中国商业银行股东价值效率研究
摘要
在我国目前仍主要依赖间接融资的现状下,银行作为金融运行的主要载体,它的有效运营对我国经济发展至关重要。因此,如何分析银行运营绩效,进而提出改进建议就成为学界和业界共同关心的重要研究课题。
以EVA度量股东价值,进而作为一种银行绩效的指标,相比传统财务指标有其更为科学合理之处,因此在此基础上测度我国商业银行的股东价值效率,并研究其影响因素,对提升我国银行绩效具有非常重要的理论价值和现实指导意义。
从国内外研究情况看,银行效率的研究较多,也存在一些银行股东价值方面的研究,但银行效率的研究多在传统的成本、收入及利润视角展开,且将银行效率研究理论和方法运用于银行股东价值的研究还较缺乏。而在我国商业银行更多地股份制改造甚至上市之后,从为股东创造价值视角展开银行效率研究就变得很有必要,但目前这样的研究较少,因此本文将从股东价值视角对我国商业银行的效率进行研究,以试、图促进我国商业银行为其股东创造价值能力的提升。
使用EVA指标进行银行股东价值效率的研究,和一般的财务指标相比,一个优势在于它能较好地还原会计利润操纵前的财务状况,另一个优势在于它将投入资本的机会成本引入考察范围,有助于考察商业银行是否在给定的投入以及产出条件下,为银行股东最大程度上创造价值,从而有助于考察我国商业银行股份制改造等一系列改革措施是否取得成效,并有助于我国商业银行改善治理机制,真正成为为股东最大化创造价值的现代商业银行。
我国商业银行陆续上市,其市值所占比重日益增大,其运营的好坏对我国资本市场的良好运营和发展起到重要影响,其应立足于股东利益角度,尽最大能力为股东创造价值,以赢得投资者信任,从而获得更多的追加投资和发展机遇。所以,当上市已成为我国商业银行主流发展方向的时候,我国商业银行应注重研究如何提高为其股东创造价值的能力即提高为其股东创值的效率。
本文除导论外分为八章,主要内容如下：
第一章：相关文献述评。总结国内外研究发现,银行效率与银行股东价值相结合的研究较少,尤其针对我国商业银行的研究较欠缺。
第二章：银行股东价值效率测度。利用1995年到2008年我国4家国有商业银行和10家股份制商业银行的数据测算银行EVA,以此度量银行为其股东创造的价值,并测度银行股东价值效率及分解测度银行税后净营业利润效率及银行资本成本效率,从以上各效率的演进分析发现,我国商业银行股东价值效率整体呈现缓慢降低态势,国有商业银行降低更显著,我国商业银行应提升创造税后净营业利润的能力,并注重节约资本成本。
第三章：效率因素测度及其对银行股东价值效率的影响。测度收入、成本及利润效率,并从理论上分析了其对银行股东价值效率的影响。
第四章：收入多元化及其对银行股东价值效率的影响。对收入多元化及其对银行股东价值效率的影响进行了阐述和分析。
第五章：风险因素及其对银行股东价值效率的影响。对银行面临的风险如信用风险、市场风险、操作风险、流动性风险、资本风险(杠杆率)等进行阐述和分析,并分析其对银行股东价值效率的影响。
第六章：其他影响因素及其对银行股东价值效率的影响。对银行特征因素如存贷款增长率、银行规模等,行业特征因素如市场集中度,以及宏观经济因素如人均GDP等及其对银行股东价值效率的影响进行阐述和分析。
第七章：银行股东价值效率影响因素实证分析。通过实证分析方法,对1995-2008年间的我国14家商业银行的银行股东价值效率及其分解效率(银行税后净营业利润效率及银行资本成本效率)的影响因素进行研究后发现,在样本期间对银行股东价值效率有较显著影响的因素有收入效率、收入多元化、操作风险、杠杆率、流动性风险、贷款增长率、银行资产规模、银行业集中度、人均GDP,影响不显著的因素有成本效率、信用风险、市场风险、存款增长率。
第八章：本文主要结论及政策建议。概括本文主要研究结论,并提出相应政策建议,对本文局限及进一步研究方向进行了阐述。
主要结论是：
1.增强收入获取能力,适当控制经营成本。
银行增强收入获取的能力,现阶段显著有利于其为股东创造更多价值,但也要防范过度追求收入增长可能带来的负面影响。
从现阶段看,我国商业银行控制成本的负面影响不显著,但其影响存在时滞效应,因此银行不能过于注重压缩成本和投资,以免使银行收入增长缺乏后劲。
2.调整收入结构,注重非利息收入业务,适度发展证券投资业务。
银行非利息收入业务的拓展,有利于其为股东创造更多的价值,而且随着今后更多非利息收入业务的拓展,其对资本成本的节约作用将更加明显,故应成为银行今后业务发展中的主要努力方向。
现阶段我国商业银行参与证券投资等市场投资增多,不利于其为股东创造更多价值,应注意防范参与市场投资所引发的市场风险。
3.控制财务杠杆率,适度追求存款的增长。
在一定的资本条件下,过大地发展负债业务显著不利于银行为其股东创造更多价值,因此强调资本充足性,不过度膨胀业务规模,控制财务杠杆率,不仅是满足监管实现金融稳定的需要,也是银行改善自身经营的需要。
银行如果只是片面追求存款增长,而不注重精细化的经营管理,则对银行股东价值效率的好处不明显。
4.适度扩张资产规模,加强操作风险的防范。
我国商业银行资产规模不断增大,现阶段有一定规模经济,对银行为其股东创造更多价值的正面效应也较显著。但我国商业银行业务量的增大,使得操作风险将增大,将显著对银行为其股东创造价值的能力造成损害。从发展趋势看,我国商业银行将进一步发展壮大,因此现阶段及今后都应加强防范操作风险。
5.流动性相对充裕,但贷款应适度增长。
现阶段多发放贷款显著有利于银行为其股东创造更多的价值,其原因与我国商业银行流动性相对充裕有关。但是贷款的增长要注意把握度,要防范过多发放贷款带来的负面影响。
6.推进银行业集中度的降低,有利于银行改善经营。
现阶段银行业集中度如提高显著有利于银行更多为其股东创造价值,但从长期看,银行业集中度的提高,不利于通过竞争压力促进银行改进其经营,所以应坚持我国促进银行业竞争的改革目标,降低银行业的集中度。
7.关注宏观经济环境变化,防范大规模信用风险。
人均GDP的增长显著有利于银行为其股东创造更多价值。但是信贷损失会对银行为其股东创造价值造成负面影响,尽管现阶段不显著,但是这与我国外部经济环境持续向好有关,一旦外部经济出现大的波动,则可能出现大规模信贷坏账。所以我国商业银行应关注宏观经济趋势,如经济向好可适当加大业务规模为股东谋利,但如果经济形势有转坏迹象,则应及时压缩信贷规模。
本文可能的主要创新之处在于：
1.促进银行效率与银行股东价值两个原本分开发展的研究领域的结合。从国内外文献反映出银行效率和股东价值两个研究领域都有较丰富的研究成果,也有一些银行股东价值的研究,但是多停留在公司治理以及管理会计等层面。本文借鉴国内外研究,试图在银行效率与银行股东价值的研究结合上,针对我国商业银行情况,做出自己的贡献。
2.解决我国上市银行相对非上市银行少的研究困难。随着我国越来越多的商业银行的上市,给银行研究带来新的机遇,即引入资本市场对银行的评价以更好地研究银行绩效问题。但是我国和欧洲情况类似,上市银行相对于非上市银行数量较少,不利于实证研究。为解决这一困难,国外研究者借用EVA概念和方法,使得未上市银行可参考己上市银行的资本市场评价,一定程度上解决这一困难,本文借鉴该研究并结合我国商业银行实际进行了银行股东价值效率及影响因素的研究,为我国银行绩效研究引入资本市场评价做出一定贡献。
3.对银行EVA的分解研究。银行EVA是由银行税后净营业利润减去银行资本成本(即银行股东投入资本到该银行的机会成本)得到,本文在这个概念分解的基础上,做了两次分解研究：一是在测度银行股东价值效率后,进一步测度银行税后净营业利润效率以及银行资本成本效率,以丰富和加深对银行股东价值效率的理解和认识；二是进行银行股东价值效率影响因素的研究时,也分解为银行税后净营业利润效率以及银行资本成本效率的影响因素研究,以丰富和加深对银行股东价值效率影响因素的理解和认识。
4.引入较全面的因素研究其对银行股东价值效率的影响。国外研究银行绩效时已注重多种影响因素的引入,以求更全面地对银行绩效的影响因素及其作用机制做剖析,国内研究银行绩效时也注意了这一趋势,但相对而言因素不全面、不系统。本文从银行特征因素(包括效率因素、风险因素及其他影响因素如银行规模、存款增长率、贷款增长率等)、行业特征因素(如市场集中度)、宏观经济因素(如人均GDP)等较全面地引入影响因素,以求更全面、更深刻地理解影响银行为其股东创造价值能力的因素及其作用机制,在此基础上为政府后续改革以及商业银行改善经营提供相应政策建议。
5.本文数据期限相对较长。本文数据采集期限从1994年至2008年,包括我国主要的14家商业银行,按照2008年底数据,其资产规模占商业银行总资产85%以上,基本代表我国商业银行整体情况。相对较长的数据期限有利于实证研究,也能从较长时间更全面地考察我国商业银行在历经各项改革措施后的成效以及经济环境变化给我国商业银行带来的影响。
In China, it is still mainly dependent on indirect financing. The banking as the main carrier of financial operations, its efficient operation is important for China's economic development. Therefore, how to analyze the performance of banking operations, and then make recommendations for improvement become an important research topic of the academic and the industry common concern.
Using EVA to measure shareholder value, and then as a bank performance indicators, compared to the traditional financial indicators is more reasonable, and therefore based on this measure to study shareholder value efficiency of commercial banks, and the factors influencing it is of very important theoretical and practical significance for improving the performance of banks.
Using EVA index to study banks shareholder value efficiency, compared to general financial indicators, an advantage in that it can better restore the financial situation before accounting profits manipulation, another advantage is that the introduction of opportunity cost of capital invested into the scope of inspection can better help us examine whether commercial banks can create maximum shareholder value for shareholder under certain inputs and outputs, which can help us to study a series of reform measures such as China's joint-stock reform of commercial banks that are to be effective help to improve the governance of commercial banks, help them to become real modern commercial banks which make the real maximum value creation for shareholders.
Many China's commercial banks were listed, increasing the proportion of its market value and the quality of its operations plays an important effects on the capital market, it should be based on the point of interests of shareholders to create the maximum value for shareholders, to win the trust of investors, thus to obtain additional investment and development opportunities. Therefore, the listed commercial banks have become the mainstream of development in China, Chinese commercial banks should focus on ways to improve its ability to create value for shareholders that is to improve shareholder value efficiency.
