本文主要探討銀行多角化對財務績效的影響,進一步納入風險變數,探討風險是否影響多角化與財務績效之關係。並比較不同風險程度下銀行以及金控與非金控子銀行其多角化與財務績效之關係是否存在顯著差異。本文以台灣本國銀行為研究對象,採取2000年至2007年36家銀行之追蹤資料(Panel data)進行實證分析,以荷芬達指數(Hirshman-Herfindahl Index)概念衡量銀行多角化程度,逾放比為風險代理變數,資產報酬率與風險調整後資產報酬率則為因變數,利用追蹤資料固定效果模型多元迴歸分析法,探討銀行多角化程度對財務績效的影響。 實證結果發現:台灣銀行業發展非傳統業務所產生的非利息收入比重逐年增加,多角化經營已成為銀行追求成長之主要策略。我們發現銀行多角化程度愈高,財務績效表現愈佳,而且銀行多角化與財務績效之關係受到風險承擔大小的影響。若銀行處於較高風險的情況下,多角化經營才能提升其財務績效。對金控子銀行而言,多角化程度愈高雖然能提升財務績效,惟並不顯著;反而是未加入金控公司之銀行,多角化程度愈高,明顯愈能提升財務績效,故金控子銀行多角化經營並未比非金控銀行更能提高財務績效。
Does diversification lead to increase financial performance for Taiwan banking industry? We study the effect of diversification on financial performance and hope to know how it works out under different risk levels. Moreover, we investigate whether banks operating as part of financial holding companies(FHCs) can influence the correlation between diversification and financial performance. Using a panel dataset of 36 banks in Taiwan for the period from 2000 to 2007 and fixed effect model, we find the empirical results as followed. First, there is a positive relationship between diversification and financial performance for Taiwan banking industry. Second, the effect of diversification on financial performance depends on the level of risk that a bank has taken. Only in high risk banks, we find statistically significant positive relationships between diversification and financial performance. Finally, banks operating as part of financial holding companies(FHCs)can improve their risk adjusted financial performance through diversification activities, but not really significantly related.
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