次級房貸的風暴下，金融機構的多角化經營是否能有效的降低風險？

Abstract

在2007年所發生的次級房貸風暴，至今已衍生了許多嚴重的問題，至今全球的經濟活動仍然無法復甦，其中許多知名的大型金融機構在多角化的經營下面臨了許多巨額的虧損，因此在這個現象下，本研究希望藉由比較金融機構在次貸房貸風暴前後的績效表現，來加以探討多角化經營是否真能夠有效的將風險降低。 本研究將分別從資產面與收入面去討論金融機構的多角化經營程度，並對於金融機構的多角化經營與報酬、風險以及風險調整後的報酬之關係，進行實證分析。 本文研究期間分為兩段，一為1992年到2005年，另一為2005到2007年。研究對象為美國前二十大的大型商業銀行、美國前二十大的中型商業銀行、美國前二十大的投資銀行以及台灣前二十大的商業銀行。

After the subprime crisis, it has already cause a lot of problems. Even now, the economic status in each country still cannot recover from the subprime crisis. During the subprime crisis, it makes many famous financial institutions near bankruptcy, such Bear Stearns, Lehman Brothers, and AIG. Therefore, in order to realize the relationship between diversification and performance, I will compare the performance data before subprime crisis and after subprime crisis. In this study, I will discuss the diversification degree from assets side and revenue side. Then, I will run panel regression to know the relationship between diversification and performance. Besides, in this study, I will divide the whole time period into two periods. They are 1992 through 2005 and 2005 through 2007. The samples include four categories, and they are top 20 of the large scale commercial banks in US, top 20 of the middle scale commercial banks in US, top 20 of the investment banks in US, and top 20 of the large scale commercial banks in Taiwan.