股权结构对商业银行技术效率影响的实证分析
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摘要
股权结构对商业银行技术效率影响的研究是金融学的核心内容之一,但关于两者之间的关系研究尚无一致的结论。本世纪初中国商业银行开始股份制改革之后,股权结构对中国商业银行技术效率影响的研究日益受到国内外学者的关注。本文便以中国主要商业银行为样本检验两者之间的关系,旨在通过实证研究深入理解股权结构对中国商业银行技术效率影响情况,为中国商业银行股份制改革提供理论依据。
论文首先综述国内外相关研究现状,提出了研究的意义;其次,界定了银行技术效率和股权结构的概念,分析了中国商业银行股权结构现状和特点,阐述了股权结构对银行技术效率影响的作用机理;然后,对1998—2007年中国14家商业银行运用DataEnvelop Analysis(DEA)非参数法测度银行技术效率,基于股权结构对银行技术效率影响的作用机理提出理论假说,并构建股权结构对银行技术效率影响的Tobit回归模型加以实证,实证结论认为:国有商业银行的技术效率低于股份制商业银行,但之间的差距在逐渐缩小;股权结构对我国商业银行技术效率的改善效果显著,中国商业银行股份制改革明显提升了银行技术效率水平。
论文的创新性工作主要表现在:
1.分析股权结构对银行技术效率影响的作用机理。分别阐述了股权性质和股权集中度对银行技术效率的影响,提出了股权结构对技术效率的传导机制。
2.建立银行技术效率的DEA测度模型,构建引入股权结构对银行技术效率影响的Tobit模型并加以实证。选定投入产出变量测度银行技术效率,加入宏观经济政策、市场结构以及资产质量作为银行技术效率的控制变量,实证分析了股权性质和股权集中度银行技术效率的影响,提出相关政策建议。
The research on relationship between ownership structure and Chinese commercial banks' technical efficiency is one of the most important topics in the theory of finance, although there is still no unified conclusion. At the beginning of this century, Chinese commercial banks started the pace of Shareholding System Reformation, domestic and foreign researchers have paid more and more attention to estimate the effect of ownership structure on technical efficiency. In this paper, we choose Chinese major commercial banks as sample to examine the relationship between them, and intend through in-depth study to draw some conclusions.
Firstly, we review the status of related research, list the means of this paper; then, define the technical efficiency and ownership structure, analyze the present conditions and characteristics of ownership structure of Chinese commercial banks, propose the impact and transmission mechanism between ownership structure and technical efficiency; next, select Chinese 14 commercial banks in 1998-2007 to measure technical efficiency by using DEA method; finally construct Tobit regression model to estimate the impact of ownership structure on the technical efficiency. The empirical results show that: State-owned commercial banks are less technical efficiency than that of Joint-stock banks, while the difference among banks becomes more and more insignificant. The improvement of technical efficiency supports the proceeding Shareholding System Reformation significantly elevates the technical efficiency of Chinese commercial banks.
The main innovations in this dissertation are:
1. We analyze the functional mechanism between ownership structure and technical efficiency, investigate the effect of the property and concentration of ownership on the technical efficiency, and propose the transmission mechanism between them.
2. We build DEA model to measure the technical efficiency of commercial banks, construct Tobit regression models to empirically examine the effect of ownership structure on technical efficiency, select the input and output as variables in DEA model and macroeconomic policies, market structure and assets quality as the controllable variables of technical efficiency, respectively. We conclude the results and put forward related policy suggestions.
论文首先综述国内外相关研究现状,提出了研究的意义;其次,界定了银行技术效率和股权结构的概念,分析了中国商业银行股权结构现状和特点,阐述了股权结构对银行技术效率影响的作用机理;然后,对1998—2007年中国14家商业银行运用DataEnvelop Analysis(DEA)非参数法测度银行技术效率,基于股权结构对银行技术效率影响的作用机理提出理论假说,并构建股权结构对银行技术效率影响的Tobit回归模型加以实证,实证结论认为:国有商业银行的技术效率低于股份制商业银行,但之间的差距在逐渐缩小;股权结构对我国商业银行技术效率的改善效果显著,中国商业银行股份制改革明显提升了银行技术效率水平。
论文的创新性工作主要表现在:
1.分析股权结构对银行技术效率影响的作用机理。分别阐述了股权性质和股权集中度对银行技术效率的影响,提出了股权结构对技术效率的传导机制。
2.建立银行技术效率的DEA测度模型,构建引入股权结构对银行技术效率影响的Tobit模型并加以实证。选定投入产出变量测度银行技术效率,加入宏观经济政策、市场结构以及资产质量作为银行技术效率的控制变量,实证分析了股权性质和股权集中度银行技术效率的影响,提出相关政策建议。
The research on relationship between ownership structure and Chinese commercial banks' technical efficiency is one of the most important topics in the theory of finance, although there is still no unified conclusion. At the beginning of this century, Chinese commercial banks started the pace of Shareholding System Reformation, domestic and foreign researchers have paid more and more attention to estimate the effect of ownership structure on technical efficiency. In this paper, we choose Chinese major commercial banks as sample to examine the relationship between them, and intend through in-depth study to draw some conclusions.