In addition to the introduction this thesis is divided into eight chapters, the main contents are as follows:
Chapter one:Literature review of banks shareholder value. After review of banks shareholder value and related research,it is found that the combination study of bank efficiency and bank shareholder value are small, especially for commercial banks in China.
Chapter two:Shareholders value efficiency in banking and its influencing factors overview. The EVA are calculated on 4 state-owned commercial banks and 10 shareholding commercial banks in china from 1995 to 2008, as a measure of banks for the creation of shareholder value. shareholder value the efficiency of the banking is estimated, and decomposition of it the net after-tax operating profit efficiency and capital cost efficiency are estimated. By the analysis on the evolution of the above efficiencies, it is found that shareholder value efficiency of China's commercial banks overall reduced at a slow trend, more significant reduction of state-owned commercial banks. Chinese commercial banks should increase net operating profit and focus on saving the cost of capital.
Chapter Three:Efficiency factor measurement and impact on shareholder value efficiency of banks. Measure of revenue, cost and profit efficiency factor, and the theoretical analysis of impact on shareholder value efficiency of banks.
Chapter four:Revenue diversification and impact on shareholder value efficiency of banks. It is summarized the impact of revenue diversification on shareholder value efficiency of banks.
Chapter five:Risk factors and impact on shareholder value efficiency of banks.Risk of banks, such as credit risk, market risk, operational risk, liquidity risk,capital risk(leverage) are analyzed, and its impact on shareholder value efficiency of banks are analyzed.
Chapter six:Other factors and impact on shareholder value efficiency of banks. It is analyzed impact of other factors on shareholder value of banks such as deposit growth and loan growth, bank assets, banking concentration, per capita
Chapter seven:Factors influencing the of bank shareholder value efficiency empirical analysis. Through empirical analysis of commercial banks in China from 1995 to 2008, factors influencing bank shareholder value efficiency and the decomposition of shareholder value efficiency (after tax net operating profit efficiency and capital cost efficiency) are studied. In the sample period, it is found that significant factors affecting shareholder value efficiency of banks are revenue efficiency, income diversification, operational risk, leverage, liquidity risk, loan growth, bank assets, banking concentration, the per capita GDP and not significant factors are cost efficiency, credit risk, market risk, deposit growth.
Chapter eight:Main conclusions and policy recommendations. It summarizes the main conclusions, and propose policy recommendations, limitations and further research on this direction are described.
The main conclusions are:
1. Enhance the ability to obtain income, proper control of operating costs.
Enhance the ability of banks to earn income is significantly beneficial to create more value for shareholders at this stage, but also to prevent the pursuit of revenue growth over the potential negative impact.
At this stage, China's commercial banks, the negative impact of cost control is not significant, but the effect of time lag, so banks can not focus too much on cutting costs and investment so as not to lack of stamina of banking revenue growth.
2. Adjust the income structure, focus on non-interest income business, appropriate development of securities investment business.
Bank non-interest income business expansion is beneficial to create more value for shareholders, and as more future expansion for non-interest income business, its effect on the capital cost savings will become more apparent, it should be the main endeavor of the bank's future business development.
At this stage commercial banks to participate in the securities and market investment increased,it is detrimental to shareholders value, banks should pay attention to prevention of market risk caused by participating in the market investment.
3. Control financial leverage, modest pursuit in the deposit growth.
Under certain capital, excess debt development is significant not conducive for banks to create more value for its shareholders, the emphasis on capital adequacy, control the degree of expansion of business scale, control of financial leverage, not only meet regulatory requirements to achieve financial stability and also the needs of banks themselves improve their business.
If only one-sided pursuit of bank deposit growth, rather than on the refinement of management, is not obvious the benefits of shareholder value efficiency of banks.
4. Moderate expansion of assets, prevent operational risk.
Commercial bank assets in China is increasing, and at this stage it has a certain economy of scale for banks to create more value for its shareholders, also showed a greater positive effect. However, the increase of business amount of commercial banking, operational risk will increase, will significantly damage the banks ability to create value for its shareholders. From the development trend, China's commercial banks will further develop and grow, and at this stage and in the future should strengthen prevention of operational risk.
5. Relatively abundant liquidity, but the loan should be moderate growth.
At this stage more loans is significantly favorable for banks to create more value for its shareholders, its causes are relative to relative abundance of liquidity of commercial banks in China. However, pay attention to the degree of loan growth to to prevent negative impact from excessive loans.
6. Promote the reduction of concentration of the banking sector will help banks improve their business.
Such as increasing the concentration of the banking sector at this stage is significantly more favorable for banks to create value for its shareholders, but in the long term, the improvement of the banking industry concentration, is not conducive to the promotion for competition of banks to improve their operations and therefore should adhere to the banking industry competition reform objectives, reduce the concentration of the banking industry.
7. Pay attention to changes in the macroeconomic environment, preventing massive credit risk.
GDP per capita growth significantly benefit banks to create more value for its shareholders. But credit losses would adversely affect shareholder value, although not significant at this stage, but this is related to our external economic environment continues to improve, once the big fluctuations in the external economy,there is the potential for large credit bad debts. Therefore, commercial banks should be concerned about China's macroeconomic trends, if economic tends to good may be appropriate to increase the scale of business to make profit for shareholders, but if the signs of the economic situation is deteriorating, the credit scale should be compressed timely.
Innovation of this thesis is:
1. To promote the combination of two separate field, bank efficiency and shareholder value of banks. Study from home and abroad reflect research studies of the bank efficiency and shareholder value are rich, as well as shareholder value of banks, but which stays management accounting, corporate governance level, after review of study home and abroad, this thesis attempt to make contribution to the combination of two separate field, bank efficiency and shareholder value of banks, for the situation of China's commercial banks.
2. To resolve study difficulties from China's listed banks compared to non-listed banks relatively few. China's commercial banks are gradually listed, new opportunities to the study of banks, namely the introduction evaluation of the capital market for banks to study bank performance better. But the situation is similar in China and Europe, listed banks are all relatively small number of non-listed bank, is not conducive to carrying out empirical research.To address this difficulty, the foreign researchers use EVA concepts and methods, making non-listed banks with reference to capital market evaluation on listed bank, so a certain extent, to solve this difficulty. On the basis of the study, this thesis, with the actual conduct of China's commercial banks, study shareholder value efficiency of banks and influencing factors,to make contribution for the introduction of evaluation of the capital market to study bank performance.
3. On the decomposition of EVA of banks. EVA of Banks is net operating profit after tax minus the bank's capital costs (that is, opportunity cost for shareholder of invested capital to banks).Based on this decomposition this thesis make two decompositions:First is in the study of shareholder value efficiency of banks, and further decomposition by net operating profit after tax efficiency and capital cost efficiency, in order to enrich and deepen shareholder value efficiency(that is ability of banks to create shareholder value); Second is the study of factors influencing shareholder value efficiency of banks, further decomposition by the study of factors influencing net operating profit after tax efficiency and capital cost efficiency in order to enrich and deepen understanding of the impact of various factors on shareholder value efficiency of banks.
4. The introduction of a more comprehensive study of factors influencing shareholder value efficiency of banks. Study abroad on the performance of banks have already begun to focus on the introduction of a variety of factors, in order to do full analysis on bank performance factors and mechanism, domestic study of the performance of banks, also pay attention to this trend, but the factors are not comprehensive and systematic, this thesis introduces factors from the bank characteristic factors (including bank efficiency factor, bank risk factors and other factors such as leverage, scale, deposit growth, loan growth, etc.), industry characteristics factors (such as market structure), macroeconomic factors (such as per capita GDP),it is more comprehensive and systematic introduction of factors, in order to gain more comprehensive and profound understanding of factors of value creation for shareholders and their mechanism of action to improve the effectiveness of policy recommendations.
5. This data is long term. This collection is from 1994 to 2008, including 14 of China's major commercial banks in the data (the data in accordance with the end of 2008, the assets of them accounted for more than 85% of the total assets of commercial banks, representative of the overall situation of China's commercial banks). Long term data favorable for empirical research, but also from a more comprehensive study on the time dimension of effectiveness of various reform measures of commercial banks and the economic environment changes to China's commercial banks.
