銀行投資與放款行為對公司財務績效與變動影響之研究__臺灣人文及社會科學引文索引資料庫

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

論文基本資料
摘要
外文摘要
參考文獻

題名：	銀行投資與放款行為對公司財務績效與變動影響之研究
作者：	陳昌茂
作者(外文)：	CHEN,CHANG-MAO
校院名稱：	國立彰化師範大學
系所名稱：	財務金融技術學系
指導教授：	謝企榮
學位類別：	博士
出版日期：	2023
主題關鍵詞：	波動度；上漲率；績效表現；volatility；increase rate；financial performance
原始連結：	連回原系統網址
相關次數：	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:0 共同引用:0 點閱:3

金融機構在國內屬高度監理行業，其各項業務，包括銀行、保險、證券、期貨等皆受金融監督管理委員會之規範，目的主要乃為維持該金融環境之穩定性及維護民眾資產安全。在此前提下，銀行投資與放款上往往更為謹慎，導致風險偏好度上不若一般之積極性投資者。然而，銀行在各項限制因素下，勢必於有限空間內使其投資與放款效益最大化，因此銀行在投資與放款之行為上，是否對受投資與受放款之公司財務績效表現造成影響，值得進一步觀察。因此，本研究擬藉由探討經銀行投資之公司族群、經銀行放款之公司族群以及經銀行同時投資與放款之公司族群，其績效表現與變動程度之差異，以利投資者在選取投資標的上之參考。
實證結果顯示，在銀行之投資行為上，經投資之公司族群，其影響波動度因子較少，上漲率較佳，投資標的則以大公司為主並著重股利支付；在銀行之放款行為上，資產總額因子會降低未經放款公司族群之績效波動、放款或未放款兩族群對財務績效上漲率無顯著影響，惟在年度績效表現上，獨立董事人數對未放款族群之財務績效影響更勝放款族群，另外放款族群之負債比率愈高及有擔保，對財務績效影響愈大；至於在同時受銀行投資與放款之行為上，財務績效表現波動度之影響變數明顯較少，亦即投資與放款變數之相互影響抵消下，雙重角色確能降低變動程度，另外亦可留意股利支付率、實收資本額及放貸總額會影響財務績效上漲率。

以文找文

Financial institutions are a highly supervised industry in Taiwan, and their various businesses, including banking, insurance, securities, and futures, are regulated by the Financial Supervisory Commission. The main purpose is to maintain the stability of the financial environment and the safety of public assets. Under this premise, banks are often more cautious in investment and lending, resulting in a lower risk appetite than ordinary active investors. However, under various constraints, banks must maximize their investment and lending benefits within a limited space. Therefore, whether the bank's investment and lending behavior has an impact on the financial performance of the invested and lending companies, it still worth further observation. Therefore, this study intends to explore the differences in performance and change in the group of companies investing through banks, the group of companies lending through banks, and the group of companies investing and lending through banks at the same time, so as to facilitate investors in selecting investment targets.
The empirical results show that in terms of bank investment behavior, the group of invested companies has fewer factors affecting volatility and better increase rates, and the investment targets are mainly large companies and focus on dividend payments; in bank lending behavior , the total assets factor will reduce the performance fluctuation of the non-loaned company group, and the loaned or non-loaned group has no significant impact on the increase rate of financial performance; but in terms of annual performance, the number of independent directors has a greater impact on the financial performance of the non-loaned group. In addition, the higher the debt ratio and the guarantee of the lending group, the greater the impact on financial performance; as for the behavior of bank investment and lending at the same time, the impact of fluctuations in financial performance is significantly less, that is, investment and under the counterbalance of the mutual influence of lending variables, the dual role can indeed reduce the degree of variation. In addition, it can also be noted that the dividend payout ratio, paid-in capital amount, and total loan amount will affect the increase rate of financial performance.

