臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：外資金融機構佈局中國大陸金融市場之決策研究
作者：張惠龍
作者(外文)：Chang, Hui Lung
校院名稱：國立政治大學
系所名稱：金融研究所
指導教授：廖四郎
吳壽山
學位類別：博士
出版日期：2012
主題關鍵詞：參股；或有求償權；資本管制；追隨性金融機構；實質選擇權；equity stake acquisition；contingent claim；capital control；following financial institution；real option
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:15
鑑於近年來中國大陸經濟高度成長，當地金融市場在其內需市場強勁，以及均富水準普遍提升下，更顯得朝氣蓬勃，本論文係以分析過去外資金融機構在中國大陸相關佈局模式及進行相關實證研究，並續以剖析臺灣銀行業未來佈局中國大陸市場策略，以作為現階段國內高度競爭金融環境下，拓展另片藍海空間之策略與方向。
本論文首先說明外資金融機構於近年來在高度發展中國大陸金融市場所扮演的角色與目標，並應用Cox比例強度存活模型，分析採行參股策略方式進入中國大陸銀行之動機與機率強度，並以主成份分析進行資料萃取及最大概似法估計模型參數。再者，藉由此參股機率估計值進而求得外資金融機構最適參股機率強度門檻，可作為日後金融機構（含臺灣銀行業）參股動機之衡量指標。實證研究顯示，過去外資金融機構採行參股策略之目的主要在於創造被參股對象市場價值，以增加其參股投資報酬。對於獲利能力及資產品質較佳之外資金融機構，以及資產品質較佳之中國大陸銀行，則往往具有較高的參股與被參股潛在動機。
再者，為進一步探討外資金融機構採行參股策略後之風險與報酬關係，本論文係以或有求償權之模式，同時納入參股外資金融機構與被參股中國大陸銀行之個別資產價值，以及匯率波動等三項動態因子，在股東權益價值極大化為目標，及因應風險性資產所導向之資本管制，據以剖析外資金融機構經參股後之資產價值風險及其影響因素，並以靜態分析所對應之最適參股比例變化情形。其數值分析研究發現：當參股外資金融機構資產價值遞增、負債比率降低，以及所面臨法定風險權數增加時，對於其參股後之整體資產組合風險將有所降低。同時，對於具有高資產品質、獲利佳及多元化幣別資產組合之外資金融機構，以及面臨資產品質佳且著重本土金融開發之被參股中國大陸銀行，將有助於提高外資金融機構之最適參股比例。
針對臺灣銀行業參股模式方面，以投資中國大陸股份制商業銀行之動機強度為最高，其中泛公股銀行相對民營銀行更具有條件優勢，並以具備綠色通道優惠之大西部地區為佳。研究亦顯示，在外資金融機構已著墨中國大陸金融市場些許時日下，對於身為追隨性金融機構的臺灣銀行業而言，在當地金融服務未臻飽和、初始投資成本降低，以及台商業務平均需求成長趨勢下，將有助於降低其進入門檻。同時，研究中也採行模型論證，對於現階段臺灣銀行業實務上多以先行成立代表人辦事處後升格分行，並儘速於合規範內取得人民幣業務承做資格方式，以深根當地金融市場之經營方向，同時研究亦指出臺灣銀行業應具備創新化業務與利基性策略，方能提高採行成立獨資子銀行或參股之進入動機。
In recent years China has experienced rapid economic growth that enables the advancement of the local financial industry, which benefited from the strong domestic consumption as well as improvement in average income per capita. The purpose of this paper is to point out an alternative direction for Taiwanese banks by mapping out the future China market expansion strategy, as the Taiwanese banks are facing prolong highly competitive domestic market.
This paper applies Cox’s proportional-hazard survival model to analyze the strategic decisions of foreign financial institutions about acquiring equity stakes in Chinese banks. Based on principal component analysis, we extract significant independent variables from Cox’s model and employ a maximum likelihood method to estimate parameters. With the probability of equity stake acquisition, we obtain the optimal probability hazard threshold and treat it as a criterion for the foreign financial institutions to conduct equity stakes acquisition. Our empirical results confirm that the decisions of foreign financial institutions about equity stake acquisitions are to increase the profitability and market values of the target Chinese banks. In general, financial institutions with higher earning ability and better asset quality have stronger motives to take part in the acquisition or disposal of equity stakes.
