本研究考慮多重產品產出價格風險，突破現有文獻在探討綜合銀行與專業銀行時，未將產品價格風險考慮之限制。將經營者風險態度與技術效率納入模型中，求得二條價格迴歸方程式與Translog成本函數，採用最大概似法聯立估計1994到2003年歐洲16個國家，合計831家銀行之風險態度與經濟效率。 依據各銀行非利息收入佔總收入比例作為分類準則，區分綜合銀行與專業銀行。實證結果得知，歐洲各國雖處於金融自由環境下，銀行經營者仍傾向風險趨避，而實行綜合銀行制度國家的確較偏好風險；各國綜合銀行較專業銀行偏好風險，且大部分國家綜合銀行技術效率優於傳統專業銀行，呼應近年來各國銀行朝向多元業務發展之時代趨勢。若將所有樣本區分成綜合與專業銀行二類進行比較，可得到綜合銀行較專業銀行偏好風險之結論。採用固定效果模型分析效率，發現未考慮風險模型所估計的效率值會有高估情況。相關性檢定發現銀行業務愈多元化技術效率愈高，經營者愈喜好風險則技術效率愈高。 In this study, we jointly consider the multiple output price risk and, production efficiency to analyze the performance of universal banks and specialized banks. We explicitly model bank managers’ risk attitude based on the safety first rule, under the framework of a two-output translog cost function. The derived three equations are then estimated by maximum likelihood, using a panel data set consisting of 16 European countries over the period 1994-2003. There are 831 banks. Evidence is found that the bank managers as a whole can be classifical as risk averters, that universal banks are relatively risk-loving in comparison with specialized banks, and that the average technical efficiency of universal banks is higher than that of specialized banks.
