本研究考慮多重產品產出價格風險，突破現有文獻在探討綜合銀行與專業銀行時，未將產品價格風險考慮之限制。將經營者風險態度與技術效率納入模型中，求得二條價格迴歸方程式與Translog成本函數，採用最大概似法聯立估計1994到2003年歐洲16個國家，合計831家銀行之風險態度與經濟效率。
    依據各銀行非利息收入佔總收入比例作為分類準則，區分綜合銀行與專業銀行。實證結果得知，歐洲各國雖處於金融自由環境下，銀行經營者仍傾向風險趨避，而實行綜合銀行制度國家的確較偏好風險；各國綜合銀行較專業銀行偏好風險，且大部分國家綜合銀行技術效率優於傳統專業銀行，呼應近年來各國銀行朝向多元業務發展之時代趨勢。若將所有樣本區分成綜合與專業銀行二類進行比較，可得到綜合銀行較專業銀行偏好風險之結論。採用固定效果模型分析效率，發現未考慮風險模型所估計的效率值會有高估情況。相關性檢定發現銀行業務愈多元化技術效率愈高，經營者愈喜好風險則技術效率愈高。

In this study, we jointly consider the multiple output price risk and, production efficiency to analyze the performance of universal banks and specialized banks. We explicitly model bank managers’ risk attitude  based on the safety first rule, under the framework of a two-output translog cost function. The derived three equations are then estimated by maximum likelihood, using a panel data set consisting of 16  European countries over the period 1994-2003. There are 831 banks.
     Evidence is found that the bank managers as a whole can be classifical as risk averters, that universal banks are relatively risk-loving in comparison with specialized banks, and that the average technical efficiency of universal banks is higher than that of specialized banks.

目  錄
第一章  緒論	01
   第一節  研究動機	01
   第二節  研究目的	02
   第三節  研究範圍	02
   第四節  研究內容簡介	02
   第五節  研究架構流程圖	03
第二章  文獻回顧	05
   第一節  理論文獻	05
I.	風險下的決策模型	05
II.	 經濟效率	06
III.	規模經濟與多元經濟	07
   第二節  實證文獻	08
第三章  研究方法	11
第一節  價格風險理論模型	11
   第二節  經濟效率	14
   第三節  規模經濟與多元經濟	16
   第四節  實證模型	17
第四章  資料蒐集與整理	19
第一節  資料來源	19
  第二節  資料整理及銀行分類	19
  第三節  變數定義	19
第四節  樣本與統計量	21
第五章  實證分析	23
  第一節  固定效果模型	23
  第二節  風險分析	28
  第三節  效率分析	31
  第四節  規模經濟與多元經濟	35
第五節  綜合銀行與專業銀行之比較	36
第六節  效率相關性分析	37
第六章  結論與建議	39
參考文獻	41
 
圖 表 目 錄
圖一  研究架構流程圖	04
表一  跨國比較效率相關文獻	10
表二  各變數之樣本統計量	21
表三  各國銀行樣本統計量	22
表四  不符合正規條件樣本數比例	24
表五  考慮與未考慮產品價格風險之translog成本函數估計結果比較	25
表六  各國風險偏好與RRP	29
表七  各國相對技術效率值(扣除各國樣本最小值)	32
表八  各國相技術效率值(扣除全樣本最小值)	33
表九  各國綜合與專業銀行技術效率值(扣除各國最小值)	34
表十  規模經濟值	35
表十一  多元經濟、成本互補性	35
表十二  二類銀行風險態度與RRP平均值之比較	36
表十三  綜合銀行與專業銀行風險平均值無差異之檢定	36
表十四  各國相對效率和Ratio值之相關係數	37
表十五  各國相對效率和風險溢價之相關係數	38

黃台心(1998)，「以隨機成本邊界函數分析本國銀行的規模經濟與多元經濟」，經濟論文叢刊，第26卷，第2期，209-241。
李紀嫺(2000)，「綜合銀行體制國家之銀行業成本效率分析」，東吳大學國際貿易系碩士班國際金融組碩士論文。
廖盈婷(2004)，「考慮多重產出價格風險之銀行效率分析」，淡江大學經濟學系應用經濟學碩士班碩士論文。
鄭秀玲、劉育碩(2000)，「銀行規模、多角化程度與經營效率分析：資料包絡法之應用」，人文及社會科學集刊(89/3)，第12卷，第1期，103-148。
Aigner, D.J., Lovell C.A.K. and P. Schmidt (1977),“ Formulation and Estimation of Stochastic Frontier Production Function Models ”, Journal of Econometrics, 6, 21-37. 
