https://scholars.lib.ntu.edu.tw/handle/123456789/165853
標題: | 政府是否應允許商業銀行持有非金融業企業之股票?(1/2) | 其他標題: | Banking and Commerce: Should Banks be Allowed to Hold the Equity of Nonfinancial Firms? (Part I) | 作者: | 陳業寧 | 關鍵字: | 銀行綜合化經營;銀行持股管制;清算決策;政府補貼;銀行自有資本管制;universal banking;bank equity investment regulation;liquidation decision;government subsidy;bank capital ratio regulation | 公開日期: | 2004 | 出版社: | 臺北市:國立臺灣大學財務金融學系暨研究所 | 摘要: | 本計畫發展一理論模型以探討對銀行持有非金融業股票之管制(即限制銀行不得持有過 多非金融業企業股票)的福利效果。在該模型中,有可能倒閉的銀行在決定是否清算借 款公司之投資計畫時,其清算決策會過於寬鬆;也就是說,某些應被清算的計畫仍可繼 續執行。要求銀行僅能持有清償次序最優先的債權可能可以降低此問題之嚴重性。然 而,這樣的限制也有其福利成本:對於倒閉可能性很低的銀行,此限制將使其在決定是 否清算借款廠商之計畫時過於嚴苛。本計畫中也討論了在哪些情況下限制銀行僅能持有 最優先受償之債權較可能提高社會福利。此外,本計畫也指出:其他政策(如政府補貼 與銀行自有資本管制)也可能可以提高銀行清算決策之效率。故要限制銀行持有非金融 企業股票的前提條件之一是其為所有可能採行之政策中最有效率的政策。 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. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/16284 | 其他識別: | 922416H002033 | Rights: | 國立臺灣大學財務金融學系暨研究所 |
顯示於: | 財務金融學系 |
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922416H002033.pdf | 149.6 kB | Adobe PDF | 檢視/開啟 |
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