以EVA度量股东价值,进而作为一种银行绩效的指标,相比传统财务指标有其更为科学合理之处,因此在此基础上测度我国商业银行的股东价值效率,并研究其影响因素,对提升我国银行绩效具有非常重要的理论价值和现实指导意义。
从国内外研究情况看,银行效率的研究较多,也存在一些银行股东价值方面的研究,但银行效率的研究多在传统的成本、收入及利润视角展开,且将银行效率研究理论和方法运用于银行股东价值的研究还较缺乏。而在我国商业银行更多地股份制改造甚至上市之后,从为股东创造价值视角展开银行效率研究就变得很有必要,但目前这样的研究较少,因此本文将从股东价值视角对我国商业银行的效率进行研究,以试、图促进我国商业银行为其股东创造价值能力的提升。
使用EVA指标进行银行股东价值效率的研究,和一般的财务指标相比,一个优势在于它能较好地还原会计利润操纵前的财务状况,另一个优势在于它将投入资本的机会成本引入考察范围,有助于考察商业银行是否在给定的投入以及产出条件下,为银行股东最大程度上创造价值,从而有助于考察我国商业银行股份制改造等一系列改革措施是否取得成效,并有助于我国商业银行改善治理机制,真正成为为股东最大化创造价值的现代商业银行。
我国商业银行陆续上市,其市值所占比重日益增大,其运营的好坏对我国资本市场的良好运营和发展起到重要影响,其应立足于股东利益角度,尽最大能力为股东创造价值,以赢得投资者信任,从而获得更多的追加投资和发展机遇。所以,当上市已成为我国商业银行主流发展方向的时候,我国商业银行应注重研究如何提高为其股东创造价值的能力即提高为其股东创值的效率。
本文除导论外分为八章,主要内容如下：
第一章：相关文献述评。总结国内外研究发现,银行效率与银行股东价值相结合的研究较少,尤其针对我国商业银行的研究较欠缺。
第二章：银行股东价值效率测度。利用1995年到2008年我国4家国有商业银行和10家股份制商业银行的数据测算银行EVA,以此度量银行为其股东创造的价值,并测度银行股东价值效率及分解测度银行税后净营业利润效率及银行资本成本效率,从以上各效率的演进分析发现,我国商业银行股东价值效率整体呈现缓慢降低态势,国有商业银行降低更显著,我国商业银行应提升创造税后净营业利润的能力,并注重节约资本成本。
第三章：效率因素测度及其对银行股东价值效率的影响。测度收入、成本及利润效率,并从理论上分析了其对银行股东价值效率的影响。
第四章：收入多元化及其对银行股东价值效率的影响。对收入多元化及其对银行股东价值效率的影响进行了阐述和分析。
第五章：风险因素及其对银行股东价值效率的影响。对银行面临的风险如信用风险、市场风险、操作风险、流动性风险、资本风险(杠杆率)等进行阐述和分析,并分析其对银行股东价值效率的影响。
第六章：其他影响因素及其对银行股东价值效率的影响。对银行特征因素如存贷款增长率、银行规模等,行业特征因素如市场集中度,以及宏观经济因素如人均GDP等及其对银行股东价值效率的影响进行阐述和分析。
第七章：银行股东价值效率影响因素实证分析。通过实证分析方法,对1995-2008年间的我国14家商业银行的银行股东价值效率及其分解效率(银行税后净营业利润效率及银行资本成本效率)的影响因素进行研究后发现,在样本期间对银行股东价值效率有较显著影响的因素有收入效率、收入多元化、操作风险、杠杆率、流动性风险、贷款增长率、银行资产规模、银行业集中度、人均GDP,影响不显著的因素有成本效率、信用风险、市场风险、存款增长率。
第八章：本文主要结论及政策建议。概括本文主要研究结论,并提出相应政策建议,对本文局限及进一步研究方向进行了阐述。
主要结论是：
1.增强收入获取能力,适当控制经营成本。
银行增强收入获取的能力,现阶段显著有利于其为股东创造更多价值,但也要防范过度追求收入增长可能带来的负面影响。
从现阶段看,我国商业银行控制成本的负面影响不显著,但其影响存在时滞效应,因此银行不能过于注重压缩成本和投资,以免使银行收入增长缺乏后劲。
2.调整收入结构,注重非利息收入业务,适度发展证券投资业务。
银行非利息收入业务的拓展,有利于其为股东创造更多的价值,而且随着今后更多非利息收入业务的拓展,其对资本成本的节约作用将更加明显,故应成为银行今后业务发展中的主要努力方向。
现阶段我国商业银行参与证券投资等市场投资增多,不利于其为股东创造更多价值,应注意防范参与市场投资所引发的市场风险。
3.控制财务杠杆率,适度追求存款的增长。
在一定的资本条件下,过大地发展负债业务显著不利于银行为其股东创造更多价值,因此强调资本充足性,不过度膨胀业务规模,控制财务杠杆率,不仅是满足监管实现金融稳定的需要,也是银行改善自身经营的需要。
银行如果只是片面追求存款增长,而不注重精细化的经营管理,则对银行股东价值效率的好处不明显。
4.适度扩张资产规模,加强操作风险的防范。
我国商业银行资产规模不断增大,现阶段有一定规模经济,对银行为其股东创造更多价值的正面效应也较显著。但我国商业银行业务量的增大,使得操作风险将增大,将显著对银行为其股东创造价值的能力造成损害。从发展趋势看,我国商业银行将进一步发展壮大,因此现阶段及今后都应加强防范操作风险。
5.流动性相对充裕,但贷款应适度增长。
现阶段多发放贷款显著有利于银行为其股东创造更多的价值,其原因与我国商业银行流动性相对充裕有关。但是贷款的增长要注意把握度,要防范过多发放贷款带来的负面影响。
6.推进银行业集中度的降低,有利于银行改善经营。
现阶段银行业集中度如提高显著有利于银行更多为其股东创造价值,但从长期看,银行业集中度的提高,不利于通过竞争压力促进银行改进其经营,所以应坚持我国促进银行业竞争的改革目标,降低银行业的集中度。
7.关注宏观经济环境变化,防范大规模信用风险。
人均GDP的增长显著有利于银行为其股东创造更多价值。但是信贷损失会对银行为其股东创造价值造成负面影响,尽管现阶段不显著,但是这与我国外部经济环境持续向好有关,一旦外部经济出现大的波动,则可能出现大规模信贷坏账。所以我国商业银行应关注宏观经济趋势,如经济向好可适当加大业务规模为股东谋利,但如果经济形势有转坏迹象,则应及时压缩信贷规模。
本文可能的主要创新之处在于：
1.促进银行效率与银行股东价值两个原本分开发展的研究领域的结合。从国内外文献反映出银行效率和股东价值两个研究领域都有较丰富的研究成果,也有一些银行股东价值的研究,但是多停留在公司治理以及管理会计等层面。本文借鉴国内外研究,试图在银行效率与银行股东价值的研究结合上,针对我国商业银行情况,做出自己的贡献。
2.解决我国上市银行相对非上市银行少的研究困难。随着我国越来越多的商业银行的上市,给银行研究带来新的机遇,即引入资本市场对银行的评价以更好地研究银行绩效问题。但是我国和欧洲情况类似,上市银行相对于非上市银行数量较少,不利于实证研究。为解决这一困难,国外研究者借用EVA概念和方法,使得未上市银行可参考己上市银行的资本市场评价,一定程度上解决这一困难,本文借鉴该研究并结合我国商业银行实际进行了银行股东价值效率及影响因素的研究,为我国银行绩效研究引入资本市场评价做出一定贡献。
3.对银行EVA的分解研究。银行EVA是由银行税后净营业利润减去银行资本成本(即银行股东投入资本到该银行的机会成本)得到,本文在这个概念分解的基础上,做了两次分解研究：一是在测度银行股东价值效率后,进一步测度银行税后净营业利润效率以及银行资本成本效率,以丰富和加深对银行股东价值效率的理解和认识；二是进行银行股东价值效率影响因素的研究时,也分解为银行税后净营业利润效率以及银行资本成本效率的影响因素研究,以丰富和加深对银行股东价值效率影响因素的理解和认识。
4.引入较全面的因素研究其对银行股东价值效率的影响。国外研究银行绩效时已注重多种影响因素的引入,以求更全面地对银行绩效的影响因素及其作用机制做剖析,国内研究银行绩效时也注意了这一趋势,但相对而言因素不全面、不系统。本文从银行特征因素(包括效率因素、风险因素及其他影响因素如银行规模、存款增长率、贷款增长率等)、行业特征因素(如市场集中度)、宏观经济因素(如人均GDP)等较全面地引入影响因素,以求更全面、更深刻地理解影响银行为其股东创造价值能力的因素及其作用机制,在此基础上为政府后续改革以及商业银行改善经营提供相应政策建议。
5.本文数据期限相对较长。本文数据采集期限从1994年至2008年,包括我国主要的14家商业银行,按照2008年底数据,其资产规模占商业银行总资产85%以上,基本代表我国商业银行整体情况。相对较长的数据期限有利于实证研究,也能从较长时间更全面地考察我国商业银行在历经各项改革措施后的成效以及经济环境变化给我国商业银行带来的影响。
In China, it is still mainly dependent on indirect financing. The banking as the main carrier of financial operations, its efficient operation is important for China's economic development. Therefore, how to analyze the performance of banking operations, and then make recommendations for improvement become an important research topic of the academic and the industry common concern.
Using EVA to measure shareholder value, and then as a bank performance indicators, compared to the traditional financial indicators is more reasonable, and therefore based on this measure to study shareholder value efficiency of commercial banks, and the factors influencing it is of very important theoretical and practical significance for improving the performance of banks.
Using EVA index to study banks shareholder value efficiency, compared to general financial indicators, an advantage in that it can better restore the financial situation before accounting profits manipulation, another advantage is that the introduction of opportunity cost of capital invested into the scope of inspection can better help us examine whether commercial banks can create maximum shareholder value for shareholder under certain inputs and outputs, which can help us to study a series of reform measures such as China's joint-stock reform of commercial banks that are to be effective help to improve the governance of commercial banks, help them to become real modern commercial banks which make the real maximum value creation for shareholders.
Many China's commercial banks were listed, increasing the proportion of its market value and the quality of its operations plays an important effects on the capital market, it should be based on the point of interests of shareholders to create the maximum value for shareholders, to win the trust of investors, thus to obtain additional investment and development opportunities. Therefore, the listed commercial banks have become the mainstream of development in China, Chinese commercial banks should focus on ways to improve its ability to create value for shareholders that is to improve shareholder value efficiency.
In addition to the introduction this thesis is divided into eight chapters, the main contents are as follows:
Chapter one:Literature review of banks shareholder value. After review of banks shareholder value and related research,it is found that the combination study of bank efficiency and bank shareholder value are small, especially for commercial banks in China.
Chapter two:Shareholders value efficiency in banking and its influencing factors overview. The EVA are calculated on 4 state-owned commercial banks and 10 shareholding commercial banks in china from 1995 to 2008, as a measure of banks for the creation of shareholder value. shareholder value the efficiency of the banking is estimated, and decomposition of it the net after-tax operating profit efficiency and capital cost efficiency are estimated. By the analysis on the evolution of the above efficiencies, it is found that shareholder value efficiency of China's commercial banks overall reduced at a slow trend, more significant reduction of state-owned commercial banks. Chinese commercial banks should increase net operating profit and focus on saving the cost of capital.
Chapter Three:Efficiency factor measurement and impact on shareholder value efficiency of banks. Measure of revenue, cost and profit efficiency factor, and the theoretical analysis of impact on shareholder value efficiency of banks.
Chapter four:Revenue diversification and impact on shareholder value efficiency of banks. It is summarized the impact of revenue diversification on shareholder value efficiency of banks.
Chapter five:Risk factors and impact on shareholder value efficiency of banks.Risk of banks, such as credit risk, market risk, operational risk, liquidity risk,capital risk(leverage) are analyzed, and its impact on shareholder value efficiency of banks are analyzed.
Chapter six:Other factors and impact on shareholder value efficiency of banks. It is analyzed impact of other factors on shareholder value of banks such as deposit growth and loan growth, bank assets, banking concentration, per capita
Chapter seven:Factors influencing the of bank shareholder value efficiency empirical analysis. Through empirical analysis of commercial banks in China from 1995 to 2008, factors influencing bank shareholder value efficiency and the decomposition of shareholder value efficiency (after tax net operating profit efficiency and capital cost efficiency) are studied. In the sample period, it is found that significant factors affecting shareholder value efficiency of banks are revenue efficiency, income diversification, operational risk, leverage, liquidity risk, loan growth, bank assets, banking concentration, the per capita GDP and not significant factors are cost efficiency, credit risk, market risk, deposit growth.
Chapter eight:Main conclusions and policy recommendations. It summarizes the main conclusions, and propose policy recommendations, limitations and further research on this direction are described.
The main conclusions are:
1. Enhance the ability to obtain income, proper control of operating costs.
Enhance the ability of banks to earn income is significantly beneficial to create more value for shareholders at this stage, but also to prevent the pursuit of revenue growth over the potential negative impact.
At this stage, China's commercial banks, the negative impact of cost control is not significant, but the effect of time lag, so banks can not focus too much on cutting costs and investment so as not to lack of stamina of banking revenue growth.
2. Adjust the income structure, focus on non-interest income business, appropriate development of securities investment business.
Bank non-interest income business expansion is beneficial to create more value for shareholders, and as more future expansion for non-interest income business, its effect on the capital cost savings will become more apparent, it should be the main endeavor of the bank's future business development.
At this stage commercial banks to participate in the securities and market investment increased,it is detrimental to shareholders value, banks should pay attention to prevention of market risk caused by participating in the market investment.
3. Control financial leverage, modest pursuit in the deposit growth.
Under certain capital, excess debt development is significant not conducive for banks to create more value for its shareholders, the emphasis on capital adequacy, control the degree of expansion of business scale, control of financial leverage, not only meet regulatory requirements to achieve financial stability and also the needs of banks themselves improve their business.
