金融海嘯後金控子銀行獲利之實證分析

Abstract

本文旨在探討全球金融危機發生至今，本國金融控股公司子銀行的獲利性因素分析。文中將金控子銀行分為官股與非官股兩類型，設定研究期間為2009年至2014年，以本國15家金控子銀行為樣本。被解釋變數為股東權益報酬率（ROE）及資產報酬率（ROA），解釋變數則是負債比率、稅前淨利率、放款存款比率、營業費用率、稅前淨利成長率、逾放比率、備抵呆帳覆蓋率、外匯存款成長率、中小企業放款比重、民營事業放款成長率、月底存款變動率。本研究利用追蹤資料之完整檢定方式，找出最適合的檢定，並加以探討在全球金融風暴發生後有哪些因素會顯著影響金控子銀行之獲利性、影響之大小及程度。最後利用研究結論比較官股子銀行與非官股子銀行在獲利因素上之差異以及可能造成的原因。 本研究主要發現如下：（1）金融危機發生後至今，對於金控子銀行獲利 性影響的主要因素有負債比率、稅前淨利率、放款存款比率、營業費用率、稅 前淨利成長率、外匯存款成長率、民營事業放款成長率。（2）金融危機發生後，放款存款比率顯著地正向影響官股金控獲利性；對於非官股金控卻是顯著地負向影響。（3）以中小企業放款比重來看，金融危機後顯著地正向影響官股金控，反之對於非官股金控卻是負向顯著影響。（4）負債比率、備抵呆帳覆蓋率、外匯存款成長率、民營事業放款成長率也在金融危機發生後對於官股與非官股子銀行獲利性有不同之影響，可看出在官股與非官股金控在金融海嘯後營運策略上有顯著差異。

This study aims to explore the profitability of the subsidiary banks of domestic financial holding company after global financial crisis. Subsidiary banks will be divided into two types of government-owned shares and the non-government-owned shares. The study period set for the 2009∼2014. Dependent variables are Return on Equity (ROE) and Return on Assets (ROA). Independent variables are Debt Ratio, Earning Before Tax Margin, Loan-Deposit Ratio, Operating Expenses Ratio, YOY%-Pre-Tax Income, Overdue Loan Ratio, Loan Loss Provision Ratio, Foreign Currency Deposits Growth Rate, The proportion of SME loans, Private Enterprises Loan Growth Rate and Deposit- MOM %。This study use the thoroughly testing method of Panel Data to find the most appropriate testing way and try to figure out the factors which would affects profitability of subsidiary banks of domestic financial holding company. In the end of this study, using the research conclusion to find the difference of profitability between government-owned and non-government-owned Subsidiary banks. The empirical results show that：（1）The factors which significantly affect profitability of the subsidiary banks are Debt Ratio, Earning Before Tax Margin, Loan-Deposit Ratio, Operating Expenses Ratio, YOY%-Pre-Tax Income, Foreign Currency Deposits Growth Rate and Private Enterprises Loan Growth Rate after global financial Crisis.（2）After global financial crisis, Loan-Deposit Ratio positively affects the profitability of government-owned subsidiary banks. However, Loan-Deposit Ratio negatively affects the profitability of non-government-owned subsidiary banks.（3）When it comes to The proportion of SME loans, it positively affects the profitability of government-owned subsidiary banks. However, it negatively affects the profitability of non-government-owned subsidiary banks.（4）Debt Ratio, Overdue Loan Ratio, Foreign Currency Deposits Growth Rate and Private Enterprises Loan Growth Rate cause different effect on profitability between government-owned and non-government-owned subsidiary banks. There was a significant difference can be seen on business strategy between government and non-government-owned subsidiary banks after global financial crisis.