治理與銀行的風險承擔 梁碧君、賴奕豪
E-mail: [email protected]
摘 要
銀行業隱含多種風險，一旦經營失敗，將會嚴重影響整個經濟體系，而架構完整的公司治理可加強銀行內外部監督機制，
促使銀行合理評估其承擔之風險，並有助於提升競爭力。 本文選取2002年12月至2009年12月之中央銀行公佈台灣地區「金 融機構一覽表」所列示之本國銀行為樣本，將其公司治理機制區分為三大構面：董事會結構、所有權結構，以及外部管制 因素等，並以世界銀行(2000)提出的公司治理架構為基礎，將每項公司治理要素歸屬分類為內部監督、外部監督或是外部 監理，試圖找出各構面中影響銀行決策事前風險目標水準以及監督銀行事後風險之實現的因素。 研究結果顯示，有效的內 部監督要素為董事會規模與董監持股比率，當董事會規模愈大，銀行承擔的事後風險愈低，而董監持股比率愈高，銀行決 策的事前風險愈低。有效的外部監督要素為獨立監察人比率與機構投資人持股比率，其皆能有效影響銀行決策之事前風險 與其承擔之事後風險，並且發揮監督職能。其中，獨立監察人發揮之效果較特殊，設置獨立監察人之銀行將有能力決策更 高的事前風險來追求高報酬，但也能有效降低銀行承擔之事後風險。
關鍵詞 : 公司治理、銀行風險承擔、銀行風險
目錄
內容目錄 中文摘要 ．．．．．．．．．．．．．．．．．．．．．iii 英文摘要 ．．．．．．．．．．．．．．．．．
．．．．iv 誌謝辭 ．．．．．．．．．．．．．．．．．．．．．v 內容目錄 ．．．．．．．．．．．．．．．．
．．．．．vi 表目錄 ．．．．．．．．．．．．．．．．．．．．．vii 圖目錄 ．．．．．．．．．．．．．．．
．．．．．．viii 第一章 緒論．．．．．．．．．．．．．．．．．．．1 第一節 研究背景與動機．．．．．
．．．．．．．1 第二節 研究目的．．．．．．．．．．．．．．．6 第三節 研究架構．．．．．．．
．．．．．．．．7 第二章 文獻探討．．．．．．．．．．．．．．．．．9 第一節 公司治理機制．．．．
．．．．．．．．．9 第二節 董事會結構與銀行的風險承擔．．．．．．15 第三節 所有權結構與銀行的 風險承擔．．．．．．19 第四節 外部監理與銀行的風險承擔．．．．．．． 24 第三章 研究方法與設計．．
．．．．．．．．．．．．28 第一節 研究樣本．．．．．．．．．．．．．．．28 第二節 研究假說．
．．．．．．．．．．．．．．28 第三節 實證模型與變數定義．．．．．．．．．．33 第四章 實證分析．
．．．．．．．．．．．．．．．．41 第一節 敘述性統計．．．．．．．．．．．．．．41 第二節 迴 歸分析．．．．．．．．．．．．．．．45 第五章 結論與建議．．．．．．．．．．．．．．．．51 第一節 結論．．．．．．．．．．．．．．．．．51 第二節 研究建議．．．．．．．．．．．．．．．54 參考文獻 ．．．．．．．．．．．．．．．．．．．．．56
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