Firstly, we review the status of related research, list the means of this paper; then, define the technical efficiency and ownership structure, analyze the present conditions and characteristics of ownership structure of Chinese commercial banks, propose the impact and transmission mechanism between ownership structure and technical efficiency; next, select Chinese 14 commercial banks in 1998-2007 to measure technical efficiency by using DEA method; finally construct Tobit regression model to estimate the impact of ownership structure on the technical efficiency. The empirical results show that: State-owned commercial banks are less technical efficiency than that of Joint-stock banks, while the difference among banks becomes more and more insignificant. The improvement of technical efficiency supports the proceeding Shareholding System Reformation significantly elevates the technical efficiency of Chinese commercial banks.
The main innovations in this dissertation are:
1. We analyze the functional mechanism between ownership structure and technical efficiency, investigate the effect of the property and concentration of ownership on the technical efficiency, and propose the transmission mechanism between them.
2. We build DEA model to measure the technical efficiency of commercial banks, construct Tobit regression models to empirically examine the effect of ownership structure on technical efficiency, select the input and output as variables in DEA model and macroeconomic policies, market structure and assets quality as the controllable variables of technical efficiency, respectively. We conclude the results and put forward related policy suggestions.
引文
[1] Boubakri, N., J.-C. Cosset, et al. Privatization and bank performance in developing countries. Journal of Banking & Finance, 2005, 29(8-9): 2015-2041.
[2] Emilia Bonaccorsi di Patti, D. C. H. Financial sector liberalization, bank privatization, and efficiency: Evidence from Pakistan. Journal of Banking & Finance, 2005,29: 2381-2406.
[3] George R.G. Clarke, R. C, Mary M. Shirley. Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance, 2005,29: 1905-1930.
[4] Bonin, J.P., Hasan, I., Wachtel, P. Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 2005,29: 31-53.
[5] John P. Bonin, I. H., Paul Wachtel. Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance, 2005, 29: 2155-2178.
[6] Megginson, W. L. The economics of bank privatization. Journal of Banking & Finance, 2005, 29(8-9): 1931-1980.
[7] Fries, S., Taci, A. Cost Efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking & Finance, 2005,29: 55-81.
[8] Williams, J. and N. Nguyen. Financial liberalisation, crisis, and restructuring: A comparative study of bank performance and bank governance in South East Asia. Journal of Banking & Finance, 2005, 29(8-9): 2119-2154.
[9] Xiaogang Chen, Michael Skully, Kym Brown. Banking efficiency in China: Application of DEA to pre- and post-deregulation eras: 1993-2000. China Economic Review, 2005, 16: 229-245.
[10] Havrylchyk, O. Efficiency of the Polish banking industry: Foreign versus domestic banks. Journal of Banking & Finance, 2006, 30: 1975-1996.
[11] Giuliano Iannotta, G. N., Andrea Sironi. Ownership structure, risk and performance in the European banking industry. Journal of Banking & Finance, 2007, 31(7): 2127-2149.
[12] Fu, X. and S. Heffernan. Cost X-efficiency in China's banking sector. China Economic Review, 2007, 18(1): 35-53.
[13] Barros, C. P., C. Ferreira, et al. Analysing the determinants of performance of best and worst European banks: A mixed logit approach. Journal of Banking & Finance, 2007, 31(7): 2189-2203.
[14] C. Staikouras、 E. Mamatzakis and A. Koutsomanoli-Filippaki. Cost efficiency of the banking industry in the South Eastern European region. Journal of International Financial Markets, Institutions and Money, 2008, 18(5): 483-497.
[15] Larissa Kyj, Ihsan Isik. Bank x-efficiency in Ukraine: An analysis of service characteristics and ownership. Journal of Economics and Business, 2008, 60(4): 369-393.
[16] Fu, X. and S. Heffernan. The effects of reform on China's bank structure and performance. Journal of Banking & Finance, 2008, In Press, Corrected Proof.
[17] Berger, A. N., I. Hasan, et al.. Bank ownership and efficiency in China: What will happen in the world's largest nation. Journal of Banking & Finance, 2008, In Press, Corrected Proof.
[18] Ariff, M. and L. Can. Cost and profit efficiency of Chinese banks: A non-parametric analysis. China Economic Review, 2008, In Press, Corrected Proof.
