本研究致力於探討美國聯準會(FED)實施量化寬鬆政策(QE)與否，商業銀行資產負債表對於股價的影響。本文藉由總經指標(工業生產指數、製造業採購經理人指數)、利差變數(公司債利差、10年期公司債利差)，以及資產負債表變數(存款、貸款等)，對商業銀行股價進行解釋。並透過量化寬鬆政策(QE)的虛擬變數，了解該政策對股價的影響，以及實施該政策是否能夠改善資產負債表變數的顯著程度和影響方向。方法上，本文採用迴歸分析的方式進行實證分析。首先，研究以總經指標以及利差變數對股價進行解釋，且期間限定為量化寬鬆政策期間，藉此確認這兩類變數對股價的影響。後續則以加入資產負債表變數、量化寬鬆(QE)虛擬變數等，並將期間延伸至15年，以進一步釐清實施量化寬鬆(QE)政策的影響。本文實證結果顯示，美國量化寬鬆政策對於商業銀行股的股價有負面影響，且活期存款對股價的影響亦為負向。 / The thesis focuses on the FED policy – Quantitative Easing (QE) and how the policy affect the S&P 500 commercial bank sub-index return. Based on past researches, the article includes macroeconomic variables (IP, PMI), term structure variables, bank balance sheet variables (deposits and loans), and a QE dummy variable. With these variables, the outcomes are generated by regression. It can be observed that with the implementation of QE policy, stock returns are negative on average. Moreover, large banks would benefit from provide more commercial loans; on the other hand, small banks would obtain a positive return by lending more consumer loans. Demand deposits are another significant variable which would have negative impact on stock returns.

隨著全球金融市場的開放，多數金融機構開始向海外擴展業務，追求更高利潤並且取得市場領先的地位。在台灣，銀行業者由於市場規模小、競爭激烈加上存、放款利差逐漸縮小的情況下，許多銀行開始往亞洲其他國家擴展，尤其是中國市場與東南亞市場。許多研究顯示，銀行國際化程度與風險呈現正相關，顯示在銀行向海外布局同時將使其風險增加。台灣過去文獻多在研究銀行業國際化程度與經營績效的關係，對於國際化程度與風險的影響較少著墨，本文使用台灣商業銀行之資料，進一步研究兩者之關聯。本研究實證顯示，整體而言，台灣銀行業可透過海外布局達到降低風險的效果，但進一步發現，台灣商業銀行資產規模大小將會造成國際化與風險的關係有所不同。大型商業銀行，雖然整體風險較小，但當國際化程度越高時，將使得風險提高；反之，小型商業銀行，整體風險較大，但可透過海外布局使其風險下降。 / Global banking system has changed dramatically in the last several decades which make banks encounter difficulties and discover opportunities while developing their business. In this increasingly saturated environment, existing banks start to find a way to expand their territories overseas to set up higher entry barriers. Especially in Taiwan, because of excessive banks, small economic scale and overlap financial services, the financial industry is more competitive than in other markets resulting the interest rate spread becomes more and more narrow. Most of research find a positive relation between internationalization and bank risk. However, this paper employs the data of commercial banks in Taiwan, the result suggests that internationalization of a bank is associated with lower risk for overall banks. Additionally, we find that the bank size has different impacts on the relationship between internationalization and risk. Large bank tend to have the lower average risk but to increase the bank risk when go abroad. On the other hand, small banks have a diversification effect on internationalization but the overall risk is larger and the operation is not as efficient as large banks.

本文以遠東國際商業銀行為個案研究銀行，探討個案銀行經營績效(以CAMEL架構為衡量指標)之良窳與法人金融授信業務之狀況。經過蒐集與分析大量的財務數據後，發現個案銀行在平均每位員工獲利能力、資產報酬率(ROA)、股東權益報酬率(ROE)與流動準備率上表現優異。然而，投資收益與存放款利率差的表現相對落後，並且觀察到定期存款比率過高，可能是導致存放款利率差縮小的原因。在法人金融授信業務上，發現遠東商銀的法人金融授信金額佔總體授信金額的比重偏低，將會提高過度仰賴個人金融授信業務所面臨的違約風險。除此之外，相較於主要競爭銀行，遠東商銀法人金融授信業務的資產品質亦有改善的空間。最後，依據遠東商銀所面臨的問題，本文針對整體經營績效提出兩項建議：(1) 多元化金融商品與財富管理服務；(2) 深化客戶線上金融服務使用率。另針對法人金融授信業務提出三項建議：(1) 深耕既有法人客戶；(2) 擴大海外聯貸市場參貸與擴增銀行資產；(3) 開發中小企業授信業務。

