本研究利用Black/ Scholes Option Pricing Model (BSOPM) 建立放款契約訂價模式，以放款銀行、借款者經營狀況與放款契約授信條件等三構面進行台灣地區銀行放款行為之探討。實證結果顯示規模大、資金成本低及基本利率高的銀行有較低的放款加碼，而信用評等佳、銷售額高的借款者亦獲得較少的加碼。另外，新銀行比舊銀行收取較高加碼數，並經由Chow test 顯示新舊銀行授信行為具有顯著差異。進一步分析結果指出新銀行對信用評等較佳的借款者所減少的加碼幅度大於舊銀行，而對風險較高借款者所增加的加碼幅度則小於舊銀行。這顯示相對對於舊銀行而言，新銀行的授信較不能反映借款者的風險，因此新銀行可能因未能收取適當放款利率而承擔過高風險。

This paper analyzes theoretically and empirically the lending behavior of the banks in Taiwan by developing a loan pricing model based on the Black/Scholes Option Pricing Model (BSOPM). We include the lending banks, borrowers, and the loan contract specifications as the principal explanatory variables in the model. The empirical findings indicate that the lending banks with larger scale, lower capital cost and higher prime rates tend to charge lower loan rates; and the borrowers with better credit ratings and higher sales also receive lower rates on their loans. Further, the newly established commercial banks after 1991 offer higher loan rates than the old banks, and the Chow test results show that there exist significant differences between the two groups of banks in their loan pricing processes. For borrowers with better credit ratings. The new banks offer lower loan rates, and the loan spread charged by the new banks is also smaller for riskier borrowers. This implies that, relative to the old banks, the loan pricing at the new banks fails to reflect properly the riskiness of the borrowers, and the new banks are thus exposed to an undesirable degree.