[19]Lensink,R.,Meesters,A.,Naaborg,I.Bank efficiency and foreign ownership:Do good institutions matter?,Journal of Banking & Finance,2007,32(5):834-844.
[20]李军.国有商业银行产权制度效率的探讨.财经问题研究,1999,12:38-40.
[21]赵旭.国有商业银行效率的实证研究.经济科学,2000,6:45-50.
[22]魏煜,王丽.中国商业银行效率研究:一种非参数的分析.金融研究,2000,3:88-96.
[23]秦宛顺,欧阳俊.中国商业银行业市场结构、效率和绩效.经济科学,2001,4:34-45.
[24]赵旭,蒋振声,周军民.中国银行业市场结构与绩效实证研究.金融研究,2001,3:59-67.
[25]赵昕,薛俊波,殷克东.基于DEA的商业银行竞争力分析.数量经济技术经济研究,2002,9:84-87.
[26]刘伟,黄桂田.中国银行业改革的侧重点:产权结构还是市场结构.经济研究,2002,8:3-11.
[27]黄宪,王方宏.中国与德国的国有银行效率差异及其分析.世界经济,2002,3:71-79.
[28]奚君羊,曾振宇.中国商业银行的效率分析.国际金融研究,2003,5:17-21.
[29]林求,王治平.中国商业银行运行效率和获利效率的实证分析.商业研究,2004,7:43-45.
[30]郭妍.中国商业银行效率决定因素的理论探讨与实证检验.金融研究,2005,2:115-123.
[31]刘玲玲,李西新.银行成本无效率的实证研究.中国主要商业银行及其引进的战略投资者.中国软科学.2006,11.
[32]谭政勋.中国商业银行效率的影响因素:产权制度还是市场结构.当代财经,2005,11:
[33]邓录军,曹廷求.中国商业银行效率及其影响因素的实证分析.金融研究,2005,1:91-101.
[34]陈伟光.中国银行业的合理结构:一个分析框架.财贸经济,2004,9:20-24.
[35]倪海江等.中国商业银行效率分析:市场结构、产权结构和超产权理论比较.金融与经济.2006,2.
[36]苏国强.中国商业银行产权、治理结构与效率实证研究.生产力研究.2006,11.
[37]吴栋,周建平.基于SFA的中国商业银行股权结构选择的实证研究.金融研究,2007,7:47-60.
[38]邱兆祥,张磊.经过风险调整的商业银行利润效率评价研究—基于随机利润边界方法.金融研究,2007,3:98-111.
[39]王聪,谭政勋.中国商业银行效率结构研究.经济研究,2007,7:110-123.
[40]徐传谌,齐树天.中国商业银行X-效率实证研究.经济研究,2007,3:106-116.
[41]杨大强,张爱武.1996-2005年中国商业银行的效率评价—基于和利润效率的实证分析.金融研究,2007,12:102-112.
[42]Farrell,M.J.The measurement of productive efficiency.Journal of the Royal Statistical Society,Series A:General,1957,120:253-281.
[43]Berger,A.and I.Mester.Inside the Black Box:What Explains Differences in the Ef-ficiencies of Financial Institutions?.Journal of Banking and Finance,1997,21:895-947.
[44]Banker,R,Charnes,A,Cooper,W.Some Models for Estimating Technical And Scale In-efficiencies in Data Envelopment Analysis.Management Science,1984,30:1078-1092.
[2] Emilia Bonaccorsi di Patti, D. C. H. Financial sector liberalization, bank privatization, and efficiency: Evidence from Pakistan. Journal of Banking & Finance, 2005,29: 2381-2406.
[3] George R.G. Clarke, R. C, Mary M. Shirley. Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance, 2005,29: 1905-1930.
[4] Bonin, J.P., Hasan, I., Wachtel, P. Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 2005,29: 31-53.
[5] John P. Bonin, I. H., Paul Wachtel. Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance, 2005, 29: 2155-2178.
[6] Megginson, W. L. The economics of bank privatization. Journal of Banking & Finance, 2005, 29(8-9): 1931-1980.
[7] Fries, S., Taci, A. Cost Efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking & Finance, 2005,29: 55-81.
[8] Williams, J. and N. Nguyen. Financial liberalisation, crisis, and restructuring: A comparative study of bank performance and bank governance in South East Asia. Journal of Banking & Finance, 2005, 29(8-9): 2119-2154.
[9] Xiaogang Chen, Michael Skully, Kym Brown. Banking efficiency in China: Application of DEA to pre- and post-deregulation eras: 1993-2000. China Economic Review, 2005, 16: 229-245.
[10] Havrylchyk, O. Efficiency of the Polish banking industry: Foreign versus domestic banks. Journal of Banking & Finance, 2006, 30: 1975-1996.
[11] Giuliano Iannotta, G. N., Andrea Sironi. Ownership structure, risk and performance in the European banking industry. Journal of Banking & Finance, 2007, 31(7): 2127-2149.