本論文主要由三大研究主題組合而成：第一個主題是依照中國金融體系的現況，針對國有銀行、政策性銀行、股份制商業銀行及城市商業銀行等四種不同類型銀行的獲利績效進行比較實證研究。其中的股份制商銀與城市銀行，其資本組成除少數仍有國務院持股（即中央政府持股）外，股東成員擴及地方政府、國有企業及民間企業，股本結構明顯較國有商業銀行及政策銀行多元化。不同的股本結構，尤其是官股比例（政府持股比例）是否對各家銀行的獲利能力產生影響，是本文主要研究興趣所在。本文採用Bankscope資料庫，涵蓋1997至2004年中國大陸49家銀行的財務及股東資料。結果發現：銀行股權結構中，中央政府持股比例越高，銀行獲利表現越差，地方政府持股的影響則較不明顯；而四類銀行中，股份制商銀與城市商銀的表現遠優於國有銀行及政策銀行。但1999年以後中國國有銀行的財務整頓措施的確使得國有銀行的相對表現有所提升。 鑑於外商銀行大舉進入中國金融市場，勢必對中國銀行帶來更多的競爭壓力，本論文第二個研究主題進一步將研究範圍擴及至世界資產排名前一百大的銀行，企圖比較中國銀行與世界百大銀行經營績效的差異。在這個主題中，延續前一主題「股權結構」的重要性，除了官股比例，同時考慮外資持股及本國人持股，分析三類持股對績效的影響，又鑑於總體面的政府治理因素可能對股權與銀行績效的關係產生變化，本研究也將政府治理變數，包括文獻中經常提到的證券市場內線交易情況、政府政策透明度及政府貪污情況等因素納入考量，比較這些因素對中國銀行與百大銀行影響有何差異。實證結果如下：對中國銀行及世界百大銀行而言，政府持股對銀行獲利的影響是負向的，而外資持股的影響則恰相反，開放程度愈高、銀行自由度愈高越有利於銀行績效提升。中國政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。對世界百大銀行而言，政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。而政府政策透明度越高，越有助於政府持股與本國人持股的正向影響。 第三個主題探討我國上市櫃公司不同的對外與大陸投資決策對母公司獲利性的影響。本文將投資決策對公司獲利的影響視為內生，也就是投資決策受公司特性因素的影響。同時，我們進一步假設公司的投資決策是分兩階段完成，第一步會先決定是否進行海外投資，一旦確定後，再決定是否赴大陸投資。因為有兩層的投資決策，本文以延伸的Heckman’s Two Stage Method進行估計。 實證結果顯示，在投資決策的影響因素方面，對第一層赴海外投資而言，規模愈大、國際化程度愈高、愈勞力密集的公司愈傾向赴海外投資；對第二層赴大陸投資的決策，影響因素也類似，只是公司規模不再是重要影響因素。至於獲利的影響因素方面，第一類「赴大陸投資的公司」與第二類「未赴大陸但赴其他國家投資的公司」的利潤型態較類似，長期負債對獲利都有負向顯著影響，總資產也傾向負向影響，至於第三類「未從事任何海外與大陸投資公司」的利潤型態則與前兩類不同，總資產與研發支出都呈現顯著負向影響。而三類公司的績效比較部分，第一類公司的平均預期資產報酬率雖若高於第二類，第二類公司又高於第三類公司，但三類公司兩兩之間平均預期資產報酬率的差距並未達統計上的顯著性。 / This dissertation contains three main parts. The first part studies the effects of government owned share on Chinese banks’ performance. After a series of financial reforms in the 1990s, joint stock commercial banks and city commercial banks started to boom and play an increasingly important role in China’s banking industry which had previously been monopolized by four state-owned commercial banks. These two new bank-types are considerably more diversified in that the primary shareholders include the central government, local governments, state-owned enterprises and private enterprises, not just the central government. Using 49 Chinese banks’ financial data retrieved from Bankscope, this part examines the effect of different ownership structures, in general, and government-owned-shares, central vs. local, in particular, affect the profitability and risk of banks in China. It also compares the profitability of four types of banks, namely state-owned banks, policy banks, joint-stock commercial banks and city commercial banks. We conclude that, without equivocation, the higher the ratio of state-owned shares is, the worse is the profitability of the bank. And we also note the profitability of joint-stock commercial banks and city commercial banks is much better than that of state-owned and policy banks. In light of the ever-growing foreign competition facing Chinese banking industry, the second part expands the sample banks to World’s top 100 banks and studies the differences between Chinese banks and foreign banks from the respects of ownership structure, government governance and bank regulations. Our empirical results reveal that for both Chinese banks and top 100 banks, government owned share has a negative effect on banks’ profitability, while foreign owned share has an opposite effect. For both of them, the more the foreign institutions have access to the banking market and the more freedom the banking industry enjoys, the better the bank performs. For Chinese banks, lesser corruption helps strengthen foreign share’s positive effect on banks’ performance. Furthermore, higher transparency would increase the positive effect of government owned share and domestic owned share. The third part studies the profitability of Taiwan’s listed companies with and without investment in China. Unlike past studies which deal with the decision of investment in overseas and China as exogenous, the decision is endogenous in this paper. That is, the decision making is based on the firm’s characteristic factors. We further assume that there are two hierarchy decisions made by firms when they decide in investing in overseas and China. The first decision is whether it should invest overseas. Once the first decision is made, the next one is whether a firm should invest in China. This two decision model, which allows us to extend Heckman’s two-step method, is referred to as an extended-Heckman method in this paper. Our empirical results regarding the determinants of investing overseas and China are as follows. With respect to the investment in overseas, firm size and export ratio show positive influence on the decision of investment, while capital labor ratio shows negative effect. Next, with respect to the investment in China, determinants are similar except that firm size is no longer significant. Our results regarding the profit performance reveal that for ‘the firms with investment in China’ and ‘the firms without investing in China, only investing other countries’, long term liability ratio has a significantly negative impact on profitability, whereas total asset, R&D expenditure show a negative effect on profitability for ‘the firms without investing overseas, nor investing in China’. As for the performance comparison among firms of these three investment types, the differences are insignificant. This result implies that there are still considerable individual differences among the firms of the same investment type.

