外资参股与中资银行综合价值创造能力研究
|
摘要
进入本世纪以来,随着我国金融体制不断改革与发展,我国商业银行自身的经营水平和竞争能力也得到了一定的改善。而在商业银行改革与发展的过程中,境外投资者的引入无疑是一个颇为引人注目的现象,包括国有商业银行以及股份制商业银行在内的很多大型商业银行均曾引入境外投资者进行参股,以期望从中获得一定的绩效提升效果。在这样的背景下,科学合理的认识我国商业银行经营水平的变化,评判商业银行现有战略的得失以及境外投资者参股在我国商业银行发展中起到的作用具有一定的现实意义和参考价值。
曾有很多学者对外资参股与商业银行绩效之间的关系进行过多方面的研究。然而从现有研究来看,其所采用的商业银行绩效评价大多为财务指标或效率指标等短期评价体系,无法从全方面体现商业银行综合竞争力的变化,同时对于外资参股对商业银行的影响也缺乏理论层面的分析。基于以上背景,本文从我国商业银行的绩效评价出发,着重探讨了境外战略投资者的战略参股行为对中资银行综合价值创造能力所产生的影响。首先,本文基于商业银行的盈利性、安全性、流动性、规模性以及治理结构和长期发展能力的评估建立了一套能够从不同侧面反映我国商业银行综合价值创造能力的评价指标；其次,本文从理论层面探讨了外资参股对东道国银行经营绩效所产生的影响,指出外资银行的参股可能从促进银行技术进步以及治理结构改善两个方面提升国内银行的综合价值创造能力,但其具体效果依赖于国内银行自身的技术基础、市场结构以及外资投资者的特征等因素；再次,在理论分析的基础上,通过对我国12家主要商业银行综合价值创造能力的测算评价了商业银行近年来经营状况的变化趋势,并以此为基础借鉴计量经济模型和案例分析考察外资参股对我国商业银行经营状况所产生的影响；最后,结合本文的理论分析与实证研究结论给出了我国商业银行在未来发展和引进外资过程中的对策与建议。通过相关研究,本文认为,我国商业银行的综合价值创造能力在近年来得到了相当程度的改善与提升,但这种提升主要源自于我国经济的发展以及国有银行的股份制改革的推动,而并非源自外资银行对我国银行的参股行为。但从具体细节来看,外资进入仍对于银行某些局部方面的经营绩效产生了一定的推动和促进作用。
总体而言,本文的主要创新点如下：
(1)本文针对我国商业银行原有的经营发展状况评价指标体系的缺陷,从盈利性、安全性、流动性、规模性、管理能力以及长期发展能力六个方面探索性的构造了一个综合价值创造能力评价指标体系,这对于高风险,高收益的银行资本市场的持续发展和稳健运行具有一定的参考价值。
(2)论文从外资银行参股所带来的技术转移效应以及治理结构改善效应两方面入手,从理论层面分析了外资银行进入对我国商业银行绩效水平和价值能力所可能产生的影响以及具体的作用机制,弥补了现有研究在理论方面的不足。
(3)论文利用我国银行的年报数据资料对12家主要国内商业银行近年来综合价值创造能力的变化进行了测算与评价,较为准确和系统的反映了我国商业银行近年来的经营状况
(4)在剔除我国宏观经济发展国有商业银行股份制改革效应的情况下,构建计量检验模型对外资银行参股对我国银行综合价值创造能力产生的影响进行实证检验,对我国商业银行综合价值创造能力变化背后的真实原因形成更为科学准确的判断。
Since2000, together with the transformation and the opening of the bank system, the operation level and the competitiveness of Chinese commercial banks have also been improved. Among the process of transformation and development, the penetration of foreign investment is undoubtedly the most striking phenomenon. Nearly all commercial banks, including joint-stock banks and state-owned banks have attracted foreign investors in order to promote their business results. With this background, it's valuable and practically significant to know about the change of Chinese commercial banks' operation level, evaluate their strategies and the role played by foreign investors in their operation.
Many researchers have studied the relationship between the penetration of foreign investment and the performance of commercial banks, While much of them based on the short-term evaluation system such as financial index or efficiency index, which cannot reflect the integral status of commercial banks. Also these researches were lack of theoretical analysis. Based upon these backgrounds, this dissertation has come up from the evaluation of commercial banks' performance and discussed the effect of strategy investment of foreign investors to Chinese banks'composite value creation capacity. Firstly, this dissertation intends to setup an integrated indicator to illustrate the composite value creation capacity of the Chinese commercial banks based on their profitability, safety, liquidity, scale, managerial structure and long-term development capacity. Secondly, we discussed the effect of foreign invest to host country's commercial bank at theoretical level and pointed out that foreign invest can affect domestic banks' composite value creation capacity in two ways:one is to promote domestic bank's technology progress, and the other is to improve domestic banks' managerial structure, while the specific results will depends on domestic banks' technology base, market structure and the character of foreign investors. Thirdly, Using12Chinese main commercial banks as the sample, this dissertation has calculated their composite value creation capacity index. Finally, based upon the result, the study examined the effect of foreign invest in Chinese commercial banks with the econometrics model and case study. Through theoretical analysis and empirical test, we conclude that the composite value capacity of Chinese commercial banks has improved in recent years, but this achievement is mainly caused by financial growth of China and the joint-stock reformation of the state-owned banks but not the strategy investment of foreign banks. But in some aspects, the entrance of the foreign investment also contributed to the development of some banks.
The main creation of this dissertation can be summarized as below.
(1) Aiming at the flaw of the existing performance evaluating index of commercial banks, this dissertation has constructed a new set of Composite Value Creation Capacity Index concluding profit, safety, liquidity, scale, managerial capacity and long-term development capacity, which is useful to the sustainable development and stably operation of commercial bank market that face to high risks and high backwards.
(2) Focus on the technology-transfer effect and the management structure's improvement effect, this dissertation has discussed the effect of foreign invest to domestic commercial banks' composite value creation capacity as well as the mechanism in theoretical level, and given the political suggestions from both macro (industry) and micro (enterprise) level.
(3) Used12Chinese main commercial banks as the sample, this dissertation calculated and evaluated their composite value creation capacity so that it can reflect Chinese commercial banks' operation conditions more accurately.
(4) By removing the effect brought by the development of Chinese economy and the Joint-stock reform of Chinese state-owned banks, this dissertation examined the foreign investors' efforts to Chinese commercial banks'composite value creation capacity by setting up econometric model, so that it can give a more accurate judgment about the reason behind the promotion of Chinese commercial banks' performance.
