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。

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.