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引文資料
題名:
再探銀行產業的市場競爭度--東亞八國的實證分析
書刊名:
管理評論
作者:
黃台心
/
江典霖
/
張雅凱
作者(外文):
Huang, Tai-hsin
/
Chiang, Dien-lin
/
Chang, Ya-kai
出版日期:
2015
卷期:
34:4
頁次:
頁59-76+139-150
主題關鍵詞:
銀行競爭度
;
PR非結構檢定法
;
切齊隨機邊界模型
;
Degrees of competition
;
PR non-structural test
;
Censored stochastic frontier model
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
1
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:
10
點閱:23
本文使用非結構法之PR檢定法,探討東亞八國銀行業於1994年到2008年的亞洲金融風暴前後市場競爭程度。與過去相關文獻主要差異,在於應用切齊隨機邊界模型,檢定各樣本國家銀行產業是否處於長期均衡狀態。此模型的優點為不必依照傳統方式,將所有樣本的應變數-資產報酬率-加1調整成正值,以利再取自然對數後進行迴歸分析,可避免扭曲樣本蘊含之訊息並獲得具備一致性的係數估計式。實證結果發現各樣本國銀行業在亞洲金融風暴前後,皆為獨占性競爭或完全競爭,業者間競爭程度頗高。運用切齊隨機邊界模型,發現六個國家的銀行業達到長期均衡狀態;唯若使用傳統方法,卻出現六個國家銀行業未達到長期均衡狀態,顯示傳統方法容易導致迴歸係數估計式缺乏一致性。
以文找文
This paper investigates the degree of market competition in the banking industries of eight East Asian countries over the period of 1994-2008, using the ‘H-statistic’ proposed by Panzar and Rosse (1987). Differing from previous works, this paper applies the newly developed model, i.e., the censored stochastic frontier (CSF) model, to test whether these markets under consideration have achieved the long-run equilibrium. The model is superior to the conventional one that requires researchers adding unity to dependent variable ROA for all observations to force the transformed dependent variable having a positive value and being able to take the natural logarithm. Evidence is found that all of the banking industries in our sample are characterized as either monopolistic, or perfect, competition, intead of monoply, or oligopoly. The CSF model confirms that six out of the eight banking markets are already in the long-run equilibrium, which validates the use of Panzar-Rosse model. Conversely, the employment of the conventional approach leads to a rejection of the long-run equilibrium in six out of the eight markets.
以文找文
期刊論文
1.
Gelos, Gaston、Roldós, Jorge E.(2004)。Consolidation and Market Structure in Emerging Market Banking Systems。Emerging Markets Review,5(1),39-59。
2.
Schaeck, Klaus、Cihak, Martin、Wolfe, Simon(2009)。Are competitive banking systems more stable?。Journal of Money, Credit, and Banking,41(4),711-734。
3.
De Guevara, Juan Fernández、Maudos, Joaquin、Pérez, Francisco(2005)。Market power in European banking sectors。Journal of Financial Services Research,27(2),109-137。
4.
Molyneux, Phil、Thornton, John、Lloyd-Williams, D. Michael(1996)。Competition and market contestability in Japanese commercial banking。Journal of Economics and Business,48(1),33-45。
5.
Yeyati, Eduardo Levy、Micco, Alejandro。Concentration and Foreign Penetration in Latin American Banking Sectors: Impact on Competition and Risk。Journal of Banking and Finance,31(6),1633-1647。
6.
Berger, Allen N.(1995)。The Profit-structure Relationship in Banking: Tests of Market-power and Efficient-structure Hypotheses。Journal of Money, Credit and Banking,27(2),404-431。
7.
Carbó, Santiago、Humphrey, David、Maudos, Joaquín、Molyneux, Philip(2009)。Crosscountry comparisons of competition and pricing power in European banking。Journal of International Money and Finance,28(1),115-134。
8.
Hondroyiannis, George、Lolos, Sarantis、Papapetrou, Evangelia(1999)。Assessing Competitive Conditions in the Greek Banking System。Journal of International Financial Markets, Institutions and Money,9(4),377-391。
9.
Matthews, Kent、Murinde, Victor、Zhao, Tianshu(2007)。Competitive Conditions among the Major British Banks。Journal of Banking and Finance,31(7),2025-2042。
10.
Nathan, Alli、Neave, Edwin H.(1989)。Competition and Contestability in Canadaâs Financial System: Empirical Results。Canadian Journal of Economics,3(3),577-594。
11.
Panzar, John C.、Rosse, James N.(1987)。Testing for 'Monopoly' Equilibrium。Journal of Industrial Economics,35(4),443-456。
12.
