政府是否應允許商業銀行持有非金融業企業之股票？(1/2)
Other Title
Banking and Commerce: Should Banks be Allowed to Hold
the Equity of Nonfinancial Firms? (Part I)
the Equity of Nonfinancial Firms? (Part I)
Date Issued
2004
Date
2004
Author(s)
DOI
922416H002033
Abstract
This project develops a theoretical model to study the welfare implications of bank equity
investment regulations, that is, the regulations limiting the extent to which banks can invest in
the equity of non-financial firms. It finds that, if a bank may default, then it may be too
lenient when deciding whether to liquidate the investment projects it finances. That is, it will
allow some projects to be continued even if their continuation values are lower than their
liquidation values. It also shows that requiring banks to hold only the most senior debt of the
borrowing firms may alleviate this problem. However, these regulations have their costs. If a
bank’s liquidation rule is efficient without the equity investment restrictions, then it will
liquidate too often after the restrictions are imposed. This project discusses the conditions
under which bank equity investment regulations will be welfare improving. It also studies the
possibility of using other alternatives (such as governmental subsidies and bank capital ratio
regulations) to improve banks’ liquidation decisions. It suggests that bank equity investment
regulations can be justified only when they are more efficient than all the other possible
alternatives.
Subjects
universal banking
bank equity investment regulation
liquidation decision
government subsidy
bank capital ratio regulation
Publisher
臺北市：國立臺灣大學財務金融學系暨研究所
Type
report
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