參與臺灣金融拆款市場的金融機構，存在不同的借貸差異限制，本文以Bech and Klee (2011) 所設定的議價模型為基礎，探討臺灣金融拆款市場中的議價力。本文進一步以雙方設限的 Tobit model 來估計議價力，並加入異質參與者的拆進與拆出占市場權數為其中的迴歸解釋變數，實證結果發現：公債附條件利率、政策虛擬變數及準備金集中度會顯著的正向影響貸方議價力，此隱含此三個變數與金融拆款利率有同向變動的關係；此外，信託投資公司拆出比例與貸方議價力有顯著負向的關係。最後，本文以模擬的方式預測金融拆款利率在不同情境下的路徑，此部分可印證本文的重要結論。

The rate corridor regime, relying on lending and deposit facilities to set ceilings and floors for interbank overnight rates, has been practiced by many central banks. This paper modifies the theoretical model proposed by Bech and Klee (2011) to discuss the seller’s bargaining power in Taiwan interbank overnight market under rate corridor system. We apply two-limit Tobit model to estimate the bargaining power. The empirical results show that the repo rate, policy indicator and index for reserves concentration have significantly positive relationship with seller’s bargaining power. Meanwhile, the results imply that the interbank overnight rates rise with these three variables. The conclusions could be clearly observed from the predictions on the paths of the interbank overnight rate under various scenarios.

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