROE.

並列關鍵字

Fixed Effects Model ； Random Effects Model ； Duration Model ； Survival Model ； OBU

參考文獻

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