金融業多角化與景氣循環的關係

Abstract

本篇論文是在研究金融業多角化和景氣循環的關係，之前的文獻表示金融業多角化會使得公司的價值下降，但也有文獻表示非金融業的公司在景氣衰退時，公司的價值會上升，本篇論文是研究當景氣衰退時，金融業多角化是否會像一般產業一樣使得公司價值上升，抑或公司價值仍是下降。 本篇論文的公司的樣本是來自Bankscope，時間是從2001-2007，有兩個景氣循環分別是2001和2007，然後去比較景氣衰退和景氣擴張時公司價值的變化，結果發現在景氣衰退時，金融業多角化的公司價值的確有上升，但效果並不顯著。

This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations during recessions. We find that there is a diversification premium during recessions: The market values of financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, are larger than if those financial conglomerates were broken into financial intermediaries that specialize in the individual activities during recessions. While difficult to identify a single causal factor, the results are consistent with theories that stress intensified agency problems in financial conglomerates engaged in multiple activities and indicate that economies of scope are sufficiently large to produce a diversification premium.