曾有很多学者对外资参股与商业银行绩效之间的关系进行过多方面的研究。然而从现有研究来看,其所采用的商业银行绩效评价大多为财务指标或效率指标等短期评价体系,无法从全方面体现商业银行综合竞争力的变化,同时对于外资参股对商业银行的影响也缺乏理论层面的分析。基于以上背景,本文从我国商业银行的绩效评价出发,着重探讨了境外战略投资者的战略参股行为对中资银行综合价值创造能力所产生的影响。首先,本文基于商业银行的盈利性、安全性、流动性、规模性以及治理结构和长期发展能力的评估建立了一套能够从不同侧面反映我国商业银行综合价值创造能力的评价指标；其次,本文从理论层面探讨了外资参股对东道国银行经营绩效所产生的影响,指出外资银行的参股可能从促进银行技术进步以及治理结构改善两个方面提升国内银行的综合价值创造能力,但其具体效果依赖于国内银行自身的技术基础、市场结构以及外资投资者的特征等因素；再次,在理论分析的基础上,通过对我国12家主要商业银行综合价值创造能力的测算评价了商业银行近年来经营状况的变化趋势,并以此为基础借鉴计量经济模型和案例分析考察外资参股对我国商业银行经营状况所产生的影响；最后,结合本文的理论分析与实证研究结论给出了我国商业银行在未来发展和引进外资过程中的对策与建议。通过相关研究,本文认为,我国商业银行的综合价值创造能力在近年来得到了相当程度的改善与提升,但这种提升主要源自于我国经济的发展以及国有银行的股份制改革的推动,而并非源自外资银行对我国银行的参股行为。但从具体细节来看,外资进入仍对于银行某些局部方面的经营绩效产生了一定的推动和促进作用。
总体而言,本文的主要创新点如下：
(1)本文针对我国商业银行原有的经营发展状况评价指标体系的缺陷,从盈利性、安全性、流动性、规模性、管理能力以及长期发展能力六个方面探索性的构造了一个综合价值创造能力评价指标体系,这对于高风险,高收益的银行资本市场的持续发展和稳健运行具有一定的参考价值。
(2)论文从外资银行参股所带来的技术转移效应以及治理结构改善效应两方面入手,从理论层面分析了外资银行进入对我国商业银行绩效水平和价值能力所可能产生的影响以及具体的作用机制,弥补了现有研究在理论方面的不足。
(3)论文利用我国银行的年报数据资料对12家主要国内商业银行近年来综合价值创造能力的变化进行了测算与评价,较为准确和系统的反映了我国商业银行近年来的经营状况
(4)在剔除我国宏观经济发展国有商业银行股份制改革效应的情况下,构建计量检验模型对外资银行参股对我国银行综合价值创造能力产生的影响进行实证检验,对我国商业银行综合价值创造能力变化背后的真实原因形成更为科学准确的判断。
Since2000, together with the transformation and the opening of the bank system, the operation level and the competitiveness of Chinese commercial banks have also been improved. Among the process of transformation and development, the penetration of foreign investment is undoubtedly the most striking phenomenon. Nearly all commercial banks, including joint-stock banks and state-owned banks have attracted foreign investors in order to promote their business results. With this background, it's valuable and practically significant to know about the change of Chinese commercial banks' operation level, evaluate their strategies and the role played by foreign investors in their operation.
Many researchers have studied the relationship between the penetration of foreign investment and the performance of commercial banks, While much of them based on the short-term evaluation system such as financial index or efficiency index, which cannot reflect the integral status of commercial banks. Also these researches were lack of theoretical analysis. Based upon these backgrounds, this dissertation has come up from the evaluation of commercial banks' performance and discussed the effect of strategy investment of foreign investors to Chinese banks'composite value creation capacity. Firstly, this dissertation intends to setup an integrated indicator to illustrate the composite value creation capacity of the Chinese commercial banks based on their profitability, safety, liquidity, scale, managerial structure and long-term development capacity. Secondly, we discussed the effect of foreign invest to host country's commercial bank at theoretical level and pointed out that foreign invest can affect domestic banks' composite value creation capacity in two ways:one is to promote domestic bank's technology progress, and the other is to improve domestic banks' managerial structure, while the specific results will depends on domestic banks' technology base, market structure and the character of foreign investors. Thirdly, Using12Chinese main commercial banks as the sample, this dissertation has calculated their composite value creation capacity index. Finally, based upon the result, the study examined the effect of foreign invest in Chinese commercial banks with the econometrics model and case study. Through theoretical analysis and empirical test, we conclude that the composite value capacity of Chinese commercial banks has improved in recent years, but this achievement is mainly caused by financial growth of China and the joint-stock reformation of the state-owned banks but not the strategy investment of foreign banks. But in some aspects, the entrance of the foreign investment also contributed to the development of some banks.
The main creation of this dissertation can be summarized as below.
(1) Aiming at the flaw of the existing performance evaluating index of commercial banks, this dissertation has constructed a new set of Composite Value Creation Capacity Index concluding profit, safety, liquidity, scale, managerial capacity and long-term development capacity, which is useful to the sustainable development and stably operation of commercial bank market that face to high risks and high backwards.
(2) Focus on the technology-transfer effect and the management structure's improvement effect, this dissertation has discussed the effect of foreign invest to domestic commercial banks' composite value creation capacity as well as the mechanism in theoretical level, and given the political suggestions from both macro (industry) and micro (enterprise) level.
(3) Used12Chinese main commercial banks as the sample, this dissertation calculated and evaluated their composite value creation capacity so that it can reflect Chinese commercial banks' operation conditions more accurately.
(4) By removing the effect brought by the development of Chinese economy and the Joint-stock reform of Chinese state-owned banks, this dissertation examined the foreign investors' efforts to Chinese commercial banks'composite value creation capacity by setting up econometric model, so that it can give a more accurate judgment about the reason behind the promotion of Chinese commercial banks' performance.
引文
1 1998年,财政部向四大国有银行发行2700亿元长期特别国债,所筹资金全部用于补充四大国有银行资本金。次月,财政部又面向四大国有银行定向发行了1000亿元年利率5.5%的10年期附息国债。
2 数据引自华猛,“论金融资产管理公司转型发展”,《银行家》,2008年第7期。
3 数据引自戴相龙,“在2001不良资产处置国际论坛上的讲话”,《国际金融报》,2001年11月2日。
4 资料来源：根据《中国金融年鉴》各期计算。
5 资料来源：根据《中国金融年鉴》各期计算。
[1]华猛.论金融资产管理公司转型发展.银行家,2008,(7)：69-71.
[2]戴相龙.在2001不良资产处置国际论坛上的讲话.国际金融报,2001,11(2).
[3]戚逸颖.外资银行进入中国的动因及对银行业的影响分析.中国海洋大学硕士学位论文,2009
[4]Hempel G.H. and D.G Simonson. Bank Management. New York:John Wiley and Sons, Inc., 1998.
[5]Samad A. Comparative Efficiency of the Islamic Bank Malaysia vis-a-vis Conventional Banks. IIUM Journal of Economics and Management,1999,7(1):1-25.
[6]Samad A. and K. Hassan.The Performance of Malaysian Islamic Bank During 1984-1997: An Exploratory Study. Thoughts on Economics,2000,10(1-2):7-26.
[7]谭中明.我国商业银行效率分析.国务院发展研究中心信息网http://www.drcnet.com.cn 10/11/2002.
[8]Berger, A.N. Hunter and Timmer. The efficiency of financial institutions:A review and preview of research past, present and future. Journal of Banking and Finance,1993, (17): 221-249.
[9]Grabowski R., N. Rangan and R. Rezvanian. The Effect of Deregulation on the Efficiency of U.S. Banking Firms. Journal of Economics and Business,1994, (46):39-54.
