This thesis analyses the cost and profit efficiencies of the GCC banking sector over the period 1995-2000. Efficiencies are estimated using the most recent frontier technique, the Fourier Flexible form. The thesis also uses a logistic regression model to estimate the determinants of GCC banking efficiency. The findings show that the level of inefficiencies in the GCC banking industry ranges between 8 and 10% for costs, and 30 and 32 % for profits. There are no major differences in banks inefficiency levels among GCC countries. Moreover, inefficiencies show almost stable trends over 1995-2000. Comparisons of inefficiency levels across bank ownership type and assets size reveal that national banks are more cost efficient but less profit efficient than foreign banks. In terms of bank size, large banks are found to be more cost efficient but less profit efficient than other sized banks. The results also indicate that foreign banks have on average been operating with higher scale diseconomies than national banks. Moreover, scale diseconomies decline as the assets sizes of both national and foreign banks increase. The main results from our logistic regression are that the strengthening of financial capital is a central element explaining bank efficiency in the GCC region; however, the erosion in loan quality reduces banking sector efficiency. The main policy conclusion from this thesis is that GCC governments need to continue to implement financial reform packages that strengthen banking system soundness, foster banking competition, and also devise incentive schemes to improve managerial efficiency in order that GCC banks are better placed to meet the challenges of greater openness.

銀行經營效率分為管理效率(X-efficiency)及規模效率(Scale-efficiency)二方面，而國內以往的研究，對於用以衡量經營效率的成本函數中，大多僅包含產出項目與投入要素價格，本研究為使銀行經營效率的衡量更正確，在成本函數中另外加入資產品質與資本結構二個變數。其中，資產品質係以備抵呆帳或催收款替代；而資本結構則是用負債總額為代表。 本研究根據國內外相關文獻，參考國內金融環境的變革、公民營型態的不同、收集民國70年至民國84年上市、上櫃及公開發行計34家商業銀行之相關資料，將樣本做不同的分組，觀察國內商業銀行之經營效率與其本身的資產品質及資本結構之間的關聯性，實證結果如下： 一、以備抵呆帳代表銀行的資產品質時，其與總營業成本之間的關係，隨樣本分組不同而有不同的結果，但大多為正向關係，且達顯著水準。故備抵呆帳與銀行的總營業成本有關，與預期一致。 二、以催收款代表銀行的資產品質時，其與總營業成本之參數估計為負值，此結果與預期不符。故催收款不能代表銀行的資產品質。 三、以負債總額代表銀行的資本結構時，其與總營業成本之間的關係，隨樣本分組不同而有不同的結果，但大多為正向關係，且達顯著水準。故負債總額與銀行的總營業成本有關，與預期一致。 四、在成本函數中新增資產品質與資本結構二個變數後，銀行之X-efficiency管理效率之衡量結果方面，整體上，民營銀行-新銀行最佳，公營銀行次之，而民營銀行-舊銀行最差。 五、在成本函數中新增資產品質與資本結構二個變數後，銀行之Scale-efficiency規模效率之衡量結果方面，整體上，公營銀行優於民營銀行。 / This study examines two different perspectives ofefficiency, X-efficiency and Scale-efficiency, for commercial banks in Taiwan from 1981 to 1995. The primary purpose and contribution of this paper is to investigate the impacts of asset quality and capital structure on the measurement of bank elficiency. We use allowance for doubtful accounts or non-performing loans as the proxy for asset quality. The main findings are as follows: 1. Asset quality, measured by doubtful accounts, affects bank production cost. The results show that banks with larger allowance for doubtfal accounts, i.e. bad asset quality, tend to have higher production costs. 2. The results using non-performing loans as a proxy for asset quality are also consistent with our hypothesis. That is, production costs are generally higher for banks with larger non-performing loans. 3. Capital structure of banks plays a crucial role in their production cost estimates. Due to differential impacts of sources of funds on production function, banks with larger external funds, i.e. liabilities, would incur higher production costs. 4. Our results support that new private banks in Taiwan are generally more X-efficient than public banks. On tile contrary, public banks in Taiwan tend to be more scale-efficient than private banks.

