商業銀行競爭程度及其影響因素之跨國研究

Cross-Country Analysis of Bank Competition and Its Driving Factors

陳力瑜(Li-Yu Chen)

指導教授 ： 簡明哲

國立臺北大學/社會科學學院/經濟學系/碩士(2013年)

摘要

本研究之主要目的在檢定1996-2011年間台灣及G20等43個國家共3733家商業銀行之市場競爭程度及其影響因素，本文首先利用Goddard and Wilson(2009)提出的動態Panzar-Rosse模型來估計代表各國銀行產業競爭程度之H統計值，其次以H值為應變數來探討影響銀行競爭程度之可能因素，包括市場集中度、直接金融比例、資金外流程度、金融危機及金融管制程度等變數。

跨國實證分析發現，商業銀行競爭程度H值與人均GDP、GDP平減指數、股票市值佔GDP之比率、證券投資淨流出及金融危機的發生有顯著正向的關係，金融管制的嚴格度則與銀行競爭程度H值有顯著負向關係。在銀行市場集中度方面，與大部份文獻不同的是，本研究發現不論是前五大銀行集中比率或是赫芬達指數，都對銀行競爭程度有顯著正向影響。若考慮銀行集中度與競爭程度可能的非線性關係，研究發現集中度越高競爭程度也越高，但集中度對競爭程度的影響力會隨著集中度增加而下降。

本研究結果顯示直接金融的興盛，確實排擠了間接金融的資金來源，造成銀行產業競爭程度的提高。政府完善的金融監理制度，對銀行產業之競爭有舒緩效果。銀行業為獲致規模經濟、提昇規模效率而進行整併，市場集中度可能因此提高，但市場競爭程度並未因此而降低，特別是金融國際化潮流下，面對國際知名商業銀行的挑戰，銀行產業的競爭可能會更加激烈。

關鍵字

銀行競爭程度 ； Panzar-Rosse H統計值 ； 動態panel分析法

並列摘要

The objective of this study is, first, to utilize 3733 commercial banks of 43 countries during 1996 to 2011 to the dynamic Panzar-Rosse model of Goddard and Wilson(2009) to obtain the bank competition H statistics of each country in each year. Variables of concentration ratio of commercial bank industry, ratio of direct finance, net capital outflows, and the tightness of financial regulation are then considered as possible driving factors of bank competition.
Cross-country analysis finds that per capita GDP, GDP deflator, stock market value as a ratio of GDP, net capital outflows, and the existence of financial crisis are positively related to bank competition. The tightness of financial regulation is found to be negatively related to bank competition. Different from most previous studies, either the concentration ratio or the Herfindahl index is found to have positive impact on bank competition. When considering a nonlinear relationship, market concentration is also found to have a positive impact on bank competition as well, although the impact is decreasing when the degree of concentration is increasing.
Results show that, first, the rise of direct finance does crowd out some sources of funds of indirect finance causing an increase in bank competition. Second, a well designed financial regulatory environment does ease competition in banking. Third, bank mergers to pursue economy of scale and to increase scale efficiency will possibly increase the degree of concentration. However, bank competition may not be easier than before when facing challenges coming from abroad, especially for those famous internationalized commercial banks.

並列關鍵字

Bank Competition ； Panzar-Rosse H Statistic ； Dynamic Panel Data Analysis

參考文獻

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