If only one-sided pursuit of bank deposit growth, rather than on the refinement of management, is not obvious the benefits of shareholder value efficiency of banks.
4. Moderate expansion of assets, prevent operational risk.
Commercial bank assets in China is increasing, and at this stage it has a certain economy of scale for banks to create more value for its shareholders, also showed a greater positive effect. However, the increase of business amount of commercial banking, operational risk will increase, will significantly damage the banks ability to create value for its shareholders. From the development trend, China's commercial banks will further develop and grow, and at this stage and in the future should strengthen prevention of operational risk.
5. Relatively abundant liquidity, but the loan should be moderate growth.
At this stage more loans is significantly favorable for banks to create more value for its shareholders, its causes are relative to relative abundance of liquidity of commercial banks in China. However, pay attention to the degree of loan growth to to prevent negative impact from excessive loans.
6. Promote the reduction of concentration of the banking sector will help banks improve their business.
Such as increasing the concentration of the banking sector at this stage is significantly more favorable for banks to create value for its shareholders, but in the long term, the improvement of the banking industry concentration, is not conducive to the promotion for competition of banks to improve their operations and therefore should adhere to the banking industry competition reform objectives, reduce the concentration of the banking industry.
7. Pay attention to changes in the macroeconomic environment, preventing massive credit risk.
GDP per capita growth significantly benefit banks to create more value for its shareholders. But credit losses would adversely affect shareholder value, although not significant at this stage, but this is related to our external economic environment continues to improve, once the big fluctuations in the external economy,there is the potential for large credit bad debts. Therefore, commercial banks should be concerned about China's macroeconomic trends, if economic tends to good may be appropriate to increase the scale of business to make profit for shareholders, but if the signs of the economic situation is deteriorating, the credit scale should be compressed timely.
Innovation of this thesis is:
1. To promote the combination of two separate field, bank efficiency and shareholder value of banks. Study from home and abroad reflect research studies of the bank efficiency and shareholder value are rich, as well as shareholder value of banks, but which stays management accounting, corporate governance level, after review of study home and abroad, this thesis attempt to make contribution to the combination of two separate field, bank efficiency and shareholder value of banks, for the situation of China's commercial banks.
2. To resolve study difficulties from China's listed banks compared to non-listed banks relatively few. China's commercial banks are gradually listed, new opportunities to the study of banks, namely the introduction evaluation of the capital market for banks to study bank performance better. But the situation is similar in China and Europe, listed banks are all relatively small number of non-listed bank, is not conducive to carrying out empirical research.To address this difficulty, the foreign researchers use EVA concepts and methods, making non-listed banks with reference to capital market evaluation on listed bank, so a certain extent, to solve this difficulty. On the basis of the study, this thesis, with the actual conduct of China's commercial banks, study shareholder value efficiency of banks and influencing factors,to make contribution for the introduction of evaluation of the capital market to study bank performance.
3. On the decomposition of EVA of banks. EVA of Banks is net operating profit after tax minus the bank's capital costs (that is, opportunity cost for shareholder of invested capital to banks).Based on this decomposition this thesis make two decompositions:First is in the study of shareholder value efficiency of banks, and further decomposition by net operating profit after tax efficiency and capital cost efficiency, in order to enrich and deepen shareholder value efficiency(that is ability of banks to create shareholder value); Second is the study of factors influencing shareholder value efficiency of banks, further decomposition by the study of factors influencing net operating profit after tax efficiency and capital cost efficiency in order to enrich and deepen understanding of the impact of various factors on shareholder value efficiency of banks.
4. The introduction of a more comprehensive study of factors influencing shareholder value efficiency of banks. Study abroad on the performance of banks have already begun to focus on the introduction of a variety of factors, in order to do full analysis on bank performance factors and mechanism, domestic study of the performance of banks, also pay attention to this trend, but the factors are not comprehensive and systematic, this thesis introduces factors from the bank characteristic factors (including bank efficiency factor, bank risk factors and other factors such as leverage, scale, deposit growth, loan growth, etc.), industry characteristics factors (such as market structure), macroeconomic factors (such as per capita GDP),it is more comprehensive and systematic introduction of factors, in order to gain more comprehensive and profound understanding of factors of value creation for shareholders and their mechanism of action to improve the effectiveness of policy recommendations.
5. This data is long term. This collection is from 1994 to 2008, including 14 of China's major commercial banks in the data (the data in accordance with the end of 2008, the assets of them accounted for more than 85% of the total assets of commercial banks, representative of the overall situation of China's commercial banks). Long term data favorable for empirical research, but also from a more comprehensive study on the time dimension of effectiveness of various reform measures of commercial banks and the economic environment changes to China's commercial banks.
引文
2 张健华.国有商业银行股份制改革完满收官.金融时报.2011年1月21日.
3 Fiordelisi,F.,2007.Shareholder value efficiency in European banking.Journal of Banking and Finance 31 2151-2171
4 中国人民银行研究局局长张健华指出,国有商业银行逐渐朝真正的商业银行迈进,但其所取得成绩并非全靠自身努力,仍面临经济周期波动、利率市场化、人民币可兑换、监管标准提高、内控机制不完善等多方面的挑战。(张健华.国有商业银行股份制改革完满收官.金融时报.2011年1月21日.)
5 周小雍.银行股占A股四成市值,贡献43%利润.一财网.2010年07月15日.
6 银行EVA与一般企业EVA的计算不同在于,银行EVA的资本成本不包括债务成本因为银行主要业务就是吸收存款发放贷款,如果把存款像一般企业一样作为债务的一种引入到资本成本的考察范围,将会造成对商业银行资本成本的过高度量,所以商业银行在计算EVA时应把债务处理成类同于一般企业的生产用的原材料成本费用,而不在税后利润的基础上再加上利息费用。(高莉和樊卫东,2003)。
8 所谓市场价值不足是指某个银行它的现实市场价值和它的可能的最大市场价值之间存在的距离(Hughes等,2004)。
9 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[J].财贸经济.2003(11)：26-33.
10 张新.中国经济的增长和价值创造[M].上海：上海三联书店,2003.
11 Fiordelisi, F., Molyneux,P.,2010.The determinants of shareholder value in European banking. Journal of Banking and Finance 34,1189-1200.
12 柯孔林,冯宗宪,薛锋.中国商业银行股东价值效率的测度[J].西安交通大学学报(社会科学版),2009(1)：12-17.
13 张薪.中国经济的增长和价值创造［M］.上海：上海三联书店,2003.
14 Battese,G.E.,Coelli,T.J.,1995.A model for technical inefficiency effects in a stochastic frontier production function for panel data.Empirical Economics 20,325-332.
15 齐树天.中国商业银行X效率问题研究.吉林大学2007博士论文.
17 Coelli,T.J.,Prasada Rao.D.S.,O'Donnel C..Battese.G.,2005.An Introduction to Efficiency and Productivity Analysis. Second edition. New York:Springer Science+Business Media,lnc.
19 张健华.国有商业银行股份制改革完满收官.金融时报.2011年1月21日.
22 陈野华,卓贤.中国渐进改革成本与国有银行财务重组[J].经济研究,2006(3)：25-35.
24 Yuan,W.,2006,Corporate banking in China:History,opportunities and challenges,Report Published by Celent.
25 Berger,A.N.,Hasan,I., Zhou,M.,2010.The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance 34,1417-1435.
28 徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
30 Fiordelisi, F., Molyneux.P.,2010.The determinants of shareholder value in European banking. Journal of Bankins and Finance 34,1189-1200.
33 徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
34 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[J].财贸经济,2003(11)：26—33.
35 中央财经大学中国银行业研究中心主任郭田勇指出由于中间业务占用资本金较少,银行通过大力发展中间业务,可以摆脱资本金的约束：而且经济向好后,随着居民收入、消费的增加,居民的投融资需求有可能会有增长,中间业务将会是未来盈利的主要挖掘点。因此,银行应大力发展投资银行、债务融资工具承销、银行类理财、企业年金、银行卡以及电子银行等新兴中间业务。(孟扬.走出资本充足率窘境：商行须转变战略模式.金融时报.2010年03月20日.)
36 国内12家股份制银行巨头齐聚青岛,在2010全国股份制银行行长联席会议上共议后金融危机时代银行发展方式转型。与会代表认为,中小股份制银行转型的核心就是通过调整业务结构、收入结构、贷款结构和客户结构,走一条与中国经济发展相适应、资本消耗低、内生增长能力强、市值稳定增长的新型股份制银行发展道路。(张朝晖.股份制银行行长论道：低资本消耗发展路径渐成共识.中国证券报.2010年10月22日)
1.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[J].经济研究,2009(9)：52-65.
2.陈野华,卓贤.中国渐进改革成本与国有银行财务重组[J].经济研究,2006(3)：25-35.
3.迟国泰,陈国斌,迟枫.基于神经网络的中国商业银行效率综合评价[J].哈尔滨工业大学学报,2006(4)：626-629.
4.迟国泰,孙秀峰和芦丹.中国商业银行成本效率实证研究[J].经济研究,2005(6)：104-114.
5.甘小丰.中国商业银行效率的SBM分析——控制宏观和所有权因素[J].金融研究,2007(10)：58-68.
6.高波,于良春.中国银行业规模经济效应分析[J].经济评论,2003(1)：124-128.
7.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[J].财贸经济,2003(11)：26-33.
8.关新红.中国商业银行创值能力研究[M].北京：社会科学文献出版社,2006.
9.郭德维.银行流动性风险度量与管理研究.天津大学2009博士论文.
10.郭京华.试论我国商业银行流动性的风险及其管理[J],中央财经大学学报,2000(6)：30-35.
11.郭妍.我国商业银行效率决定因素的理论探讨与实证检验[J].金融研究,2005(2)：115-123.
12.贺春临.我国银行业的市场结构与绩效研究[J].经济评论,2004(6)：96-102.
13.胡援成.国有商业银行改革过程中的经营效率评价[J].经济与管理研究,2006(5)：33-38.
14.柯孔林,冯宗宪,薛锋.中国商业银行股东价值效率的测度[J].西安交通大学学报(社会科学版),2009(1)：12-17.
15.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[J].财经科学,2006(8)：16-23.
16.刘芬.中国商业银行效率：基于动态视角的理论与经验研究.辽宁大学2009博士论文.
17.刘海虹.银行危机与商业银行流动性问题研究[J].财贸经济.1999(1)：42-47.
18.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)：138-142.
19.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.
20.苗琳.中国国有商业银行效率影响因素研究.西南财经大学2007博士论文.
21.齐树天.中国商业银行X效率问题研究.吉林大学2007博士论文.
22.秦宛顺,欧阳俊.中国商业银行业市场结构、效率和绩效[J].经济科学,2001(4)：34-45.
23.陶雄华,卢李.我国商业银行EVA价值创造及影响因素分析[J].中南财经政法大学学报,2010(5)：89-94.
