本研究動機來自於《經濟學人》2011年6月的辯論:「越競爭是否使銀行越危險?」探討銀行競爭是否使銀行的風險更大。以美國2000年到2013年商業銀行為樣本，使用非結構法並搭配結構法之市占率與HHI指數比較異同、衡量市場競爭程度。並以資產風險、報酬率波動及破產風險等指標檢驗銀行競爭是否影響銀行風險承擔。此外，亦探討2008年全球金融危機期間銀行競爭是否改變銀行風險承擔行為，以及競爭與風險之間的關係在銀行規模、資本、經濟景氣等不同條件下是否有不同影響。
研究結果指出美國商業銀行競爭程度介在完全競爭與獨占性競爭之間，銀行往往不具有定價權。而銀行競爭越高伴隨著較高的資產風險、報酬率波動及破產風險，且銀行的風險承擔行為隨景氣而變化，2008年金融危機期間銀行競爭增加的風險小於整體樣本期間，顯示銀行在金融危機期間風險承擔行為變得較保守。此外，規模越大的銀行在越競爭的市場裡傾向承擔較高風險，隱含「大而不倒」誘使大銀行接受高風險項目。然而，擁有較高資本率的銀行在越競爭的環境裡有較小的資產風險、報酬率波動及破產風險，此現象說明資本化有助於金融穩定。本研究對最後貸款人角色及銀行資本化有政策隱含意。

Motivated by the debate－ Does more competition make banking more dangerous? － organized by The Economist in June, 2011, this study investigates the effect of competition on bank risk-taking for a sample of commercial banks in the United States from 2000 to 2013. Our results indicate that the commercial banking industry in the United States exists in a state between perfect competition and monopolistic competition. Moreover, a higher degree of competition in this industry is associated with higher asset risk, greater profitability volatility, and more insolvency risk. The risk-taking behaviors of banks are procyclical, and the increases in asset risk and bankruptcy risk due to competition during the global financial crises that started in 2008 are lower than those in the overall period, which is intuitive, as banks are expected to become more conservative during financial crises. The results also show that larger banks in more competitive markets tend to take more risks, and this might result from the moral hazard with regard to being seen as “too big to fail”. However, banks with a high capital ratio in highly competitive markets have lower asset risk, profitability volatility, and risk of bankruptcy, which suggests that capitalization has a positive impact on financial stability. Overall, this study has policy implications with regard to the role of the lender of last resort, and provides a benchmark for policy makers regarding bank capitalization.

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