The contingent claim model is applied in this paper to examine the risk and return of foreign financial institutions after acquiring equity stakes of a Chinese bank. The model considers dynamic factors such as individual asset value and exchange rates to achieve the goal of maximizing shareholder value. In addition to analyzing the asset value and factors associated with risk after participation, this paper evaluates the optimal acquiring equity stakes proportion with numerical analyses under capital control. For China banking sector, we discover the overall portfolio risk of foreign financial institution will decrease after acquiring equity stakes when the asset value increases, the debt ratio decreases, and the required risk-weighted asset increases. Overall, these foreign financial institutions have well-diversified currency portfolio and enjoy a better asset quality and surplus earning; therefore, they will likely increase their optimal acquiring equity stakes proportion if the invested Chinese banks are with good assets quality and focused on local business.
For the analysis of equity stake acquisition in China banks by Taiwanese banks, invested in the joint-stock commercial banks exists the higher intensity than others, and pan-government-owned Taiwanese bank also stands on the better vantage point than private banks. Under the possession of policy advantage for its green channels, the Western China Region is the best district in China for Taiwanese banks. This paper also examines the appropriate time and method to enter the market in China by applying the real options model. Being the market follower, Taiwan banking industry would need to find the right timing when ready entering China sine the market is pretty much laid out by many other foreign financial institutions. Therefore, the paper discovered some salubrious circumstances for Taiwan banking industry to enter the market, for example, the local financial service has not saturated, and initial investment cost is lower or Taiwan businessman demands more service gradually. The paper also confirms the current practice, which is to establish a representative office first and then promote it to a branch, seems to be practical for Taiwanese banks enter the market. Once meet the standard requests and acquire the license to operate RMB business, Taiwanese banks can establish wholly-owned subsidiary bank or take ownership stakes by having the innovation and business strategy in the local financial market.
Amram, M., and N. Kulatilaka, 1999. Disciplined Decisions－Aligning Strategy with the Financial Markets, Harvard Business Review, 95-104.
Anderson, U., J. Johanson and J. E. Vahlne, 1997. Organic Acquisitions in the Internationalization Process of the Business Firm, Management International Review, 2, 67-84.
Begley, J., J. Ming and S. Watts, 1996. Bankruptcy Classification Errors in the 1980s: An Empirical Analysis of Altman’s and Ohlson’s Models, Review of Accounting Studies, 1, 267-284.
Bevan, A., S. Estrin, and K. Meyer, 2004. Foreign Investment Location and Institutional Development in Transition Economics, International Business Review, 13(1), 43-64.
Brealey, R. A. and S. C. Myers, 1988. Principals of Corporate Finance, McGraw-Hill.
Buch, C. M., 2000. Why Do Banks Go Abroad? Evidence from German Data, Financial Markets, Institute and Instruments, 9(1), 33-67.
Buch, C. M. and G. L. DeLong, 2004. Cross-Boder Bank Mergers: What Lures the Rare Animal?, Journal of Banking and Finance, 28(9), 2077-2102.
Casella, G. and R. L. Berger, 2002. Statistical Inference, California: Duxbury Press.
Childs, P., S. Ott and A. J. Triantis, 1998. Capital Budgeting for Interrelated Projects: a Real Options Approach, Journal of Financial Quantitative Analysis, 33(3), 305-334.
Chu, H. M., 2007. The Opening of China's Banking Sector and Entry Strategies for Taiwan's Banks, Taiwan Banking and Finance Quarterly, 8(1), 101-121.
Copeland, T. and V. Antikarov, 2001. Real Option: A Practitioner’s Guide, Texere, New York, N. Y.
Cox, D. R., 1975. Partial Likelihood, Biometrika, 62, 269-275.
Cox, D. R. and D. Oakes, 1984. Analysis of Survival Data, London, Chapman and Hall Press.
Di Giovanni, J., 2005. What Drives Capital Flow? The Case of Cross-border M&;A Activity and Financial Deepening, Journal of International Economics, 65(1), 127-149.
Dixit, A. K., and R. S. Pindyck, 1994. Investment under Uncertainty, New Jersey, Princeton University Press.
Duan, J. C., A. F. Moreau and C. W. Sealey, 1993. Incentive-compatible Deposit Insurance Pricing and Bank Regulatory Policies, Research in Finance, 11, 207-227.
Fama, E. F. and M. C. Jensen, 1983. Separation of Ownership and Control, Journal of Law and Economics, 26, 301-325.
Faulkner, T. W., 1996. Applying Options Thinking to R&;D Valuation, Research-Technology Management.
Focarelli, D. and A. F. Pozzolo, 2005. Where Do Banks Expand Abroad? An Empirical Analysis, Journal of Business, 78(6), 2435-2463.
Galino, A., A. Micco and C. Sierra, 2002. Better the Devil That You Know: Evidence on Entry Costs Faced by Foreign Banks. Unpublished Manuscript, Inter-American Development Bank, no 477.
Grenadier, S. R., 1996. The Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets, Journal of Finance, 51(5), 1653-1679.
