亞太地區銀行業權益資金成本與報酬的比較

Abstract

摘 要 隨著國際化與全球化的發展，銀行業經營環境每下愈況，就銀 行的管理者而言，面對這一切變動的環境如何去做好競爭優勢的維 繫呢？就以台灣的銀行業來說，一連串的調整與變動，例如產業的 外移、加入世界貿易組織、銀行業的國際化等等，使得銀行業必須 認真的思考其成本與收益控制及策略之調整，然這實與資金成本之 對應狀態有關。 本論文從權益資金成本的角度切入，來探討銀行業的權益資金成本的主要影響因素，並比較亞太地區銀行業間權益資金成本的差異。本論文以台灣、韓國、香港、新加坡等地區的銀行業為樣本抽取的對象，蒐集１９９５至１９９９年間之財務資料，並將所抽取樣本整理後，以簡單迴歸模式為方法，分析其權益資金成本的影響因素，並比較各地區之差異。 本論文將權益資金成本的影響因素歸納為淨利息邊際、資本比率 、前期股價、資產規模、市場報酬率、無風險利率、前期資本比率等七項。唯就各地區實證而言，將權益資金成本的影響因素做比較並無法獲致一致性結論。但就整個亞太地區來考量時，資本比率與遞延一期之資本比率對權益資金成本有一顯著性結果。另就台灣與新加坡而言，資產規模對權益資金成本而言，為顯著反向關係。

Abstract As the development of globalization and internationalization, the operational of the banking is getting difficult. For the management of the bank,how to maintain the competitive advantage in the changing environment is key factor to be successful. Because of a series of changes and impact in Taiwan banking,like entering the WTO, shifting to the Mainland China, the internationalization of the banking, it makes the banker think about how to control the cost-revenue and adjust the competitive strategies to meet the influences of changes. The most inportmant issue concerning about the above problems should be the cost of capital. The research focus on the capital cost of equity. The influential factors of capital cost of equity is discussed.The research also compares the difference of Asian banking. In methodology,this research at first chooses the samples from the district of Asia,such as Taiwan,Singapore,Korea,Hong Kang. The financial data from 1995 to 1999 were collected.The OLS was used for analyzing the capital cost of equity . we also compared the different results with the districts of Asia. The capital cost of equity can be categorized into some factors,such as net interests margin,capital ratio,the assets scale,the price of the preious period,the returns of the market,the risk-free interest rate,and the lag capital ratio. For the Asian districts ,the consistent conclusion can’t be generalized empirically. But in terms of the aspect of all the districts of Asia,both the capital ratio and the lag capital have significance effect on the capital cost of equity. Besides,the assets scale has significance effect which the capital cost of equity,and it was negative relationship in Taiwan and Singapore.