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題名：銀行營運與治理的三個實證議題
作者：楊昆城
作者(外文)：YANG, KUN-CHENG
校院名稱：國立中正大學
系所名稱：經濟系國際經濟學研究所
指導教授：蔡明宏
學位類別：博士
出版日期：2023
主題關鍵詞：銀行；多角化；營運績效；ESG永續策略；公司治理；banks；diversification；operation performance；ESG strategy；governance
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金融業是國家的發展過程中扮演重要的關鍵角色，金融市場的穩定發展與否，影響著國家的經濟成長和民生議題，因此，各國政府對金融市場的發展給予正向的支持外，同時也透過金融監查管理管制度維持金融的穩定。其中，又以銀行業經營發展對國家的金融政策、企業的投資與民眾的消費有密切的關係。因此，本文將以臺灣的銀行業經營模式、永續發展與公司治理等三個議題進行實證研究。第一篇研究議題是探討銀行的經營模式是否影響其獲利；第二個議題為銀行業對ESG的永續發展策略對銀行的經營發展的影響效果；第三篇的分析著重在銀行的作業風險與董監事的專業性之間的關係。在第一篇研究中主要關注金融控股公司的成立是否對銀行的獲利表現產生影響，我們利用差異中之差異法(DID)進行分析，其研究結果顯示臺灣的銀行在未屬於金控公司前的獲利與獨立銀行並無顯著差異，而銀行成金控公司成為旗下子公司後，其與獨立銀行的獲利表現差異性也未發生變化，即說明金控公司的組織資源整合對其下子銀行的獲利並無顯著助益，本文為認為這項研究結果可能的原因是金控公司的多角化經營導致組織資源分散，金控公司的多角化折價使得其子公司之間的資源互助導致銀行的經營效率下降。因此，金控公司的成立並未提高其子銀行的獲利能力，反而可能因為多角化經營產生多角化折價，並為銀行的經營帶來更多金融風險。第二篇則是研究銀行的ESG永續發展策略對其經營的表現的影響，結果發現，從事環境保護對銀行的獲利能力影響有限，但可能會降低對公司治理的執行意願，至於進行社會責任活動則對銀行獲利表現有正面影響，而增加公司治理活動可以提升銀行的獲利能力，但會減少投入環境保護的實施。本研究第三篇探討銀行董監事的專業性對銀行風險控管的影響，董監事的專業性包括學歷、金管會經歷、專業多角化和專業進修時間。研究結果指出董監事的專業性顯著降低銀行的作業風險，但董監事的專業多角化則會提高銀行的作業風險。綜合本文研究的結果可以得出以下結論。首先，臺灣的金控公司的資源整合並未如預期地提升其子銀行獲利表現，反而為子銀行帶來多角化折價和金融風險。其次，銀行參與ESG也確保其永續經營，銀行不僅需要從中找到能夠提升獲利的方法，也需要認識到實踐ESG的社會價值，進而創造出更加持續和健康的業績成長。最後，董監事的專業背景對銀行的風險控管至關重要，董監事專業性的提升能降低銀行的風險，但其專業多角化會增加銀行的風險。這些研究結果提供了有關金融機構經營模式和公司治理的重要洞察。在制定相關政策和監管措施時，需要考慮到金控公司的多角化風險和銀行對ESG的投入造就銀行的永續發展。同時銀行的發展過程中，董監事的專業背景對銀行風險控管的影響極大。透過建立適當的監管框架和提高董監事的專業能力，可以促進金融機構的穩健運作，保護投資者的權益，維護金融體系的穩定性，才能使銀行的永續發展。
The financial industry plays a critical role in the process of a country's development. The stability and growth of financial markets significantly influence a nation's economic growth and socio-economic issues. Hence, governments worldwide not only actively support the development of financial markets but also maintain financial stability through rigorous financial supervision and regulatory systems. In particular, the banking industry's operations and development have a close relationship with a country's financial policy, corporate investment, and public consumption. This paper focuses on empirical research on three topics: the business model of Taiwan's banking industry, corporate governance, and sustainable development. The first research topic explores whether a bank's business model affects its profitability. The second topic examines the effect of a bank's ESG (Environmental, Social, Governance) sustainable development strategies on its business development. The third analysis focuses on the relationship between a bank's operational risk and the expertise of its board members. In the first study, we primarily focus on whether the establishment of financial holding companies impacts a bank's profitability. We employ the difference-in-differences (DID) method for our analysis. The results show no significant difference in profitability between Taiwanese banks that are not part of a financial holding company and independent banks. Even after a bank becomes a subsidiary of a financial holding company, there is no change in profitability compared to independent banks. This suggests that the resource integration within financial holding companies does not significantly benefit the profitability of their subsidiary banks. We speculate that this result may be due to the diversification of the financial holding company leading to a dispersion of organizational resources, decreasing the operational efficiency of the subsidiary banks. Therefore, the establishment of a financial holding company does not enhance the profitability of its subsidiary banks but instead introduces additional financial risks due to diversified operations. The second part examines the effect of a bank's ESG sustainability strategies on its performance. We found that environmental protection efforts have limited impact on a bank's profitability but may decrease the willingness to enforce corporate governance. In contrast, engaging in social responsibility activities has a positive impact on a bank's profitability. Improving corporate governance activities can enhance a bank's profitability but might reduce commitment to environmental protection. The third part of this study explores the impact of the expertise of bank directors and supervisors on risk control. This expertise includes their education, experience in financial supervision, professional diversification, and continuing professional education. The results indicate that the professionalism of directors and supervisors significantly reduces the operational risk of banks. However, their professional diversification can increase a bank's operational risk. In conclusion, first, the resource integration of Taiwanese financial holding companies does not enhance the profitability of their subsidiary banks as expected, but rather introduces diversification discount and financial risks. Second, participation in ESG activities ensures the bank's sustainable operation. Banks not only need to find profitable methods but also recognize the social value of practicing ESG, thus creating more sustainable and healthy growth. Lastly, the professional background of directors and supervisors is crucial for bank risk control. Enhancing their professionalism can reduce a bank's risk, but their professional diversification may increase risk. These results provide important insights into financial institutions' business models and corporate governance. When formulating related policies and regulatory measures, the diversified risk of financial holding companies and the impact of directors' and supervisors' professional backgrounds on bank risk control should be considered. By establishing appropriate regulatory frameworks and enhancing the professionalism of directors and supervisors, the robust operation of financial institutions can be promoted, investor rights can be protected, financial system stability can be maintained, and sustainable development can be achieved through ESG commitments.
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