我国商业银行效率的实证分析
摘要
金融是现代经济的核心,银行业的发展关系到我国的金融的稳定与安全,银行业效率的高低也直接影响到我国社会资源的配置效果和金融资源的利用水平。我国按照WTO的承诺已逐步放开对我国金融市场的管制,越来越多的外资银行不断进入中国市场,竞争也将更加激烈,国内的银行机构普遍面临着严峻的挑战。因此我国商业银行必须要提高自身的竞争力,才能应对激烈的竞争。而竞争优势的本质就是效率优势,因此效率优势的比较、测度非常重要。对银行自身来讲,银行效率的测度有助于银行进行银行间效率比较,找出效率差距,为修正银行自身的管理策略提供参考;对中国银行监管当局来讲,有助于其判断各银行对金融资源有效利用的程度,从而制定更有效的监管政策。所以,研究我国商业银行的效率问题具有重要的理论意义和现实意义。
本文首先进行了大量的文献检索与阅读,梳理目前商业银行效率方面的研究理论和实证方法,并对该项领域做较为深入评析。这也就是论文的第一至第三部分。本文的第四部分,是在国内外已有的研究基础上,结合中国银行业的实际情况和各项金融指标,测量我国商业银行的规模效率、技术效率以及成本效率,用以反映银行微观经营的有效程度。根据第四部分对银行效率的实证分析,本文在第五部分得出结论并给出相应的政策建议。
作为衡量商业银行实现投入最小化或产出最大化的有效程度的技术效率,本文采用投入导向型的DEA方法,采用“超效率”模型来测量。研究发现四大国有商业银行的技术效率普遍偏低,与股份制银行相比有较大差距。这可能与国有商业银行高素质人才和金融创新的激励不足有关。工行、农行、建行处于最低效率之列,但其技术效率五年间有不同程度的提升。对于股份制银行而言,民生银行和兴业银行的技术效率最高,而华夏银行的效率偏低。
作为反映商业银行规模变化对平均成本影响程度的规模效率,本文采用超越对数成本函数,通过多元线性回归进行测度。得出由于产权、竞争机制、经营管理技术以及金融创新水平等原因,我国银行业的规模经济并不明显,规模效率大致都在0.9-1.07范围内的结论。测得四大国有商业银行的规模经济值都大于1,而且四大国有商业银行的规模不经济的现象有递增的趋势,而交行、招行等股份制银行普遍存在着规模经济,但是规模经济的程度有所减弱。
对反映银行投入成本控制有效性的成本效率的测量,本文运用参数方法中的DFA方法进行分析。最终得出兴业银行和招商银行的成本效率最高,而农行的成本效率最低,但国有商业银行与股份制商业银行的成本效率相差不大的结论。这与国家剥离国有银行不良债权等政策行为有关,还有一点不容忽视,就是在实证分析中与我国国有商业银行规模相近的银行样本不足,国有商业银行只能与规模较小的股份制银行和样本内的少数国有商业银行进行相对效率比较,从而出现国有商业银行成本效率评价偏高的情况。
在实证分析的基础上,本文提出提高我国商业银行效率的政策建议。即:进一步完善竞争性的市场结构;改善商业银行的公司治理;优化人力资源配置以及积极推进银行的技术进步和金融创新。
Finance is the core of the modern economy. The development of bank industry is related directly to our country’s financial stability and safety. The banking efficiency is also related to the effect of social resources allocation and the utility level of financial resources.
Since our country joined WTO, our country has cancelled limitation to the foreign banks. The foreign bank is now entering the Chinese market. Our commercial banks face the more fierce competition. Therefore, our commercial banks must improve their competitiveness to face the challenge. The core nature of competitiveness is banking efficiency. Thus it is very important to appraise and compare our country’s banking efficiency. The efficiency research is good for setting the financial regulation for the Chinese bank supervision authority and is good for Chinese commercial banks to judge the efficiency level distance from other banks so as to promote their own efficiency level. Consequently, it is very meaningful to do research on banking efficiency.
It firstly interprets the basic meaning of the bank efficiency and the approaches applied in the banking efficiency research based on a full review of the related studies. Then, it uses the financial data of 12 native banks to measure the technical efficiency, scale efficiency and cost efficiency in order to reflect the micro-operational efficiency of native commercial banks. Finally, it gives an effective way to improve the Chinese commercial banks’efficiency.