24.王聪,谭政勋.我国商业银行效率结构研究[J].经济研究,2007(7)：110-122.
25.王聪,邹朋飞.中国商业银行效率结构与改革策略探讨[J].金融研究,2004(3)：58-65.
26.王菁,周好文.中国银行业收入结构变革对收益的影响[J].金融论坛,2008(10)：15-20.
27.王维安,王旭祥.中国国有商业银行的流动性：一个实证分析[J],浙江金融,2003(7)：14-16.
28.王勇,张艳,童菲.我国商业银行非利息业务困境与对策[J].金融研究,2006(10)：76-81.
29.王志军.欧盟银行业的非利息收入[J].国际金融研究,2004(7)：47-52.
30.魏鹏.我国上市银行中间业务收入发展现状—基于10家上市银行2006—2007年年报数据[J].财经科学,2008(9)：34-41.
31.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)：88-96.
32.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[J].金融研究,2007(7)：47-59.
33.谢朝华.信息传递、组织结构与银行效率[J],济南金融,2007(1)：9-13.
34.谢清河.EVA与商业银行业绩评价机制问题研究[J].金融与经济,2005(7)：39—40.
35.徐传湛,郑贵廷,齐树天.我国商业银行规模经济问题与金融改革策略透析[J].经济研究,2002(10)：22-30.
36.徐传谌,齐树天.中国商业银行X-效率实证研究[J].经济研究,2007(3)：106-115.
37.徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
38.薛鸿健.解析美国商业银行的非利息收入[J].国际金融研究,2006(8)：20-25.
39.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[J].金融研究,2007(12)：102-111.
40.姚长辉,商业银行流动性风险的影响因素分析[J],经济科学,1997,(4)：21-26.
41.姚树杰,冯根福,姜春霞.中国银行业效率的实证研究[J].经济研究,2004(8)：4-15.
42.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.
43.于良春,鞠源.垄断与竞争：中国银行业的改革与发展[J].经济研究,1999(8)：48-57.
44.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[J].金融研究,2003(3)：11-24.
45.张健华,王鹏.中国银行业前沿效率及其影响因素研究——基于随机前沿的距离函数模型[J].金融研究,2009(12)：1-18.
46.张健华,王鹏.中国银行业广义Malmquist生产率指数研究[J].经济研究,2010(8)：128-140.
47.张新.中国经济的增长和价值创造[M].上海：上海三联书店,2003.
48.张羽,李黎.非利息收入有利于降低银行风险吗?——基于中国银行业的数据[J].南开经济研究,2010(4)：69-91.
49.赵永乐,王均坦.商业银行效率、影响因素及其能力模型的解释结果[J].金融研究,2008(3)：58-67.
50.赵旭.国有商业银行效率的实证分析[J].经济科学,2000(6)：45-50.
51.赵旭,蒋振声,周军民.中国银行业市场结构与绩效实证研究[J].金融研究,2001(3)：59-67.
52.郑东岩.浅析基层商业银行提高经济增加值的途径[J].西安金融,2006,(12)：18—19.
53.郑录军,曹廷求.我国商业银行效率及其影响因素的实证分析[J].金融研究,2005(1)：91-100.
54.郑鸣,林潘颖.我国商业银行价值创造能力研究[J].厦门大学学报(哲学社会科学版),2006(5)：113—121.
55.郑荣年,牛慕鸿.中国银行业非利息业务与银行特征关系研究[J].金融研究,2007,(9)：129-137.
56.郑振东,王岗.双重信贷配给与中国银行业的流动性隐患研究[J],金融与经济,2004(9)：12-13.
57.周好文,王菁.从资产组合理论视角审视我国商业银行非利息收入的波动性[J].经济经纬,2008(4)：155-158.
58.朱建武.基.于经济增加值的中小银行价值创造能力分析[J].当代财经,2007(4)：44—48.
59.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.
60.Acharya,V.V.,Hasan,I.,Saunders,A.,2002,The Effects of Focus and Diversification on Bank Risk and Return:Evidence from Individual Bank Loan Portfolios.Mimeo, New Jersey Institute of Technology,2002,March 15.
61. Acharya,V.V.,Hasan,I.,Saunders,A.,2006. Should banks be diversified?Evidence from individual bank loan portfolios.Journal of Business 79,1355-1412.
62.Altunbas,Y.,Chakravarty,S.,2001.Frontier cost functions and bank efficiency.Economic Letters 72,233-240.
63.Ashton K.J.,1998.Cost efficiency in the UK water and sewerage industry,Applied Economics Letters7,455-458.
64.Athanasoglou,P.P.,Brissimis,N.S.,Delis,M.D.,2008.Bank-specific,industry-specific and macroeconomic determinants of bank profitability.Journal of International Financial Markets,Institutions and Money 18,121-136.
65.Baele,L., Jonghe O.D., Vennet, R.V.,2007.Does the Stock Market Value Bank Diversification.Journal of Banking and Finance 31,1999-2023.
66.Bain,J.S.,1951.Relation of Profit Rate to Industry Concentration:American Manufacturing 1936—1940.Quarterly Journal of Economics 65,293-324.
67.Barth,M.E.,Beaver,W.H.,2001.The relevance of the value relevance literature for financial accounting standard setting:another view.Journal of Accounting and Economics 31,3-75.
68.Battese,G.E., Coelli,T.J.,1992. Frontier production functions, technical efficiency and panel data with application to paddy farmers in india. Journal of Productivity Analysis 3,153-169.
69.Battese,G.E.,Coelli,T.J.,1995.A model for technical inefficiency effects in a stochastic frontier production function for panel data.Empirical Economics 20,325-332.
70.Bauer,P.W.,Berger,A.N.,Ferrier,G.D.,Humphrey,D.B.,1997.Consistency conditions for regulatory analysis of financial institutions:a comparison of frontier efficiency methods.The Federal Reserve Board,Finance and Economics Discussion Series,no.1997-50.
71.Baumol,William J., Panzar, J. C., Robert D.W.,1982. Contestable Markets and the Theory of Industry Structure.New York:Harcourt Brace Jovanovich,Inc.
72.Beccalli,E.,2004.Cross-country comparisons of efficiency:evidence from the UK and Italian investment firms.Journal of Banking and Finance 28,1363-1383.
73.Beccalli,E.,Casu,B.,Girardone,C.,2006.Efficiency and stock performance in European Banking.Journal of Business Finance and Accounting 33,218-235.
74.Berger,A.N.,1993.Distribution-free estimates of efficiency in the US banking system and tests of the standard distributional assumptions.Journal of Productivity Analysis 4,261-283.
75.Berger,A.N.,1995.The Profit-Structure Relationship in Banking Tests of Market-Power and Efficient-Structure Hypotheses.Journal of Money,Credit,and Banking 27,404-431.
76.Berger,A.N.,DeYoung,R.,Genay,H.,Udell,G.F.,2000.The globalization of financial institutions:Evidence from cross-border banking performance.Brookings-Wharton Papers on Financial Services 3,23-158.
77.Berger,A.N.,De Young.R.,2001.The effect of geographic expansion on bank efficiency.Journal of Financial Service Research 19,163-184.
78.Berger,A.N.,Demsetz,R.,Strahan,P.,1999.The consolidation of financial services industry:Causes,consequences,and implications for the future.Journal of Banking and Finance23,135-194.
79.Berger,A.N.,Hancock,D.,Humphrey,D.B.,1993.Bank efficiency derived from the profit function.Journal of Banking and Finance 17,317-347.
80.Berger,A.N.,HannanT. H.,1989,The Price-Concentration Relationship in Banking,Review of Economics and Statistics 71,291-299.
81.Berger,A.N., Hasan, I., Zhou, M.,2009.Bank Ownership and Efficiency in China:What will happen to the World's Largest Nation? Journal of Banking and Finance33,113-130.
82.Berger,A.N.,Hasan,I., Zhou,M.,2010.The effects of focus versus diversification on bank performance:Evidence from Chinese banks. Journal of Banking and Finance 34,1417-1435.
83.Berger,A.N.,Humphrey,D.B.,Pulley,L.B.,1996.Do consumers pay for one-stop banking?Evidence from an alternative revenue function.Journal of Banking and Finance 20,1601-1621.
84.Berger,A.N.,Mester,L.J.,1997.Inside the black box:what explains differences in the efficiency of financial institutions.Journal of Banking and Finance 21,895-947.
85.Bonin,J.P., Hasan, I., Wachtel,P.,2005.Bank Performance,Efficiency,and Ownership in Transition Economies. Journal of Banking and Finance 29,31-53.
86.Boyd,J.H.,Gertler,M.,1994.Are banks dead?Or are the reports greatly exaggerated?.Federal Reserve Bank of Minneapolis,Quarterly Review,18(3).
87.Brissimis,N.S.,Delis,M.D.,Papanikolaou,N.I.,2008.Exploring the nexus between banking sector reform and performance:evidence from newly acceded EU
countries.Journal of Banking and Finance 32,2674-2683.
88.Busch,R.,Kick,T.2009.Income Diversification in the German Banking Industry.Working Paper, www.bundesbank.de/download/bankenaufsicht/dkp/200909dkpb_.pdf.
89.Canals,J.,1993.Competitive Strategies in European Banking.Oxford,Oxford University Press.
90.Chaffai,M.E..Dietsch,M.,Lozano-Vivas,A.,2001.Technological and environmental differences in the European banking industries.Journal of Financial Services Research 19,147-162.
91.Chen,X., Skully, M.,Brown, K.,2005.Bank efficiency in China:application of DEA to pre-and post-deregulations era:1993-2000. China Economic Review16,229-245.
92.Chiorazzo,V., Milani,C., Salvini, F.,2008.Income Diversification and Bank Performance:Evidence from Italian Banks.Journal of Financial Services Research 33,181-203.
93.Chu,S.F.,Lim,G.H.,1998.Share performance and profit efficiency of banks in an oligopolistic market:evidence from Singapore.Journal of Multinational Financial Management 8,155-168.
94. Clark,J.,Siems,T.F.,1997. Competitive viability in banking:Looking beyond the balance sheet.Financial Industry Studies Working Paper 97-5,Federal Reserve Bank of Dallas.
95.Coelli,T.J.,Prasada Rao,D.S.,O'Donnel C.,Battese,G.,2005.An Introduction to Efficiency and Productivity Analysis. Second edition. New York: Springer Science-Business Media,Inc.
96.DeLong,G.,2001.Stockholder gains from focusing versus diversifying bank mergers. Journal of Financial Economics 59,221-52.
97.Demirguc-Kunt,A.,Huizinga,H-,2004.Market discipline and deposit insurance.Journal of Monetary Economics 51,375-399.
98.DeYoung,R.,Rice,T.,2004.Noninterest Income and Financial Performance at U.S.Commercial Banks.The Financial Review 39,101-127.
99.DeYoung,R.,Roland,K.P.,2001.Product mix and earnings volatility at commercial banks:Evidence from a degree of leverage model.Journal of Financial Intermediation 10,54-84.