以文找文

參考文獻
一、中文文獻
1.丁秀儀、翁天龍(2013)。忙碌獨立董事可以降低公司績效波動性嗎? 證券市場發展季刊，25(2)，161-194
2.江淑惠、林桂珠(2018)。投資人風險屬性對投資意願與購買行為之研究，管理資訊計算，7(1)，61-70
3.陳威甫、李靜芠、黃心怡(2019)。銀行業務多角化之經營績效探討－台灣實證，商管科技季刊，20(1)，1-24
4.黃玉麗、沈中華(2021)。隱性保證對銀行風險承擔行為之影響—由個別放款行為觀察，證券市場發展季刊，33(1),133-180
5.黃朝熙、謝依珊、楊茜文、王敬淳(2021)。銀行放款組合與貨幣傳遞機制:台灣的實證研究，經濟論文叢刊，49(3)，415–448
6.黃朝熙、謝依珊、林宜槿(2020)。臺灣公股與民營銀行在景氣衰退與金融危機期間放款差異性之實證研究，經濟研究，56(1)，29-78
7.曾炳倫、郭文宗(2019)。流動性衝擊、銀行風險、與放款市場競爭，經濟論文，中央研究院經濟研究所，47(3)，339-394
8.張右仕(2022)。資產定價選股策略分析，國立彰化師範大學財務金融技術學系博士論文
9.楊聲勇、戚永苓、鄭永慶(2021)。董事會與信用風險承擔：以臺灣商業銀行為例，管理學報，38(2)，257–286
10.蔡富吉(2012)。中小企業授信風險與財務指標之關聯性，國立台北大學，國際財務金融碩士論文