For the estimate of technical efficiency which reflects the capability of maximizing the output or minimizing the input, it adopts the input-oriented‘super-efficiency’DEA model in order to solve the problem of ranging the relatively effective DMUs more than one. The result indicates that the technical efficiency of the four state-owned banks is much lower than that of shareholding banks. It probably relates to the lack of high-quality talents and stimulant structure of financial innovation. The Industrial and Commercial Bank of China (icbc), the Agricultural Bank of China (abc) and the China Construction Bank (ccb) have the lowest technical efficiency but have improved more or less.
For the estimate of the scale efficiency which reflects the variation of average cost due to scale change, it uses the multiple-liner regression model. The result indicates that the scale economy of native commercial banks is not clear. The scale efficiency is between 0.9 and 1.07. The scale efficiency value of four state-owned banks is all above 1, and the banks become more and more scale inefficient. Comparatively, the shareholding banks almost have the scale efficiency but the degree of the scale efficiency is decreasing.
For the estimate of cost efficiency which measures the capability of cost control, it introduces the DFA (distribution free approach) to measure it. It finally indicates that the Industrial Bank and the China Merchant Bank have the best cost efficiency, while the Agricultural Bank of China has the lowest cost efficiency. But there isn’t much difference between the state-owned banks and shareholding banks. It is related to the action of stripping bad asset off by our government. And it is also related to insufficient samples.
The empirical analysis finally gives some effective ways to improve the Chinese commercial banks’efficiency. Such as the optimization of property right structure of state-owned commercial banks, the optimization of asset disposition, accelerating the financial technical innovation, establishing the efficient incentive system and raising the quality of human resource, etc.
本文首先进行了大量的文献检索与阅读,梳理目前商业银行效率方面的研究理论和实证方法,并对该项领域做较为深入评析。这也就是论文的第一至第三部分。本文的第四部分,是在国内外已有的研究基础上,结合中国银行业的实际情况和各项金融指标,测量我国商业银行的规模效率、技术效率以及成本效率,用以反映银行微观经营的有效程度。根据第四部分对银行效率的实证分析,本文在第五部分得出结论并给出相应的政策建议。
作为衡量商业银行实现投入最小化或产出最大化的有效程度的技术效率,本文采用投入导向型的DEA方法,采用“超效率”模型来测量。研究发现四大国有商业银行的技术效率普遍偏低,与股份制银行相比有较大差距。这可能与国有商业银行高素质人才和金融创新的激励不足有关。工行、农行、建行处于最低效率之列,但其技术效率五年间有不同程度的提升。对于股份制银行而言,民生银行和兴业银行的技术效率最高,而华夏银行的效率偏低。
作为反映商业银行规模变化对平均成本影响程度的规模效率,本文采用超越对数成本函数,通过多元线性回归进行测度。得出由于产权、竞争机制、经营管理技术以及金融创新水平等原因,我国银行业的规模经济并不明显,规模效率大致都在0.9-1.07范围内的结论。测得四大国有商业银行的规模经济值都大于1,而且四大国有商业银行的规模不经济的现象有递增的趋势,而交行、招行等股份制银行普遍存在着规模经济,但是规模经济的程度有所减弱。
对反映银行投入成本控制有效性的成本效率的测量,本文运用参数方法中的DFA方法进行分析。最终得出兴业银行和招商银行的成本效率最高,而农行的成本效率最低,但国有商业银行与股份制商业银行的成本效率相差不大的结论。这与国家剥离国有银行不良债权等政策行为有关,还有一点不容忽视,就是在实证分析中与我国国有商业银行规模相近的银行样本不足,国有商业银行只能与规模较小的股份制银行和样本内的少数国有商业银行进行相对效率比较,从而出现国有商业银行成本效率评价偏高的情况。
在实证分析的基础上,本文提出提高我国商业银行效率的政策建议。即:进一步完善竞争性的市场结构;改善商业银行的公司治理;优化人力资源配置以及积极推进银行的技术进步和金融创新。
Finance is the core of the modern economy. The development of bank industry is related directly to our country’s financial stability and safety. The banking efficiency is also related to the effect of social resources allocation and the utility level of financial resources.
