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系統識別號 U0002-2206200623301400
中文論文名稱 存款機構之電子金融策略-以選擇權評價模式分析
英文論文名稱 Depository Financial Intermediary’s E-Finance Strategies -An Option-Based Valuation
校院名稱 淡江大學
系所名稱(中) 國際貿易學系國際企業學碩士班
系所名稱(英) Department of International Trade
學年度 94
學期 2
出版年 95
研究生中文姓名 蔣文仲
研究生英文姓名 Wen-Chung Chiang
學號 693481177
學位類別 碩士
語文別 中文
口試日期 2006-05-26
論文頁數 68頁
口試委員 指導教授-林志娟
指導教授-鮑世亨
委員-林志鴻
委員-許英傑
委員-鮑世亨
中文關鍵字 電子金融策略  資訊不對稱  資本管制 
英文關鍵字 Strategic E-Finance  Asymmetric Information  Capital-to-Deposits Ratio 
學科別分類 學科別社會科學商學
中文摘要 本文透過兩期、兩階段的選擇權評價模式來分析,在資本管制、資訊不對稱、電子金融涉入程度與存款機構之最適存款利率之關係。本文認為電子金融不只是一項科技,同時也是種策略,於本文模型分析結果顯示,一旦我們將電子金融視為一項科技時,當存款機構採行存、放款互補策略時,則存款機構可以利用網路來取代銀行之實體分行。而一旦我們將電子金融視為一項策略時,當存款機構採行電子金融互補策略(替代)時,則資本管制與資訊不稱的程度提高,將會為存款機構發展電子金融提供誘因(無誘因)。因此,本文研究結果可以為電子金融提供另一種的解釋角度,更提供存款機構在發展電子金融策略時做為參考。
英文摘要 We use a two-stage, two-period option-based model to study how capital regulation, asymmetric information, strategic e-finance and the depository financial intermediary’s optimal deposit rate relate to one another. We found that e-finance can be treated as not only a technology but also a strategy. Once we treated that e-finance is a technology, we found that the depository financial intermediary can use the Internet to supplant its branches under the strategic complements in the strategic asset-liability management. Once we treated that e-finance is a strategy, we found that an increase in the capital requirements and asymmetrical information provide incentives for the intermediary’s developing e-finance under the strategic e-finance complements. Since our findings provide an alternative explanation for e-finance literature.
論文目次 目錄

第一章 緒論--------------------------------------------------------------------1
第一節 研究背景-----------------------------------------------------------2
第二節 研究動機與目的--------------------------------------------------3
第三節 研究架構與流程--------------------------------------------------6
第二章 文獻回顧-------------------------------------------------------------9
第一節 電子金融對銀行廠商營運之影響----------------------------9
第二節 銀行廠商理論的利率制定行為-------------------------------19
第三節 資本管制與資訊不對稱對銀行廠商之影響----------------25
第四節 Black and Scholes選擇權訂價模型之文獻----------------32
第三章 基本模型------------------------------------------------------------37
第一節 模型之基本假設-------------------------------------------------37
第二節 目標函數之建立-------------------------------------------------42
第四章 比較靜態分析-----------------------------------------------------51
第一節 最適放款數量與存款利率-------------------------------------52
第二節 最適電子金融策略之選擇-------------------------------------57
第五章 結論-------------------------------------------------------------------63
參考文獻------------------------------------------------------------------------65
圖表目錄

圖1-1 本文之研究架構圖------------------------------------------------------8
表2-1 電子金融對銀行廠商營運影響--------------------------------------17
表2-2 銀行廠商理論的率制定行為-----------------------------------------24
表2-3 資本管制與資訊不對稱對銀行廠商之影響-----------------------31
表2-4 Black and Scholes選擇權訂價模型---------------------------------36
參考文獻 中文部份:

丁美蓉 (2001),「存款保險、銀行隱藏行為與利差管理」,淡江大學國際企業學研究所碩士論文。

李保中 (2003),「利率上限避險契約與銀行放款利率管理-選擇權評價模式分析」,淡江大學國際企業學研究所碩士班論文。

林彥輝 (2004),「銀行利率決策與金融電子商務技術選擇」,淡江大學國際企業學研究所碩士班論文。

林峻嘉 (2000),「銀行廠商的存款、放款行為決策-或有請求權分析法」,淡江大學國際企業學研究所碩士論文。

卓慶龍 (1999),「網際網路之金融服務-以美國網路銀行為例」,台灣大學商學研究所碩士論文。

周繼儒 (2003),「銀行利率制訂行為與金融電子商務涉入決策-選擇權訂價模式分析」,淡江大學國際企業學研究所碩士在職專班論文。

陳明貴 (2000),「資本管制下主併銀行的利率設定行為-或有請求權分析」,淡江大學國際企業學研究所碩士班論文。

張麗娟 (2000),「銀行開放設立前後資本管制與資本決策之研究-運用混合橫斷面和時間序列迴歸模型」,臺灣銀行季刊,51,3,505-338。

羅仰萍 (2003),「電子商務對直銷產業之顧客關係管理的影響與應用」,元智大學資訊管理學系碩士論文。


英文部份:

