本研究以個案銀行10家中型規模分行為研究對象，探討2020年至2023 年間，在全球經濟環境劇烈波動下，商業銀行分行之經營績效變化與業務調整策略。研究期間橫跨了由新冠肺炎（COVID-19）疫情引發的歷史性低利時代（2020-2021），以及隨後因通膨壓力與烏俄戰爭導致的全球激進升息循環（2022-2023）。研究聚焦於在利率環境大幅反轉與我國銀行法第 72-2 條（住宅及建築放款不得超過存款及債券總額 30%）的規範約束下，分行經理人如何透過動態策略調整以維持獲利動能。
研究結果發現：第一、利率週期對銀行分行各項業務收入具顯著影響且具型態差異。2023年升息循環中，10家個案分行獲利水準普遍較2020年成長2 至3倍。其中「企金型分行」表現尤為強勁，受惠於升息帶來的台外幣存款利差擴大紅利，獲利成長率居冠；而「一般型分行」則在低利環境下，透過資本市場反轉帶動之理財手續費收入維持績效穩定。第二、法規規範引導業務結構轉型。為因應銀行法第72-2條之水位限制，分行經理人普遍採取「避開紅線」之策略，將放款重心從傳統購置住宅貸款轉向「理財型房貸」與「企業週轉金」，並積極爭取不計入限額之政策性或公共建築放款。第三、存款結構為決定獲利高低之基礎。實證數據顯示，獲利成長領先之分行均具備較高比例之低成本台外幣活期存款，這使分行在升息環境中能有效控制資金成本，進而創造更優異的淨利差收入。
最後，本研究建議銀行經營者應建立「滾動式策略調整機制」，根據總體經濟指標動態配置資產負債結構。在低利時期應強化財富管理之手續費貢獻，在升息時期則應專注於低成本資金吸收與高利差外匯業務，以在多變的金融環境中維持經營韌性與績效增長。

This study examines the operating performance and strategic business adjustments of ten medium-sized branches of a case bank during the period from 2020 to 2023, amid significant fluctuations in the global economic environment. The research period covers both the historically low interest rate environment caused by the COVID-19 pandemic and the aggressive global interest rate hiking cycle triggered by inflationary pressures and the Russia–Ukraine war beginning in 2022. The study focuses on how branch managers adjusted their strategies to sustain profitability under a rapidly changing interest rate environment and the regulatory constraints imposed by Article 72-2 of the Banking Act of Taiwan.
The findings indicate that, first, interest rate cycles have a significant impact on branch profitability, with notable differences across branch types. During the 2023 interest rate hiking cycle, the profitability of the ten sample branches generally increased by two to three times compared with 2020 levels. Among them, corporate banking-oriented branches demonstrated the strongest performance, benefiting from wider foreign currency deposit spreads and gains from foreign exchange swap transactions. In contrast, retail-oriented branches maintained relatively stable performance during the low-interest-rate period through wealth management and fee-based income.
Second, regulatory constraints accelerated the transformation of branch business structures. In response to the limitations imposed by Article 72-2 of the Banking Act on residential and construction lending, branch managers reduced their reliance on traditional mortgage lending and shifted their focus toward wealth-management mortgage products, corporate working capital loans, and policy-oriented lending, thereby enhancing the flexibility of asset allocation.
Third, deposit structure was identified as a key determinant of branch profitability. Branches with a higher proportion of low-cost demand deposits in both local and foreign currencies were better able to control funding costs during the interest rate hiking cycle and consequently achieved superior net interest margin performance.
This study suggests that banks should establish a rolling strategic adjustment mechanism to dynamically allocate assets and liabilities in response to macroeconomic and interest rate cycle changes. During low-interest-rate periods, banks should strengthen wealth management and fee-based income businesses, while during rising interest rate periods, they should focus on attracting low-cost deposits and expanding high-spread lending and foreign exchange businesses in order to enhance operational resilience and long-term performance.

一、中文文獻
碩博士論文
周政義，2006，RAROC及極值理論應用於金控股公司績效評估，國立中山大學財務管理系碩士學位論文。
張瑞欒，2007，貨幣政策利率傳遞管道之最適選擇-台灣實證研究，國立臺灣大學經濟系碩士學位論文。

網路資源
行政院金融監督管理委員會，民國107年8月31日，銀行法第七十二條之二規定之相關解釋令函彙編。
財經 M 平方，美國基準利率。
資料來源：https://law.fsc.gov.tw/LawContent.aspx?id=GL002500，最後瀏覽日期2026年6月30日。
資料來源： https://www.macromicro.me/collections/4238/us-federal/48/target-rate，最後瀏覽日2026年6月30日。

英文文獻
Board of Governors of the Federal Reserve System (2020). Monetary Policy Report - June 2020. Washington, DC.
Fisher, I. (1930). The Theory of Interest. New York: Macmillan.
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. London: Palgrave Macmillan.
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.

數據資料來源（去識別化處理）
E 銀行（2020-2023）。分行損益彙總表及經營績效評核報告。