台灣利率自由化的演進過程，是採取循序漸進的方式，先由貨幣市場實施，再逐步推及到存放款市場。自1989年利率自由化及1991年政府開放新商業銀行設立以來，台灣銀行業的競爭就進入了白熱化的春秋戰國時代，金融版圖重新調整，產業的競爭有增無減。這期間經過兩次的金融改革，體質較弱的銀行紛紛走向讓售及被併購的命運，尤其是2008年發生金融海嘯，對銀行業的經營更是一大挑戰。觀察近年來銀行業的經營困境，存放款利差持續走低，多數銀行採取價格競爭策略，企業授信市場採用低利削價的手段，造成銀行業獲利率降低，危及銀行健全經營體質。所以本研究從文獻回顧探討影響放款利率定價決定因素，從樣本銀行實務授信政策及放款定價辦法探討影響放款利率定價決定因素，並利用樣本資料從實證模型的估計及檢驗來推估假設變數與企業貸款利率定價之間的具體關係及影響方向與程度，最後將實證結果提供予銀行管理當局擬定授信政策及建立完善放款利率定價模型之參考。 / From money market to deposit and loan markets, the development of interest rate liberalization in Taiwan has been in gradual progress. Since interest-rate liberalization in the year of 1989 and governmental approval on the establishment of new commercial banks in 1991, the competition among banks in Taiwan has become severe. Market shares among banks have thus changed. During the period, the financial market experienced two banking reforms. Banks with relatively weak financial nature have been forced to be sold or merged. Moreover, the financial turmoil in the year of 2008 made the business environment of banking industry even more challengeable. Running business in banking has been more difficult in recent years. Interest rate spread for banks has been narrowing. Most banks have adopted price competition strategies. Such price-cutting policy in commercial loan market has resulted in the deterioration of bank management in the industry. This research reviews study-papers focusing on the factors affecting commercial loan interest rate pricing, using bank A as a sample to review its actual operation of credit policy and loan pricing means. In addition, by adopting technique of empirical model measurement and statistical test on the sample data, the concrete correlation and extent of influence between hypothetical variables and pricing on commercial loan interest rate are also estimated. The aim of this paper is to provide empirical tested results to the banking authorities for their reference when designing fine credit policies and commercial loan pricing model.

房地產市場與銀行放款業務間，因為存在著密不可分之關係，本研究主要目的為釐清貸款利率與貸款成數對住宅價格是否具有顯著影響，進而探討中央銀行之選擇性信用管制政策，對於貸款利率、貸款成數與住宅價格之間，是否具有政策效果，最後再針對不同的需求族群，給予購屋行為選擇之參考或為銀行選擇貸款客群之參考。 本研究透過實證分析發現，貸款成數對於住宅價格為正向顯著影響，但貸款利率對住宅價格，則未呈現顯著影響。而政府之選擇性信用管制措施，在實證結果中，並未達到抑制房價之目的。但是在實施信用管制之後，購屋者對與貸款利率，相對更為敏感。在需求族群的分析上，發現高所得族群相對較重視貸款利率，而中所得與低所得族群，則相對較重視貸款成數。低年齡族群較高年齡族群而言，相對較為重視貸款利率之增加。 對於持續關心貸款利率、成數與住宅價格關聯之研究者，本研究建議後續研究者在資料取得之允許下，可嘗試拉長研究期間，及考慮增加了解政策鬆綁後之影響。在資料完整度許可下，建議可以增加個人屬性變數，並考量都更效應之變數。 / There is an inextricably linkage between the real estate market and the bank lending business. The main purpose of this study is to identify the relationships among mortgage interest rate, loan to value (LTV) ratio, and housing price. Further, we discuss the policy effect among them, due to the central bank's selective credit control policy. Finally, the supply-demand sides, our study hopes to give the choice of purchase behavior on demand groups or the selection of bank on loan-customers In our study, we found that the loan to value ratio has a significant positive effect on the housing price, but the mortgage interest rate has no significant effect on the housing price. In the empirical results, we found that the government's selective credit control policy did not achieve the purpose of curbing housing prices. However, after the implementation of selective credit control policy, the housing-buyer is relatively more sensitive to the mortgage interest rate. In the analysis of demand groups, the study found that high-income groups pay more attention to the mortgage interest rate. However, the middle-income and low-income groups emphasize on loan to value relative to the high-income groups. Finally, the young age groups relatively emphasize on the increase of the mortgage interest rates. For the researchers who continue to care about the relationships among mortgage interest rate, loan to value ratio, and housing price, the study suggests that follow-up researchers, with the permission of the data, may attempt to lengthen the study period and consider increasing the impact of easing the policy. Under the data integrity permission, it is advisable to add personal attribute variables and take into account the variables of the urban renewal effect.