銀行上市對其風險之影響：以中國銀行業為例

The impact of bank IPO on the risk ：An empirical study of China banking industry

陳柏辰(Bo-Chen Chen)

指導教授 ： 吳孟紋

國立臺北大學/商學院/企業管理學系/碩士(2013年)

摘要

近20年來，中國為了世界金融體系接軌，不斷積極改革金融制度，在銀行業方面的重要改革，包括股份制改革、上市、開放外資投資等政策不斷推出實施。其中上市的部份，對於銀行業而言，經由上市後，可從資本市場籌措所需的資金。得到資本金的注入後，財務上的運用更為彈性。中國雖已積極金融改革，但在許多制度規範上並非如西方國家完全開放和成熟，中國政府對於國內金融市場的限制、規範仍與其他國家不同，在如此特殊的國家型態影響下，上市的影響是否異於其他國家。
　　有別以往過去之文獻多注重改善銀行本身經營效率、流動性、信用等問題，本文將探討風險的影響。將以中國銀行業為樣本，探討上市對資產風險和資本風險影響的風險指標。資產風險指標包括逾期放款比率、備抵呆帳覆蓋率。資本風險指標包括資本適足率、資本緩衝。
實證結果顯示：
一、 資產風險
　　銀行上市對於逾期放款比率和備抵呆帳覆蓋率有改善的作用。而在成本收入方面，過多的逾期放款，銀行要支付額外費用處理催收取回貸款而導致營業成本提高，因此與逾放比為顯著正相關。另外國有、股份制、城市三種類型銀行對於逾期放款比率皆呈現顯著正相關。其中在國有銀行的部份，表示銀行因為受政府干預，須對國有企業政策性放款，使資産風險因而愈高。而股份制銀行和城市銀行可能是為了提高營業相關業績，在貸款審核上較寬鬆，因此有貸款給風險較高的需求者可能性，因而增加了風險。
二、 資本風險
　　上市所得到的資本金挹注確實能夠提高資本適足率和資本緩衝。另外，流動性增加會降低銀行的資本緩衝。資產規模越大的銀行對於資本的要求越忽視。在成本收入比方面，過多支出成本下也會降低銀行資本準備的提列。中國銀行業在景氣好時所提列的資本緩衝也會跟著增加。股權越集中，資本風險指標也會提升改善。銀行類別方面，三種類別銀行對資本適足率為顯著正關係。在資本緩衝的部份，以槓桿比率為代表的資本緩衝在三種銀行都有顯著正相關，可表示上市後自有資本的提升，使得資本緩衝在上市之後有提高的趨勢。

關鍵字

中國銀行業 ； 公開上市發行 ； 資產風險 ； 資本風險

並列摘要

In order to integrate with world financial system, China has been actively reformed financial system in the last 20 years. For the banking industry, the reform includes listing、foreigner investment policy、joint-equity. Bank can raise more funds from capital market after IPO which makes the finance flexibility. Although China has actively done financial reforms, many norms are still not as completely open and mature as western countries. Speaking of restrictions and norms on the financial market, there is still the difference between china authority and other countries. Under such unusual influence of national style, is the impact of IPO in China different from other countries?
Difference from past literature which focus on illiquidity、credit、efficiency, this study analysis the impact of risk. The study uses the China banking industry to analysis the changes in assets and capital of various risk indicators before and after the IPO. Asset risk indicators include non-performing loan ratio and coverage ratio. Capital risk indicators include capital adequacy ratio and capital buffer.
The empirical evidence shows：
1. Asset risk：
IPO can improve NPL and coverage ratio. In terms of cost to income ratio, banks have to pay additional cost to retrieve because of excessive non-performing loans, and that will lead to increase the operating costs. Moreover, tree types of banks are positively significant to NPL. The State-owned banks which increase their risks may have to loan to the state-owned enterprises strategically under the pressure of government’s intervention. In order to improve business performance, joint-stock banks and city banks may loosen the loan approval and loan to high-risk demanders, which increase their risks.
2. Capital risk
Capital from IPO can indeed improve the CAR and capital buffers. Increasing liquidity will reduce capital buffer. In terms of asset scale, the bigger bank has fewer buffers. Excessive cost will reduce the buffer which bank prepares. Besides, China banking industry will prepare more buffers in economy booms. When the equity of bank is more concentrated, the capital risk indicators will be better. Three types of bank are positively significant to CAR. The buffer which is composed of leverage ratio is positively significant to three types of bank. The result shows that equity increase after IPO which makes the buffer increasing.

並列關鍵字

China banking industry ； IPO ； Asset risk ； Capital risk.

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