戰爭與金融：株式會社臺灣商工銀行之經營（1937-1945年）

War and Finance: Operation of Taiwan Commercial and Industrial Bank (1937-1945)

本文擇定二戰前臺灣本地規模最大的普通銀行──臺灣商工銀行，作為研究對象展開實證研究。結果發現，首先，戰時體制期間，臺灣商工銀行在全面性積極的具體措施之下，帶來超過6倍遽增的存款餘額成為該期間主要的資金來源；在資金運用上，則將此新汲取的遽增存款之65%流向日本政府國債的消化與軍需產業公司債等有價證券的承購，完全體現戰時體制期間，日本政府金融統制所建構戰爭資金動員體系。 其次，在抑制分紅的資金管制措施之下，臺灣商工銀行卻在獲得當局者的核可下得以將年股息率提高。顯示當局者以提高股東股息，作為穩固銀行股東致力「金融奉公」乃至「金融報國」之經濟誘因。與此同時，使得其股價獲得支撐的同時，並提高民眾對其經營能力之信任，以確保日本帝國對外侵略的軍需資金鏈得以持續獲得挹注。 其三，臺灣商工銀行資產在鉅幅膨脹性的成長之下，在經營上的安全性、流動性、效率性與獲利性則皆處於低度水準，且隨著戰事峻烈更趨下降。惟其所暴露險象環生的金融脆弱性等警訊，卻亦在各種金融統制政策下得以被隱藏。其經營體質儼然已由原本以商業模式運作之營利企業，而「被迫」轉變為僅存微利的「類國營化」金融機構。

This article reports empirical research findings on the Taiwan Commercial and Industrial Bank, one of the largest banks in Taiwan before World War II. First, under the wartime regime, the Taiwan Commercial and Industrial Bank implemented proactive and comprehensive measures for savings, resulting in a six-fold increase of its deposit balance, which became the main source of capital during that period. Of the capital generated, 65% went to clear the debts of the Japanese government and to acquire corporate bonds of military industries, reflecting the financial control policies of the Japanese government for wartime mobilization. Second, despite tight fiscal measures on dividends, the Taiwan Commercial and Industrial Bank managed to increase its annual dividend rate with the approval of the Japanese government. The approval shows that the authorities would allow such an increase as an incentive to secure shareholders’ commitment to “public finance” and “financial service to the country.” At the same time, in addition to the stock price supported by the shareholders, the Bank also won public trust in its operational capabilities of a quasi-state-owned enterprise, thus ensuring the capital required to finance military supplies for foreign invasion of the Japanese empire. Finally, compared with the expansive growth of the Bank’s assets, its safety, liquidity, and profitability were all low, and further deteriorated as the war worsened. However, the signs of these financial fragility were hidden because of the financial control policies. Obviously, the Taiwan Commercial and Industrial Bank was forced to transform itself from a profit-making corporation into a quasi-state-owned enterprise with low profits.