[10]Avkiran,N.K. The evidence on efficiency gains:the role of merger and the benefits to the public. Journal of Banking and Finance,1999, (23):991-1013.
[11]Grabowski R., N. Rangan and R. Rezvanian. Organizational Forms in Banking:An Empirical Investigation of Cost Efficiency. Journal of Banking and Finance,1993, (17): 531-538.
[12]Chen,T. Y. and T.L. Yeh. A measurement of bank efficiency,ownership and productivity changes in Taiwan. Service Industries Journal,2000, (20):95-109.
[13]Jiang, C., Yao, S., Zhang, Z.The Effects of Governance Changes on Bank Efficiency in China:a Stochastic Distance FunctionApproach",China Economic Review,2009,20: 717-731.
[14]Roberta B. S., S.S. Geraldo and M.T. Benjamin. Evolution of bank ef-ficiency in Brazil:A DEA approach. European Journal of Opera-tional Research,2010,202(1):204-213.
[15]张健华.我国商业银行效率研究的DEA方法及1997-2001年效率的实证分析.金融研究,2003,(3)：11-25.
[16]杨大强,张爱武.1996-2005年中国商业银行的效率评价——基于成本效率和利润效率的实证分析.金融研究,2007,(12)：102-112.
[17]芦锋,刘维奇,史金凤.我国商业银行效率研究——基于储蓄新视角下的网络DEA方法.中国软科学,2012,(2)：174-184.
[18]Kraft,E. and D. Tirgiroglu. Bank efficiency in croatia:a stochastic-frontier analysis. Journal of Comparative Economics,1998, (26):282-300.
[19]Kwan S. and R.A. Eisenbeis. An Analysis of Inefficiencies in Banking:A Stochastic Cost Frontier Approach. FRBSF Economic Review,1996:16-26.
[20]钱蓁.中国商业银行的效率研究——SFA方法分析.南京社会科学,2003,(1)：41-46.
[21]迟国泰,孙秀峰,芦丹.中国商业银行成本效率实证研究.经济研究,2005,(6)：104-114.
[22]袁晓玲,张宝山.中国商业银行全要素生产率的影响因素研究——基于DEA模型的Malmquist指数分析.数量经济技术经济研究,2009,(4)：93-104.
[23]蔡跃洲,郭梅军.我国上市商业银行全要素生产率的实证分析.经济研究,2009,(9)：52-65.
[24]张建华,王鹏.中国银行业广义Malmquist生产率指数研究.经济研究,2010,(8)：128-140.
[25]Rambaldi, A. N., Rao, D.S.P. and D. Dolan. Measuring Productivity Growth Performance Using Metafrontiers withApplications to Regional roductivity Growth Analysis in a Global Context. In:O'Donnell, C. J.Australian Meeting of the EconometricSociety ESAM07, Brisbane,2007:1-33.
[26]Bos J. W. B. and H. Schmiedel. Is There A Single Frontier in A Single European Banking Market?. Journal Banking and Finance,2007,31(7):2081-2102.
[27]Huang Tai-Hsin and Li-Chih Chiang. An Application of the Meta-frontier Cost Function to the Study of Bank Efficiency andTechnology Gaps in 16 European Countries. Working Paper,2007.
[28]Naceur, Samy Ben, Hichem Ben-Khedhiri and Barbara Casu. What Drives the Efficiency of Selected MENA Banks?A Meta-frontier Analysis. Working Paper Series,2009,03/09.
[29]Kontolaimou, Alexandra and Kostas Tsekouras. Are Cooperatives the Weakest Link in European Banking? A Non-parametricMetafrontier Approach. Journal of Banking and Finance,2009,34(8):1946-1957.
[30]高莉,樊卫东.中国银行业创值能力分析——EVA体系对银行经营绩效的考察.财贸经济,2003,(6)：26-33.
[31]李红卫,叶晴.商业银行经营绩效评价研究.南方金融,2005,(3)：12-14.
[32]Kaplan R.S. and D.P. Norton. The Balanced Scorecard-Measures tha Drive Performance. Harvard Business Review,1992, (1-2):71-79.
[33]谭中明.我国商业银行效率分析.国务院发展研究中心信息网http://www.drcnet.com.cn 10/11/2002.
[34]刘芳.银行经营绩效评价中的主成分分析法.生产力研究,2003,(5)：86-87.
[35]Levine R. Financial development and economic growth:views and agenda. Policy Research Working Paper Series,1996, No.1678.
[36]Goldberg, L.S. Financial Sector FDI and Host Countries:New and Old Lessons. Economic Policy Review,2007,8(3):1-17.
[37]Gorton, G. and Winton. Bank Liquidity Provision and Capital Regulation in Transition Economy. William Davidson Institute Conference Volume on "Financial Dectors in Transition". Edited by Meyendorff A. andA. Thakor, Cambridge M.A.:MIT Press,1998.
[38]Kass, L. Financial Market Integration and Loan Competition:When is Entry Deregulation Socially Beneficial?. Working Paper,2004, No.403.
[39]Lehner, M. and M. Schnitzer. Entry of Foreign Banks and Their Impact on Host Countries. Journal of Comparative Economics,2008,36:430-452.
[40]白叙雅,李焱.外资银行进入有利于打破我国银行业的低效率均衡.首都经济,2002,1.
[41]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性影响的实证研究.经济科学,2003,(2)：50-56.
[42]云凌志,曹雯.国有股权重、政策性负担与绩效——国有银行战略引资方案探析.当代经济科学,2007,(7)：20-26.
[43]Glass, A.and K. Saggi. Intellectual Property Rights and Foreign Direct Investment. Journal of International Economics,2002,56:387-410.
[44]Berger, A.N., I.F. Klapper and G.F. Udell. The Ability of Banks to Lend to Informationally Opaque Small Business. Journal of Banking and Finance,2001,25:2127-2167.
[45]Berger, A.N., I. Hasan and M.M. Zhou. Bank Ownership and Efficiency in China:What Will Happen in the World's Largest Nation?. Journal of Banking and Finance,2009,33: 113-130.
[46]Glarke, G., R. Cull, M.S.M. Peria and S.M. Sanchez. Foreign Bank Entry:Experience, Implications for Developing Economies and Agenda for Further Research. The World Bank Research Observer,2003,18:25-59.
[47]De Young R. and D.E. Nolle. Foreign-owned Banks in the United States:Earning Market Share or Buying it? Journal of Money, Credit and Banking,1996,28(4):622-636.
[48]Stiglitz J.E. The Role of the State in Financial Market. In the World Bank Annual Conference on Development Economics,1993:19-52.
[49]Gabriella C. Incentive-Based Lending Capacity, Competition and Regulation in Banking. Journal of Financial Intermediation,2001,10(1):28-53.
[50]TerrelH. S. The Role of Foreign Banks in Domestic Banking Markets. In H. Cheng, ed. Financial Policy and Reform in Pacific-Rim Countries, Lexington:Lexington Books,1986.
[51]Naaborg I., B. Scholtens, J. de Haan, H. Bol, and R. de Haas. How Important Are Foreign Banks in the Financial Development of European Transition Countries. CESifo:Munchen, 2003.
