台灣政府為穩定金融秩序，長期以來對銀行業嚴格管控，金融市場進入不易，競爭者寡，昔日的銀行擁有極高且穩定之獲利，然在國際金融自由化衝擊及世界各國干預下，台灣政府之金融管制政策不得不慢慢鬆綁，導致銀行間的競爭日趨激烈。銀行為搶佔市場，謀求利潤，紛紛推展收益較高之多元化業務，並制定繁多業績目標，要求從業人員配合辦理，無形中加重從業人員之工作壓力，於是反彈聲浪四起，不少從業人員開始對收入多元化業務產生質疑，因此本研究將藉由台灣地區銀行之財務及市場數據資料，對收入多元化業務進行分析，並深入探討收入多元化業務對銀行營運績效的影響，希能提供銀行之決策單位未來訂定營運策略之參考。

本研究經參酌Meslier et al.(2014)以淨非利息收入占淨收入比重為自變數，作為研究收入多元化之因子，利用Panel Data固定效果模型進行迴歸分析，探討收入多元化對銀行營運績效之影響。另外，本研究在探討銀行收入多元化對營運績效之影響相關文獻中，尚查無探討逾放比落後期的研究，然依據金融監督管理委員會之規定，本研究認為逾放比有落後一期之情形，故採用落後一期之逾放比進行探討，又相關文獻中甚少同時提及股價報酬率對銀行營運績效的影響，然良好之營運績效，得以提高銀行獲利能力，或許能帶動銀行股價上揚，進而使股東受益，應係值得探討之議題，因此本研究將股價報酬率納為討論因子。研究結果顯示非利息收入與銀行ROA(總資產報酬率)及ROE(股東權益報酬率)呈顯著負相關，與ROI(股價報酬率)則呈不顯著負相關，可窺銀行無法藉由收入多元化之業務提升營運績效，亦無法提高股價報酬率。

In order to stabilize the financial order, Taiwan government has been taking measures to surveilliance and control the banking industry to ensure their stable profitability in the past decades. However, under the impact of international financial liberalization and world intervention, the government is now forced to loosen regulation gradually resulting in more fierce competition in the banking industry. In order to enhance profitability, the banking industry begins to develop the income diversification business and requests employees to follow. Since this increasing work has been taken to increase the load of the employees, a lot of rebound opinions arise. Therefore, this study analyzes the performance of income diversification and provides a suggestion for chief executive officer and employees of the banking industry in Taiwan.

In this study, following Meslier et al. (2014), I take the proportion of net non-interest income to net income as the major variable. I utilize the Panel data's fixed-effects model to effectuate the regression analysis. According to the relevant regulation, the study supposes the overdue load ratio is one period behind, and take it to conduct the related analyses. Moreover, although the relevant literatures seldom mentioned the ROI (stock price return ratio) on the operating performances of the banks, I adopt ROI as one of the performance measures because corporate profitability might be reflected from the expectation of the investors in the market. The results shows that non-interest income is significantly negatively correlated with ROA (return on total assets ration) and ROE (return on equity ration) , and not significantly negatively correlated with ROI. This indicates banks’ income diversification policy might not be beneficial on their opearting performances and stock prices.

中文文獻參考
1.王炯能(2006)，人力資本與組織財務績效關係之探討，國立中央大學。
2.何嵩昱(2009)，多角化、銀行治理及銀行特質對銀行價值之影響，銘傳大學。
3.吳淑真(2008)，銀行多角化對財務績效的影響－以台灣地區銀行業為例，國立臺北大學。
4.杜昆澄(2010)，台灣銀行業經營績效之分析，國立政治大學。
5.林玉婷(2007)，銀行風險、逾期放款率與資本適足率之關係研究，國立臺北商業技術學院。
6.林依亭(2011)，台灣地區銀行多角化對財務績效與風險之影響，國立中正大學。
7.邱美菁、許永明、陳寧馨(2011)台灣銀行業多角化經營對績效的影響，國立成功大學。
8.邱曉彤(2014)，銀行員工薪酬滿意度研究，國立臺灣大學。
9.翁誠鴻(2013)，銀行業多角化經營之實證分析：以台灣及中國大陸商業銀行為例，逢甲大學。
10.高佳銘(2009)，公司內部因素、資本結構與績效之關聯性研究，國立成功大學。
11.張國能(2013)，銀行資產、負債結構與利潤績效之探討，輔仁大學。
12.張雅涵(2013)，銀行多角化經營績效與風險的關係，淡江大學。
13.張雅晴(2014)，市場競爭及監理制度下銀行多角化經營對風險之影響，國立臺北大學。
14.張雅雯(2010)，多角化經營、銀行績效與破產風險-台灣銀行業之實證研究，國立政治大學。
15.張傳君(2012)，經營特性與多角化對本國銀行與外商銀行之經營績效影響，銘傳大學。
16.張麗娟、李育真(2011)，本國銀行風險管理與財務危機對財務績效之影響，臺灣銀行季刊第62卷第1期。
17.張麗娟、鍾雅雯(2010)，探討台灣商業銀行國際化程度與多角化策略對經營績效之影響，中華管理評論，國際學報。
18.郭怡萍(2011)，外商銀行購併本國銀行之綜效分析，國立清華大學。
19.陳秀琳(2006)，銀行業資訊科技與資訊策略之關係研究，國立臺灣大學。
20.陳佳青(2002)，調降營業稅對銀行股股價之影響，國立成功大學。
21.彭正浩(1999)，台灣銀行業多角化與其績效之研究，國立臺灣大學。
22.游家星(2006)，金融控股公司之股價訊息效果與因素分析，國立臺灣大學。
23.葉品岑(2013)，探討影響台灣銀行利差之會計與總體變數，國立成功大學。
24.董俊宏(2007)，逾放比、獲利力與經營績效相關性之研究－以國內公、民營銀行為例，國立成功大學。
25.趙慧芳(2006)，臺灣金融控股公司多角化經營與報酬、風險關係，國立中正大學。
26.蔡承奮(1995)，盈餘與股價報酬關係再檢定，國立政治大學。
27.謝佩芬(2004)，財務指標與非會計資訊對股價之影響－Ohlson模型之延伸應用，中原大學。