This study investigates the concessioning of the commuter rail subsystem, which was discussed in the White Paper on National Transport Policy. The theoretical divide between private and public sector enterprise is investigated in terms of a principal-agent approach. The hypothesis underlying the fundamental shift of services traditionally provided by government enterprise to the private sector is X-efficiency gains under a concession regime. There are, however, potential challenges under a concession regime that must be anticipated. Challenges are identified in terms of an incomplete contract approach with its underpinning source manifested in a bounded rationality concept. The study investigates how rail concessionaires are regulated under a concession regime from an economics perspective and various price mechanisms are explored. The study provides strategies to deal with challenges under a rail concession regime with a view to minimising conflicts that will arise between the parties involved in a concession agreement. / Transport, Logistics & Tourism / M.Comm.(Transport Economics)

This study investigates the concessioning of the commuter rail subsystem, which was discussed in the White Paper on National Transport Policy. The theoretical divide between private and public sector enterprise is investigated in terms of a principal-agent approach. The hypothesis underlying the fundamental shift of services traditionally provided by government enterprise to the private sector is X-efficiency gains under a concession regime. There are, however, potential challenges under a concession regime that must be anticipated. Challenges are identified in terms of an incomplete contract approach with its underpinning source manifested in a bounded rationality concept. The study investigates how rail concessionaires are regulated under a concession regime from an economics perspective and various price mechanisms are explored. The study provides strategies to deal with challenges under a rail concession regime with a view to minimising conflicts that will arise between the parties involved in a concession agreement. / Transport, Logistics and Tourism / M.Comm.(Transport Economics)

銀行獲利能力影響因素的研究上，有以個體觀點出發的市場力量(market power)理論，其中一個假說為結構－行為－績效(S-C-P)假說，其認為整體產業結構之市場集中度愈高，銀行將有較高的獲利率，另一假說為相對市場力量(RMP)假說，該假說認為個別銀行市場占有率較高，獲利能力亦較高；以總體觀點出發的效率結構(efficiency structure)理論，其中一假說為以X-efficiency為出發點之管理效率結構(ESX)假說，其認為公司較佳的管理效率，將提高公司獲利能力，另一假說為規模經濟效率結構(ESS)假說，該假說認為個別銀行藉規模經濟的達成、降低成本提高利潤。 　　本研究根據國內外相關文獻，參考國內金融環境的變化、公民營型態的不同，收集民國70年至83年上市、上櫃及公開發行共34家商業銀行之相關資料，將樣本做不同的分組，觀察金融產業結構及經營效率與獲利能力是否具關聯性。實證結果如下： 　　一、以ROA為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　2.　70至83年之公營銀：結構－行為－績效(SCP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、管理效率結構(ESX)假說成立。 　　4.　70至80年之所有銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、且達顯著水準，與預期不符。 　　5.　81至83年之所有銀行：無解釋能力。 　　6.　70至80年之公營銀行：結構－行為－績效(SCP)假說成立，市場占有率(MS)與ROA為負向關係、上達顯著水準，與預期不符。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說成立，效率值與ROA呈負向關係。 　　8.　81至83年之公營銀行：市場集中度較具解釋力（與ROA為負向關係），但亦未達顯著水準。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說成立。 　　二、以ROE為獲利能力指標之實證結果 　　1.　70至83年之所有銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，管理效率(XEFF)亦有相當影響力。 　　2.　70至83年之公營銀行：管理效率結構(ESX)假說、規模經濟效率結構(ESS)假說成立。 　　3.　70至83年之民營銀行：結構－行為－績效(SCP)假說、相對市場力量(RMP)假說成立。 　　4.　70至80年之所有銀行：無解釋能力。 　　5.　81至83年之所有銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。 　　6.　70至80年之公營銀行：無解釋能力。 　　7.　70至80年之民營銀行：相對市場力量(RMP)假說、規模經濟效率結構(ESS)假說成立，但管理效率(XEFF)與ROA為負向關係、且達顯著水準，與預期不符。 　　8.　81至83年之公營銀行：市場集中度(CONC)與ROE負向關係、且達顯著水準，與預期不符。 　　9.　81至83年之民營銀行：相對市場力量(RMP)假說。規模經濟效率結構(ESS)假說成立。