台灣銀行業股權結構與經營績效關係之研究－以風險為中介變數

Abstract

過去常有探討股權結構與經營績效關係之研究，卻少有文獻探更進一步探討其中之中介效果，以致於有些結果與一般財務管理的直覺不一致。本研究運用縱橫面資料迴歸模型與Sobel檢定等方法，以台灣經濟新報資料庫之資料進行股權結構與績營績效間關係的討論以及以各種風險指標為中介變數探討之，其驗證結果為（1）董監持股比率正向影響經營績效。（2）集團法人持股比率正向影響經營績效呈。（3）收支比率為董監持股比率與經營績效間的中介變數（4）收支比率為集團法人持股比率與經營績效間的中介變數。（5）負債比率為經理人持股比率與經營績效間的中介變數。因此，風險管理可藉由扮演中介變數的角色進而影響經營績效。

The empirical analysis of relationship between ownership structure and performance is plenty in the existing literature, but little literature explores the mediating effect in between them. Using the bank data obtained from Taiwan Economic Journal (TEJ), this study analyzes the mediating effect of risk between ownership structure and performance. The panel data regression models and Sobel’s test are applied. Our major empirical findings are as follows: (1) Board ownership has positive direct effects on bank performance. (2) Institutional investor ownership has positive direct effects on bank performance. (3) Expense to revenue ratio significantly mediates between board ownership and bank performance. (4) Expense to revenue ratio significantly mediates between institutional investor ownership and bank performance. (5) Debt ratio significantly mediates between management ownership and bank performance. Therefore, risk management affects the bank performance via mediation.