Managerial Ownership, Franchise Value and Bank’s Risk-taking Behavior

[[abstract]]鑑於國內對於銀行風險承擔的論著焦點大多集中於資本適足率的討論，而對於經營者持股比率及特許價值的討論較少。本研究就銀行的風險承擔傾向與各種變數之間的關聯性做探討，以了解銀行的風險承擔傾向與各種變數之間的相關性及其代表的意義。 本研究以民國85~90年國內上市及上櫃共 30家銀行為樣本，以市場模式下的總風險、非系統風險與非系統風險為應變數，以經營者持股比率、特許價值、財務槓桿、營運槓桿及規模大小為自變數，經由迴歸分析得到以下結論： 1.在總風險、非系統風險及系統風險上，所有權結構呈現顯著負相關。 2.在總風險及非系統風險上，特許價值呈現顯著負相關，系統風險上則呈現不顯著關係。 3.在總風險、非系統風險及系統風險上，財務槓桿均不存在顯著關係。 4.在總風險及非系統風險上，營運槓桿呈現顯著正相關，系統風險上則呈現不顯著關係。 5.在總風險、非系統風險上及系統風險，規模大小均不存在顯著關係。[[abstract]]Research on bank’s risk-taking behavior have focused on the effect on the capital adequancy. Using data in Taiwan, this paper investigates the relationship between managerial ownership, franchise value and domestic bank’s risk-taking behavior. This paper includes independent variances of total return risk, systematic risk and idoiosyncratic risk derived from the capital market, and includes dependent variances of managerial ownership, franchise value, financial leveal, operating leveal and total assets. This research indicates that: 1.manager ownership is negatively related to both total return risk, systematic risk and idoiosyncratic risk. 2.franchise value is negatively related to both total return risk and idoiosyncratic risk, and unlated to systematic risk. 3.financial leveal is unrelated to both total return risk ,systematic risk and idoiosyncratic risk. 4.operating leveal is positively related to both total return risk and idoiosyncratic risk, and unlated to systematic risk. 5.total assets is unrelated to both total return risk, systematic risk and idoiosyncratic risk