台灣銀行業的所有權結構與破產風險

Abstract

本研究透過所有權結構與財務變數分析銀行是否面臨破產風險，破產風險根據Laeven（2009）法及Altman（1968）法定義Z風險衡量分數，並就實證結果做兩種定義下風險的比較。在台灣銀行業2000至2011年實證結果顯示，經理人持股比例越高則銀行風險越高，且銀行規模、現金流量對帳面資產比率、流動比率及營收成長率越高則銀行風險越低；而財務槓桿、營運槓桿則有正向影響。此外，本研究檢視台灣與國外的實證結果，若以規模、營運槓桿、財務槓桿、經理人持股比例及營收成長率變數衡量破產風險，與外國實證結果相同。

In this study, we use ownership structure and financial variables to analyze whether banks face default risks. We compare two different Z-scores defined by Laeven (2009) and Altman (1968). Sample banks are collected in Taiwan from 2000 to 2011, and the empirical results find a positive relation between default risk and managers’ holdings, and an inverse relation between default risk and the degree of bank size, cash flow to assets ratio, current ratio and revenue growth rate. while the degree of financial leverage and operational leverage have positive impacts. Moreover, we compare empirical results in Taiwan and in the U.S., and find that if default risk is measured with the bank size, operational leverage, financial leverage, managers’ holdings, and revenue growth rate, results in Taiwan are consistent with those in the U.S.