100.Dietsch,M.,Lozano-Vives,A.,2000.How the environment determines banking efficiency:a comparison between French and Spanish industries.Journal of Banking and Finance 24,985-1004.
101.Eisenbeis,R.A.,Ferrier,G.D.,Kwan,S.H.,1999.The Inform ativen ess of Stochastic Frontier and Programming Frontier Efficiency Scores:Cost Efficiency and Other Measures of Bank Holding Company Performance.Federal Reserve Bank of Atlanta,Working Paper,99-23.
102.Esho,N., Kofmann, P., Sharpe,I.G.,2005.Diversification.Fee Income,and Credit Union Risk.Journal of Financial Services Research 27,259-81.
103.Felthman,G.,Ohlson,J.A.,1995.Valuation and clean surplus accounting for operating and financial activities.Contemporary Accounting Research 11,689-731.
104.Fiordelisi,F.,2007.Shareholder value efficiency in European banking.Journal of Banking and Finance 31,2151-2171.
105.Fiordelisi, F., Molyneux,P.,2010.The determinants of shareholder value in European banking. Journal of Banking and Finance 34,1189-1200.
106.Fu,X., Heffernan,S.A.,2007.Cost X-efficiency in China's Banking Sector.China Economic Review 18,35-53.
107.Gallo,J.,Apilado,V., Kolari,J.,1996.Commercial Bank Mutual Fund Activities:Implications for Bank Risk and Profitability.Journal of Banking and Finance 20,1775-92.
108.Garvey,G.T.,Milbourn,T.T.,2000.EVA versus earnings:does it matter which is more highly correlated with stock returns?.Journal of Accounting Research 38,209-245.
109.Gillet,R.,Hubner,G.,Plunus,S.,2010.Operational risk and reputation in the
financial industry.Journal of Banking and Finance 34,224-235.
110.Green,W.H.,Segal,D.,2004.Profitability and Efficiency in the U.S.Life Insurance Industry.Journal of Productivity Analysis 21,229-247.
111.Hannan,T.,1991.Bank Commercial Loan Markets and the Role of Market Structure:Evidence from Surveys of Commercial Lending.Journal of Banking and Finance 15,133-149.
112.Heffernan,S.a.,Fu,X.,2008.The determinants of bank performance in China. Cass Business School, City University,working paper.
113.Holthausen,R.W.,Watts,R.L.,2001.The relevance of the value-relevance literature for financial accounting standard setting.Journal of Accounting and Economics 31,3-75.
114.Hughes,J.P.,Lang,W.W.,Moon,C.,Pagano,M.S.,2004.Managerial incentives and the efficiency of capital structure in U.S. commercial banking.Rutgers University,Department of Economics,Working Paper, WP-2004-01.
115.Hunter,W. C., Timme, S. G.,Technical change, organizational form and the structure of bank production. Journal of Money, Credit, and Banking,1986(14): 35-56.
116.Kwast, M.,1989.The Impact of Underwriting and Dealing on Bank Returns and Risk.Journal of Banking and Finance 13,101-125.
117.Lepetit,L.,Nys,E.,Rous,P.,Tarazi,A.,2008.Bank income structure and risk:an empirical analysis of European banks.Journal of Banking and Finance 32,1452-1467.
118.Laeven,L.,Levine,R.,2007.Is there a diversification discount in financial conglomerates?.Journal of Financial Economics 85,331-367.
119.Lawrence,C.,1989.Banking costs, generalized functional forms and estimation of economies of scale and scope. Journal of Money, Credit and. Banking21,368-380.
120.Lin,X., Zhang, Y.,2009.Bank ownership reform and bank performance in China.Journal of Banking and Finance33,20-29.
121.Lown,C. S.,Carol, L.O., Philip, E.S.,Sufi,A.,2000.The Changing Landscape of the Financial Service Industry:What Lies Ahead?.Economic Policy Review, Federal Reserve Bank of New York 6,39-54.
122.Mahajan,A.,Rangan,N.,Zardkoohi,A.,1996.Cost structures in multinational and domestic banking.Journal of Banking and Finance 20,238-306.
123.Margaritis,D.,Psillaki,M.,2010.Capital structure,equity ownership and firm performance. Journal of Banking and Finance 34,621-632.
124.Millar,L.,2005.The measurement and determinants of UK banks'performance.Cass Business School Past Dissertation,available from the Cyril Kleinwort Learning Resource Centre,Cass Business School.
125.Molyneux,P.,Seth, R.,1998.Foreign Banks.Profits,and Commercial Credit Extensions in the United States.Applied Financial Economics 8,533-539.
126.Noulas, A. G., Subhash C.R., Miller S. M.1990. Returns to Scale and Input Substitution for Large U.S. Banks. Journal of Money; Credit, and Banking 22:94-108.
127.O'Hanlon,J.,Peasnell,K.,1998.Wall Street's contribution to management accounting:the Stern Stewart EVA financial management system.Management Accounting Research 9,421-444.
128.Ohlson,J.A.,1995.Earnings,book values,and dividends in equity valuation.Contemporary accounting research 11,661-687.
129.Radecki, L.J.,1999.Banks'Payments-driven Revenue.FRBNY Economic Policy Review,53-69.
130. Rhoades,S.A.,1985. Market Share as a Source of Market Powe:Implications and Some Evidence.Journal of Economics and Business 37,343-363.
131.Rose,P. S.,1989.Diversification of the Banking Firm.The Financial Review 24,251-280
132.Rosen,R. J., Lloyd-Davies P. R., Kwast M. L., Humphrey D. B.,1989.A Portfolio Analysis of Bank Investment in Real Estate.Journal of Banking and Finance 13,355-366.
133.Rosie, S.,Christos S., Geoffrey, W.,2003.Non-interest Income and Total Income Stability.Working Paper, ww.bankofengland.co.uk/publications/workingpapers/wp198.pdf
134.Santomero,A.W., Eek-june C.,1992.Evidence in Support of Broader Banking Powers.Financial Markets,Institutions,and Instruments 1,1-69.
135.Sathye,M.,2001.Cost efficiency in Australian banking:an empirical investigation.Journal of Banking and Finance 25,613-630.
136.Saunders,A.,Ingo W.,1994.Universal Banking in the United States:What Could We Gain?What Could We Lose?.New York,NY:Oxford University Press.
137.Shih,V., Zhang, Q.,Liu, M.,2007. Comparing the performance of Chinese banks:a principal component approach.China Economic Review18,15-34.
138.Smirlock,M.,Gilligan,T.,Marshall,W.,1986. Tobin's q and the Structure-Performance Relationship:Reply.American Economic Review 76,1211-1213.
139.Smith,R., Staikouras C.,Wood G.,2003.Non-interest Income and Total Income Stability.Working Paper,No.198,Bank of England.
140.Stiroh,K.J.,2004.Diversification in banking:Is noninterest income the answer?.Journal of Money,Credit and Banking 36,853-82.
141.Stiroh,K. J.,2006.New Evidence on the Determinants of Bank Risk.Journal of Financial Services Research 30,237-263.
142.Stiroh,K.J., Rumble, A.,2006.The Dark Side of Diversification:The Case of US Financial Holding Companies. Journal of Banking and Finance 30:2131-61.
143.Stoughton,N.M. Zechner, J.,2007.Optimal Capital Allocation using RAROC and EVA.Journal of Financial Intermediation 16,312-342.
144.Templeton,W. K., Jacobus T.S.,1992.The Effect of Nonbank Diversification on Bank Holding Companies.Quarterly Journal of Business and Economics31,3-16.
145.Villalonga,B.,2004.Diversification discount or premium?New evidence from the Business Information Tracking Series. Journal of Finance 59,479-506.
146.Williams,B.,2003.Domestic and International Determinants of Bank Profits:Foreign Banks in Australia. Journal of Banking and Finance 27,1185-1210.
147.Yao,S., Jiang,C., Feng, G., Willenbockel, D.,2007.On the efficiency of Chinese banks and WTO challenges.Applied Economics39,629-643.
148.Yuan,W.,2006,Corporate banking in China:History,opportunities and challenges.Report Published by Celent.
3 Fiordelisi,F.,2007.Shareholder value efficiency in European banking.Journal of Banking and Finance 31 2151-2171
4 中国人民银行研究局局长张健华指出,国有商业银行逐渐朝真正的商业银行迈进,但其所取得成绩并非全靠自身努力,仍面临经济周期波动、利率市场化、人民币可兑换、监管标准提高、内控机制不完善等多方面的挑战。(张健华.国有商业银行股份制改革完满收官.金融时报.2011年1月21日.)
5 周小雍.银行股占A股四成市值,贡献43%利润.一财网.2010年07月15日.
6 银行EVA与一般企业EVA的计算不同在于,银行EVA的资本成本不包括债务成本因为银行主要业务就是吸收存款发放贷款,如果把存款像一般企业一样作为债务的一种引入到资本成本的考察范围,将会造成对商业银行资本成本的过高度量,所以商业银行在计算EVA时应把债务处理成类同于一般企业的生产用的原材料成本费用,而不在税后利润的基础上再加上利息费用。(高莉和樊卫东,2003)。
8 所谓市场价值不足是指某个银行它的现实市场价值和它的可能的最大市场价值之间存在的距离(Hughes等,2004)。
9 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[J].财贸经济.2003(11)：26-33.
10 张新.中国经济的增长和价值创造[M].上海：上海三联书店,2003.
11 Fiordelisi, F., Molyneux,P.,2010.The determinants of shareholder value in European banking. Journal of Banking and Finance 34,1189-1200.
12 柯孔林,冯宗宪,薛锋.中国商业银行股东价值效率的测度[J].西安交通大学学报(社会科学版),2009(1)：12-17.
13 张薪.中国经济的增长和价值创造［M］.上海：上海三联书店,2003.
14 Battese,G.E.,Coelli,T.J.,1995.A model for technical inefficiency effects in a stochastic frontier production function for panel data.Empirical Economics 20,325-332.
15 齐树天.中国商业银行X效率问题研究.吉林大学2007博士论文.
17 Coelli,T.J.,Prasada Rao.D.S.,O'Donnel C..Battese.G.,2005.An Introduction to Efficiency and Productivity Analysis. Second edition. New York:Springer Science+Business Media,lnc.
19 张健华.国有商业银行股份制改革完满收官.金融时报.2011年1月21日.
22 陈野华,卓贤.中国渐进改革成本与国有银行财务重组[J].经济研究,2006(3)：25-35.
24 Yuan,W.,2006,Corporate banking in China:History,opportunities and challenges,Report Published by Celent.
25 Berger,A.N.,Hasan,I., Zhou,M.,2010.The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance 34,1417-1435.
28 徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
30 Fiordelisi, F., Molyneux.P.,2010.The determinants of shareholder value in European banking. Journal of Bankins and Finance 34,1189-1200.
33 徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
34 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[J].财贸经济,2003(11)：26—33.