Since our country joined WTO, our country has cancelled limitation to the foreign banks. The foreign bank is now entering the Chinese market. Our commercial banks face the more fierce competition. Therefore, our commercial banks must improve their competitiveness to face the challenge. The core nature of competitiveness is banking efficiency. Thus it is very important to appraise and compare our country’s banking efficiency. The efficiency research is good for setting the financial regulation for the Chinese bank supervision authority and is good for Chinese commercial banks to judge the efficiency level distance from other banks so as to promote their own efficiency level. Consequently, it is very meaningful to do research on banking efficiency.
It firstly interprets the basic meaning of the bank efficiency and the approaches applied in the banking efficiency research based on a full review of the related studies. Then, it uses the financial data of 12 native banks to measure the technical efficiency, scale efficiency and cost efficiency in order to reflect the micro-operational efficiency of native commercial banks. Finally, it gives an effective way to improve the Chinese commercial banks’efficiency.
For the estimate of technical efficiency which reflects the capability of maximizing the output or minimizing the input, it adopts the input-oriented‘super-efficiency’DEA model in order to solve the problem of ranging the relatively effective DMUs more than one. The result indicates that the technical efficiency of the four state-owned banks is much lower than that of shareholding banks. It probably relates to the lack of high-quality talents and stimulant structure of financial innovation. The Industrial and Commercial Bank of China (icbc), the Agricultural Bank of China (abc) and the China Construction Bank (ccb) have the lowest technical efficiency but have improved more or less.
For the estimate of the scale efficiency which reflects the variation of average cost due to scale change, it uses the multiple-liner regression model. The result indicates that the scale economy of native commercial banks is not clear. The scale efficiency is between 0.9 and 1.07. The scale efficiency value of four state-owned banks is all above 1, and the banks become more and more scale inefficient. Comparatively, the shareholding banks almost have the scale efficiency but the degree of the scale efficiency is decreasing.
For the estimate of cost efficiency which measures the capability of cost control, it introduces the DFA (distribution free approach) to measure it. It finally indicates that the Industrial Bank and the China Merchant Bank have the best cost efficiency, while the Agricultural Bank of China has the lowest cost efficiency. But there isn’t much difference between the state-owned banks and shareholding banks. It is related to the action of stripping bad asset off by our government. And it is also related to insufficient samples.
The empirical analysis finally gives some effective ways to improve the Chinese commercial banks’efficiency. Such as the optimization of property right structure of state-owned commercial banks, the optimization of asset disposition, accelerating the financial technical innovation, establishing the efficient incentive system and raising the quality of human resource, etc.
引文
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70秦宛顺,欧阳俊,《我国国有独资商业银行的费用与规模偏好》,《金融研究》,2002.1
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【2】王振山,《金融效率论——金融资源优化配置的理论与实践》[M],北京:经济管理出版社,2000
【3】魏煜,王丽,《中国商业银行效率研究:一种非参数的分析》[J],《金融研究》,2000.3:88-90
【4】鲁志勇,于良春,《基于DEA的中国国有商业银行效率变化实证研究》[J],《财政金融》,2006.1:100-103
【5】陈敬学,别双枝,《我国商业银行规模经济效率的实证分析及建议》[J],《金融论坛》,2004.10:.46-51
