我國金融結構是以間接金融為主，因此銀行放款對境內企業而言為重要資金來源。截至2020年底，境內銀行商業放款餘額遠超過公司債發行餘額。過往文獻認為銀行的放款傾向以銀行規模之差異分為兩道脈絡，一為大型銀行與大型企業建立之交易型放款(transactions lending)，二為小型銀行與小型企業建立之關係型放款(relationship lending)。本研究以境內銀行對公開發行公司之放款餘額為樣本並量化銀行放款傾向，分析期間為2008至2019年，是我國第一篇探討銀行規模與其對公開發行公司放款餘額之研究。公開發行公司自中小企業成長而來且涵蓋產業廣泛，對進出口貢獻與經濟成長影響甚遠，釐清銀行對公開發行公司的放款傾向在金融結構以間接金融為主的經濟體中具重要性。
本研究將放款資料樣本分佈，區分成大、中、小、微型放款，以過去文獻未曾使用的方式量化銀行放款傾向，做為其對不同規模公開發行公司之放款傾向代理變數。以銀行規模與其他特徵變數作為解釋變數，實證發現在間接金融經濟體系中，銀行規模與其放款傾向呈現正相關，即大(小)型銀行傾向承做大(小)型放款，此結果在穩健性檢測中仍顯著成立。實證結果以放款餘額曝險與放款信用曝險兩面向詮釋，銀行承做大型放款時對應的多為大型規模公開發行公司，因此放款餘額曝險大、放款信用曝險低。除此之外，本研究使用Herfindahl-Hirschman Index量化銀行放款產業集中度，較低的放款產業集中度可顯著解釋銀行較高的中型放款傾向。最後，規模小且淨利息收益率高的銀行具有較高的小、微型放款傾向，尤以微型放款傾向最顯著，銀行微型放款傾向應取決於對公開發行公司的放款信用曝險。
本研究之實證結果在未來若將銀行與公開發行公司其他業務之總曝險量化，或可更細緻地查看銀行放款傾向的主要成因，了解銀行在公開發行公司資金取得上所扮演的角色，使銀行放款傾向之成因與特性更為明朗。

Bank lending propensity has a crucial impact on how effectively the companies can raise funds through the lending process, especially in economies where corporate financing activities are mainly driven by financial intermediaries that indirect finance is the major way firms can raise funds. Prior literatures have developed two strands of studies based on the differences in the organizational structure of banks. Large banks are more specialized in processing hard information of larger companies and build transactions lending with them while small banks are more specialized in processing soft information of smaller companies and build relationship lending with them.

Due to the lack of domestic research of bank lending propensity based on loan amount and the financial structure in Taiwan is mainly composed of indirect finance, this research focuses on the bank lending propensity to public companies using the bank outstanding loan data of public companies in Taiwan from 2008 to 2019. By building four propensity ratios based on the amount of bank outstanding loans to quantify the lending propensity to public companies with different sizes, the research aims at filtering bank characteristics that can explain the lending propensity ratios which act as a proxy for the banks’ lending tendency to public companies with different sizes and risks under lending activities.

The empirical results find that bank size and the lending propensity has positive and significant relations, larger (smaller) banks tend to lend to larger (smaller) public companies. The research suggests that loan amount exposure of large lending propensity is higher while credit risks are lower, since the larger size the corresponding public companies are. The medium lending propensity can be explained by lower bank lending industry concentration measured by Herfindahl-Hirschman Index that aligns with economical intuition, the small and micro lending propensities are significantly driven by higher net interest margin which align with the lending properties suggested by prior literatures. Further improvement of the research is to control the overall exposures of other services provided by banks to public companies, achieving a purer bank lending propensity to public companies.