[52]Hasan I.and K. Marton. Development and Efficiency of the Banking Sector in a Transitional Economy:Hungarian Experience.Journal of Banking and Finance,2003, (27):2249-2271.
[53]Jonathan Hao, William Curt Hunter and Won Keun Yang. Deregulation andefficiency the case of private Korean banks. Journal of Economics and Business,2001,53(2-3):237-254.
[54]Bhattaeharya.A and L.S. Dvell. The impact of liberalization on the oductive efficiency of Indian commercial banks. European Journal of Operational Researc,1997,98.
[55]Bonaccorsi di Patti,E. and D. Hardy. Bank reform and bank efficiency in akistan. Journal of Banking and Finance,2005,29:2381-2406.
[56]Maria Soledad Martinez Peria and Ashoka Mody. How Foreign Participation and Market Concentration Impact Bank Spreads:Evidence from Latin America. Journal of Money, Credit, and Banking,2004,36(3):511-537.
[57]Clarke G., R. Cull, M. Peria and S. M. Snchez. Foreign Bank Entry:Experience, Implications for Developing Economies, and Agenda for Further Research. World Bank Research Observer,2003,18(1):25-59.
[58]Mathieson D.J.and J. Roldos. The Role of Foreign Banks in Emerging Markets. Paper presented at the World Bank,IMF,and Brookings Institution 3rd Annual Financial Markets and Development Conference,2001.
[59]Yildirim, H.S. and G.C. Philippatos. Efficiency of Banks:Recent Evidence from the Transition Economies of Europe 1993-2000. European Journal of Finance,2007, (13): 123-143.
[60]Lensink, R., A. Meestersand I. Naaborg. Bank Efficiency and Foreign Ownership:Do Good Institutions Matter?. Journal of Banking and Finance,2008,32:834-844.
[61]Haas R. and I. Lelyveld. Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis. Journal of Banking & Finance,2006,30(7):1927-1952.
[62]李斌,涂红.外资银行进入对发展中国家银行体系效率影响的经验检验.上海金融,2006,(7)：51-53.
[63]Clarke G. and R. Cull. Bank privatization in Argentina:A model of political constraints and differential outcomes. World Bank Working Paper,1999, No.2633.
[64]Barajas A., R. Steiner and N. Salazar. Foreign Investment in Colombia's Financial Sector. Boston:Kluwer Academic Press,2000.
[65]Zajc P. The Effect of Foreign Bank Entry on Domestic Banks in Central and Eastern Europe. Paper for SUERF Colloquium,2002.
[66]Janek U. Short-term effects of foreign bank entry on bank performance in selected CEE countries. Bank of Estonia Working Papers,2005, No.2005-4.
[67]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[68]Claessens S., A. Demirguc-Kunt and H. Huizinga. How does Foreign Presence Affect Domestic Banking Markets. Journal of Banking and Finance,2001,25(5):891-911.
[69]Claessens S. and L. Laeven. What Drives Bank Competition? Some International Evidence. Journal of Money, Credit and Banking,2004,36(3):563-83.
[70]Sachs J., A. Tornell and A. Velasco. The Collapse of the Mexican Peso:What Have We Learned?. NBER Working Paper, No.5142,1995
[71]Dobson W. and P. Jacquet. Financial Services Liberalization in the WTO. Washington D.C.: Institute for International Economics,1998.
[72]Reinhart C.M. Some Parallels Between Currency and Banking Crises:A Comment. MPRA Paper,1999, No.13197.
[73]Aghion B.A. Development Banking. Journal of Development Economics,1999,58:83-100.
[74]Kim, H. and B-Y Lee. The Effects of Foreign Bank Entry on the Performance of Private Domestec Banks. Bank of Korea Working Paper,2004.
[75]Lensink,R. and N. Hermes. TheShort-term Effects of Foreign Bank Entry on Domestic Bank Behaviour:Does Economic Development Matter?. Journal of Banking and Finance,2004, 28(3):553-568.
[76]Uiboupin J. Short-term Effects of For-eign Bank Entry on Bank Performance in Selected CEE Coun-tries. Bank of Estonia Working Papers,2005, No.4
[77]Berger A. N. and T. H. Hansan. The Efficiency Cost of Market Power in the Banking Industry:A Test of the "Quiet Life" and Related Hypotheses. Review of Economic and Statistics,1998,80:454-468.
[78]肖荣华,鲁丹.外资银行进入对上海银行业的影响研究——基于市场结构的分析与实 证.金融研究,2006,(11)：141-149.
[79]黄宪,熊福平.外资银行在中国发展的经营动机和经营策略分析.金融研究,2005,(2)：82-93
[80]刘亚,杨大强,张曙东.开放经济条件下外资银行对我国商业银行效率影响研究.财贸经济,2009,(8)：15-21.
[81]毛捷,李冠一,金雪军.外资潜在进入的竞争效应分析：来自中国银行业对外开放的经验证据.世界经济,2009,(7)：59-73.
[82]陈奉先,涂万春.外资银行进入对东道国银行业效率的影响——东欧国家的经验与中国的实践.世界经济研究,2008,(1)：26-35.
[83]袁方,冷牧.外资银行进入对我国商业银行经营效率影响的实证分析.云南财经大学学报,2011,25(3)：81-82.
[84]何蛟,傅强,潘璐.引入外资战略投资者对我国商业银行效率的影响.中国管理科学,2010,18(5)：49-57.
[85]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性的影响.世界经济,2004,(1)：29-36.
[86]陆磊.银行改革的关键在于控制权界定.金融问题参考,2004,(2)：20.
[87]胡祖六.国有银行改革需要引进国际战略投资吗.经济观察报,2005,12(4).
[88]许长新,张桂霞.国际资本流动对我国银行体系稳定性影响的实证研究.亚太经济,2007,(1)：13-18.
[89]黄黎燕.外资参股对我国银行业稳定性的实证分析.经济师,2010,(5)：188-191.
[90]乔桂明,黄黎燕.我国商业银行外资参股效应再研究——基于DEA模型的银行稳定性分析.财经研究,2011,(7)：134-144.
[91]郭妍,张立光.外资银行进入对我国银行业影响效应的实证研究.经济科学,2005,(2)：58-66.
[92]王劲松,张克勇.外资银行的进入对我国银行业绩效影响的实证分析.兰州大学学报,2008,(7)：136-141.
[93]史建平.国有商业银行改革应慎重引进外国战略投资者.财经科学,2006,(1)：7-13.
[94]朱盈盈,李平,曾勇,何佳.引资、引智与引制：中资银行引进境外战略投资者的实证研究.管理世界,2010,(8)：70-80,105.
[95]孙兆斌,方先明.外资银行进入能促进中国银行业效率的提高吗?.当代财经,2007,(10)：45-56
[96]谢升峰,李慧珍.外资银行进入对我国银行业效率的影响——基于数据包络分析(DEA)的实证研究.经济管理,2011,33(4)：131-135.
[97]李晓峰,王维,严佳佳.外资银行进入对我国银行效率影响的实证分析.财经科学,2006,(8)：16-28.
[98]王锦丹,刘桂荣.基于外资参股中国银行业情况下银行经营效率的实证研究.经济研究导刊,2010,(4)：77-79.
