本文以1998~2010年的商業銀行為研究對象，使用panel data 的迴歸模型來驗證商業銀行資本適足程度與治理機制對經營績效的影響。首先依所有權結構的靜態效果、選擇效果及動態效果，研究這段期間經歷所有權結構改變的銀行其原先的經營績效，以及改變所有權結構後，績效是否有改善。接著針對政府機構與外資此兩類特定所有權類型，探討其在銀行的參與程度與銀行經營績效的關係。 研究結果發現，資本適足率越高，銀行的ROE及ROA表現越好，成本控管能力越佳；逾放比率越高，銀行ROE及ROA表現較差，成本控管能力也欠佳。原先營業成本率較高的銀行傾向改變所有權結構，其中選擇民營化、加入金控或是經歷國內銀行併購案之銀行在所有權結構改變後，營業成本率確實有改善，唯外資入股後的銀行，營業成本率顯著提高，成本控制能力較差，但隨著外資入股後時間經過，營業成本率有逐漸改善。政府機構持股比例越高，成本管理能力及績表現越差；外資持股比例與經營績效無顯著關係，而外資董事比例越高，營業成本率越高。 The paper examines the effects of capital adequacy and corporate governance on commercial bank performance over 1998-2010. It uses static, selection, and dynamic effects of ownership to analyze banks’ performance before and after changing ownership structure. Further, the paper also examines whether the involvement of government and foreign investors in the ownership has any significant effect on the banks’ performance. The results show that capital adequacy ratio is higher, ROE, ROA and cost management are better, while non-performing loans ratio is higher, ROE, ROA and cost management are worse. The banks with higher operating cost ratio tended to change ownership structure, and those undergoing privatization, or joining Financial Holding Companies, having domestic M&A improved cost management following changing. However, the banks undergoing foreign acquisition deteriorated operating cost ratio following changing, but it also bettered as time passed since the ownership changed. The government ownership level has a positive association with operating cost ratio and negative association with ROE and ROA. The foreign ownership level has no significant effect on bank performing, but the percentage of foreign directors affects operating cost ratio positively.