【6】刘琛,宋蔚兰,《基于SFA的中国商业银行效率研究》[J],《金融研究》,2004.6:138-141
【7】刘宗华,范文燕,易行建,《中国银行业的规模经济与技术进步效应检验》[J],《财经研究》,2003.29:32-38
【8】沈谦,陈永春,《我国商业银行规模经济实证研究(1992-2003)》[J],《金融研究》,2004.11
【9】杜丽,王锋,《中国商业银行范围经济状态实证研究》[J],《金融研究》,2002.10
【10】王聪,邹朋飞,《中国商业银行规模经济与范围经济的实证分析》[J],《中国工业经济》,2003.10
【12】赵旭,《中外商业银行效率比较分析》[J],《世界经济文汇》,2001.1:39-44
【13】张建华,《我国商业银行效率的DEA方法及1997-2001年效率的实证分析》[J],《金融研究》,2003.3:11-25
【14】李希义,任若恩,《国有商业银行与股份制商业银行生产效率的比较研究》[J],《生产力研究》,2005.1:51-54
【15】朱南,卓贤,董屹,《关于我国国有商业银行效率的实证分析与改革策略》[J],《管理世界》, 2004.2:18-26
【16】姚数洁,冯根福,姜春霞,《中国银行效率的实证分析》[J],《经济研究》, 2004.8:4-15
【17】常琨,贾守乔,《中国银行业X效率实证研究》[J],《南方经济》,2006.6:18-29
【18】谢朝华,段军山,《基于DEA方法的我国商业银行X-效率研究》[J],《中国管理科学》,2005.4
【19】钱蓁,《中国商业银行的效率研究-SFA方法分析》[J],《南京社会科学》,2003.1:42-46
【20】张超,顾峰,邸强,《基于随机前沿方法的我国商业银行成本效率测度研究》[J],《经济问题探索》,2005.6:116-119
【21】刘志新,刘琛,《基于DFA的中国商业银行效率研究》[J],《数量经济技术经济研究》,2004.4:42-45
【22】庞瑞芝,《我国国有银行和股份制商业银行的效率差异及投入拥挤实证研究》[J],《中央财经大学学报》,2006.9:30-35
【23】于良春,高波,《中国银行业规模经济效益与相关产业组织政策》[J],《中国工业经济》,2003.3 :40-48
【24】杨德,迟国泰,孙秀峰,《中国商业银行效率研究》[J],《系统工程理论方法应用》,2005.14:252-259
【25】Alhadeff , D.,Monopoly and Competition in Commercial Banking[M],Berkeley: University of California Press. 1954
【26】Benston, G. J.,Branch banking and economies of scale,Journal of Finance, 1965, 312-331
【27】Benston, G J., Hanweck, GA. and Humphrey, DB., Scale economies in banking: a restructuring and a reassessment, Journal of Money, Credit and Banking, 1982, 14(4) part1: 435-56
【28】A.N. Berger, David B. Humphrey, Bank Scale Economies, Mergers, Concentration, and Efficiency: The U.S. Experience [J] . working paper, University of Pennsylvania, 1994, Vol25.
【29】Karafolas, S., Mantakas, G., A Note on Cost Structure and Economies of Scale in Greek Banking [J], Journal of Banking & Finance, 1996, Vol20: 377-387.
【30】Baumol W.J , Panzar J.C and Willing R.D , Contestable Markets and the Theory of Industry Structure[J] , American Economic Review, 1982.72:1-15
【31】Allen N. Berger, David B. Humphrey, Lawrence B. Pulley, Do Consumers Pay for One-Stop Banking? Evidence from an Alternative Revenue Function [J], Journal of Banking and Finance, 1996, Vol20, :1601-1621
【32】Klein and Saidenberg, Organization Structure and the Diversification Discount:Evidence from Commercial Banking [J]. Federal reserve bank of Chicago, 2000.5,:594-611.
【33】Allen N. Berger, Robert DeYoung, The Effects of Geographic Expansion on Bank Efficiency, Working Paper Series, Federal Reserve Bank of Chicago, 2000.
【34】Farrel, MJ. The Measurement of Productive Efficiency[J], Journal of Royal Statistical Society, 1957, 120(A):253-281
【35】Humphrey D.B, Cost and Technical Change: Effects from bank deregulation [J]. Journal of Productivity Analysis,1993.4: 9-34
【36】Miller S.M , Noulas A.G., The Technical Efficiency of Large Bank production [J] .Journal of Banking and Finance, 1996. 20:495-509
【37】Wheelock D.C, Wilson PW. , Technical Progress, Inefficiency and Productivity Change in U.S. Banking, 1984-1993[J], working paper, 1994.
【38】Berger, Hunter, Timme, The Efficiency of Financial Institutions: A Review and Preview of Research: Past, Present, and Future [J], Jounal of Banking and Finance , 1993.7: 221-249.
【39】Cadbo, Gardener, Williams, Efficiency in Banking: Empirical Evidence from the Savings Banks Sector [J]. Me Manchester School, 2002.70:204-228.
【40】Joseph P. Hughes, William Lang, Loretta J. Mester, Choon-Geol Moon, Recovering Technologies that Account for Generalized Managerial Preferences: An Application to Non-Risk-Neutral Banks [J],Center for Financial Institutions Working Papers ,Wharton School Center for Financial Institutions, University of Pennsylvania, 1995
【41】Berger A N., De Young , Problem Loans and Cost Efficiency in Commercial Banks[J], Journal of banking and finance, 1997: 849-870.
