风险视角下贷款市场竞争对银行效率的影响——基于非期望产出DEA的研究
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摘要
银行业市场结构与效率的关系比其他行业更为复杂,文章使用63家银行的非平衡面板数据,深入探讨了考虑信用风险情形下,我国银行业竞争对效率的影响。结果发现,由于信息不对称,竞争加剧会降低银行业的效率水平,支持"银行特质假说";资产规模和核心资本率与银行效率显著正相关,而重大事件中的引入境外战略投资者、银行跨区经营会降低银行的效率水平,并且经济增速较快时银行效率水平更低;国有行市场垄断力对效率的正向效应最强,其次是区域性银行和股份行。因此,当前我国健全完善金融市场体系,提升银行业效率,必须加快加强信用体系建设以缓解信息不对称;银行自身要提升风控水平,同时谨慎引入战略投资者和跨区新设机构;而股份行应是市场化改革的先行先试者。
The relationship between market structure and efficiency is more complicated in bank industry than that in other industries,this paper,based on the unbalanced panel data of 63 banks,makes an in-depth study on the effect of banking competition on efficiency in China by taking the credit risk into account.The results shows that intensifying competition declines the efficiency of banking industry because of informationasymmetry,which"supports banking specificities hypothesis";The scale of assets and the core capital ratio are significantly positively correlated with banking efficiency,whereas the introduction of foreign strategic investors and the cross-regional operation of banks in big events decrease banking efficiency,and the banking efficiency is lower when the economic growth is faster;The market monopoly power of state-owned banks has the strongest positive effect on efficiency,followed by regional banks and joint-stock banks.Therefore,at present,in order to improve the financial market system and enhance the efficiency of banking industry,China must accelerate the construction of credit system to alleviate information asymmetry;Banks should improve the level of risk management and consider seriously about new strategic investors and cross-regional institutions;Market-oriented reform should be promoted in joint-stock banks firstly.
The relationship between market structure and efficiency is more complicated in bank industry than that in other industries,this paper,based on the unbalanced panel data of 63 banks,makes an in-depth study on the effect of banking competition on efficiency in China by taking the credit risk into account.The results shows that intensifying competition declines the efficiency of banking industry because of informationasymmetry,which"supports banking specificities hypothesis";The scale of assets and the core capital ratio are significantly positively correlated with banking efficiency,whereas the introduction of foreign strategic investors and the cross-regional operation of banks in big events decrease banking efficiency,and the banking efficiency is lower when the economic growth is faster;The market monopoly power of state-owned banks has the strongest positive effect on efficiency,followed by regional banks and joint-stock banks.Therefore,at present,in order to improve the financial market system and enhance the efficiency of banking industry,China must accelerate the construction of credit system to alleviate information asymmetry;Banks should improve the level of risk management and consider seriously about new strategic investors and cross-regional institutions;Market-oriented reform should be promoted in joint-stock banks firstly.
引文
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[15]刘强,黄静.利率市场化对商业银行经营效率影响的市政研究——基于三阶段DEA及空间自回归模型的实证研究[J].金融监管研究,2016,5(6):1-16.
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[18]顾晓安,袁照贺,龚德风.我国城市商业银行效率的区域差异及其影响因素研究[J].南京审计大学学报,2017,14(1):10-20.
[19]申创,赵胜民.市场竞争度、非利息业务对商业银行效率的影响研究[J].数量经济技术经济研究,2017,35(9):146-160.
[20]SOLIS L,MAUDOS J. The social costs of bank market pow-er:Evidence from Mexico[J]. Journal of Comparative Eco-nomics,2008,36(3):467-488.
[21]邹朋飞,廖进球.风险竞争,银行效率与监管有效性——“金砖四国”的经验研究与政策建议[J].金融论坛,2009,14(12):12-16.
[22]FUNGáCˇOVáZ,PESSAROSSI P,WEILL L. Is bank com-petition detrimental to efficiency? Evidence from China[J].China Economic Review,2013,24(9):121-134.
[23]李双杰,高岩.银行效率实证研究的投入产出指标选择[J].数量经济技术经济研究,2014,31(4):130-144.
[24]陆军,童玉芬,黄嘉.基于复杂网络的贷款竞争网络及其效应[J].国际金融研究,2017,34(11):44-53.
[25]江曙霞,刘忠璐.存贷款市场竞争对银行风险承担的影响有差异吗?——基于中国利率市场化改革的讨论[J].经济管理,2016,38(6):1-15.