外文文獻參考
1.Armstrong, A. and Fic T.(2014), Bank Diversification and Valuation:International Evidence., National Institute of Economic and Social Research, Discussion Paper 438.
2.Abraham, K. and Farber, H.(1987), Job Duration, Seniority and Earnings, American Economic Review, 77(4), 278-297.
3.Baele, L., De Jonghe, O. and Vennet, R. V.(2007), Does the Stock Market Value Bank Diversification?, Journal of Banking and Finance, 31, 7, 1999-2023.
4.Berger, A. N. and De Young. R.(1997), Problem Loans and Cost Efficiency in Commercial Banks., Journal of Banking and Finance, Elsevier, 21(6), 849-870.
5.Chen, D. H., Chen, C. D., and Wu, S. C.(2014), Var and The Cross-Section of Expected Stock Returns: an Emerging Market Evidence, Journal of Business Economics and Management, 15, 3, 441-459.
6.De Young, R. and Rice, T.(2004), Non-Interest Imcome and Financial Performance at US Commercial Banks., Financial Review, 39, 101-127.
7.Easton, P. D. and Harris, T. S.(1991), Earnings as an Explanatory Variable for Returns, Journal of Accounting Research, 19-36.
8.Elsas, R., Hackethal, A. and Holzhäuser M.(2006), The Anatomy of Bank Diversification., Social Science Research Network.
9.Elsas, R., Hackethal, A. and Holzhäuse, M.(2010), The Anatomy of Bank Diversification., Journal of Banking And Finance, 34, 6, 1274-1287.
10.Goetz, M.(2012), Bank Diversification, Market Tructure and Bank Risk Taking: Theory and Evidence from U.S. Commercial., The Quantitative Analysis Unit of the Federal Reserve Bank of BostonWorking Paper.
11.Hayden, E., Porath, D. and Westernhagen, N. V.(2007), Does Diversification Improve the Performance of German Banks?, Evidence from Individual Bank Loan Portfolios., Journal of Financial Services Research, 32, 123-140.
12.Laeven, L. and Levine, R.(2007), Is there a Diversification Discount in Financial Conglomerates?, Financial Economics, 85, 331-367.
13.Lee, C. C., Hsieh, M. F. and Yang, S. J.(2014), The Relationship Between Revenue Diversification and Bank Performance: Do Financial Structures and Financial Reforms Matter?, Japan and The World Economy 29, 18-35.
14.Mansi, S. A. and Reeb, D. M.(2002),Corporate Diversification: What Gets Discounted?, Journal of Finance, 57, 5, 2167-2183.
15.Meslier, C., Tacneng, R. and Tarazi, A.(2014), Is Bank Income Diversification Beneficial? Evidence from an Emerging Economy., Journal of International Financial Markets Institutions & Money, 31, 97-126.
16.Novak, J.(2015), Systematic Risk Changes, Negative Realized Excess Returns and Time-Varying CAPM Beta., Finance a Uver-Czech Journal of Economics and Finance 65, 2, 167-190.
17.Ohlson, J. A.(1980), Financial Ratios and the Probabilistic Prediction of Bankruptcy., Journal of Accounting Research, 18, 1, 109-31.
18.Rogers, K., and Sinkey Jr, J.F.(1999), An Analysis of Nontraditional Activities at US Commercial Banks., Review of Financial Economics, 8, 1, 25-39.
19.Smith, R., StaiKouras, C., and Wood, G.(2003), Non-Interest Income and Total Imcome Stability., Bank of England Working Paper Series 198.
20.Stiroh, K. J.(2002),Diversification in Banking:Is Noninterest Income the Answer?, Federal Reserve Bank Of New York, Staff Reports 154.
21.Stiroh, K. J., and Rumble, A.(2006), The Dark Side of Diversification: The Case of US Financial Holding Companies., Journal of Banking and Finance, 30(8), 2131-2161.
22.Swamy, V.(2015), Modelling Bank Asset Quality and Profitability:An Empirical Assessment., Economics Discussion Papers 27.
23.Thomas, A. S., and Williams, G. R. (1991), A Strategy to Provide Retirement Benefits for International Transferees in a Global Company, Benefits and Compensation International, 21, 2-7.

書籍參考
BRETT KING(2013) BANK 3.0-銀行轉型未來式。

網站等
1.行政院主計處-中華民國統計資訊網站。
2.中央銀行-統計資料庫網站。
3.金融監督管理委員會網站。
4.公開資訊觀測站。
5.國家發展委員會網站。
6.中國銀行、香港恆生銀行、印尼BNI、美國Commerce Bank等銀行及樣本銀行網站。
7. TEJ台灣經濟新報。