本研究探討公股行庫與風險承擔之間的關係，以2007年至2018年台灣上市櫃之銀行作為樣本，结果顯示相較於非公股行庫，公股行庫承擔較高的資產風險與違約風險。藉此可作為對銀行監管條例有效性的見解，以獨立審計制度及強化內部貸款審查流程，预防濳在風險。本研究進一步分析公股行庫及非公股行庫的所有權結構與風險承擔之間的關聯。研究設定四種股東類别，分别假定具有不同的風險承擔動機，結果顯示，股權多被經理人所掌控或較高的個人/家族投資人持股，對於銀行的風險承擔具有顯著影響。此外，含有較高機構投資者持股的銀行有較低的違約風險。

This study explores the relationship between government-owned banks and risk taking. Using publicly listed banks in Taiwan from 2007 to 2018 as the sample, we find that compared to non-government banks, government-owned banks are associated with higher asset and default risk. The finding may provide insights as to the effectiveness of regulatory discipline of banks, as well as requiring more independent audits and strengthening the internal loan review process. Furthermore, we analyze the link between ownership structure and risk taking in both government-owned and non-government banks. With four categories of shareholders which are assumed to have different risk-taking incentives, the finding shows that higher stake of either managers/directors or individual/family investors is significant in explaining bank risk taking. In addition, institutional investors impose lower exposure to default risk when they hold higher stakes.

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