[99]吴玉立.境外投资者对中国银行业影响的实证分析.经济评论,2009,(1)：93-98.
[100]占硕.我国银行业引进战略投资者风险研究——控制权租金引发的股权转移和效率损失.财经研究,2005,(01)：104-114.
[101]汪叔夜,黄金老.当前在华外资银行的业务发展竞争战略分析.国际金融研究,2005,(02)：42-49.
[102]焦建东.我国银行业效率与外资银行进入程度关系研究——基于面板单位根、面板协整方法.山西财经大学学报,2008,30(7)：86-92.
[103]闫庆悦,王彬.外资银行进入对我国银行绩效的影响——基于面板数据的实证分析.山东大学学报,2010,(3)：1-10
[104]谢升峰,李慧珍.外资银行进入对国内银行业盈利能力的影响——基于面板数据的实证分析.经济学动态,2009,(11)：38-41.
[105]伍志文,沈中华.外资银行股权进入和银行绩效的联动效应——基于面板数据的分析.财经研究,2009,39(1)：111-143.
[106]李松峰,乔桂明.外资参股对中国商业银行经营效率影响的实证研究.苏州大学学报,2010,Nov(6)：32-36.
[107]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[108]Lensink R. and N. Hermes.The short term effects of foreign bank entry on domestic bank behavior:does economic development matter?. Journal of Banking and Finance,2004,28(3): 553-568.
[109]Demirguc-Kunt A. and H Huizinga. Determinants of Commercial Bank Interest Margins and Profitability:Some International Evidence. World Bank Policy Research Working Paper,1999, No.1900.
[110]Demirguc-Kunt A. and H Huizinga. The taxation of domestic and foreign banking. Journal of Public Economics,2001,79(3):429-453.
[111]Majnoni G., S. Rashmi and V. Eva. The Dynamics of Foreign Bank Ownership:Evidence from Hungary. World Bank Policy Research Working Paper,2003, No.3114.
[112]Laurent W. Banking efficiency in transition economies. The Economics of Transition, the European Bank for Reconstruction and Development,2003,11(3):569-592.
[113]Bolin J.P., I.Hasan and P.Wachtel.Bank performance,efficiency and ownership in transition countries. Journal of Banking and Finance,2005,9:31-53.
[114]Djankov Jindra and Clapper. Corporate Valuation and the Resolution of Bank Insolvency in EastAsia. Journal of Banking and Finance,2005/09.
[115]Steven Fries and Anita Taci. Cost Efficiency of Banks in Transition:Evidence from 289 Banks in 15 Post-Communist Countries. EBRD Working Paper, No.86,2004.
[116]Lensink R. and N. Hermes. The short-term effects of foreign bank entry on domestic bank behaviour:Does economic development matter?. Journal of Banking & Finance,2004, 28(3):553-568.
[117]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[118]Bayraktar N. and Y. Wang. Foreign Bank Entry, Performance of Domestic Banks and Sequence of Financial Liberalization. China Journal of Finance,2004,2 (2):1-39.
[119]Uiboupin, J. Short-term Effects of For-eign Bank Entry on Bank Performance in Selected CEE Coun-tries. Bank of Estonia Working Papers,2005, No.4
[120]Unite, A. and M. J.Sullivan.The Effect of Foreign Entry And Ownership Snmctlll. E on the Philippine Domestic Banking Market. Journal of Banking & Finance,2003, (4):2323-2345.
[121]Abarbanell J.S. and J.P. Bolin. Bank privatization in Poland:The case of Bank Slaski. Journal of Comparative Economics,1997,25:31-61.
[122]Grigorian D.,Manole V.Determinants of Commercial Bank Performance in Transition:An Application of Data Envelopment Analysis. World Bank Policy Research Working Paper, 2002,(6)
[123]Leigh L.and R.Podpiera."The Rise of Foreign Investment In China's Banks:Taking stock". Working Paper,IMF,2006.
[124]Montinola,G. and R. Moreno. The Political Economy of Foreign Bank Entry on Argentina's Domestic Banking Sector. Word Bank Working Paper, Series 2158,1999.
[125]张荔,张蓉.外资银行进入与东道国银行体系的效率改进——新兴市场国家的截面数据分析.南开经济研究,2006,(01)：127-136.
[126]Afriat S. N. Efficiency Estimation of Production Functions. International Economic Review, 1972,13:568-98.
[127]Fare R., S. Grosskopf, M. Norris and Z. Zhang. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries. American Economic Review,1994,84: 66-83.
[128]Caves D.W., L. R. Christensen and W.E. Diewert. Multilateral Comparison of Output, Input and Productivity Using Superlative Index Numbers. The Economic Journal,1982,92: 73-86.
[129]Fare R. and S. Grosskopf. Malmquist productivity indexes and Fisher Ideal indexes.The Economic Journal,1992,102:158-160.
[130]Fare R., S. Grosskopf, M. Norris. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries:Reply. American Economic Review,1997,87(5): 1040-1043.
[131]Casu B. and P. Molyneux. A Comparative Study of Efficiency in European Banking. Center for Financial Institutions Working Papers,2000, No.00-17.
[132]Sherman H. D. and F. Gold. Bank branch operating efficiency:evaluation with Data Envelopment Analysis. Journal of Banking and Finance,1985,9(2):297-315.
[133]Mester L.J. How Efficient are Third District Banks?. Business Review,1994,1:3-18.
[134]Berger A.N. and D.B. Humphrey. Efficiency of Financial Institutions:International Survey and Directions for Future Research. Center for Financial Institutions Working Papers,1997, No.97-05.
[135]Ferrier G. D. and C. A. Lovell. Measuring Cost Efficiency in Banking:Econometric and Linear Programming Evidence. Journal of Econometrics,1990,1-2:229-245.
[136]刘宝龙.国内外商业银行中间业务的比较与策略研究.商业经济,2011,(1)：115-116.
[137]何崇阳、杨飞.中外银行专利及其战略比较研究.金融论坛,2008,13(04)：34-41.
[138]许小年.外资与中国银行业改革.西部论丛,2004,(5)：49-51.
[139]陈伟光.中国银行业的合理结构：一个分析框架.财贸经济,2004,(09)：20-24.
[140]熊继洲.民营银行：台湾的经验与教训.金融研究,2003,(02)：12-21.
2 数据引自华猛,“论金融资产管理公司转型发展”,《银行家》,2008年第7期。
3 数据引自戴相龙,“在2001不良资产处置国际论坛上的讲话”,《国际金融报》,2001年11月2日。
4 资料来源：根据《中国金融年鉴》各期计算。
5 资料来源：根据《中国金融年鉴》各期计算。
[1]华猛.论金融资产管理公司转型发展.银行家,2008,(7)：69-71.
[2]戴相龙.在2001不良资产处置国际论坛上的讲话.国际金融报,2001,11(2).
[3]戚逸颖.外资银行进入中国的动因及对银行业的影响分析.中国海洋大学硕士学位论文,2009
[4]Hempel G.H. and D.G Simonson. Bank Management. New York:John Wiley and Sons, Inc., 1998.
[5]Samad A. Comparative Efficiency of the Islamic Bank Malaysia vis-a-vis Conventional Banks. IIUM Journal of Economics and Management,1999,7(1):1-25.
