台灣銀行產業之金融改革、生產力與風險管理

Banking Reforms, Productivity, and Risk Management in Taiwan’s Banking Industry

台灣銀行產業過去20年來，經歷過1989及1997兩次以促進競爭、改善生產力及管理效率為目的之極端重要的法規鬆綁與金融改革。本文之研究目的在於探討此兩次金融改革對於台灣銀行業之風險管理行為、總生產力及成本效率之影響。有別於一般衡量生產力之標準模型，本文居於經理人在不確定性下考量安全第一原則（Safety-first rule）之前提，並在授信違約風險及其他投資風險之限制下，建構模型衡量銀行業之生產力、成本效率及風險貼水。經由48家樣本銀行自1981年至2000年之追蹤資料（Panel data）之實證結果，顯示台灣銀行產業仍具傾向於風險趨避（Risk-averse）之特徵。另就整體樣本而言，民營銀行在營運上相對的較為缺乏成本效率；而金融改革的確促進產業競爭，並且提昇金融改革前舊有銀行之生產力，至於新設立民營銀行之生產力則未獲明顯提昇。

Over the last twenty years, the banking industry in Taiwan has experienced two major deregulation reforms aimed at increasing competition in the financial industry and improving productivity and efficiency. Departing from standard modeling on the productivity measure, this paper adopts a model that is based on the safety-first rule under uncertainty to measure the risk premium and productivity that are subject to loan default and other investment risks. Empirical evidence from panel data of forty-eight banks from 1981 to 2000 shows that Taiwan’s banking industry is characterized as risk-averse. The private banks are less cost-efficient in operations. The reforms did promote competition and increase productivity for the existing banks but not for the newly established private banks.