【42】Leibensein H. , Allocative efficiency VS‘X- efficiency’[J], American Economic review, 1966,56(6): 392-415
【43】Berger,AN., Hunter, WC., and Timme, SG., The Efficiency of Financial Institutions: a Review and Preview of Research Past, Present and Future[J], Journal of Banking and Finance, 1993.17: 221-249
【44】Shephard RW., The Theory of Cost and Production Functions[M], Princeton: Princeton University Press, 1970.
【45】Berger A.N. and L.J. Mester, Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions? [J], Journal of Banking and Finance, 1997.21:895-947
【46】Harker,S.A. Zenios, Performance of Financial Institutions: Efficiency, Innovation, Regulation, Cambridge, England[J]; New York: Cambridge University Press, 2000:93-153
【47】Frei, Harker, Hunter, Inside the Black Box: What Makes a Bank Efficient? Performance of Financial Institutions-Efficiency, Innovation, Regulation [J], Cambridge University Press, 2000.
【48】Tser-yieth Chen, Tsai-lien Yeh , A Study of Efficiency Evaluation in Taiwan’s Banks, International Journal of Service Industry Management[J], 1998.Vol.9, No.5,402-415
【49】Mukherjee, A.,Nath, P., Pal, M.N., Performance Benchmarking and Strategic Homogeneity of Indian banks, the International Journal of Indian banks[J], The International Journal of Bank Marketing, 2002, vol20: 122-139
【50】Muhittin Oral, Reha Yolalan, An Empirical Study on Measuring Operating Efficiency and Profitability of Bank Branches [J].European Journal of Operating Research, 1990.46:282-294.
【51】Bauer PW, Berger AN., Ferrier GD and Hunphrey, DB, Consistency conditions for regulatory analysis of financial institutions: a comparison of frontier efficiency methods[J], Finance and Economics Discussion Series, Federal Reserve Board, 1997.50
【52】Mester,LJ, Traditional and Non-traditional Banking: an Information-theoretic Approach[J], Journal of Banking and Finance, 1992. 16:545-566
【53】Mitchell, K., Onvural, NM, Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier-Flexible Functional Form[J], Journal of Money, Credit and Banking, 1996.28: 178-199
【54】Allen N.Berger,John H.Leusner,John J.Mingo.The efficiency of bank branches [J]. Journal of Monetary Economics, 1997, 40: 141-162.
【55】Altunbas,Y, Goddard, J and Molyneux, P, Technical Change In Banking, Economics Letters, 1999.64: 215-221
【56】Berg, SA, Claussen, CA, Forsund, FR, Bank Efficiency in the Nordic Countries: a Multi-Output Analysis[J], Arbeidsnotat from Norges Bank, 1993
【57】Favero, CA, Papi, L, Technical Efficiency and Scale Efficiency in the Italian Banking Sector: a Non-parametric Approach[J], Applied Economics, 1995.27 :385-395
【58】Wheelock, DC, Wilson, PW., Evaluating the Efficiency of Commercial Banks: Does Our View of What Banks do Matter? [J], Review, Federal Reserve Bank of St Louis.1994
【59】Stephen M.Miller,Athanasios G. Noulas, The technical efficiency of large bank production [J] , Journal of Banking & Finance, 1996, 20:495-509.
【60】Resti,A, Evaluating the Cost-efficiency of the Italian Banking Systerm: What Can Be Learned From the Joined Application of Parametric and Non-parametric techniques [J], Journal of Banking and Finance, 1997.2: 221-250
【61】Banker RD,Charnes A.,Cooper WW.. Some Models for Estimating Technological and Scale Inefficiencies in Data Envelopment analysis[J].Management Science,1984,30(9):1078-1092.