[26]周天芸,姜禹杉.竞争度、集中度和金融体系的稳定性——基于新兴市场经济国家的数据[J].金融发展研究,2017,36(1):63-69.
[2]HICKS J R. Annual survey of economic theory:the theory ofmonopoly[J]. Journal of the Econometric Society,1935(3):1-20.
[3]DIAMOND D W. Financial intermediation and delegatedmonitoring[J]. The Review of Economic Studies,1984,51(3):393-414.
[4]WEILL L. On the relationship between competition and effi-ciency in the EU banking sectors[J]. Kredit und Kapital,2004,37(3):329-352.
[5]BANKER R D,CHANG H,LEE S Y. Differential impact ofKorean banking system reforms on bank productivity[J].Journal of Banking&Finance,2010,34(7):1450-1460.
[6]EPURE M,LAFUENTE E. Monitoring bank performance inthe presence of risk[J]. Journal of Productivity Analysis,2015,44(3):265-281.
[7]FUKUYAMA H,WEBER W L. Japanese banking inefficien-cy and shadow pricing[J]. Mathematical and Computer Mod-elling,2008,48(11):1854-1867.
[8]LEIBENSTEIN H. Allocative efficiency vs.“X-efficiency”[J]. The American Economic Review,1966,56(3):392-415.
[9]DEMSETZ H. Industry structure,market rivalry,and publicpolicy[J]. The Journal of Law&Economics,1973,16(1):1-9.
[10]BERGER A N,HANNAN T H. Using efficiency measuresto distinguish among alternative explanations of the struc-ture-performance relationship in banking[J]. ManagerialFinance,1997,23(1):6-31.
[11]ALI M S B,SGHAIER A. Competition and Banking Effi-ciency:Evidence from Tunisian Banking Industry[J]. Jour-nal of Islamic Economics,Banking and Finance,2012,8(1):53-70.
[12]ARRAWATIA R,MISRA A,DAWAR V. Bank competitionand efficiency:empirical evidence from Indian market[J].International Journal of Law and Management,2015,57(3):217-231.
[13]徐忠,沈艳,王小康.市场结构与我国银行业绩效:假说与检验[J].经济研究,2009,11(10):75-86.
[14]侯晓辉,李婉丽,王青.所有权,市场势力与中国商业银行的全要素生产率[J].世界经济,2011,31(2):135-157.
[15]刘强,黄静.利率市场化对商业银行经营效率影响的市政研究——基于三阶段DEA及空间自回归模型的实证研究[J].金融监管研究,2016,5(6):1-16.
[16]赵金洁.中国银行业市场结构、效率与绩效关系研究[J].经济问题,2016,38(11):58-64.
[17]MARIUS ANDRIE?A,CǎPRARU B. Competition and effi-ciency in EU27 banking systems[J]. Baltic Journal of Eco-nomics,2012,12(1):41-60.
[18]顾晓安,袁照贺,龚德风.我国城市商业银行效率的区域差异及其影响因素研究[J].南京审计大学学报,2017,14(1):10-20.
[19]申创,赵胜民.市场竞争度、非利息业务对商业银行效率的影响研究[J].数量经济技术经济研究,2017,35(9):146-160.
[20]SOLIS L,MAUDOS J. The social costs of bank market pow-er:Evidence from Mexico[J]. Journal of Comparative Eco-nomics,2008,36(3):467-488.
[21]邹朋飞,廖进球.风险竞争,银行效率与监管有效性——“金砖四国”的经验研究与政策建议[J].金融论坛,2009,14(12):12-16.
[22]FUNGáCˇOVáZ,PESSAROSSI P,WEILL L. Is bank com-petition detrimental to efficiency? Evidence from China[J].China Economic Review,2013,24(9):121-134.
[23]李双杰,高岩.银行效率实证研究的投入产出指标选择[J].数量经济技术经济研究,2014,31(4):130-144.
[24]陆军,童玉芬,黄嘉.基于复杂网络的贷款竞争网络及其效应[J].国际金融研究,2017,34(11):44-53.
[25]江曙霞,刘忠璐.存贷款市场竞争对银行风险承担的影响有差异吗?——基于中国利率市场化改革的讨论[J].经济管理,2016,38(6):1-15.
[26]周天芸,姜禹杉.竞争度、集中度和金融体系的稳定性——基于新兴市场经济国家的数据[J].金融发展研究,2017,36(1):63-69.