Diversification, Politics and Performance in Banking Industry

[[abstract]]本論文有兩個主要的研究重點。第一、我們研究台灣政治的效應，對不同所有權金融機構績效的影響。我們的研究動機是基於越來越多的文獻，大多集中研究在銀行所有權與銀行績效之間關係的研究。然而現存文獻大部份多集中在商業銀行的研究，而我們的研究是把範圍從商業銀行拓展到所有金融機構。在本文我們把總統選舉年變數，當成政治干預的因素。我們試著想了解政治干預的效應對金融機構所有權及績效的影響。第二、我們研究分析的目標，是探討中國大陸小型商業銀行，商品多角化與銀行風險之間的關係。進一步，我們也將比較高財務槓桿運作的小型商業銀行，與低財務槓桿運作的小型商業銀行的銀行風險與破產機率。 本文採用兩階段差分一般動差法的估計方法。根據台灣65個金融機構1994年到2009年得到的資訊為基礎，估計政治干預效果對金融機構的影響。另一方面，我們也從中國大陸96家小型商業銀行2001到2011年所得到的資訊，估計銀行商品多角化與銀行風險與破產量測。 我們第一篇研究的實證研究主要發現，首先，在選舉年，私有金融機構比公有及外國金融機構，賺得較高的資產報酬率及有較高的貸款成長。其次，公有機構的績效沒顯著受到最近選舉年的影響，然而，外國機構比私有金融機構，明顯賺取較低的資產報酬率、較高的利差以及花費較高的管銷費用。 第二篇研究的實證結果發現，中國小型銀行從事越多的商品多角化明顯導致較高的銀行風險。另外，在中國，當高財務槓桿運作的小型商業銀行從事商品多角化時，高財務槓桿運作的小型商業銀行，比低財務槓桿運作的小型商業銀行的銀行風險高。我們也發現，當高財務槓桿運作的小型商業銀行從事商品多角化時，高財務槓桿運作的小型商業銀行，比低財務槓桿運作的小型商業銀行的銀行破產風險低。我們的發現可提供策略制定者及金融業管理者參考。[[abstract]]This dissertation is composed of two articles. First, we investigate the effects of politics on the performance of financial institutions with different ownership in Taiwan. This investigation is motivated by the growing literature on the relationship between bank ownership and bank performance. Existing literature is mostly focus on commercial banks, whereas we extend this topic from commercial banks to financial institutions. We try to know the relationships between political effects, ownership and performance of financial institutions. The second article examines the relationship between bank risk and product diversification for small commercial banks in China. Further, we compare the small banks of high degree of financial leverage (HDFL) with the small banks of low degree of financial leverage (LDFL). We estimate political effects and performance based on the information obtained from 65 financial institutions in Taiwan for the period from 1994 to 2009. On the other hand we also estimate bank risk and product diversification based on the information obtained from 96 small commercial banks in China for the period from 2001 to 2011. Our main findings of first study are, firstly, during election years, the private financial institutions earned higher ROA and loan growth than the government- and foreign-owned. Secondly, government-owned institutions are not affected by current elections for all measures of performance, while foreign institutions significantly earned lower ROA, higher interest margin, and spent higher overhead costs. The empirical results of second study find that a higher degree of diversification could be induced a higher risk in China’s small banks. In addition, the small banks of high degree of financial leverage (HDFL) have higher risk than the small banks of low degree of financial leverage (LDFL), when the small banks of HDFL performed diversification in China. We also find that the small banks of HDFL have lower insolvency than the small banks of LDFL, when the small banks of HDFL performed diversification in China. Our finding would become a reference of policy makers and banking manager.[[note]]博