【62】Fare R, Grosskopf S. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countris [J].The American Economic Review, 1994.Vol.84, 66-83
【63】Berger A.N ,‘Distribution-Free’Estimates of Efficiency in the U.S Banking Industry and Tests of the Standard Distributional Assumptions [J]. The Journal of Productivity Analysis. 1993,4(3): 261-292
【64】Hunter, WC. ,Timme, SG., Core Deposits and Physical Capital: a Re-examination of Bank Scale Economies and Effciency with Quasifixed Inputs [J], Journal of Money, Credit and Banking , 1995.27;165-185
【65】Berger,AN., and Mester,LJ, Inside the Black Box: What Explains Differences In the Efficiencies of Financial Institutions [J], Journal of Banking and Finance,1997.21:895-947
【66】Berger,AN, Hannan, TH, The Price-concentration Relationship in Banking [J], Review of Economics and Statistics, 1998.71:291-299
【67】Deyoung, R. Bankmergers,X-efficiency and the Market for Corporate Control [J] .Managerial Finance, 1997,23:32-47
2 Benston, G. J.,Branch banking and economies of scale,Journal of Finance, 1965, 312-331
3 Benston, G J., Hanweck, GA. and Humphrey, DB., Scale economies in banking: a restructuring and a reassessment, Journal of Money, Credit and Banking, 1982, 14(4) part1: 435-56
4 A.N. Berger, David B. Humphrey, Bank Scale Economies, Mergers, Concentration, and Efficiency: The U.S. Experience [J] . working paper, University of Pennsylvania, 1994, Vol25.
5 Karafolas, S., Mantakas, G., A Note on Cost Structure and Economies of Scale in Greek Banking [J], Journal of Banking & Finance, 1996, Vol20: 377-387.
6 Herwig Langohr, Big is Not Best in Euroland [J].The Banker, 1998(1).
7 D Jansen & J. de Haan , Increasing Concentration in European Banking; a macro-level analysis, WO Research Memoranda (discontinued) , Netherlands Central Bank, Research Department, 2003.
8 Baumol W.J , Panzar J.C and Willing R.D , Contestable Markets and the Theory of Industry Structure , New York, 1982
9 Allen N. Berger, David B. Humphrey, Lawrence B. Pulley, Do Consumers Pay for One-Stop Banking? Evidence from an Alternative Revenue Function [J], Journal of Banking and Finance, 1996, Vol20, :1601-1621
10 Klein and Saidenberg, Organization Structure and the Diversification Discount:Evidence from Commercial Banking [J]. Federal reserve bank of Chicago, 2000.5,:594-611.
11 Allen N. Berger, Robert DeYoung, The Effects of Geographic Expansion on Bank Efficiency, Working Paper Series, FederalReserve Bank of Chicago, 2000.
12 Farrel, MJ. The Measurement of Productive Efficiency[J], Journal of Royal Statistical Society, 1957, 120(A):253-281
13 Humphrey D.B, Cost and Technical Change: Effects from bank deregulation [J]. Journal of Productivity Analysis,1993.4: 9-34
14 Miller S.M , Noulas A.G., The Technical Efficiency of Large Bank production [J] .Journal of Banking and Finance, 1996. 20:495-509
15 Wheelock D.C, Wilson PW. , Technical Progress, Inefficiency and Productivity Change in U.S. Banking, 1984-1993[J], working paper, 1994.
16 Berger, Hunter, Timme, The Efficiency of Financial Institutions: A Review and Preview of Research: Past, Present, and Future [J], Jounal of Banking and Finance , 1993.7: 221-249.
17 Cadbo, Gardener, Williams, Efficiency in Banking: Empirical Evidence from the Savings Banks Sector [J]. Me Manchester School, 2002.70:204-228.
18 Joseph P. Hughes, William Lang, Loretta J. Mester, Choon-Geol Moon, Recovering Technologies that Account for Generalized Managerial Preferences: An Application to Non-Risk-Neutral Banks [J],Center for Financial Institutions Working Papers ,Wharton School Center for Financial Institutions, University of Pennsylvania, 1995 Joseph P. Hughes , William W. Lang , Loretta J. Mester, Choon-Geol Moon, Efficient banking under interstate branching [J], Working Papers , Federal Reserve Bank of Philadelphia,1996.
19Kwan, SH., Eisenbeis, RA., An Analysis of Inefficiencies in Banking [J], Journal of Banking and Finance, 1995.19: 733-734
20Hughes J.P. , Mester L.J, A Quality and Risk-adjusted Cost Function For Banks: Evidence on the“too-big-to-fail”Doctrine [J], Journal of Productivity analysis, 1993.4: 293-315
21 Berger A N., De Young , Problem Loans and Cost Efficiency in Commercial Banks[J], Journal of banking and finance, 1997: 849-870.
