作者
黃朝熙^* (國立清華大學經濟學系)
謝依珊 (東莞理工學院經濟與金融系)
林宜槿 (國立清華大學經濟學系)

Authors
Chao-Hsi Huang^* (Department of Economics, National Tsing Hua University)
Yi-Shan Hsieh (Department of Economics and Finance, Dongguan University of Technology)
Yi-Jin Lin (Department of Economics, National Tsing Hua University)

中文摘要
本研究利用 1999 年 11 月至 2017 年 7 月臺灣的銀行財務報表資料，實證探討公股與民營銀行在面對金融危機與景氣衰退時的放款型態是否有所差異，並探討公股銀行在這些時期是否具有穩定信用供給的作用。我們的實證結果發現，不同於民營銀行具有「晴天借傘，雨天收傘」的放款特性，公股銀行在景氣衰退或金融危機期間的收傘程度較小，或甚至持續增加放款，尤其是對中小企業的放款。 整體而言，在金融危機與景氣衰退期間，公股銀行的放款對於整體資金供給具有穩定的作用。

Abstract
This study employs panel data of Taiwanese banks' balance sheets spanning the period from November 1999 to July 2017 in order to examine the possible differences in government banks' and private banks' lending practices over business cycles and financial crises. Our empirical results show that government banks’ lending is less pro-cyclical than private banks' lending. Moreover, during economic downturns and financial crises, government banks tend to maintain or even increase their lending to businesses, especially small- and medium-sized enterprises. In general, government banks in Taiwan have played an important role in stabilizing credit supply during economic downturns and financial crises.

中文關鍵字
公股銀行；民營銀行；放款行為；景氣循環；金融危機

Keywords
Government Banks; Private Banks; Bank Lending; Business Cycles; Financial Crises