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題名:台灣壽險業與銀行業外人直接投資之生產力外溢效果
作者:許登芳 引用關係
作者(外文):Deng-fang Hsiu
校院名稱:國立中正大學
系所名稱:國際經濟研究所
指導教授:王釗洪
學位類別:博士
出版日期:2002
主題關鍵詞:外人直接投資生產力外溢效果foreign direct investmenproductivity spillover effectspillover effect
原始連結:連回原系統網址new window
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摘要
本文探討台灣在1988年到2000年外商壽險公司與銀行加入我國市場的期間,此兩產業的外人直接投資是否為我國壽險業與銀行業帶來生產力的外溢效果。為適應資料頻率的不同,文中所建立的兩個外溢效果模型均改進了過去研究方法在理論模型缺乏、無法衡量外溢效果大小、無法作產業間的比較,以及未能分離外溢效果的技術進步率與廠商本身的經營技術進步率的缺點。本文為研究外人直接投資提供了新的研究方法,同時,也彌補了過去有關服務業外人直接投資之外溢效果研究上的空白。
在保險業的研究結果可以發現外人直接投資對整體壽險業生產力具有正面且顯著的外溢效果,其中對於1993年以後才成立的新壽險公司的外溢效果大於1993年以前即已成立的舊壽險公司。主要的原因應該是新壽險公司管理制度剛剛起步,藉由外商壽險公司可引進新的經營技術;而舊壽險公司因為在未開放前的寡佔時期已累積相當的壽險業經營方法,管理制度較為完善,因此從外商壽險公司的經營方法所獲得的受益相對較少。
在銀行業方面,在個別銀行觀點的單部門模型中,由全體53家銀行中所選取的32家銀行所建立的縱橫資料中也可以發現存在正面的生產力外溢效果。若將32家銀行以1992年以前成立與否分類,16家舊銀行與16家新銀行均可以發現正面的生產力外溢效果。與壽險業相同,新銀行所獲得的外溢效果較舊銀行為大。在整體銀行產業觀點的兩部門模型中,雖然仍可發現正向的外溢效果,但效果並不顯著。造成兩個外溢模型模型實證結果差異原因,主要是單部門模型的樣本大部分為上市銀行,一般經營體質相對較佳,因此較能學習到外商銀行的經營技術,而兩部門模型則涵蓋了剛由地方性信用合作社改制的新銀行,由於地理上的限制,比較不容易學習到位於大都市中的外商銀行優點。
比較壽險業與銀行業的外溢效果可得到以下結論:(1)經營期間較短的新壽險公司與新銀行從同業的外人直接投資所獲得的生產力外溢效果較多;(2)若以廠商家數衡量產業的競爭度,整體產業的外溢效果的大小與產業的競爭度呈反向關係。當市場的家數不多,越容易「觀摩」到外商的經營手法,因此外溢效果較大。
由上述結果可引伸以下的政策涵義:(1)銀行業市場競爭度的增加已超過市場的規模,而且外商直接投資整體的外溢效果相對壽險業較小,所以銀行家數實不宜再繼續擴張;(2)壽險業的市場規模成長率仍超出市場競爭的增加,而且外商的外溢效果相對較為顯著,所以壽險業相對而言仍有開放的空間;(3)為因應加入WTO與改善銀行業經營體質,政府相繼通過金融機構合併法與金融控股公司法,如此不但可以控制銀行的家數不再擴張,也可經由銀行業與保險業的跨業經營達到規模經濟與範圍經濟的效果,提升整體金融產業的國際競爭力,所以應該是極正確的政策方向。
The paper examines whether exists productivity spillover effect of foreign direct investment in life insurance and banking industries of Taiwan during 1988-2000.
This is the first paper to study FDI spillover effects in financial services. Two spillover models are constructed to improve the approaches used on manufacturing industries studies that fail to measure the magnitude of spillover, cannot compare spillover size between different industries, and does not decompose the technical progress form FDI spillover and own technical improving.
The results show that positive productivity spillover effect is significant in life insurance industry, but insignificant in banking. What is more, the newer of the firms and the less competitive within industry, the larger the spillover can be found.
Three implications are derived from above results: firstly, because the competitiveness increasing outweigh the market size and the spillover effect is small in banking, so it should not increase the number of banks. Secondly, the competitiveness and spillover size are reverse in life insurance industries, so there are some rooms to open the market to improve resources efficiency. Thirdly, the pass of Financial Holdings Law is a correct policy to control the number of financial institutes and strengthen international competitiveness in financial sector for Taiwan.
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