[12] Fu, X. and S. Heffernan. Cost X-efficiency in China's banking sector. China Economic Review, 2007, 18(1): 35-53.
[13] Barros, C. P., C. Ferreira, et al. Analysing the determinants of performance of best and worst European banks: A mixed logit approach. Journal of Banking & Finance, 2007, 31(7): 2189-2203.
[14] C. Staikouras、 E. Mamatzakis and A. Koutsomanoli-Filippaki. Cost efficiency of the banking industry in the South Eastern European region. Journal of International Financial Markets, Institutions and Money, 2008, 18(5): 483-497.
[15] Larissa Kyj, Ihsan Isik. Bank x-efficiency in Ukraine: An analysis of service characteristics and ownership. Journal of Economics and Business, 2008, 60(4): 369-393.
[16] Fu, X. and S. Heffernan. The effects of reform on China's bank structure and performance. Journal of Banking & Finance, 2008, In Press, Corrected Proof.
[17] Berger, A. N., I. Hasan, et al.. Bank ownership and efficiency in China: What will happen in the world's largest nation. Journal of Banking & Finance, 2008, In Press, Corrected Proof.
[18] Ariff, M. and L. Can. Cost and profit efficiency of Chinese banks: A non-parametric analysis. China Economic Review, 2008, In Press, Corrected Proof.
[19]Lensink,R.,Meesters,A.,Naaborg,I.Bank efficiency and foreign ownership:Do good institutions matter?,Journal of Banking & Finance,2007,32(5):834-844.
[20]李军.国有商业银行产权制度效率的探讨.财经问题研究,1999,12:38-40.
[21]赵旭.国有商业银行效率的实证研究.经济科学,2000,6:45-50.
[22]魏煜,王丽.中国商业银行效率研究:一种非参数的分析.金融研究,2000,3:88-96.
[23]秦宛顺,欧阳俊.中国商业银行业市场结构、效率和绩效.经济科学,2001,4:34-45.
[24]赵旭,蒋振声,周军民.中国银行业市场结构与绩效实证研究.金融研究,2001,3:59-67.
[25]赵昕,薛俊波,殷克东.基于DEA的商业银行竞争力分析.数量经济技术经济研究,2002,9:84-87.
[26]刘伟,黄桂田.中国银行业改革的侧重点:产权结构还是市场结构.经济研究,2002,8:3-11.
[27]黄宪,王方宏.中国与德国的国有银行效率差异及其分析.世界经济,2002,3:71-79.
[28]奚君羊,曾振宇.中国商业银行的效率分析.国际金融研究,2003,5:17-21.
[29]林求,王治平.中国商业银行运行效率和获利效率的实证分析.商业研究,2004,7:43-45.
[30]郭妍.中国商业银行效率决定因素的理论探讨与实证检验.金融研究,2005,2:115-123.
[31]刘玲玲,李西新.银行成本无效率的实证研究.中国主要商业银行及其引进的战略投资者.中国软科学.2006,11.
[32]谭政勋.中国商业银行效率的影响因素:产权制度还是市场结构.当代财经,2005,11:
[33]邓录军,曹廷求.中国商业银行效率及其影响因素的实证分析.金融研究,2005,1:91-101.
[34]陈伟光.中国银行业的合理结构:一个分析框架.财贸经济,2004,9:20-24.
[35]倪海江等.中国商业银行效率分析:市场结构、产权结构和超产权理论比较.金融与经济.2006,2.
[36]苏国强.中国商业银行产权、治理结构与效率实证研究.生产力研究.2006,11.
[37]吴栋,周建平.基于SFA的中国商业银行股权结构选择的实证研究.金融研究,2007,7:47-60.
[38]邱兆祥,张磊.经过风险调整的商业银行利润效率评价研究—基于随机利润边界方法.金融研究,2007,3:98-111.
[39]王聪,谭政勋.中国商业银行效率结构研究.经济研究,2007,7:110-123.
[40]徐传谌,齐树天.中国商业银行X-效率实证研究.经济研究,2007,3:106-116.
[41]杨大强,张爱武.1996-2005年中国商业银行的效率评价—基于和利润效率的实证分析.金融研究,2007,12:102-112.
[42]Farrell,M.J.The measurement of productive efficiency.Journal of the Royal Statistical Society,Series A:General,1957,120:253-281.
[43]Berger,A.and I.Mester.Inside the Black Box:What Explains Differences in the Ef-ficiencies of Financial Institutions?.Journal of Banking and Finance,1997,21:895-947.
[44]Banker,R,Charnes,A,Cooper,W.Some Models for Estimating Technical And Scale In-efficiencies in Data Envelopment Analysis.Management Science,1984,30:1078-1092.
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