近年金融科技與數位轉型已成為銀行業發展的重要趨勢，臺灣政府自 2016 年起亦積極推動相關政策。在此背景下，銀行數位金融發展是否能進一步反映於市場表現，成為值得探討之研究議題。因此本研究探討 2016 年臺灣推動金融科技政策後，已上市(櫃)之商業銀行的數位金融發展是否影響其市場表現。為具體衡量銀行數位金融發展程度，本研究以數位帳戶滲透率與金融科技專利數分別捕捉銀行對外數位客戶拓展與內部科技創新投入之程度。

實證結果顯示，在控制銀行規模與財務指標後，數位帳戶滲透率與金融科技專利數皆未與股價報酬率呈現顯著關聯；相較之下，銀行獲利能力(ROE)則呈現顯著之正向影響。然而，進一步分析發現，在疫情期間，數位帳戶滲透率與股價報酬率之關聯顯著提升，顯示外生性環境衝擊可能改變市場對數位金融指標之評價機制。此外，中介效果分析結果顯示，數位帳戶滲透率與金融科技專利數主要透過 ROE 所代表之獲利能力路徑間接影響股價報酬率，並呈現完全中介效果。

本研究發現數位金融發展對銀行市場價值之影響並非直接反映於股價報酬，而可能透過營運績效逐步傳導，並在特定情境下顯現其市場評價效果。本研究提供以臺灣銀行業為背景之實證證據，補充數位金融與市場表現關係之相關文獻。

This study examines whether digital finance development affects the market performance of listed and over-the-counter commercial banks in Taiwan after the implementation of fintech-related policies in 2016. Annual stock returns are used as the proxy for market performance, while digital account penetration rate and fintech patents are employed to capture banks’ external digital customer expansion and internal technological innovation.
The empirical results show that, after controlling for bank size and financial indicators, neither digital account penetration rate nor fintech patents have a statistically significant direct effect on stock returns. In contrast, return on equity (ROE) has a significant positive effect on stock returns. Further analysis indicates that the relationship between digital account penetration rate and stock returns becomes stronger during the COVID-19 pandemic, suggesting that external shocks may change how the market values digital finance indicators. Mediation analysis further shows that digital finance indicators may affect stock returns indirectly through profitability, represented by ROE. Overall, the findings suggest that digital finance development does not directly increase banks’ stock returns in the short term, but may influence market performance gradually through profitability-related channels and under specific contextual conditions.

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