[6]Samad A. and K. Hassan.The Performance of Malaysian Islamic Bank During 1984-1997: An Exploratory Study. Thoughts on Economics,2000,10(1-2):7-26.
[7]谭中明.我国商业银行效率分析.国务院发展研究中心信息网http://www.drcnet.com.cn 10/11/2002.
[8]Berger, A.N. Hunter and Timmer. The efficiency of financial institutions:A review and preview of research past, present and future. Journal of Banking and Finance,1993, (17): 221-249.
[9]Grabowski R., N. Rangan and R. Rezvanian. The Effect of Deregulation on the Efficiency of U.S. Banking Firms. Journal of Economics and Business,1994, (46):39-54.
[10]Avkiran,N.K. The evidence on efficiency gains:the role of merger and the benefits to the public. Journal of Banking and Finance,1999, (23):991-1013.
[11]Grabowski R., N. Rangan and R. Rezvanian. Organizational Forms in Banking:An Empirical Investigation of Cost Efficiency. Journal of Banking and Finance,1993, (17): 531-538.
[12]Chen,T. Y. and T.L. Yeh. A measurement of bank efficiency,ownership and productivity changes in Taiwan. Service Industries Journal,2000, (20):95-109.
[13]Jiang, C., Yao, S., Zhang, Z.The Effects of Governance Changes on Bank Efficiency in China:a Stochastic Distance FunctionApproach",China Economic Review,2009,20: 717-731.
[14]Roberta B. S., S.S. Geraldo and M.T. Benjamin. Evolution of bank ef-ficiency in Brazil:A DEA approach. European Journal of Opera-tional Research,2010,202(1):204-213.
[15]张健华.我国商业银行效率研究的DEA方法及1997-2001年效率的实证分析.金融研究,2003,(3)：11-25.
[16]杨大强,张爱武.1996-2005年中国商业银行的效率评价——基于成本效率和利润效率的实证分析.金融研究,2007,(12)：102-112.
[17]芦锋,刘维奇,史金凤.我国商业银行效率研究——基于储蓄新视角下的网络DEA方法.中国软科学,2012,(2)：174-184.
[18]Kraft,E. and D. Tirgiroglu. Bank efficiency in croatia:a stochastic-frontier analysis. Journal of Comparative Economics,1998, (26):282-300.
[19]Kwan S. and R.A. Eisenbeis. An Analysis of Inefficiencies in Banking:A Stochastic Cost Frontier Approach. FRBSF Economic Review,1996:16-26.
[20]钱蓁.中国商业银行的效率研究——SFA方法分析.南京社会科学,2003,(1)：41-46.
[21]迟国泰,孙秀峰,芦丹.中国商业银行成本效率实证研究.经济研究,2005,(6)：104-114.
[22]袁晓玲,张宝山.中国商业银行全要素生产率的影响因素研究——基于DEA模型的Malmquist指数分析.数量经济技术经济研究,2009,(4)：93-104.
[23]蔡跃洲,郭梅军.我国上市商业银行全要素生产率的实证分析.经济研究,2009,(9)：52-65.
[24]张建华,王鹏.中国银行业广义Malmquist生产率指数研究.经济研究,2010,(8)：128-140.
[25]Rambaldi, A. N., Rao, D.S.P. and D. Dolan. Measuring Productivity Growth Performance Using Metafrontiers withApplications to Regional roductivity Growth Analysis in a Global Context. In:O'Donnell, C. J.Australian Meeting of the EconometricSociety ESAM07, Brisbane,2007:1-33.
[26]Bos J. W. B. and H. Schmiedel. Is There A Single Frontier in A Single European Banking Market?. Journal Banking and Finance,2007,31(7):2081-2102.
[27]Huang Tai-Hsin and Li-Chih Chiang. An Application of the Meta-frontier Cost Function to the Study of Bank Efficiency andTechnology Gaps in 16 European Countries. Working Paper,2007.
[28]Naceur, Samy Ben, Hichem Ben-Khedhiri and Barbara Casu. What Drives the Efficiency of Selected MENA Banks?A Meta-frontier Analysis. Working Paper Series,2009,03/09.
[29]Kontolaimou, Alexandra and Kostas Tsekouras. Are Cooperatives the Weakest Link in European Banking? A Non-parametricMetafrontier Approach. Journal of Banking and Finance,2009,34(8):1946-1957.
[30]高莉,樊卫东.中国银行业创值能力分析——EVA体系对银行经营绩效的考察.财贸经济,2003,(6)：26-33.
[31]李红卫,叶晴.商业银行经营绩效评价研究.南方金融,2005,(3)：12-14.
[32]Kaplan R.S. and D.P. Norton. The Balanced Scorecard-Measures tha Drive Performance. Harvard Business Review,1992, (1-2):71-79.
[33]谭中明.我国商业银行效率分析.国务院发展研究中心信息网http://www.drcnet.com.cn 10/11/2002.
[34]刘芳.银行经营绩效评价中的主成分分析法.生产力研究,2003,(5)：86-87.
[35]Levine R. Financial development and economic growth:views and agenda. Policy Research Working Paper Series,1996, No.1678.
[36]Goldberg, L.S. Financial Sector FDI and Host Countries:New and Old Lessons. Economic Policy Review,2007,8(3):1-17.
[37]Gorton, G. and Winton. Bank Liquidity Provision and Capital Regulation in Transition Economy. William Davidson Institute Conference Volume on "Financial Dectors in Transition". Edited by Meyendorff A. andA. Thakor, Cambridge M.A.:MIT Press,1998.
[38]Kass, L. Financial Market Integration and Loan Competition:When is Entry Deregulation Socially Beneficial?. Working Paper,2004, No.403.
[39]Lehner, M. and M. Schnitzer. Entry of Foreign Banks and Their Impact on Host Countries. Journal of Comparative Economics,2008,36:430-452.
[40]白叙雅,李焱.外资银行进入有利于打破我国银行业的低效率均衡.首都经济,2002,1.
[41]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性影响的实证研究.经济科学,2003,(2)：50-56.
[42]云凌志,曹雯.国有股权重、政策性负担与绩效——国有银行战略引资方案探析.当代经济科学,2007,(7)：20-26.
[43]Glass, A.and K. Saggi. Intellectual Property Rights and Foreign Direct Investment. Journal of International Economics,2002,56:387-410.
[44]Berger, A.N., I.F. Klapper and G.F. Udell. The Ability of Banks to Lend to Informationally Opaque Small Business. Journal of Banking and Finance,2001,25:2127-2167.
[45]Berger, A.N., I. Hasan and M.M. Zhou. Bank Ownership and Efficiency in China:What Will Happen in the World's Largest Nation?. Journal of Banking and Finance,2009,33: 113-130.
[46]Glarke, G., R. Cull, M.S.M. Peria and S.M. Sanchez. Foreign Bank Entry:Experience, Implications for Developing Economies and Agenda for Further Research. The World Bank Research Observer,2003,18:25-59.
[47]De Young R. and D.E. Nolle. Foreign-owned Banks in the United States:Earning Market Share or Buying it? Journal of Money, Credit and Banking,1996,28(4):622-636.