Allen, L., Rai, A. (1996),“Operational Efficiency in Banking: An International Comparison”, Journal of Banking and Finance, 20, 655-672.
Altunbas, Y., Liu, M.H., Molyneux P. and R. Seth (2000),“ Efficiency and Risk in Japanese Banking ”, Journal of Banking and Finance, Vol. 24, Iss. 10, p. 1605.
Altunbas, Y., Evans L. and P. Molyneux (2001),“ Bank Ownership and Efficiency”, Journal of Money, Credit and Banking, Vol. 33, Iss. 4, p. 926.
Bauer, P. W., Berger, A. N., Ferrier, G. D. and Humphrey, D. B. (1998), “Consistency Conditions for Regulatory Analysis of Financial Institutions: a Comparison of Frontier Efficiency Methods”, Journal of Economics and Business, Vol. 50, 85-114.
Bauer, P. W., A. N. Berger, and D. B. Humphrey (1998),“Consistency Conditions for Regulatory Analysis of Financial Institutions: A Comparison of Frontier Efficiency Methods”, Journal of Economics and Business, 50, 85-114.
Bauer, P. W., A. N. Berger, and D. B. Humphrey (1993),“Efficiency and Productivity Growth in U.S. Banking”, In H. O. Fried, C. A. K. Lovell, and S. S. Schmidt (Eds.), The Measurement of Productive Efficiency, New York: Oxford University Press.
Baumol, W.J., J.C. Panzar and R.D. Willig (1982), “Contestable Markets and the Theory of Industry Structure”, in New York: Harcourt Brace Jovanovich, 386-413.
Berg, S.A., Bukh, P.N.D., Forsund, F.R. (1995),“Banking Efficiency in the Nordic Countries: A Four-Country Malmquist Index Analysis”, Working Paper, University of Aarhus, Demark.
Berg, S., Forsund, F., Hjalmarsson, L., Suominen, M. (1993),“ Banking Efficiency in the Nordic Countries ”, Journal of Banking and Finance, 17, 371-388.
Bergendahl, G.(1995),“DEA and benchmarks for Nordic banks”, Working paper, Gothenburg University, Gothenburg, Sweden.
Berger, A.N. (1993), “Distribution-Free Estimation of Efficiency in US Banking Industry and Tests of the Standard Distribution Assumption”, Journal of Productivity Analysis, 4, 261-292.
Berger, A.N. and D.B. Humphrey (1997),“Efficiency of financial institution: International survey and directions for future research”, European Journal of Operating Research, 17, 221-249.
Berger, A.N. and D.B. Humphrey (1991),“ The dominance of inefficiencies over scale and product mix economies in banking ”, Journal of Monetary Economics, 28, 117-148.
Berger, A.N. and L.J. Mester (1997),“Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions”, Journal of Banking and Finance, 21, 895-947.
Bukh, Per Nikolaj D. (1995),“The Measurement of Productivity and Efficiency Using Data Envelopment Analysis: An Empirical Study of the Danish Banking Sector”, Ph.D. Thesis, School of Economics and Management, University of Aarhus.
Cebenoyan, A. S., E. S. Cooperman, C. A. Register, and S. C. Hudgins (1993),“The Relative Efficiency of Stock Versus Mutual S&Ls: A Stochastic Cost Frontier Approach”, Journal of Financial Services Research, 7, 151–170.
Cummins, D. and Zi, H. (1998), “Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry”, Journal of Productivity Analysis, 10,131-152.
Dietsch, M. and Ana Lozano-Vivas (2000),“How the Environment Determines Banking Efficiency: A Comparison between French and Spain Industries”, Journal of Banking and Finance, 24, 985-1004.
Elyasiani, E. and S.M. Mehdian (1990), “A Nonparametric Approach to Measurement of Efficiency and Technological Change: The Case of Large U.S. Commercial Banks”, Journal of Financial Services Research, 4, 157-168.
Fecher, F. and P. Pestieau (1993), “Efficiency and Competition in OECD Financial Service”, The Measurement of Productive Efficiency: Techniques and Applications, Oxford University Press, 374-385.
Ferrier, G.D. and C.A.K. Lovell (1990),“ Measuring Cost Efficiency in Banking-Econometric and Linear Programming Evidence ”, Journal of Econometrics, 46, 229-245.
Fried, Harold O., C.A.Knox Lovell, and Phillipe Vanden Eeckaut. “Evaluating the Performance of U.S. Credit Unions”, Journal of Banking and Finance, 17, 251-265.
Gilligan, T., M. Smirlock and W. Marshall (1984),“ Scale and Scope Economies in the Multiproduct Banking Firm ”, Journal of Monetary Economies, 13, 393-405.