隨著台海兩岸經貿往來密切，發展迅速，客觀上對銀行業提出了許多服務要求，為兩岸金融業的合作提供了廣闊的空間。本文通過採用數據包絡分析法和共同邊界成本函數比較分析了兩岸商業銀行的成本結構及效率差異，實證結果表示大陸商業銀行的成本效率要高於台灣銀行。對這一結果的可能性解釋是大陸銀行的資產規模要遠高於台灣銀行。銀行總資產越高，其獲取低投入要素價格的市場能力越強，因此生產成本更低，成本效率更高。台灣和大陸商業銀行有必要發揮自身的優勢，通過各種方式和渠道，加快兩岸銀行界合作的進程。 / With cross-strait rapid economic development and trade exchanges, huge business investments have induced a great demand for financial services and provided a broad space for cross-strait cooperation. This paper adopts data envelopment analysis and meta-frontier cost function to compare and analyze the different cost structure and efficiency of mainland and Taiwan commercial banks. The empirical results reveal that cost efficiency of mainland commercial banks is higher than Taiwanese ones, which is maybe caused by the larger bank size and total assets. The larger the size of banks, the higher the market power for reaping the benefits of low input prices, thereby resulting in a lower cost of production and a higher cost efficiency. It is necessary for mainland and Taiwan commercial banks to develop their own strengths to accelerate the process of cross-strait cooperation in the banking sector through various means and channels.

第一章說明本研究之目的在於系統地了解我國信用合作社與商業銀行之諸種比較。并 說明研究範圍、限制、方法及資料來源。 第二章則比較信用合作社與商業銀行本質、功能及現存環境。并以統計數字來佐證之 。 第三章則根據有關法令整理出信用合作社與商業銀行有關內部組織之異同及上級監督 輔導的比較。 第四章以統計數字來表達、分析信用合作社與商業銀行之業務項目、資金來源、資金 運用、業務現代化及經營成果等等，并加以評估之。 第五章則比較兩者之人事制度及行銷組合。 最後一章則提出結論與建議。

科技日新月異，法令監管愈臻成熟，雖然各國的政府都在致力風險控管，但是赫斯特風險仍然存在。因為外匯支付系統涉及許多複雜的技術性事宜，而且外匯交易的最終結算必須經由有關地方的中央銀行，所以必須配合各個國家的清算系統運作時間。不過，隨著近年來科技的進步，清算系統也更加有能力及彈性；如果將交易中涉及的兩種貨幣的即時結算系統連繫起來，便能徹底消除赫斯特風險。連續聯結清算銀行（CLS銀行）的成立，顯示國際金融界正朝著這個方向前進。 CLS銀行藉由提供同步收付（payment versus payment，PVP）機制，使交易雙方一手付出賣出貨幣時，能一手收到買入之貨幣，以確保收付兩訖。該系統自從於2002年9月營運以來，處理之交易量快速成長，目前平均每日清算金額高達3兆美元，佔總外匯交易量一半以上，相當可觀。 本研究著重於探討CLS銀行的運作方式、風險控管模式以區分傳統外匯清算方式與CLS銀行的同步收付機制之差別，並思考台灣的銀行如何在台幣尚未成為CLS的合格貨幣之前，要如何以第三參與者的身份參與CLS銀行的清算機制，以享受它的好處並避免赫斯特風險，更進一步因應BASEL II 的作業風險的要求。

Money laundering (ML) involves a wide range of predicate offenses, including drug trafficking, human smuggling, arms smuggling, gambling, fraud, tax evasion, etc. Additionally, money laundering activities had been associated with drug trafficking or organized crime in the past, but the terrorist attacks on September 11th, 2001 have highlighted the link between money laundering activities and terrorist financing (TF). Due to the over-banking phenomenon in Taiwan, banks focus more on business performance than compliance, resulting in the violation incident of Mega International Commercial Bank (Mega Bank) New York Branch with a huge penalty of US$180 million fined by the New York State Department of Financial Services (NYDFS) in August, 2016. The violation incident of Mega Bank New York Branch has reinforced the importance of compliance with international Anti-money laundering/Combating the financing of terrorism (AML/CFT) standards for risk mitigation. Taiwan will undergo the third round of the Asia/Pacific Group on Money Laundering (APG) mutual evaluations in 2018, it calls for not only government legislation but also raising public awareness of ML/TF crimes and involves the public cooperation with the government in the fight against ML/TF.