[48]Stiglitz J.E. The Role of the State in Financial Market. In the World Bank Annual Conference on Development Economics,1993:19-52.
[49]Gabriella C. Incentive-Based Lending Capacity, Competition and Regulation in Banking. Journal of Financial Intermediation,2001,10(1):28-53.
[50]TerrelH. S. The Role of Foreign Banks in Domestic Banking Markets. In H. Cheng, ed. Financial Policy and Reform in Pacific-Rim Countries, Lexington:Lexington Books,1986.
[51]Naaborg I., B. Scholtens, J. de Haan, H. Bol, and R. de Haas. How Important Are Foreign Banks in the Financial Development of European Transition Countries. CESifo:Munchen, 2003.
[52]Hasan I.and K. Marton. Development and Efficiency of the Banking Sector in a Transitional Economy:Hungarian Experience.Journal of Banking and Finance,2003, (27):2249-2271.
[53]Jonathan Hao, William Curt Hunter and Won Keun Yang. Deregulation andefficiency the case of private Korean banks. Journal of Economics and Business,2001,53(2-3):237-254.
[54]Bhattaeharya.A and L.S. Dvell. The impact of liberalization on the oductive efficiency of Indian commercial banks. European Journal of Operational Researc,1997,98.
[55]Bonaccorsi di Patti,E. and D. Hardy. Bank reform and bank efficiency in akistan. Journal of Banking and Finance,2005,29:2381-2406.
[56]Maria Soledad Martinez Peria and Ashoka Mody. How Foreign Participation and Market Concentration Impact Bank Spreads:Evidence from Latin America. Journal of Money, Credit, and Banking,2004,36(3):511-537.
[57]Clarke G., R. Cull, M. Peria and S. M. Snchez. Foreign Bank Entry:Experience, Implications for Developing Economies, and Agenda for Further Research. World Bank Research Observer,2003,18(1):25-59.
[58]Mathieson D.J.and J. Roldos. The Role of Foreign Banks in Emerging Markets. Paper presented at the World Bank,IMF,and Brookings Institution 3rd Annual Financial Markets and Development Conference,2001.
[59]Yildirim, H.S. and G.C. Philippatos. Efficiency of Banks:Recent Evidence from the Transition Economies of Europe 1993-2000. European Journal of Finance,2007, (13): 123-143.
[60]Lensink, R., A. Meestersand I. Naaborg. Bank Efficiency and Foreign Ownership:Do Good Institutions Matter?. Journal of Banking and Finance,2008,32:834-844.
[61]Haas R. and I. Lelyveld. Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis. Journal of Banking & Finance,2006,30(7):1927-1952.
[62]李斌,涂红.外资银行进入对发展中国家银行体系效率影响的经验检验.上海金融,2006,(7)：51-53.
[63]Clarke G. and R. Cull. Bank privatization in Argentina:A model of political constraints and differential outcomes. World Bank Working Paper,1999, No.2633.
[64]Barajas A., R. Steiner and N. Salazar. Foreign Investment in Colombia's Financial Sector. Boston:Kluwer Academic Press,2000.
[65]Zajc P. The Effect of Foreign Bank Entry on Domestic Banks in Central and Eastern Europe. Paper for SUERF Colloquium,2002.
[66]Janek U. Short-term effects of foreign bank entry on bank performance in selected CEE countries. Bank of Estonia Working Papers,2005, No.2005-4.
[67]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[68]Claessens S., A. Demirguc-Kunt and H. Huizinga. How does Foreign Presence Affect Domestic Banking Markets. Journal of Banking and Finance,2001,25(5):891-911.
[69]Claessens S. and L. Laeven. What Drives Bank Competition? Some International Evidence. Journal of Money, Credit and Banking,2004,36(3):563-83.
[70]Sachs J., A. Tornell and A. Velasco. The Collapse of the Mexican Peso:What Have We Learned?. NBER Working Paper, No.5142,1995
[71]Dobson W. and P. Jacquet. Financial Services Liberalization in the WTO. Washington D.C.: Institute for International Economics,1998.
[72]Reinhart C.M. Some Parallels Between Currency and Banking Crises:A Comment. MPRA Paper,1999, No.13197.
[73]Aghion B.A. Development Banking. Journal of Development Economics,1999,58:83-100.
[74]Kim, H. and B-Y Lee. The Effects of Foreign Bank Entry on the Performance of Private Domestec Banks. Bank of Korea Working Paper,2004.
[75]Lensink,R. and N. Hermes. TheShort-term Effects of Foreign Bank Entry on Domestic Bank Behaviour:Does Economic Development Matter?. Journal of Banking and Finance,2004, 28(3):553-568.
[76]Uiboupin J. Short-term Effects of For-eign Bank Entry on Bank Performance in Selected CEE Coun-tries. Bank of Estonia Working Papers,2005, No.4
[77]Berger A. N. and T. H. Hansan. The Efficiency Cost of Market Power in the Banking Industry:A Test of the "Quiet Life" and Related Hypotheses. Review of Economic and Statistics,1998,80:454-468.
[78]肖荣华,鲁丹.外资银行进入对上海银行业的影响研究——基于市场结构的分析与实 证.金融研究,2006,(11)：141-149.
[79]黄宪,熊福平.外资银行在中国发展的经营动机和经营策略分析.金融研究,2005,(2)：82-93
[80]刘亚,杨大强,张曙东.开放经济条件下外资银行对我国商业银行效率影响研究.财贸经济,2009,(8)：15-21.
[81]毛捷,李冠一,金雪军.外资潜在进入的竞争效应分析：来自中国银行业对外开放的经验证据.世界经济,2009,(7)：59-73.
[82]陈奉先,涂万春.外资银行进入对东道国银行业效率的影响——东欧国家的经验与中国的实践.世界经济研究,2008,(1)：26-35.
[83]袁方,冷牧.外资银行进入对我国商业银行经营效率影响的实证分析.云南财经大学学报,2011,25(3)：81-82.
[84]何蛟,傅强,潘璐.引入外资战略投资者对我国商业银行效率的影响.中国管理科学,2010,18(5)：49-57.
[85]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性的影响.世界经济,2004,(1)：29-36.
[86]陆磊.银行改革的关键在于控制权界定.金融问题参考,2004,(2)：20.
[87]胡祖六.国有银行改革需要引进国际战略投资吗.经济观察报,2005,12(4).
[88]许长新,张桂霞.国际资本流动对我国银行体系稳定性影响的实证研究.亚太经济,2007,(1)：13-18.
[89]黄黎燕.外资参股对我国银行业稳定性的实证分析.经济师,2010,(5)：188-191.
[90]乔桂明,黄黎燕.我国商业银行外资参股效应再研究——基于DEA模型的银行稳定性分析.财经研究,2011,(7)：134-144.
[91]郭妍,张立光.外资银行进入对我国银行业影响效应的实证研究.经济科学,2005,(2)：58-66.
[92]王劲松,张克勇.外资银行的进入对我国银行业绩效影响的实证分析.兰州大学学报,2008,(7)：136-141.
[93]史建平.国有商业银行改革应慎重引进外国战略投资者.财经科学,2006,(1)：7-13.
