臺灣銀行業進入中國之模式選擇：借鏡世界前200大銀行

Entry-mode Choice of Taiwan Banking Industry in China: Evidence from the Top 200 Banks in the World

本文在國家特定因素、銀行本身因素及公司治理因素的考量下，以2009 年資產額世界排名前200 大的銀行為實證對象，利用順序多重分類probit 模型討論影響外資銀行進入中國經營模式選擇之決定因素，以期做為臺灣銀行業進入中國之參考依據。研究結果指出：進入中國的外資銀行若根據持股比例多寡來選擇經營模式，在控制中國金融法規開放程度下，外資銀行所屬母國至中國之直接投資金額越多或是母國銀行總部與中國經營據點之平均距離越遠，其進入中國後傾向採取「參股模式」；但母銀行或出資銀行承受損失的能力越高或管理能力越好，反而會傾向選擇「設立進入(外資百分之百持股)模式」。由於「設立進入(外資百分之百持股)模式」還可依涉及之業務範圍多寡再分為：成立代表人辦事處、分行與子銀行(外資獨資銀行)，因此，當銀行所屬母國至中國直接投資金額越多或母銀行獲利能力越好，銀行會傾向以「子銀行(外資獨資銀行)」型式出現；不過若母銀行管理能力越佳，則傾向採「代表人辦事處」型式來瞭解中國金融作業規定與環境。

This paper develops an ordered probit model that integrates the country-specific factors, bank-specific factors and corporate governance to examine the determinants of entry-mode choice of foreign banks in China. The sample consists of the top 200 banks ranked by assets in 2009. The empirical results show that foreign banks in China tend to choose the mode of equity investment as their home countries have more direct investments in China or the geographic distance between China and their headquarters is longer after controlling for the financial regulation in China. On the contrary, they tend to choose the mode of setting up-100% foreign ownership as their parent banks or capital injection banks have better asset quality or are more efficient. In addition, the mode of setting up-100% foreign ownership could be further divided into three types based on the areas of business: representive office, branch and subsidiary(or wholly-owned bank). A foreign bank would incline to choose the subsidiary form (or wholly-owned bank) when its home country has more direct investments in China or its parent bank is more profitable. However, it would incline to set up a representive office as its parent bank is more efficient.