效率障礙下外國銀行進入模式之選擇

Abstract

金融市場自由化，使得外國銀行的跨國經營越來越常見。對於進入模式的選擇，除了外國銀行本身的效率外，被投資國家的情況為外國銀行的主要考量。本文在圓形市場上建立一理論模型，來分析外國銀行對新設、合資和併購，這三種進入模式的選擇。利用Matlab進行數值模擬，本文發現未公開資訊所帶來的利益、跨國經營所產生的效率障礙及銀行間的相對效率為決定進入模式的主要因素。效率較好的外國銀行傾向選擇併購，次之的銀行選擇新設，更差一些的選擇合資。此外，開發中國家傾向出現較多的外國銀行。市場規模較大的國家，外國銀行較喜歡採行新設。

The increasing liberalization of financial markets has stimulated the presence of foreign bank entries. While making entry mode decisions, besides the efficiency of foreign banks, the conditions of host country are major considerations for foreign banks. In this thesis, I set up a theoretical model along a circular city to analyze the entry mode choice of Greenfield investment, joint venture and acquisition. By using Matlab to conduct numerical simulations, I find that benefit of soft information, efficiency barriers and relative efficiency are three major determinants to the entry modes choice. Foreign bank choose joint venture, Greenfield investment and then acquisition as its efficiency increases. Moreover, a less developed market is associated with more foreign bank entries. Bigger market size generally encourages foreign bank entry via Greenfield investment.