35 中央财经大学中国银行业研究中心主任郭田勇指出由于中间业务占用资本金较少,银行通过大力发展中间业务,可以摆脱资本金的约束：而且经济向好后,随着居民收入、消费的增加,居民的投融资需求有可能会有增长,中间业务将会是未来盈利的主要挖掘点。因此,银行应大力发展投资银行、债务融资工具承销、银行类理财、企业年金、银行卡以及电子银行等新兴中间业务。(孟扬.走出资本充足率窘境：商行须转变战略模式.金融时报.2010年03月20日.)
36 国内12家股份制银行巨头齐聚青岛,在2010全国股份制银行行长联席会议上共议后金融危机时代银行发展方式转型。与会代表认为,中小股份制银行转型的核心就是通过调整业务结构、收入结构、贷款结构和客户结构,走一条与中国经济发展相适应、资本消耗低、内生增长能力强、市值稳定增长的新型股份制银行发展道路。(张朝晖.股份制银行行长论道：低资本消耗发展路径渐成共识.中国证券报.2010年10月22日)
1.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[J].经济研究,2009(9)：52-65.
2.陈野华,卓贤.中国渐进改革成本与国有银行财务重组[J].经济研究,2006(3)：25-35.
3.迟国泰,陈国斌,迟枫.基于神经网络的中国商业银行效率综合评价[J].哈尔滨工业大学学报,2006(4)：626-629.
4.迟国泰,孙秀峰和芦丹.中国商业银行成本效率实证研究[J].经济研究,2005(6)：104-114.
5.甘小丰.中国商业银行效率的SBM分析——控制宏观和所有权因素[J].金融研究,2007(10)：58-68.
6.高波,于良春.中国银行业规模经济效应分析[J].经济评论,2003(1)：124-128.
7.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[J].财贸经济,2003(11)：26-33.
8.关新红.中国商业银行创值能力研究[M].北京：社会科学文献出版社,2006.
9.郭德维.银行流动性风险度量与管理研究.天津大学2009博士论文.
10.郭京华.试论我国商业银行流动性的风险及其管理[J],中央财经大学学报,2000(6)：30-35.
11.郭妍.我国商业银行效率决定因素的理论探讨与实证检验[J].金融研究,2005(2)：115-123.
12.贺春临.我国银行业的市场结构与绩效研究[J].经济评论,2004(6)：96-102.
13.胡援成.国有商业银行改革过程中的经营效率评价[J].经济与管理研究,2006(5)：33-38.
14.柯孔林,冯宗宪,薛锋.中国商业银行股东价值效率的测度[J].西安交通大学学报(社会科学版),2009(1)：12-17.
15.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[J].财经科学,2006(8)：16-23.
16.刘芬.中国商业银行效率：基于动态视角的理论与经验研究.辽宁大学2009博士论文.
17.刘海虹.银行危机与商业银行流动性问题研究[J].财贸经济.1999(1)：42-47.
18.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)：138-142.
19.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.
20.苗琳.中国国有商业银行效率影响因素研究.西南财经大学2007博士论文.
21.齐树天.中国商业银行X效率问题研究.吉林大学2007博士论文.
22.秦宛顺,欧阳俊.中国商业银行业市场结构、效率和绩效[J].经济科学,2001(4)：34-45.
23.陶雄华,卢李.我国商业银行EVA价值创造及影响因素分析[J].中南财经政法大学学报,2010(5)：89-94.
24.王聪,谭政勋.我国商业银行效率结构研究[J].经济研究,2007(7)：110-122.
25.王聪,邹朋飞.中国商业银行效率结构与改革策略探讨[J].金融研究,2004(3)：58-65.
26.王菁,周好文.中国银行业收入结构变革对收益的影响[J].金融论坛,2008(10)：15-20.
27.王维安,王旭祥.中国国有商业银行的流动性：一个实证分析[J],浙江金融,2003(7)：14-16.
28.王勇,张艳,童菲.我国商业银行非利息业务困境与对策[J].金融研究,2006(10)：76-81.
29.王志军.欧盟银行业的非利息收入[J].国际金融研究,2004(7)：47-52.
30.魏鹏.我国上市银行中间业务收入发展现状—基于10家上市银行2006—2007年年报数据[J].财经科学,2008(9)：34-41.
31.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)：88-96.
32.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[J].金融研究,2007(7)：47-59.
33.谢朝华.信息传递、组织结构与银行效率[J],济南金融,2007(1)：9-13.
34.谢清河.EVA与商业银行业绩评价机制问题研究[J].金融与经济,2005(7)：39—40.
35.徐传湛,郑贵廷,齐树天.我国商业银行规模经济问题与金融改革策略透析[J].经济研究,2002(10)：22-30.
36.徐传谌,齐树天.中国商业银行X-效率实证研究[J].经济研究,2007(3)：106-115.
37.徐忠、沈艳、王小康、沈明高.结构与我国银行业绩效：假说与检验[J].经济研究,2009(10)：75-86.
38.薛鸿健.解析美国商业银行的非利息收入[J].国际金融研究,2006(8)：20-25.
39.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[J].金融研究,2007(12)：102-111.
40.姚长辉,商业银行流动性风险的影响因素分析[J],经济科学,1997,(4)：21-26.
41.姚树杰,冯根福,姜春霞.中国银行业效率的实证研究[J].经济研究,2004(8)：4-15.
42.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.
43.于良春,鞠源.垄断与竞争：中国银行业的改革与发展[J].经济研究,1999(8)：48-57.
44.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[J].金融研究,2003(3)：11-24.
45.张健华,王鹏.中国银行业前沿效率及其影响因素研究——基于随机前沿的距离函数模型[J].金融研究,2009(12)：1-18.
46.张健华,王鹏.中国银行业广义Malmquist生产率指数研究[J].经济研究,2010(8)：128-140.
47.张新.中国经济的增长和价值创造[M].上海：上海三联书店,2003.
48.张羽,李黎.非利息收入有利于降低银行风险吗?——基于中国银行业的数据[J].南开经济研究,2010(4)：69-91.
49.赵永乐,王均坦.商业银行效率、影响因素及其能力模型的解释结果[J].金融研究,2008(3)：58-67.
50.赵旭.国有商业银行效率的实证分析[J].经济科学,2000(6)：45-50.
51.赵旭,蒋振声,周军民.中国银行业市场结构与绩效实证研究[J].金融研究,2001(3)：59-67.
52.郑东岩.浅析基层商业银行提高经济增加值的途径[J].西安金融,2006,(12)：18—19.
53.郑录军,曹廷求.我国商业银行效率及其影响因素的实证分析[J].金融研究,2005(1)：91-100.
54.郑鸣,林潘颖.我国商业银行价值创造能力研究[J].厦门大学学报(哲学社会科学版),2006(5)：113—121.
55.郑荣年,牛慕鸿.中国银行业非利息业务与银行特征关系研究[J].金融研究,2007,(9)：129-137.
56.郑振东,王岗.双重信贷配给与中国银行业的流动性隐患研究[J],金融与经济,2004(9)：12-13.
57.周好文,王菁.从资产组合理论视角审视我国商业银行非利息收入的波动性[J].经济经纬,2008(4)：155-158.
58.朱建武.基.于经济增加值的中小银行价值创造能力分析[J].当代财经,2007(4)：44—48.
59.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.
60.Acharya,V.V.,Hasan,I.,Saunders,A.,2002,The Effects of Focus and Diversification on Bank Risk and Return:Evidence from Individual Bank Loan Portfolios.Mimeo, New Jersey Institute of Technology,2002,March 15.
61. Acharya,V.V.,Hasan,I.,Saunders,A.,2006. Should banks be diversified?Evidence from individual bank loan portfolios.Journal of Business 79,1355-1412.
62.Altunbas,Y.,Chakravarty,S.,2001.Frontier cost functions and bank efficiency.Economic Letters 72,233-240.
63.Ashton K.J.,1998.Cost efficiency in the UK water and sewerage industry,Applied Economics Letters7,455-458.
64.Athanasoglou,P.P.,Brissimis,N.S.,Delis,M.D.,2008.Bank-specific,industry-specific and macroeconomic determinants of bank profitability.Journal of International Financial Markets,Institutions and Money 18,121-136.
65.Baele,L., Jonghe O.D., Vennet, R.V.,2007.Does the Stock Market Value Bank Diversification.Journal of Banking and Finance 31,1999-2023.
66.Bain,J.S.,1951.Relation of Profit Rate to Industry Concentration:American Manufacturing 1936—1940.Quarterly Journal of Economics 65,293-324.
67.Barth,M.E.,Beaver,W.H.,2001.The relevance of the value relevance literature for financial accounting standard setting:another view.Journal of Accounting and Economics 31,3-75.
68.Battese,G.E., Coelli,T.J.,1992. Frontier production functions, technical efficiency and panel data with application to paddy farmers in india. Journal of Productivity Analysis 3,153-169.
69.Battese,G.E.,Coelli,T.J.,1995.A model for technical inefficiency effects in a stochastic frontier production function for panel data.Empirical Economics 20,325-332.
70.Bauer,P.W.,Berger,A.N.,Ferrier,G.D.,Humphrey,D.B.,1997.Consistency conditions for regulatory analysis of financial institutions:a comparison of frontier efficiency methods.The Federal Reserve Board,Finance and Economics Discussion Series,no.1997-50.
71.Baumol,William J., Panzar, J. C., Robert D.W.,1982. Contestable Markets and the Theory of Industry Structure.New York:Harcourt Brace Jovanovich,Inc.
72.Beccalli,E.,2004.Cross-country comparisons of efficiency:evidence from the UK and Italian investment firms.Journal of Banking and Finance 28,1363-1383.
73.Beccalli,E.,Casu,B.,Girardone,C.,2006.Efficiency and stock performance in European Banking.Journal of Business Finance and Accounting 33,218-235.
74.Berger,A.N.,1993.Distribution-free estimates of efficiency in the US banking system and tests of the standard distributional assumptions.Journal of Productivity Analysis 4,261-283.
75.Berger,A.N.,1995.The Profit-Structure Relationship in Banking Tests of Market-Power and Efficient-Structure Hypotheses.Journal of Money,Credit,and Banking 27,404-431.
76.Berger,A.N.,DeYoung,R.,Genay,H.,Udell,G.F.,2000.The globalization of financial institutions:Evidence from cross-border banking performance.Brookings-Wharton Papers on Financial Services 3,23-158.
77.Berger,A.N.,De Young.R.,2001.The effect of geographic expansion on bank efficiency.Journal of Financial Service Research 19,163-184.
78.Berger,A.N.,Demsetz,R.,Strahan,P.,1999.The consolidation of financial services industry:Causes,consequences,and implications for the future.Journal of Banking and Finance23,135-194.
79.Berger,A.N.,Hancock,D.,Humphrey,D.B.,1993.Bank efficiency derived from the profit function.Journal of Banking and Finance 17,317-347.
80.Berger,A.N.,HannanT. H.,1989,The Price-Concentration Relationship in Banking,Review of Economics and Statistics 71,291-299.
