政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54588

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54588

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政大機構典藏 > 商學院 > 金融學系 > 學位論文 > Item 140.119/54588

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/54588

題名:	集團持股對台灣銀行業績效之影響 The impact of conglomerates shares on performance of commercial banks in Taiwan
作者:	楊育霖
貢獻者:	李桐豪楊育霖
關鍵詞:	剝奪現金流量權盈餘分配權股份盈餘比馬可夫鍊交叉持股金字塔結構
日期:	2011
上傳時間:	2012-10-30 11:24:19 (UTC+8)
摘要:	自2007年金融海嘯爆發以來，至目前2012年的歐債危機，銀行部門就不斷成為風暴的中心。雖然金融危機並非金融海嘯或歐債危機的起因，但卻像是一種經濟衰退放大的機制。如何針對銀行部門進行有效的監管，自上世紀末90年代就已經開始進行討論。然而，經過十年來的發展，仍然發生雷曼兄弟倒閉等事件的金融危機。除了銀行的表現之外，是否仍有其他因素會影響銀行的經營績效？因此，本文欲探討：銀行的控制股東，是否會影響銀行經營決策的方向，進而產生不同的營運表現。本文先分析集團內部股份盈餘比差異，分析集團內部是否存在剝奪的動機。其中，相較於目前計算金字塔結構的現金流量權的方法，本文發展馬可夫鍊計算現金流量權(盈餘分配權)。除了金字塔結構之外，本方法亦可精確地計算交叉持股或者較複雜的股權結構的現金流量權。本文並利用簡單回歸，分析集團持股銀行的比例，是否會對銀行績效產生影響，藉此觀察其中產生的剝奪問題。本文進一步分析，當控制股東進入董事會之後，其董事會代表持股銀行比例，是否也會對銀行績效產生影響，產生剝奪問題。最後，本文歸納出可能發生的剝奪機制：控制股東利用放款的途徑，因而導致逾期放款比例的增加，降低銀行營運表現，進而達到剝奪的效果。
參考文獻:	Micco ,A., Panizza, U., Yanez,M.,2007.Bank ownership and performance. Does politics matter? Journal of Banking & Finance 31, 219–241 Allen, F., Cebenoyan, A.S.,1991.Bank acquisitions and ownership structure: theory and evidence. Journal of Banking and Finance 15, 425–448. Berle, Adolf A., Jr. and Gardner C. Means, 1932.The modern corporation and private property.Macmillan, New York. Bonin, J.P., Hasan, I., Wachtel, P., 2005. Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance 29 (1), 31–53. Caprio, G., Levine, R., 2002. Corporate governance in finance: concepts andinternational observations. In: Litan, R.E., Pomerleano, M., Sundararajan, V.(Eds.), Financial Sector Governance: The Roles of the Private and Public Sectors.The Brookings Institution, Washington, DC. Caprio, G., Laeven, L., Levine, R., 2007. Governance and bank valuation. Journal of Financial Intermediation 16, 584–617. Claessens, S., Djankov, S., Fan, J., Lang, L., 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741–2771. Claessens, S., Djankov, S., Lang, L., 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58, 81–112. Demsetz, H., 1986. Corporate control, insider trading, and rates of return. American Economic Review 76, 313–316. Faccioa, M., and L.,H., Lang, 2002. The Ultimate Ownership of Western European Corporations. Journal of Financial Economics 65, 365-395. Giuliano Iannotta, Giacomo Nocera , Andrea Sironi, 2007.Ownership structure, risk and performance in the European banking industry.Journal of Banking & Finance 31 , 2127–2149 Haw, I.M., Ho, S., Hu, B., Wu, D., 2010. Concentrated control, institutions, and banking sector: an international study. Journal of Banking and Finance 34, 485–497. John Pound, 1998. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237–265 La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R.W., 1997. Legal determinants of external finance. Journal of Finance 52, 1131–1150. Laeven, L., Levine, R., 2005. Beyond the Biggest: Do Other Large Shareholders Influence Corporate Valuations. Working Paper, University of Minnesota. Laeven, L., Levine, R., 2009. Bank governance, regulation and risk taking.Journal of Financial Economics 93, 259–275. McConnell, John J., Servaes,H., 1990. Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612. Morck, R., A. Shleifer and R. W. Vishny, 1988,“Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics 20,293-315. Prowse, S., 1995. Alternative methods of corporate control in commercial banks. Economic and Financial Policy Review third quarter, 24–36 Shleifer, A., and Vishny,R.W., 1986. Large shareholders and corporate control, Journal of Political Economy 94, 461-488 Barry,T.A., Lepetit,L.,Tarazi,A., 2011. Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance 35, 1327-1340 Valentín Azofra, Marcos Santamaría, 2011. Ownership, control, and pyramids in Spanish commercial banks. Journal of Banking & Finance 35, 1464-1476 Villalonga, B., Amit, R., 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics 80, 385–417. Xiang, B., G.Zhang, 1996, Large shareholder expropriation and corporate ownership structure, APEA/PACAP Finance conference and annual meetings.
描述:	碩士國立政治大學金融研究所 99352027 100
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0099352027
資料類型:	thesis
顯示於類別:	[金融學系] 學位論文

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