台灣民營金控子銀行國際化程度與獲利性之實證分析

Abstract

本文旨在探討民營金融控股公司旗下一般商業銀行，其國際化程度與銀行獲利能力之關聯性，並以OBU及海外分行營收占比作為銀行國際化程度之代理變數，蒐集2009年第1季至2016年第4季台灣10間台灣民營金控子銀行為分析樣本，運用追蹤資料模型(Panel Data Model)中的固定效果模型(Fixed Effects Model)，進行銀行的獲利性因素分析。本研究中被解釋變數為資產報酬率(ROA)及淨值報酬率(ROE)，解釋變數則分成三大構面，分別為銀行營業特性與收入結構、銀行資產品質與財務結構以及總體經濟指標。銀行營業特性與收入結構包含:OBU及海外分行營收占比、手續費淨收益占比、存放比率及放款市占率等四項指標；銀行資產品質與財務結構包含:逾期放款比率、備抵呆帳覆蓋率及資本適足率等三項指標；總體經濟指標包含:經濟成長率(saar)及失業率等兩項指標。 本研究主要實證結果如下:(1)在銀行營業特性與收入結構上，銀行的OBU及海外分行營收占比與ROA及ROE並無顯著統計關係。存放比率與ROA及ROE呈顯著正向相關。至於放款市占率則與ROA及ROE呈顯著負向相關。手續費淨收益占比與ROA及ROE皆呈現顯著負向關聯。(2)銀行資產品質與財務結構方面，逾期放款比率與ROA及ROE呈現顯著負向關聯。備抵呆帳覆蓋率唯獨與ROE呈現顯著負向相關，與ROA無顯著相關。資本適足率僅與ROE呈現負向關聯，與ROA無顯著統計關係。(3)總體經濟指標上，經濟成長率(saar)與ROA及ROE並於顯著統計相關，失業率則與ROA、ROE呈現顯著負向相關。

The article uses panel data from the first quarter of 2009 through the fourth quarter of 2016 to examine the effects of bank internationalization along with other factors on the profitability of subsidiary banks of 10 privately-owned financial companies in Taiwan, adopting the ratio of overseas revenue to revenue as a proxy for bank internationalization. In this paper, the dependent variables used to measure the profitability of banks are return on assets (ROA) and return on equity (ROE), with the same set of independent variables to construct two empirical regression models on both ROA and ROE; the independent variables have been divided into 3 categories including operating characteristics and revenue structure, asset quality and financial structures, and macroeconomics factors. The operating characteristics and revenue structure contain the ratio of overseas revenue to revenue, the ratio of net fee income to net income, loan-to-deposit ratio and loan market share; the asset quality and financial structures take in non-performing loan ratio (NPL ratio), non-performing loan coverage ratio (NPL coverage ratio) and capital adequacy ratio (CAR); the macroeconomics factors comprise GDP growth rate and unemployment rate.

The empirical results from fixed effects models in the bank operating characteristics and revenue structure reveal a non-significant effect of the ratio of overseas revenue to revenue on ROA and ROE, and both profitability ratios are negatively correlated with the ratio of net fee to net income and loan market share, positively correlated to loan-to-deposit ratio. As for the bank asset quality and financial structures, both ROA and ROE are negatively correlated with the NPL ratio; however, there is no evidence showing that ROA is correlated to the NPL ratio or the CAR, only ROE is reported to negatively correlate with these two ratios. Finally, the GDP growth rate shows no significant effects on both ROA and ROE, while the unemployment rate shows significant negatively effects on both ROA and ROE.