[94]朱盈盈,李平,曾勇,何佳.引资、引智与引制：中资银行引进境外战略投资者的实证研究.管理世界,2010,(8)：70-80,105.
[95]孙兆斌,方先明.外资银行进入能促进中国银行业效率的提高吗?.当代财经,2007,(10)：45-56
[96]谢升峰,李慧珍.外资银行进入对我国银行业效率的影响——基于数据包络分析(DEA)的实证研究.经济管理,2011,33(4)：131-135.
[97]李晓峰,王维,严佳佳.外资银行进入对我国银行效率影响的实证分析.财经科学,2006,(8)：16-28.
[98]王锦丹,刘桂荣.基于外资参股中国银行业情况下银行经营效率的实证研究.经济研究导刊,2010,(4)：77-79.
[99]吴玉立.境外投资者对中国银行业影响的实证分析.经济评论,2009,(1)：93-98.
[100]占硕.我国银行业引进战略投资者风险研究——控制权租金引发的股权转移和效率损失.财经研究,2005,(01)：104-114.
[101]汪叔夜,黄金老.当前在华外资银行的业务发展竞争战略分析.国际金融研究,2005,(02)：42-49.
[102]焦建东.我国银行业效率与外资银行进入程度关系研究——基于面板单位根、面板协整方法.山西财经大学学报,2008,30(7)：86-92.
[103]闫庆悦,王彬.外资银行进入对我国银行绩效的影响——基于面板数据的实证分析.山东大学学报,2010,(3)：1-10
[104]谢升峰,李慧珍.外资银行进入对国内银行业盈利能力的影响——基于面板数据的实证分析.经济学动态,2009,(11)：38-41.
[105]伍志文,沈中华.外资银行股权进入和银行绩效的联动效应——基于面板数据的分析.财经研究,2009,39(1)：111-143.
[106]李松峰,乔桂明.外资参股对中国商业银行经营效率影响的实证研究.苏州大学学报,2010,Nov(6)：32-36.
[107]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[108]Lensink R. and N. Hermes.The short term effects of foreign bank entry on domestic bank behavior:does economic development matter?. Journal of Banking and Finance,2004,28(3): 553-568.
[109]Demirguc-Kunt A. and H Huizinga. Determinants of Commercial Bank Interest Margins and Profitability:Some International Evidence. World Bank Policy Research Working Paper,1999, No.1900.
[110]Demirguc-Kunt A. and H Huizinga. The taxation of domestic and foreign banking. Journal of Public Economics,2001,79(3):429-453.
[111]Majnoni G., S. Rashmi and V. Eva. The Dynamics of Foreign Bank Ownership:Evidence from Hungary. World Bank Policy Research Working Paper,2003, No.3114.
[112]Laurent W. Banking efficiency in transition economies. The Economics of Transition, the European Bank for Reconstruction and Development,2003,11(3):569-592.
[113]Bolin J.P., I.Hasan and P.Wachtel.Bank performance,efficiency and ownership in transition countries. Journal of Banking and Finance,2005,9:31-53.
[114]Djankov Jindra and Clapper. Corporate Valuation and the Resolution of Bank Insolvency in EastAsia. Journal of Banking and Finance,2005/09.
[115]Steven Fries and Anita Taci. Cost Efficiency of Banks in Transition:Evidence from 289 Banks in 15 Post-Communist Countries. EBRD Working Paper, No.86,2004.
[116]Lensink R. and N. Hermes. The short-term effects of foreign bank entry on domestic bank behaviour:Does economic development matter?. Journal of Banking & Finance,2004, 28(3):553-568.
[117]Claessens S., A. Demirguc-Kunt and H. Huizinga. The Role of Foreign Banks in Domestic Banking Systems. World Bank Working Paper,1998, No.1918.
[118]Bayraktar N. and Y. Wang. Foreign Bank Entry, Performance of Domestic Banks and Sequence of Financial Liberalization. China Journal of Finance,2004,2 (2):1-39.
[119]Uiboupin, J. Short-term Effects of For-eign Bank Entry on Bank Performance in Selected CEE Coun-tries. Bank of Estonia Working Papers,2005, No.4
[120]Unite, A. and M. J.Sullivan.The Effect of Foreign Entry And Ownership Snmctlll. E on the Philippine Domestic Banking Market. Journal of Banking & Finance,2003, (4):2323-2345.
[121]Abarbanell J.S. and J.P. Bolin. Bank privatization in Poland:The case of Bank Slaski. Journal of Comparative Economics,1997,25:31-61.
[122]Grigorian D.,Manole V.Determinants of Commercial Bank Performance in Transition:An Application of Data Envelopment Analysis. World Bank Policy Research Working Paper, 2002,(6)
[123]Leigh L.and R.Podpiera."The Rise of Foreign Investment In China's Banks:Taking stock". Working Paper,IMF,2006.
[124]Montinola,G. and R. Moreno. The Political Economy of Foreign Bank Entry on Argentina's Domestic Banking Sector. Word Bank Working Paper, Series 2158,1999.
[125]张荔,张蓉.外资银行进入与东道国银行体系的效率改进——新兴市场国家的截面数据分析.南开经济研究,2006,(01)：127-136.
[126]Afriat S. N. Efficiency Estimation of Production Functions. International Economic Review, 1972,13:568-98.
[127]Fare R., S. Grosskopf, M. Norris and Z. Zhang. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries. American Economic Review,1994,84: 66-83.
[128]Caves D.W., L. R. Christensen and W.E. Diewert. Multilateral Comparison of Output, Input and Productivity Using Superlative Index Numbers. The Economic Journal,1982,92: 73-86.
[129]Fare R. and S. Grosskopf. Malmquist productivity indexes and Fisher Ideal indexes.The Economic Journal,1992,102:158-160.
[130]Fare R., S. Grosskopf, M. Norris. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries:Reply. American Economic Review,1997,87(5): 1040-1043.
[131]Casu B. and P. Molyneux. A Comparative Study of Efficiency in European Banking. Center for Financial Institutions Working Papers,2000, No.00-17.
[132]Sherman H. D. and F. Gold. Bank branch operating efficiency:evaluation with Data Envelopment Analysis. Journal of Banking and Finance,1985,9(2):297-315.
[133]Mester L.J. How Efficient are Third District Banks?. Business Review,1994,1:3-18.
[134]Berger A.N. and D.B. Humphrey. Efficiency of Financial Institutions:International Survey and Directions for Future Research. Center for Financial Institutions Working Papers,1997, No.97-05.
[135]Ferrier G. D. and C. A. Lovell. Measuring Cost Efficiency in Banking:Econometric and Linear Programming Evidence. Journal of Econometrics,1990,1-2:229-245.
[136]刘宝龙.国内外商业银行中间业务的比较与策略研究.商业经济,2011,(1)：115-116.
[137]何崇阳、杨飞.中外银行专利及其战略比较研究.金融论坛,2008,13(04)：34-41.
[138]许小年.外资与中国银行业改革.西部论丛,2004,(5)：49-51.
[139]陈伟光.中国银行业的合理结构：一个分析框架.财贸经济,2004,(09)：20-24.
[140]熊继洲.民营银行：台湾的经验与教训.金融研究,2003,(02)：12-21.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |