頁籤選單縮合
題 名 | 金融控股公司成立對本國銀行業競爭程度影響之分析=The Impacts of the Establishment of the Financial Holding Company on the Competition of Domestic Banking Industry |
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作 者 | 盧育鋒; 黃炳文; 李建強; | 書刊名 | 金融風險管理季刊 |
卷 期 | 3:4 2007.12[民96.12] |
頁 次 | 頁69-103 |
分類號 | 562.29 |
關鍵詞 | 本國銀行業; 金控公司; 競爭程度; 集中度; Panzar-Rosse檢定法; Domestic banking industry; Degree of competition; Concentration index; Interest rate spread; Panzar-Rosse model; Pearson analysis of correlation; |
語 文 | 中文(Chinese) |
中文摘要 | 本文分析金融控股公司成立對本國銀行業競爭程度之影響,除了衡量本國銀行業市場競爭程度的逐年變化外,也比較金融控股公司成立前後本國銀行業之競爭程度,更進一步探討競爭程度與集中度指標、銀行分行家數及競爭程度與銀行存放款利差間之關聯性,藉以觀察金融控股公司成立前後本國銀行產業發展之演變,同時也檢驗本國銀行業市場競爭程度是否已降低?並且探討競爭情況是否會反應在銀行存放款利差的定價行為上? 本文採用非結構法之Panzar-Rosse檢定法。在實證研究方面,首先使用追蹤資料(panel data)分析方法,結果發現1996至2005年間本國銀行業屬獨佔性競爭市場;金控公司成立前後各四年(1996至1999年與2002至2005年)與各五年(1996至2000年與2001至2005年)之檢定結果皆為獨佔性競爭市場,且競爭程度在金控公司成立後較低,表示過度競爭情況已較為改善。其次,使用最小平方法估計逐年競爭程度,發現1996、1998、1999和2000年無法拒絕完全競爭的虛無假設;1997、2001和2004年市場處於獨佔性競爭;2002、2003和2005年無法拒絕銀行市場存在獨佔力或完全勾結的寡佔。若就競爭程度的逐年變化來看,則代表競爭程度的H值呈現逐年遞減的趨勢,顯示競爭程度較為趨緩。 接著,使用Pearson相關性分析,結果顯示集中度指標與競爭程度間皆存在顯著的正向關係,表示市場集中度降低,未必促使市場更加競爭,顯示前五大銀行仍具有主導市場價格的力量,其餘銀行多為市場價格跟隨者而較無實質影響力。而分行家數與競爭程度之間具有顯著負相關,表示即使銀行分行家數增加,並不會提高市場競爭程度。最後,實證結果也顯示競爭程度與銀行存放款利差之間具有顯著負相關,隱含近年競爭程度降低,銀行可採行擴大存放款利差的策略。 |
英文摘要 | This study is to analyze the impacts of the establishment of Financial Holding Company (i.e. FHC) on the competition of domestic banking industry. In addition to measure year-to-year's changes on competition of domestic banking industry, we will also compare the competition extent of domestic banking industry before and after the establishment of FHC. Furthermore, this study would explore the interrelationship among competition, concentration index, numbers of banks' branch offices and interest rate spread. Based on these analyses, those can be used to observe the changes of domestic banking industry before/after the establishment of FHC, examine whether the competition extent decrease or not, and discuss whether the competition extent will be reflected on the interest rate spread or not. This study applies the Panzar-Rosse model. In empirical research, we firstly use panel data method, which finds that domestic banking industry from 1996 to 2005 as monopolistic competition, while 4 years before/after the establishment of FHC, i.e. 1996-1999 and 2002-2005, as well as 5 years before/after the establishment, i.e. 1996-2000 and 2001-2005, are also monopolistic competition. Moreover, the degree of competition after the establishment of FHC is lower, which means the condition of over-banking has improved. Secondly, we use Ordinary Least Square methodology to examine competitive environment year to year, which finds that (1) in 1996, 1998, 1999, and 2000, the testing results cannot reject the null hypothesis of the market in perfect competition; (2) in 1997, 2001, and 2004, the market is in monopolistic competition; (3) in 2002, 2003, and 2005, the testing results cannot reject the null hypothesis of the market in monopolistic competition or oligopoly with fully collusion. The changes of market competition year to year demonstrate that H statistic, symbolizing the degree of competition, has declined. Accordingly it shows the competition has mitigated. This study then uses Pearson Analysis to assess correlations. The results show positive relationship between concentration index and competition, meaning that a diminishing market concentration is not necessary being able to foster market competition. The five major large-sized banks still dominate the market prices. Meanwhile majority small-sized banks do not have substantial influences. Besides, the study finds negative relationship between numbers of banks' branch offices and competition, indicating the increasing numbers of banks' branch offices would not enhance competition condition. Finally, the empirical result reveals a negative relationship between interest rate spread and competition, implying banks could take strategies of expanding interest rate spread due to the reduce of the degree of competition. |
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