二、英文文獻
1.Adachi-Sato, M., & Vithessonthi, C. (2017). Bank systemic risk and corporate investment: Evidence from the US. International Review of Financial Analysis, 50, 151–163.
2.Adachi-Sato, M., & Vithessonthi, C. (2019). Corporate debt maturity and future ﬁrm performance volatility, International Review of Economics and Finance, 60 ,216–237
3.Adachi-Sato, M., & Vithessonthi, C.(2021). Bank risk-taking and corporate investment: Evidence from the Global Financial Crisis of 2007–2009, Global Finance Journal ,49,100573
4.Adams, R.B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18, 1403–1432.
5.Alshomaly, I. (2014). Bank diversification and the systematic risk of equity portfolio, European Scientific Journal, 10(16), 171-184.
6.Armstrong, C. , Blouin, J. , Jagonlizer, A., & Larcker, D. (2015) . Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics ,60, 1–17 .
7.Barattieri, A., Moretti, L., & Quadrini, V.( 2021). Banks funding, leverage, and investment, Journal of Financial Economics ,141 ,148–171
8.Bernile, G., Bhagwat, V., & Yonker, S. (2018) . Board diversity, ﬁrm risk, and corporate policies. Journal of Finance and Economics,127, 588–612.
9.Bertay, A. C., Demirgüç-Kunt, A., & Huizinga, H. (2015). “Bank Ownership and Credit over the Business Cycle: Is Lending by State Banks Less Procyclical?”, Journal of Banking & Finance, 50, 326-339.
10.Beyer, A., Cohen, D.A., Lys, T.Z., & Walther, B.R. (2010) . The ﬁnancial reporting environment, review of the recent literature. Journal of Accounting and Economics, 50 (2 - 3), 296 - 343.
11.Francis, B., Teng,H., Wang, Ying., & Wu, Q,. (2022). The effect of shareholder-debtholder conflicts on corporate tax aggressiveness: Evidence from dual holders, Journal of Banking & Finance, 138,106411
12.Brei, M., & A. Schclarek. (2013). “Public Bank Lending in Times of Crisis”, Journal of Financial Stability, 9(4), 820-830.
13.Brockman, P., & Unlu, E. (2009). Dividend policy, creditor rights, and the agency costs of debt, Journal of Finance and Economics, 92 (2), 276–299. http://dx.doi.org/10.1016/ j.jﬁneco.2008.03.007.
14.Chava, S., Wang, R., & Zou, H. (2019). Covenants, Creditors’ Simultaneous Equity Holdings, and Firm Investment Policies, Journal of Financial and Quantitative Analysis, 54(2), 481–512
15.Cheng, S. (2008). Board size and the variability of corporate performance, Journal of Financial Economics, 87,157–176
16.Chu, Y. (2018). Shareholder-Creditor Conﬂict and Payout Policy: Evidence from Mergers between Lenders and Shareholders, The Review of Financial Studies,31(8), 3098–3121, https://doi.org/10.1093/rfs/hhx142
17.Cull, R. & M. S. Martínez Pería. (2013), “Bank Ownership and Lending Patterns During the 2008-2009 Financial Crisis: Evidence from Latin America and Eastern Europe”, Journal of Banking & Finance, 37(12), 4861-4878.
18.Curi, C., Lozano-Vivas, A., & Zelenyuk, V. (2015). Foreign bank diversification and efficiency prior to and during the financial crisis: Does one business model fit all?, Journal of Banking & Finance, 61, Supplement 1, S22-S35.
19.Denis, D. J., & Sibilkov, V. (2010). Financial constraints, investment, and the value of cash holdings. Review of Financial Studies, 23, 247–269.
20.Diamond, D. W., & P. H. Dybvig. (1983), “Bank Runs, Deposit Insurance, and Liquidity”, Journal of Political Economy, 91, 401–419.
21.Foucault, T., & Fresard, L. (2014). Learning from peers’ stock prices and corporate investment. Journal of Financial Economics, 111, 554–577.
22.Gao, W. (2008). Banks as lenders and shareholders: Evidence from Japan, Pacific-Basin Finance Journal,16,389–410
23.Giannetti, M., & Zhao, M., (2018). Board Ancestral Diversity and Firm Performance Volatility, Finance Working Paper N°, 462
24.Gilje, E.P. (2016) . Do ﬁrms engage in risk-shifting? Empirical evidence. Rev. Financial Studies, 29, 2925–2954 .
25.Gulen, H., & Ion, M. (2015). Policy uncertainty and corporate investment. Review of Financial Studies, 29, Article hhv050.
26.Hanlon, M., & Heitzman, S. (2010) . A review of tax research, Journal of Accounting and Economics, 50, 127–178
27.Imbierowicz, B., & Rauch, C. (2014), “The Relationship between Liquidity Risk and Credit Risk in Banks”, Journal of Banking & Finance, 40, 242–256.
28.Jiang, W., Li, K., & Shao, P.(2010).When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Non-commercial Banking Institutions, The Review of Financial Studies,23(10),3595–3637, https://doi.org/10.1093/rfs/hhq056
29.John A. Pearce II., & Patel, P.C. (2018). Board of director efﬁcacy and ﬁrm performance variability, Long Range Planning, 51, 911- 926
30.Julio, B., & Yook, Y. (2012). Political uncertainty and corporate investment cycles. Journal of Finance, 67, 45–84.
31.Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? , Journal of Financial Economics, 85(2), 331-367.
32.La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R.W.(2000). Agency problems and dividend policies around the world, Journal of Finance,55 (1), 1–33.
33.Lee, C. C., Hsieh, M. F., & Yang, S. J.(2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter? Japan and the World Economy, 29, 18-35.
34.Miller, K.D., & Bromiley, P. (1990). Strategic risk and corporate performance, an analysis of alternative risk measures, Academy of Management Journal, 33 (4), 756 - 779.
35.Ni, Z., Fang, L. , Liu, H., & Lu, X. (2022). Performance and risk of energy industrial firms with stock pledge in China, Finance Research Letters, 46 ,102410
36.Ratnovski, L. (2013). “Liquidity and Transparency in Bank Risk Management”, Journal of Financial Intermediation, 22, 422–439.
37.Shao, L., Kwok, C.C.Y., & Guedhami, O.(2013). Dividend policy: balancing Shareholders' and Creditors' interests. Journal of Financial Research,36 (1), 43 – 66. http://dx.doi.org/10.1111/
38.Shapiro, A.C., & Titman, S.(1986). An integrated approach to corporate risk management. Revolut. Corp. Finance 3, 251- 265.
39.Tan g, T., Xu, L., Yan, X., & Yang, H. (2022). Simultaneous debt – equity holdings and corporate tax avoidance, Journal of Corporate Finance,72 ,102-154
40.Tran, Hai., & Turkiela, J,. (2020). The powers that be: Concentration of authority within the board of directors and variability in ﬁrm performance, Journal of Corporate Finance, 60 ,101537
41.Trung, Q.T., Pascal, A., & Xuan, M.N. (2017). Dividend policy: Shareholder rights and creditor rights under the impact of the global financial crisis, Economic Modelling, 64, 502–512

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

無相關期刊論文

無相關博士論文

無相關書籍

無相關著作

1.	銀行業務多角化之經營績效探討--臺灣實證
2.	銀行營運與治理的三個實證議題
3.	台灣金融機構的績效評估：效率研究方法的應用

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