廖咸興2006-07-262018-07-092006-07-262018-07-092000http://ntur.lib.ntu.edu.tw//handle/246246/16245過度曝露於不動產風險，而導致金融 危機的現象普遍發生在全世界各它地區。 1997 年的亞洲金融危機，即啟始於泰國銀 行之抵押放款呆帳問題。隨之而來的泰銖 狂貶，產生骨牌效應、波及鄰近各國，也 對世界金融產生重大而深遠的影響。事實 上，1980 年代以來，過度曝露於不動產風 險而導致金融危機的現象也發生在世界其 它地區，包括美國1980 年代的儲貨危機、 日本的住宅金融危機，以及法國里昂信貸 的鉅額虧損等。而民國八十四年，臺灣發 生了一連串金融危機，究其原因，除了金 融制度未臻健全外，主要在於金融機構在 市場景氣時，過度曝露於不動產風險之 下。此種不動產風險的過度曝露，彰顯於 市場景氣時，過多的不動產放款及投資 上。此種基於過去已發生市場狀況決定投 資策略之方式，乃屬於一種追價的行為(亦 及即買高賣低)。本研究之目即在台灣地區 銀行之不動產投資行為是否有追價的現 象，而且此種行為是否導致較差的投資績 效。本研究發現，本國銀行之股價績效與 不動產放款佔總放款比率並未有顯著關 係，而且本國銀行之不動產放款佔總放款 比率與不動產景氣也未有顯著關係。因 此，本國銀行投資於不動產放款的行為以 及股價績效可能尚有其他重要的影響因素。Over exposure to real estate risk has been one of the major causes for bank operating crisis. The over exposure phenomenon can be seen from the fact that banks put too much investment in real estate loan and other real estate investment when the market is booming. That is, because of the good performance of asset return performance, banks allocate more resources on real estate related assets. An investment strategy that increases investment after returns have gone up and reduces after returns have gone down represents a “trend-chasing” investment strategy (that is, buying high selling low). The purpose of this study is to examine whether Taiwan banks have trend-chasing behavior and whether this kind of behavior causes the their poor performance. This study finds that Taiwan banks’ investments in real estate loans are not significantly influenced by real estate market situation. That is, this study cannot prove that Taiwan banks have trend-chasing behavior in real estate investments. The results of this study also show that there might be other significant issues needed to be further investigated when study Taiwan banks’ stock returns performance.application/pdf53545 bytesapplication/pdfzh-TW國立臺灣大學財務金融學系暨研究所銀行不動產投資行為BankReal estate investment behaviorreporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/16245/1/892416H002018.pdf