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銀行業資訊科技支出之價值攸關性
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the basic statistics (including median, minimum, maximum, and standard deviations) of each
variable are presented in Table 2. The median for banks’ market value (MV), total asset (TA),
total liabilities (LIB), book value (BV), net income (NI), and information-technology related
expenditures (IT) are 131.548, 1,102.812, 1,002.265, 94.297, 74.485, and 1.545 (in millions),
while IT deflated by operating expenses (ITR) is 2.541 (in percentage), respectively. Table 3
presents the correlation matrix and statistical significance among variables used in our
empirical models. The Pearson’s correlations between market values and book values, net
incomes, and net incomes before IT expenditures have all predicted positive signs. In
addition, the positive correlations between market values and IT or NI × ITD provide
preliminary support for our hypotheses.
Table 2 Descriptive Statistics
MV
TA
LIB
BV
NI
IT
ITR
Min
0.173
43.549
37.433 -38.68091 -3094.179 0.014 0.002
Median 131.548 1102.812 1002.265 94.297
7.4485 1.545 2.541
Max 238020.7 2264909 2036661 231444
211133
744
37.252
SD 11710.82 97768.5
88634.69 9203.758
879.0878 48.75564 2.409
MV = market value; TA = total asset; LIB = total liability; BV = book value; NI = net income; IT =
information-technology related expenditures; ITR = IT/total operating expenditures. ITR are
presented in percentage and others are in millions.
Table 3 Correlation Matrix
MV
BV
NI
BNI
IT
ITD NI
×
ITD
MV
1.000
BV
0.465***
(0.000)
1.000***
NI
0.593***
(0.000)
0.305***
(0.000)
1.000***
BNI
0.592***
(0.000)
0.302***
(0.000)
0.993***
(0.000)
1.000
IT
0.043***
(0.005)
-0.003
(0.151)
0.019
(0.200)
0.133**
(0.050)
1.000
ITD
0.119***
(0.009)
0.074
(0.110)
0.151
(0.122)
0.211
(0.120)
0.536***
(0.000)
1.000
NI
×
ITD
0.444***
(0.001)
0.169***
(0.001)
0.492***
(0.001)
0.519***
(0.001)
0.273***
(0.001)
0.553***
(0.000)
1.000
a: MV = market value; BV = book value; NI = net income; IT = information-technology related
expenditures; BNI = NI plus IT, all are deflated by lagged total assets; ITD = 1 if ITR > the median
value in a specific year where ITR = IT/total operating expenses.
b: p values are presented in parentheses. *:
p
< 0.10 ; **:
p
< 0.05; ***:
p
< 0.01.