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研究生: 廖振盛
Chang-Sheng Liao
論文名稱: 三篇有關公司治理的論文:銀行業的實證研究
Three Essays on Corporate Governance: Evidence from Banking Industry
指導教授: 劉代洋
Day-Yang Liu
口試委員: 蕭峯雄
Fung-Shyung Shiau
謝劍平
Joseph C.P. Shieh
缪維中
Wei-Chung Miao
莊文議
Wen-I Chuang
林進財
Chin-Tasi Lin
黃彥聖
Yen-Sheng Huang
學位類別: 博士
Doctor
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2013
畢業學年度: 101
語文別: 英文
論文頁數: 85
中文關鍵詞: 股票績效股權結構股權集中度縱橫門檻模型巴賽爾風險經理人離職公司治理
外文關鍵詞: Stock performance, Ownership structure, Ownership Concentration, Panel threshold model, Basel II risk, Executive Turnover, Corporate Governance
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  • 本文研究目的在探究公司治理機制對於銀行業經營效率的影響,相關議題例如股權結構、股權集中度、經理人離職等議題。公司治理是近四十年來新興的研究議題,一個有效的公司治理系統透過多種機制促進股東利益的保護,預防經理人的代理行為。本論文主要為三篇有關公司治理的議題:
    第一部分,主要解釋中國與台灣的銀行業,效率與股權結構對於股票報酬的關聯性。研究結果顯示自由分配法的效率值高於資料包絡分析的效率值。實證結果顯示效率較佳的銀行反應其股票報酬亦較佳;相較於資料包絡分析法與傳統財務比率,自由分配法所衡量的管理效率值,提供一個更具有參考價值與解釋能力的指標在解釋股票報酬。
    第二部分,探討股權結構與集中度對台灣銀行業效率的效用,並採用縱橫門檻模型(Panel Threshold model)深入探究股權-效率間的非線性關係。實證結果顯示股權結構對於經營效率有顯著的影響,經理人股權對效率為負向關係,而集中度與官股對效率則沒有顯著關聯。縱橫門檻估計結果顯示效率¬-董事會股權間存在一非線性關係。
    第三部分,探究亞洲新興國家的銀行產業,股權結構與風險行為對於效率的影響,並深入解釋高階經理人離職與效率、風險行為的關聯性。實證結果顯示巴賽爾風險是影響效率的關鍵因素。銀行當股權集中度較高時,經理人偏向為一風險愛好者。高階經理人即使經營無效率也不會失去職位,主要由於新興亞洲國家的官僚權力與家族控制董事會仍然對於管理決策扮演一個重要的角色。


    The purpose of this dissertation is to investigate how corporate governance mechanism affects bank efficiency and performance, such as ownership structure, ownership concentration and executive turnover. Corporate governance is an oncoming topic over four decade, an efficient corporate governance system characterises a multiplicity of mechanisms to ensure that the interests of shareholder are protected against the agency behaviour of managers. This dissertation contains three essays on corporate governance.
    First, this part is to examine whether the banks efficiency and ownership structure for banking industries is related to their stock performance in China and Taiwan. The DEA and DFA estimated the efficiency score is 0.3229 and 0.5048, respectively. The mean efficiency from the DFA method is more than cost efficiency derived from the DEA. Is there a relationship? This find show that banks have a greater efficiency then this directly reflected in enhances expectations for the performance of the banks in stock market, using the DFA efficiency estimates have a more valuable function reflected in the stock return when compared with the DEA efficiency estimates and traditional financial ratio.
    Second, this part is to investigate the effect of ownership structure and concentration on bank efficiency for case of Taiwan, we consider the non-linear relationship between ownership and efficiency, using the panel threshold model technique to test whether a non-linear relationship is significant. Empirical findings indicate that managerial ownership has a negative relation to efficiency and ownership concentration and state-ownership have no relation to bank efficiency. The results show that threshold effect is significant, which implies a significant non-linear relationship between board ownership and efficiency. This supports the form of non-linear relation as found in previous literature.
    Thirdly, this part examined how ownership structure and risk-taking dictate the efficiency of banks operating in emerging Asian countries, and examines the relationship between CEO turnover and a given bank’s efficiency, performance, and risk-taking. The empirical results show that the Basel II risk is a determinant of bank efficiency and that bank managers have an affinity for risk whenever they are working within a high degree of ownership concentration. Our findings suggest that the top executives who are operating in emerging countries will not compromise their positions even for the sake of their banks’ efficiency, because bureaucratic power and family-controlled boards still play an important role in management decisions in these countries.

    TABLE OF CONTENTS ABSTRACT IN CHINESE.................................................. I ABSTRACT IN ENGLISH……………………………………………..…..…...…II ACKNOWLEDGEMENTS………………………………………………………III LIST OF TABLES…………………………………..……………..………...…....IV LIST OF FIGURE………………………………………………………….…….VII CHAPTER 1. Introduction…………………….………………………………………….........1 1.1 Research motivation…………………………………………………………..…1 1.2 Research purpose and contribution……………………………………………...2 1.3 Dissertation organization………………………………………………………...4 2. Literature Review………………………………………………………………....6 2.1 Stock return and banks efficiency………………………………………………..6 2.2 Ownership structure………………………………………………………….…..7 2.3 Executive turnover……………………………………..……………………...…9 2.4 Basel risk affect on banks efficiency……………………………………..……..10 3 Methodology….……………………………………….…………………………..13 3.1 Measuring efficiency by parametric approach.…………………………………13 3.2 Measuring efficiency by non-parametric approach……………………………..15 3.3 Basic Regression determination: stock return and bank efficiency …..……16 3.4 Methodology Design: ownership structure and efficiency…………..…….……18 3.5 Testing Hypotheses: Basel II risk, Corporate governance and efficiency…25 4. Stock Performance, Corporate Governance and Efficiency for China and Taiwan Banks: Is there a relationship…………………………………………..…33 4.1 Results of bank efficiency for China and Taiwan ………….…………….…….33 4.2 Results of basic regression analysis…………………………………………….35 4.3 Efficiency relation to stock performance: CAPM version……………………...39 4.4 Summary ……………………………………………………………………….41 5. The effects of ownership structure on bank efficiency: Evidence from Taiwan………………………………..…………………………………………...42 5.1 Results of bank efficiency for Taiwan…….…………………………………..42 5.2 Results of regression analysis………………………………………………....43 5.3. Non-linear relationship between ownership and efficiency…….…………..49 5.4 Robust check on various subsamples………………………………………….53 5.5 Summary………………………………………………………………………..56 6. Executive Turnover, Risk-taking and Efficiency for Banks among Emerging Asian Countries…………………………………………………………….……….58 6.1Results of emerging Asian bank efficiency…..……………………………….…58 6.2 Empirical results: baseline regression…………………..……….…………..…59 6.3 Empirical results: CEO turnover, risk and efficiency……………….………..64 6.4 Results of Robustness test……………………………………………………....66 6.5 Summary………………………………………………………….………….....69 7. Concluding remarks and policy implication…………………….…….……….71 7.1 Conclusion……………………………………………………………….….…71 7.2 Policy implication for Taiwan ………………………………………………...72 References…………………………………………………………………………...74 Appendix A ………………………………………………………………………..82 Appendix B…………………………………………………………………………..83 Appendix C ………………..……………….……………………………………….84 Brief Professional Biography ………………………………………………….85

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