Halpern, P., 1983. Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions, Journal of Finance, 297-317.
Hennart, J. F. and Y. R. Park, 1993. Greenfield vs. Acquisition－The Strategy of Japanese Investors in the United States, Management Science, 39, 1054-1070.
Huang, R. C., H. C. Wei, J. Lee and C. F. Lee, 2008. On Prediction of Financial Distress Using the Discrete-time Survival Model, Journal of Financial Studies, 16(4), 99-129.
Huisman, J. M., P. M. Kort, G. Pawlina and J. J. Thijssen, 2004. Strategic Investment Under Uncertainty: Merging Real Options with Game Theory, Zeitschrift fur Betriebswissenschaft, 67, 97-123.
Lane, W. R., S. W. Looney and J. W. Wansley, 1986. An Application of the Cox Proportional Hazards Model to Bank Failure, Journal of Banking Finance, 511-531.
Lee, L. J. and Y. L. Chen, 2009. The Development Strategy and Cooperation Infrastructure of Taiwanese Banks Enter Chinese Financial Market, Quarterly Study Report of Bank of Taiwan, 60(3), 23-42.
Leland, H., 2007. Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance, Journal of Finance, 62(2), 765-807.
Liao, S. L., H. H. Huang and J. C. Lu, 2005. Financial Synergies and Optimal Stock Exchange Ratio in a Cross-Border M&;A—Real Option Approach, Collaborative Research in Econometrics, Quantitative Finance, Operations Research and Risk Management.
Liao, S. L., K. M. Chen and T. S. Cheng, 2003. Optimal Investment Decision and Product Life Cycle – A Real Option Approach, Sun Yat-Sen Management Review, 11(3), 571-596.
Marcus, A. J., 1982. Risk Sharing and the Theory of the Firm, Bell Journal of Economics, Fall, 369-378.
Noh, H. J., T. H. Roh, and I. Han, 2005. Prognostic Personal Credit Risk Model Considering Censored Information, Expert Systems with Applications, 28, 753-762.
Outreville, J. F., 2007. Foreign Affiliates of the World’s Largest Financial Groups: Location and Governance, Research in International Business and Finance, 21(1), 19-31.
Pilloff, S. J. and A. M. Santomero, 1998. The Value Effects of Bank Mergers and Acquisitions, Bank Mergers and Acquisitions, Kluwer Academic Pullishers, Boston, MA, 59-78.
PriceWaterhouseCoopers, 2011. Foreign Banks in China, Financial Services_Banking and Capital Markets Report.
Radecki L. J., J. Wenninger and D. K. Orlow, 1997. Industry Structure: Electronic Delivery’s Potential Effects on Retail Banking, Journal of Retail Banking Services, 4, 57-63.
Scherer, F. M. and D. Ross, 1980. Indistrial Market Structure and Economic Performance, Houghton Mifflin Company.
Shackleton, M. B., A. E. Tsekrekos and R. Wojakowski, 2004. Strategic Entry and Market Leadership in a Two-Player Real Options Game, Journal of Banking and Finance, 28, 179-201.
Shumway, T., 2001. Forecasting Bankruptcy More Accurately: A Simple Hazard Model, Journal of Business, 74, 101-124.
Smith, K. W. and A. J. Triantis, 1995. The Value of Options in Strategic Acquisitions, in Real Options Capital Investment: Models, Strategies and Applications, ed. Lenos Trigeorgis, Westport Connecticut, London, Praeger.
Smit, T. J., 2003. Infrastructure Investment as a Real Options Game: The Case of European Airport Expansion, Financial Management, 32(4), 27-57.
Vander V. R., 1997. Determinants of EU Bank Takeovers: A Logit Analysis, Unpublished Manuscript, Mimeo.
Whalen, G., 1991. A Proportional Hazard Model of Bank Failure: An Examination of its Usefulness as an Early Warning Tools, Economic Review, Federal Reserve Bank of Cleveland, 27, 21-31.
Wheelock, D. C. and P. W. Wilson, 2002. Why Do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisition, Review of Economics and Statistics, 82, 127-138.
Yeh, C. M, C. Y. Chang, H. H. Liao and G.. Jou, 2007. Credit Analysis of Credit Card Holders-The Application of Survival Model, Review of Financial Risk Management, 3(2), 1-30.
Yin, H. Y. and S. S. Wu, 2002. An Analytical Framework of Bank Merger and Reinvestment Decision under Maximizing Equity Value, European Financial Management Associate: 2002 London Meetings.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1448（臺灣：1418，外國：30） ／ 本年度總使用人次：2133566 ／ 訪客人次（自102年09月）：67938119
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上