| 摘要: | 全球金融海嘯後金融監理等議題日益受到重視，從Covid-19大爆發以來，央行獨立性和金融監理在維持金融體系穩定和促進銀行績效方面發揮了極其重要的作用。因此，本研究以歐洲地區19個國家、2,087家銀行作為樣本，究期間為2013－2022年，採用縱橫資料迴歸模型(Panel Data Regression)進行迴歸分析，探討政府介入央行獨立性、金融監理的程度與銀行績效、風險之間關係；也進一步分析疫情與央行獨立性、金融監理交互作用之影響。
實證結果發現，央行獨立性和金融監理對銀行績效、資金使用效率及風險有顯著影響。央行獨立性提高銀行績效，降低銀行風險，但對資金使用效率無顯著影響。金融監理變數中，限制銀行業務、監管權力衡量和金融監理一元化降低銀行績效，而市場紀律與私人監督則提升績效。疫情對銀行有負面影響，降低績效、資金使用效率與風險。疫情與央行獨立性交互作用顯示，疫情會顯著干擾央行獨立性對銀行績效的正面影響，並增加銀行風險。在金融監理變數與疫情交互作用中，皆會降低銀行績效，而其他金融監理措施則多數降低資金使用效率和增加風險。
Since the global financial crisis, financial supervision has garnered increasing attention. Since the outbreak of COVID-19, central bank independence and financial supervision have played crucial roles in maintaining the financial system's stability and promoting bank performance. Therefore, this study employs a sample of 2,087 banks from 19 European countries, covering the period from 2013 to 2022, and employs a panel data regression model to conduct a regression analysis. The study examines the relationship between government intervention in central bank independence, the extent of financial supervision, and bank performance and risk. It also analyzes the interaction effects between the pandemic and central bank independence and financial supervision.
The empirical results reveal that central bank independence and financial supervision significantly impact bank performance, capital utilization efficiency, and risk. Increased central bank independence improves bank performance and reduces bank risk but has no significant effect on capital utilization efficiency. Among the financial supervision variables, restrictions on banking operations, regulatory power measures, and the integration of regulatory authorities reduce bank performance, while market discipline and private supervision enhance performance. The pandemic has a negative impact on banks, reducing performance, capital utilization efficiency, and increasing risk. The interaction between the pandemic and central bank independence shows that the pandemic significantly interferes with the positive effect of central bank independence on bank performance and increases bank risk. In the interaction between financial supervision variables and the pandemic, all measures reduce bank performance, and most financial supervision measures also decrease capital utilization efficiency and increase risk. |