Girardone, C., P. Molyneux, Edward P.M. Gardener (2004),“Analysing the Determinants of Bank Efficiency: The Case of Italian Banks”, Applied Economics, Vol.36, 3, p.g.215.
Harry Markowitz (1952),“Portfolio Selection”, Journal of Finance, 7, 77-91.
Harry Markowitz (1959),“Portfolio Selection: Efficient Diversification of Investment”, New York.
Hasan, I. and W. C. Hunter (1996),“Efficiency of Japanese Multinational Banks in the U.S.”, In A. H. Chen (Ed.), Research in Finance, 14, 157–173. 
Hawawini, G.A. (1978), “A Mean-Standard Deviation Exposition of the Theory of the Firm under Uncertainty: A Pedagogical Note”, The American Economic Review, Vol. 68, No.1, 194-202.
Huang, C. J. and T. T. Fu (2001),“ Uncertainty, Risk Premium, and Productivity in the Taiwan Banking Industry ”, Manuscript.
Huang, T.H. and M.H. Wang (2004),“ Comparisons of Economic Inefficiency Between Output and Input Measures of Technical Inefficiency Using the Fourier Flexible Cost Function ”, Journal of Productivity Analysis, Vol. 22, Iss. 1/2, P. 123.
Huang, T.H. and M.H. Wang (2002),“Comparison of Economic Efficiency Estimation Methods: Parametric and Non-parametric Techniques”, The Manchester School, Vol. 70, Iss. 5, 682-709.
Ishii, Y. (1977),“One the Theory of Competitive Firm under Price Uncertainty: Note”, American Economic Review, 67, 768 - 769.
Kataoka,Shinji (1963),“A Stochastic Programming Model”, Econometrica, 181-196.
Kim, H.Y. (1986),“Economies of Scale and Economies of Scope in Multiproduct Financial Institutions: Further Evidence from Credit Union”, Journal of Banking and Finance, 18, 220-226.
Kumbhakar, S. C. (1996),“A Parametric Approach to Efficiency Measurement Using a Flexible Profit Function, Southern Economic Journal, 473-487.
Kumbhaker, S.C. (1991),“The Measurement and Decomposition of Cost Inefficiency: The Tanslog Cost System”, Oxford Economic Papers, 43, 667- 683.
Leland, H. (1972),“Theory of the Firm Facing Uncertain Demand”, American Economic Review, 62, 277-91.
Lang, G. and P. Welzel (1996),“Efficiency and Technical Progress in Banking: Empirical Results for a Panel of German Cooperative Banks”, Journal of Banking and Finance, 20, 1003-1023.
McAllister, P.H. and D. McManus (1993),“Resolving the Scale Efficiency Puzzle in Banking”, Journal of Banking and Finance, 17, 389-405.
Mester, L.J. (1996),“ A study of Banking Efficiency Taking into Account Risk-preferences ”, Journal of Banking and Finance, 20, 1025-1045.
Mester, L.J. (1993),“Efficiency in the Savings and Loan Industry”, Journal of Banking and Finance, 17, 267-286.
Mester, L.J. (1989), “Testing for Expense Preference Behavior: Mutual versus Stock Savings and Loans”, The Rand Journal of Economics, 20, 483-498.
Mester, L.J. (1987),“A Multiproduct Cost Study of Savings and Loans”, The Journal of Finance, 20, 1025-1045.
Pastor, J.M., Perez, F., Quesada, J. (1997),“Efficiency Analysis in Banking Firms: An International Comparison”, European Journal of Operational Research, 98(2), 395-407.
Ruthenberg, D. and R. Elias (1996),“ Cost Economies and Interest Rate Margins in a Unified European Banking Market”, Journal of Economics and Business, 48, 231-249.
Sandmo, A. (1971), “ On the Theory of the Competitive Firm under Price Certainty ”, American Economic Review, 61, 65–73.
Schmidt, P. and Sickles, R.C. (1984), “ Production Frontier and Panel Data ”, Journal of Business and Economic Statistics, 2(4), 367–74.
Telser, Lester G. (1955-56),“Safety First and Hedging”, Review of Economic Studies, 1-16.
Tobin, J. (1958),“ Liquidity Preference as Behavior Towards Risk ”, Review of Economic Studies,  25, 65-86.
Vennet, R.V. (2002),“ Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe ”, Journal of Money, Credit, and Banking, Vol. 34, Iss. 1, 254-282
Weill, L. (2002),“Does Restructuring Improve Banking Efficiency in A Transition Economy? ”, Applied Economics Letters, 9, 279-281.