本研究旨在利用1999年11月至2017年7月台灣的銀行財務報表資料，探討銀行業其經營所有權的不同—公股銀行與民營銀行，兩者在面對金融危機與景氣衰退時的貸放反應行為是否會有所差異，並觀察公股銀行是否真能在經濟體系資金緊縮時提供信用，以避免景氣進一步惡化。我們的實證結果發現，銀行貸放決策主要與其所承做的放款業務相關：民營銀行呈現出順景氣循環的貸放特性，其中較注重消費層面的貸款；公股銀行則以維持企業資金穩定為目標，而且有別於民營銀行雨天收傘的決策行為，在景氣收縮與金融危機發生期間的貸放收傘程度較小，甚至對中小企業放款是出現持續增加的授信模式。此結果對於台灣的企業多數以中小企業為主而言，在信用緊縮期間公股銀行確實有助於減緩民營銀行收傘對中小企業所帶來的負面衝擊，對於實體經濟面的運作具有其重要貢獻。

This study examines the impact of bank ownership (in government-owned and domestic private banks) on lending behavior over business cycles and financial crises in Taiwan. We use a panel dataset of banks' balance sheet information from November 1999 to July 2017 to estimate whether the relative loan expansion of government-owned banks during downturns to avoid further deterioration of the economy. Our empirical results show that bank lending decisions are mainly related to the lending business they undertake. Domestic private banks have procyclical characteristics lending behavior and pay more attention to consumer loans. The government-owned banks aim to maintain the stability of the corporate funds and its lending pattern is different from domestic private banks, especially which continues to increase lending to small and medium enterprises during economic downturns. From a policy perspective, most of the enterprises in Taiwan are mainly small and medium-sized enterprises the results suggest that government-owned banks can play a useful role in stabilizing credit over business cycles as well as during periods of financial instability.

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