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Title:	資訊不對稱下本國銀行放款市場之研究
Authors:	俞海琴
Contributors:	劉維琪林烱圭陳隆麒俞海琴
Date:	1992
Issue Date:	2016-05-10 18:51:54 (UTC+8)
Abstract:	本研究乃係站在資訊不對稱的立場，來探討本國銀行放款市場間題。在架構上可分為理論與實證二部分。在理論模型方面，本研究係假設在獨佔銀行的產業結構下，探討存在於主理人(銀行)與代理人 (借款者)間的衝突(逆選擇問題) .並運用代理理論中的「自我選擇」機能，設計一套具備「誘因共容性」的放款契約，解決因為資訊不對稱所導致的衝突現象。在理論模型上，本研究分別探討了完全訊息及不完全訊息下，二種類型及無限多種類型借款者之情況，並有以下結論: 1 .完全訊息下二種類型借款者情況獨佔銀行可採完全差別取價方式，抽光借款者的消費者剩餘，此時經營條件強者出高利率，而經營條件弱者出低利率，此即「最佳契約」 (First Best Contract) 2. 不完全訊息下二種類型借款者情況獨佔銀行必須防止逆選擇問題發生，故應犧牲部分利潤移轉給條件強的借款者，以使其沒有欺騙的誘因，此時經營條件強者出較完全訊息時為低的利率及低的擔保品水準，而經營條件弱者出比條件強者稍低的利率但高的擔保品水準，此即「次佳契約」(Second Best Contract) 3. 不完全訊息下如限多種類型借款者情況銀行在訂定擔保品與本息間的邊際替代率時，應根據「多接受一單位擔保品對銀行增加的邊際期待成本，乘以該單位擔保品與本息間的相對設算價格彈性分數」來訂定該型借款者多提供一單位擔保品，本息下降幅度的參考。由於彈性本身會隨擔保品提供多寡而不同，故降幅亦隨之不同，因此契約應是一種非線性訂價的型式。在實證研究方面，本研究你自行發展二套間卷，一條由借款廠商填答，另一則由本國銀行填答，並試圖由借貸雙方之態度看法及認知差距，找尋資訊不對稱寄在的事實。再者，由於「自我選擇」機能的適用是屬於事前(Ex Ante) 的模型，而實證研究卻只能藉助事後(Ex Post) 的實際資料來驗證，故本研究乃運用實際的借款資訊，試圖站在第三者的角度，揣測銀行的立場，替混合的(Pooling) 的借款戶進行分隔的( Separating) 程序，再以分群後的客戶為基礎，進一步對理論模型所推導的六個假說，做統計上的檢定，實證研究發現如下: 1 .廠商經營條件愈強，銀行所給予的借款利率愈低，故並不支持假設H1。主要原因有二， ( 1) 為理論模型僅考量單期、獨佔情形，故未加入競爭壓力(2) 模型並未考量借款金額變數。 2. 廠商經營條件愈弱，銀行所要求的擔保品愈多，支持假說H2。原因乃為經營條件弱，破產機率大，故銀行為確保其債權，會對經營條件弱的借款者，索取較高的擔保品。 3. 廠商經營條件不同，在借款利率與擔保品水準二變項之借款條件上，有顯著不同，支持假說H 3 4. 廠商所出具的短期擔保品與短期利率問之關係並不顯著，而中長期擔保品雖與中長期利率間的關係相當顯著，但由符號為正知，中長期擔保品出具愈大，利率反而愈高，此點並不支持假說H4。造成此現象的原因可能係因為擋保品的提供是為一種"信號的放射"，當銀行要求的擔保品愈多時，表示借款客戶的經營條件愈弱，故利率愈高。 5. 廠商所出具的短期擔保品及經營條件對短期借款利率之影響並不顯著，而中長期擔保品及經營條件對中長期利率的影響則相當顯著，故部分支持假說H5。即經營條件強者，不但擔保品出具小利率亦愈低。 6. 廠商經營條件強弱典是否曾遭受過信用分配或遭受信用分自己頻率高低間並無顯著差異，支持假說H 6 。可見在本國銀行放款市場中，信用分配的事實與廠商本身的條件較無關，倒是與客觀的條件，如擔保品出具( 排名一)或銀行資金鬆緊(排名二)關聯較大。此也說明了在木國放款市場中「資訊不對稱」事實的存在，因為當銀行無法完全明瞭借款者經營條件時，就會以索取擔保品作為保障，致擔保品出具是否足夠就成為借到款的關鍵原因。
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Description:	博士國立政治大學企業管理學系
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G91NCCV9962012
Data Type:	thesis
Appears in Collections:	[Department of Business Administation] Theses

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