Tsay, Wen-Jen、Huang, Cliff J.、Fu, Tsu-Tan、Ho, I-Lin(2013)。A Simple Closed-Form Approximation for the Cumulative Distribution Function of the Composite Error of Stochastic Frontier Models。Journal of Productivity Analysis,39(3),259-269。
13.
Yuan, Yuan(2006)。The State of Competition of the Chinese Banking Industry。Journal of Asian Economics,17(3),519-534。
14.
Al-Muharrami, Saeed、Matthews, Kent、Khabari, Yusuf(2006)。Market structure and competitive conditions in the Arab GCC banking system。Journal of Banking and Finance,30(12),3487-3501。
15.
Bresnahan, Timothy F.(1982)。The Oligopoly Solution Identified。Economics Letters,10(1),19-27。
16.
Casu, Barbara、Girardone, Claudia(2006)。Bank competition, concentration and efficiency in the single European market。The Manchester School,74(4),441-468。
17.
Claessens, Stijn、Laeven, Luc(2004)。What Drives Bank Competition? Some International Evidence。Journal of Money, Credit and Banking,36(3 Part 2),563-583。
18.
De Bandt, Olivier、Davis, Eric Philip(2000)。Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU。Journal of Banking and Finance,24(6),1045-1066。
19.
De Guevara, Juan Fernández、Maudos, Joaquin、Pérez, Francisco(2007)。Integration and competition in the European financial markets。Journal of International Money and Finance,26(1),26-45。
20.
Gilbert, R. Alton(1984)。Bank Market Structure and Competition: A Survey。Journal of Money, Credit and Banking,16(4),617-645。
21.
Hannan, Timothy H.(1991)。Foundations of the Structure-Conduct-Performance Paradigm in Banking。Journal of Money, Credit and Banking,23(1),68-84。
22.
Iwata, Gyoichi(1974)。Measurement of Conjectural Variations in Oligopoly。Econometrica,42(5),947-966。
23.
Jackson, William E. III(1997)。Market Structure and the Speed of Adjustment: Evidence of Non-Monotonicity。Review of Industrial Organization,12(1),37-57。
24.
Molyneux, Phil、Lloyd-Williams, D. Michael、Thornton, John(1994)。Competitive conditions in European banking。Journal of Banking and Finance,18(3),445-459。
25.
Shaffer, Sherrill(2004)。Patterns of Competition in Banking。Journal of Economics and Business,56(4),287-313。
26.
Turk-Ariss, Rima(2009)。Competitive behavior in Middle East and North Africa banking systems。The Quarterly Review of Economics and Finance,49(2),693-710。
27.
Ariss, Rima Turk(2010)。On the implications of market power in banking: Evidence from developing countries。Journal of Banking and Finance,34(4),765-775。
28.
Berger, Allen N.、Demsetz, Rebecca S.、Strahan, Philip E.(1999)。The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future。Journal of Banking & Finance,23(2),135-194。
29.
Demsetz, Harold(1973)。Industry Structure, Market Rivalry, and Public Policy。The Journal of Law and Economics,16(1),1-9。
30.
Bikker, Jacob A.、Haaf, Katharina(2002)。Competition, Concentration and Their Relationship: An Empirical Analysis of the Banking Industry。Journal of Banking and Finance,26(11),2191-2214。
31.
沈中華、呂美慧(20070700)。本國銀行業逐年的競爭程度及其變化之分析。證券市場發展,19(2)=74,119-152。
延伸查詢
32.
Baumol, William J.、Panzar, John C.、Willig, Robert D.(1982)。Contestable Markets: An Uprising in the Theory of Industry Structure。American Economic Review,72(1),1-15。
33.
Berger, Allen N.、Klapper, Leora F.、Turk-Ariss, Rima(2009)。Bank competition and financial stability。Journal of Financial Services Research,35(2),99-118。
會議論文
1.
Shaffer, Sherrill(1982)。A Non-Structural test for Competition in Financial Markets。Conference on Bank Structure and Competition。Federal Reserve Bank of Chicago。
研究報告
1.
Hempell, Hannah S.(2002)。Testing for Competition among German Banks。Economic Research Centre, The Deutsche Bundesbank。
2.
Vesala, Jukka(1995)。Testing for Competition in Banking: Behavioral Evidence from Finland。Bank of Finland Studies。
圖書
1.
Amemiya, Takeshi(1985)。Advanced Econometrics。Harvard University Press。
2.
Johnston, Jack、DiNardo, John(1997)。Econometric Methods。McGraw-Hill。
其他
1.
台灣經濟新報(2009)。台灣經濟新報資料庫,http://www.tej.com.tw/twsite/Default.aspx, 2013/08/16。
延伸查詢
2.
Bureau Van Dijk(2009)。Bankscope Database,https://bankscope.bvdinfo.com/version-2015831/home.serv?product=scope2006, 2009/01/31。
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