中文文獻
1. 郭照榮、李宜熹、陳勤明(2013.06)，Basel III對金融穩定及貨幣政策之影響，中央銀行季刊，第35卷第2期，頁11-59。
2. 黃玉麗、沈中華(2021)，隱性保證對銀行風險承擔行為之影響—由個別放款行為觀察，證券市場發展季刊，第33卷第1期，頁133-179。
3. 黃朝熙、謝依珊、楊茜文、王敬淳(2021)，銀行放款組合與貨幣傳遞機制:台灣的實證研究，經濟論文叢刊，第49卷第3期，頁415-448。
英文文獻
1. Allen,J., Paligorova, T., (2015). Bank loans for private and public firms in a liquidity crunch. Journal of Financial Stability, 18, pp.106-116.
2. Almeida, H.,Campello, M., Weisbach, M., (2004). The cash flow sensitivity of cash. Journal of Finance, pp.1777-1804.
3. Arellano, M., (1987). Computing Robust Standard Errors for Within-Groups Estimators. Oxford Bulletin of Economics and Statistics, 49, pp.431–434.
4. Berger, A.N., Black L.K., (2011). Bank size, lending technologies, and small business finance. Journal of Banking and Finance, 35, pp.724–735.
5. Berger, A.N., Demsetz, R.S., Strahan, P.E., (1999). The consolidation of the financial services industry: causes, consequences, and implications for the future. Journal of Banking and Finance, 23, pp.135–194.
6. Berger, A.N., Miller, N.H., Petersen, M.A., Rajan, R.G., Stein, J.C., (2005). Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics, 76(2), pp.237-269.
7. Berger, A.N., Udell G.F., (2006). A more complete conceptual framework for SME finance. Journal of Banking and Finance, 30(11), pp.2945-2966.
8. Berger, A.N., Udell, G.F., (2002). Small business credit availability and relationship lending: the importance of bank organizational structure. Economic Journal, 112, F32–F53.
9. Bertay, A.C., Demirgüç-Kunt, A., Huizinga, H., (2013). Do we need big banks? Evidence on performance, strategy and market discipline. Journal of Financial Intermediation, 22(4), pp.532-558
10. Blavy, R., Allard, J., (2011). Market Phoenixes and Banking Ducks are Recoveries Faster in Market-Based Financial Systems? IMF Working Paper No. 11/213, Available at SSRN: https://ssrn.com/abstract=1923527
11. Bonaccorsi di Patti, E., Gobbi, G., (2007). Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers. Journal of Finance, 62, pp.669-695.
12. Delgado, J., Salas, V., Saurina J., (2007). Joint size and ownership specialization in bank lending. Journal of Banking and Finance, 31, pp.3563–3583.
13. Hausman, J.A., (1978). Specification Tests in Econometrics, Econometrica, 46, pp.1251-1271.
14. Huang, Z.K., (2003). Evidence of a bank lending channel in the UK. Journal of Banking and Finance, 27, pp.491–510.
15. McLean, R.D., (2011). Share issuance and cash savings. Journal of Financial Economics, 99, pp.693-715.
16. Mkhaiber, A., Werner, R.A., (2021). The relationship between bank size and the propensity to lend to small firms: New empirical evidence from a large sample. Journal of International Money and Finance, 110, Article 102281.
17. Myers S.C., Majluf N.S., (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), pp.187-221.
18. Ramalho, J.J., Silva, J.V., (2009). A two-part fractional regression model for the financial leverage decisions of micro, small, medium and large firms. Quantitative Finance, 9(5), pp.621-636.
19. Shimuzu, K., (2012). Bankruptcies of small firms and lending relationship. Journal of Banking and Finance, 36, pp.857–870.
20. Stein, J.C., (2002). Information Production and Capital Allocation: Decentralized versus Hierarchical Firms. Journal of Finance, 57, pp.1891-1921.
21. Stiglitz, J.E., (1993), The role of the state in financial markets. The World Bank Economic Review, 7(suppl_1), pp.19-52.
22. Uchida, H., Udell, G.F., Watanabe, W., (2008). Bank size and lending relationships in Japan. Journal of the Japanese and International Economies, 22, pp.242–267.
23. White, H., (1984). Asymptotic Theory for Econometricians, Academic Press.
24. Woodridge, J.M., (2010). Econometric Analysis of Cross–Section and Panel Data, The MIT Press.
25. Woodridge, J.M., (2016). Introductory Econometrics - A Modern Approach, Cengage Learning.
26. Zheng, Y., (2020). Does bank opacity affect lending? Journal of Banking and Finance, 119, Article 105900.