22魏煜,王丽,《中国商业银行效率研究:一种非参数的分析》[J],《金融研究》,2000.3:88-90。
23鲁志勇,于良春,《基于DEA的中国国有商业银行效率变化实证研究》[J],《财政金融》,2006.1:100-103。
24陈敬学,别双枝,《我国商业银行规模经济效率的实证分析及建议》[J],《金融论坛》,2004.10:.46-51
25刘琛,宋蔚兰,《基于SFA的中国商业银行效率研究》[J],《金融研究》,2004.6:138-141
26刘宗华,范文燕,易行建,《中国银行业的规模经济与技术进步效应检验》[J],《财经研究》,2003.29:32-38
27沈谦,陈永春,《我国商业银行规模经济实证研究(1992-2003)》[J],《金融研究》,2004.11
28杜丽,王锋,《中国商业银行范围经济状态实证研究》[J],《金融研究》,2002.10
29王聪,邹朋飞,《中国商业银行规模经济与范围经济的实证分析》[J],《中国工业经济》,2003.10
30吕素香,《金融业范围经济研究》[J],《财经问题研究》, 2004.7
31赵旭,《中外商业银行效率比较分析》[J],《世界经济文汇》,2001.1:39-44
32张建华,《我国商业银行效率的DEA方法及1997-2001年效率的实证分析》[J],《金融研究》,2003.3:11-25
33李希义,任若恩,《国有商业银行与股份制商业银行生产效率的比较研究》[J],《生产力研究》,2005.1:51-54
34朱南,卓贤,董屹,《关于我国国有商业银行效率的实证分析与改革策略》[J],《管理世界》, 2004.2:18-26
35姚数洁,冯根福,姜春霞,《中国银行效率的实证分析》[J],《经济研究》, 2004.8:4-15
36常琨,贾守乔,《中国银行业X效率实证研究》[J],《南方经济》,2006.6:18-29
37谢朝华,段军山,《基于DEA方法的我国商业银行X-效率研究》[J],《中国管理科学》,2005.4
38钱蓁,《中国商业银行的效率研究-SFA方法分析》[J],《南京社会科学》,2003.1:42-46
39张超,顾峰,邸强,《基于随机前沿方法的我国商业银行成本效率测度研究》[J],《经济问题探索》,2005.6:116-119
40刘志新,刘琛,《基于DFA的中国商业银行效率研究》[J],《数量经济技术经济研究》,2004.4:42-45
41 Leibensein H. , Allocative efficiency VS‘X- efficiency’, American Economic review, 1966,56(6):392-415
42 Berger,AN., Hunter, WC., and Timme, SG., The Efficiency of Financial Institutions: a Review and Preview of Research Past, Present and Future, Journal of Banking and Finance, 1993.17: 221-249
43 Shephard RW., The Theory of Cost and Production Functions, Princeton: Princeton University Press,1970.
44 Berger A.N. and L.J. Mester, Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions? , Journal of Banking and Finance, 1997.21:895-947
45 Harker,S.A. Zenios, Performance of Financial Institutions: Efficiency, Innovation, Regulation, Cambridge, England; New York: Cambridge University Press, 2000:93-153
46 Frei, Harker, Hunter, Inside the Black Box: What Makes a Bank Efficient? Performance of Financial Institutions-Efficiency, Innovation, Regulation, Cambridge University Press, 2000.
47于利平,《我国商业银行效率的测算与分析研究》(万方数据库)
48 Tser-yieth Chen, Tsai-lien Yeh , A Study of Efficiency Evaluation in Taiwan’s Banks, International Journal of Service Industry Management, 1998.Vol.9, No.5,402-415
49 Mukherjee, A.,Nath, P., Pal, M.N., Performance Benchmarking and Strategic Homogeneity of Indian banks, the International Journal of Indian banks, The International Journal of Bank Marketing, 2002, vol20: 122-139
50 Muhittin Oral, Reha Yolalan, An Empirical Study on Measuring Operating Efficiency and Profitability of Bank Branches [J].European Journal of Operating Research, 1990.46:282-294.