Allen, F., J. McAndrews, and P. Strahan (2002) “E-Finance: An Introduction,” Journal of Financial Services Research, 22, 1/2, 5-27.

Ambrose, M. (1998) “The Impact of Electronic Commerce on Financial Institutions,” ABA Banking Journal, Supplement, December, 12-15.

Ball, A. A., and W. N. Torous (1983) “Bond Price Dynamics and Options,” Journal of Financial and Quantitative Analysis, 18, 4, 517-531.

Black, F., and M. Scholes (1973) “The Pricing of Options and Corporate Liabilities,” Journal of Political Economy, 81, 3, 637-659.

Bulow, J. I., J. D. Geanakoplos, and P. D. Klemperer (1985) “Multimarket Oligopoly: Strategic Substitutes and Complements,” Journal of Political Economy, 93, 3, 488-511.

Clemons, E. K., L. M. Hitt, B. Gu, M. E. Thatcher, and B. W. Weber (2002) “Impacts of E-Commerce and Enhanced Information Endowments on Financial Services: A Quantitative Analysis of Transparency, Differential Pricing, and Disintermediation,” Journal of Financial Services Research, 22, 1/2, 73-90.

Croughy, M., and D. Galai (1991) “A Contingent Claim Analysis of a Regulated Depository Institution,” Journal of Banking and Finance, 15, 1, 73-90.

Deyoung, R. (2005) “The Performance of Internet-Based Business Models: Evidence from the Banking Industry,” Journal of Business, 78, 3, 893-948.

Filson, D. (2004) “The Impact of E-Commerce Strategies on Firm Value: Lessons from Amazon.com and its Early Competitors,” Journal of Business, Supplement, 77, 2, S135-S154.

Fursr, K., W. W. Lang, and D. E. Nolle (2002) “Internet Banking,” Journal of Financial Services Research, 22, 1/2, 95-117.

Kashyap, A. K., R. Rajan, and J. C. Stein (2002) “Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking,” Journal of Finance, 57, 1, 33-73.
.
Lin, J. H., P. Lii, and R. Jou (2006) “Bank Liquidity Providing and Strategic E-Finance: An Option-Based Optimization,” Working Paper, Graduate Institute of International Business, Tamkang University, Taiwan.

Lin, J. H. and R. Jou (2005) “Financial E-Commerce under Capital Regulation and Deposit Insurance,” International Review of Economics and Finance, 14, 2, 115-128.

Lin, J. H., and S. H. Pao (2005) “The Impact of E-Finance Strategies on Depository Financial Intermediary’s Value: An Option Based Optimization,” Journal of Information and Optimization Sciences, 26, 3, 509-526.

Mullins, H. M., and D. H. Pyle (1994) “Liquidation Costs and Risk-Based Bank Capital,” Journal of Banking and Finance, 18, 1, 113-138.

Radeki, L. J., J. Wenninger, and D. K. Orlow (1997) “Industry Structure: Electronic Delivery’s Potential Effects on Retail Banking,” Journal of Retail Banking Services, 19, 4, 57-63.

Santomero, A. M. (1984) “Modeling the Banking Firm,” Journal of Money, Credit, and Banking, 16, 4, 576-712.

Sealey, C. W. (1980) “Deposit Rate-Setting, Risk Aversion and the Theory of Depository Financial Intermediaries,” Journal of Finance, 35, 5, 1139-1154.

Stein, J. C. (1998) “An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy,” RAND Journal of Economics, 29, 3, 466-486.

Wenninger, J. (2000) “The Emerging Role of Banks in E-Commerce,” Current Issues in Economics and Finance, 6, 3.

Zarruk, E. R., and J. Madura (1992) “Optimal Bank Interest Margin under Capital Regulation and Deposit Insurance,” Journal of Financial and Quantitative Analysis, 27, 1, 143-149.

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