51 Bauer PW, Berger AN., Ferrier GD and Hunphrey, DB, Consistency conditions for regulatory analysis of financial institutions: a comparison of frontier efficiency methods, Finance and Economics Discussion Series, Federal Reserve Board, 1997.50
52 Mester,LJ, Traditional and Non-traditional Banking: an Information-theoretic Approach, Journal of Banking and Finance, 1992. 16:545-566
53 Mitchell, K., Onvural, NM, Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier-Flexible Functional Form, Journal of Money, Credit and Banking, 1996.28: 178-199
54 Allen N.Berger,John H.Leusner,John J.Mingo.The efficiency of bank branches.Journal of Monetary Economics, 1997, 40: 141-162.
55 Altunbas,Y, Goddard, J and Molyneux, P, Technical Change In Banking, Economics Letters, 1999.64:215-221
56 Berg, SA, Claussen, CA, Forsund, FR, Bank Efficiency in the Nordic Countries: a Multi-Output Analysis, Arbeidsnotat from Norges Bank, 1993
57 Favero, CA, Papi, L, Technical Efficiency and Scale Efficiency in the Italian Banking Sector: a Non-parametric Approach, Applied Economics, 1995.27 :385-395
58 Wheelock, DC, Wilson, PW., Evaluating the Efficiency of Commercial Banks: Does Our View of What Banks do Matter?, Review, Federal Reserve Bank of St Louis.1994
59 Stephen M.Miller,Athanasios G. Noulas, The technical efficiency of large bank production , Journal of Banking & Finance, 1996, 20:495-509.
60 Resti,A, Evaluating the Cost-efficiency of the Italian Banking Systerm: What Can Be Learned From the Joined Application of Parametric and Non-parametric techniques, Journal of Banking and Finance, 1997.2: 221-250
61 Banker RD,Charnes A.,Cooper WW.. Some Models for Estimating Technological and Scale Inefficiencies in Data Envelopment analysis[J].Management Science,1984,30(9):1078-1092.
62 Fare R, Grosskopf S. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countris [J].The American Economic Review, 1994.Vol.84, 66-83
63 Berger A.N ,‘Distribution-Free’Estimates of Efficiency in the U.S Banking Industry and Tests of the Standard Distributional Assumptions. The Journal of Productivity Analysis. 1993,4(3): 261-292
64 Hunter, WC. ,Timme, SG., Core Deposits and Physical Capital: a Re-examination of Bank Scale Economies and Effciency with Quasifixed Inputs, Journal of Money, Credit and Banking , 1995.27;165-185
65 Berger,AN., and Mester,LJ, Inside the Black Box: What Explains Differences In the Efficiencies of Financial Institutions, Journal of Banking and Finance,1997.21:895-947
66 Berger,AN, Hannan, TH, The Price-concentration Relationship in Banking, Review of Economics and Statistics, 1998.71:291-299
67 Deyoung, R. Bankmergers,X-efficiency and the Market for Corporate Control .Managerial Finance, 1997,23:32-47
68 Hancock,D , The Financial Firm: Production with Monetary and Non-monetary Goods, Journal of Political Economy, 1985. 93: 859-580
69杨德,迟国泰,孙秀峰,《中国商业银行效率研究》,《系统工程理论方法应用》,2005.14:252-259
70秦宛顺,欧阳俊,《我国国有独资商业银行的费用与规模偏好》,《金融研究》,2002.1
【1】白钦先等,《金融可持续发展导论》[M],北京:中国金融出版社,2001
【2】王振山,《金融效率论——金融资源优化配置的理论与实践》[M],北京:经济管理出版社,2000
【3】魏煜,王丽,《中国商业银行效率研究:一种非参数的分析》[J],《金融研究》,2000.3:88-90
【4】鲁志勇,于良春,《基于DEA的中国国有商业银行效率变化实证研究》[J],《财政金融》,2006.1:100-103
【5】陈敬学,别双枝,《我国商业银行规模经济效率的实证分析及建议》[J],《金融论坛》,2004.10:.46-51
【6】刘琛,宋蔚兰,《基于SFA的中国商业银行效率研究》[J],《金融研究》,2004.6:138-141
【7】刘宗华,范文燕,易行建,《中国银行业的规模经济与技术进步效应检验》[J],《财经研究》,2003.29:32-38
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