81.Berger,A.N., Hasan, I., Zhou, M.,2009.Bank Ownership and Efficiency in China:What will happen to the World's Largest Nation? Journal of Banking and Finance33,113-130.
82.Berger,A.N.,Hasan,I., Zhou,M.,2010.The effects of focus versus diversification on bank performance:Evidence from Chinese banks. Journal of Banking and Finance 34,1417-1435.
83.Berger,A.N.,Humphrey,D.B.,Pulley,L.B.,1996.Do consumers pay for one-stop banking?Evidence from an alternative revenue function.Journal of Banking and Finance 20,1601-1621.
84.Berger,A.N.,Mester,L.J.,1997.Inside the black box:what explains differences in the efficiency of financial institutions.Journal of Banking and Finance 21,895-947.
85.Bonin,J.P., Hasan, I., Wachtel,P.,2005.Bank Performance,Efficiency,and Ownership in Transition Economies. Journal of Banking and Finance 29,31-53.
86.Boyd,J.H.,Gertler,M.,1994.Are banks dead?Or are the reports greatly exaggerated?.Federal Reserve Bank of Minneapolis,Quarterly Review,18(3).
87.Brissimis,N.S.,Delis,M.D.,Papanikolaou,N.I.,2008.Exploring the nexus between banking sector reform and performance:evidence from newly acceded EU
countries.Journal of Banking and Finance 32,2674-2683.
88.Busch,R.,Kick,T.2009.Income Diversification in the German Banking Industry.Working Paper, www.bundesbank.de/download/bankenaufsicht/dkp/200909dkpb_.pdf.
89.Canals,J.,1993.Competitive Strategies in European Banking.Oxford,Oxford University Press.
90.Chaffai,M.E..Dietsch,M.,Lozano-Vivas,A.,2001.Technological and environmental differences in the European banking industries.Journal of Financial Services Research 19,147-162.
91.Chen,X., Skully, M.,Brown, K.,2005.Bank efficiency in China:application of DEA to pre-and post-deregulations era:1993-2000. China Economic Review16,229-245.
92.Chiorazzo,V., Milani,C., Salvini, F.,2008.Income Diversification and Bank Performance:Evidence from Italian Banks.Journal of Financial Services Research 33,181-203.
93.Chu,S.F.,Lim,G.H.,1998.Share performance and profit efficiency of banks in an oligopolistic market:evidence from Singapore.Journal of Multinational Financial Management 8,155-168.
94. Clark,J.,Siems,T.F.,1997. Competitive viability in banking:Looking beyond the balance sheet.Financial Industry Studies Working Paper 97-5,Federal Reserve Bank of Dallas.
95.Coelli,T.J.,Prasada Rao,D.S.,O'Donnel C.,Battese,G.,2005.An Introduction to Efficiency and Productivity Analysis. Second edition. New York: Springer Science-Business Media,Inc.
96.DeLong,G.,2001.Stockholder gains from focusing versus diversifying bank mergers. Journal of Financial Economics 59,221-52.
97.Demirguc-Kunt,A.,Huizinga,H-,2004.Market discipline and deposit insurance.Journal of Monetary Economics 51,375-399.
98.DeYoung,R.,Rice,T.,2004.Noninterest Income and Financial Performance at U.S.Commercial Banks.The Financial Review 39,101-127.
99.DeYoung,R.,Roland,K.P.,2001.Product mix and earnings volatility at commercial banks:Evidence from a degree of leverage model.Journal of Financial Intermediation 10,54-84.
100.Dietsch,M.,Lozano-Vives,A.,2000.How the environment determines banking efficiency:a comparison between French and Spanish industries.Journal of Banking and Finance 24,985-1004.
101.Eisenbeis,R.A.,Ferrier,G.D.,Kwan,S.H.,1999.The Inform ativen ess of Stochastic Frontier and Programming Frontier Efficiency Scores:Cost Efficiency and Other Measures of Bank Holding Company Performance.Federal Reserve Bank of Atlanta,Working Paper,99-23.
102.Esho,N., Kofmann, P., Sharpe,I.G.,2005.Diversification.Fee Income,and Credit Union Risk.Journal of Financial Services Research 27,259-81.
103.Felthman,G.,Ohlson,J.A.,1995.Valuation and clean surplus accounting for operating and financial activities.Contemporary Accounting Research 11,689-731.
104.Fiordelisi,F.,2007.Shareholder value efficiency in European banking.Journal of Banking and Finance 31,2151-2171.
105.Fiordelisi, F., Molyneux,P.,2010.The determinants of shareholder value in European banking. Journal of Banking and Finance 34,1189-1200.
106.Fu,X., Heffernan,S.A.,2007.Cost X-efficiency in China's Banking Sector.China Economic Review 18,35-53.
107.Gallo,J.,Apilado,V., Kolari,J.,1996.Commercial Bank Mutual Fund Activities:Implications for Bank Risk and Profitability.Journal of Banking and Finance 20,1775-92.
108.Garvey,G.T.,Milbourn,T.T.,2000.EVA versus earnings:does it matter which is more highly correlated with stock returns?.Journal of Accounting Research 38,209-245.
109.Gillet,R.,Hubner,G.,Plunus,S.,2010.Operational risk and reputation in the
financial industry.Journal of Banking and Finance 34,224-235.
110.Green,W.H.,Segal,D.,2004.Profitability and Efficiency in the U.S.Life Insurance Industry.Journal of Productivity Analysis 21,229-247.
111.Hannan,T.,1991.Bank Commercial Loan Markets and the Role of Market Structure:Evidence from Surveys of Commercial Lending.Journal of Banking and Finance 15,133-149.
112.Heffernan,S.a.,Fu,X.,2008.The determinants of bank performance in China. Cass Business School, City University,working paper.
113.Holthausen,R.W.,Watts,R.L.,2001.The relevance of the value-relevance literature for financial accounting standard setting.Journal of Accounting and Economics 31,3-75.
114.Hughes,J.P.,Lang,W.W.,Moon,C.,Pagano,M.S.,2004.Managerial incentives and the efficiency of capital structure in U.S. commercial banking.Rutgers University,Department of Economics,Working Paper, WP-2004-01.
115.Hunter,W. C., Timme, S. G.,Technical change, organizational form and the structure of bank production. Journal of Money, Credit, and Banking,1986(14): 35-56.
116.Kwast, M.,1989.The Impact of Underwriting and Dealing on Bank Returns and Risk.Journal of Banking and Finance 13,101-125.
117.Lepetit,L.,Nys,E.,Rous,P.,Tarazi,A.,2008.Bank income structure and risk:an empirical analysis of European banks.Journal of Banking and Finance 32,1452-1467.
118.Laeven,L.,Levine,R.,2007.Is there a diversification discount in financial conglomerates?.Journal of Financial Economics 85,331-367.
119.Lawrence,C.,1989.Banking costs, generalized functional forms and estimation of economies of scale and scope. Journal of Money, Credit and. Banking21,368-380.
120.Lin,X., Zhang, Y.,2009.Bank ownership reform and bank performance in China.Journal of Banking and Finance33,20-29.
121.Lown,C. S.,Carol, L.O., Philip, E.S.,Sufi,A.,2000.The Changing Landscape of the Financial Service Industry:What Lies Ahead?.Economic Policy Review, Federal Reserve Bank of New York 6,39-54.
122.Mahajan,A.,Rangan,N.,Zardkoohi,A.,1996.Cost structures in multinational and domestic banking.Journal of Banking and Finance 20,238-306.
123.Margaritis,D.,Psillaki,M.,2010.Capital structure,equity ownership and firm performance. Journal of Banking and Finance 34,621-632.
124.Millar,L.,2005.The measurement and determinants of UK banks'performance.Cass Business School Past Dissertation,available from the Cyril Kleinwort Learning Resource Centre,Cass Business School.
125.Molyneux,P.,Seth, R.,1998.Foreign Banks.Profits,and Commercial Credit Extensions in the United States.Applied Financial Economics 8,533-539.
126.Noulas, A. G., Subhash C.R., Miller S. M.1990. Returns to Scale and Input Substitution for Large U.S. Banks. Journal of Money; Credit, and Banking 22:94-108.
127.O'Hanlon,J.,Peasnell,K.,1998.Wall Street's contribution to management accounting:the Stern Stewart EVA financial management system.Management Accounting Research 9,421-444.
128.Ohlson,J.A.,1995.Earnings,book values,and dividends in equity valuation.Contemporary accounting research 11,661-687.
129.Radecki, L.J.,1999.Banks'Payments-driven Revenue.FRBNY Economic Policy Review,53-69.
130. Rhoades,S.A.,1985. Market Share as a Source of Market Powe:Implications and Some Evidence.Journal of Economics and Business 37,343-363.
131.Rose,P. S.,1989.Diversification of the Banking Firm.The Financial Review 24,251-280
132.Rosen,R. J., Lloyd-Davies P. R., Kwast M. L., Humphrey D. B.,1989.A Portfolio Analysis of Bank Investment in Real Estate.Journal of Banking and Finance 13,355-366.
133.Rosie, S.,Christos S., Geoffrey, W.,2003.Non-interest Income and Total Income Stability.Working Paper, ww.bankofengland.co.uk/publications/workingpapers/wp198.pdf
134.Santomero,A.W., Eek-june C.,1992.Evidence in Support of Broader Banking Powers.Financial Markets,Institutions,and Instruments 1,1-69.
135.Sathye,M.,2001.Cost efficiency in Australian banking:an empirical investigation.Journal of Banking and Finance 25,613-630.
136.Saunders,A.,Ingo W.,1994.Universal Banking in the United States:What Could We Gain?What Could We Lose?.New York,NY:Oxford University Press.
137.Shih,V., Zhang, Q.,Liu, M.,2007. Comparing the performance of Chinese banks:a principal component approach.China Economic Review18,15-34.
138.Smirlock,M.,Gilligan,T.,Marshall,W.,1986. Tobin's q and the Structure-Performance Relationship:Reply.American Economic Review 76,1211-1213.
139.Smith,R., Staikouras C.,Wood G.,2003.Non-interest Income and Total Income Stability.Working Paper,No.198,Bank of England.
140.Stiroh,K.J.,2004.Diversification in banking:Is noninterest income the answer?.Journal of Money,Credit and Banking 36,853-82.
141.Stiroh,K. J.,2006.New Evidence on the Determinants of Bank Risk.Journal of Financial Services Research 30,237-263.
142.Stiroh,K.J., Rumble, A.,2006.The Dark Side of Diversification:The Case of US Financial Holding Companies. Journal of Banking and Finance 30:2131-61.
143.Stoughton,N.M. Zechner, J.,2007.Optimal Capital Allocation using RAROC and EVA.Journal of Financial Intermediation 16,312-342.
144.Templeton,W. K., Jacobus T.S.,1992.The Effect of Nonbank Diversification on Bank Holding Companies.Quarterly Journal of Business and Economics31,3-16.
145.Villalonga,B.,2004.Diversification discount or premium?New evidence from the Business Information Tracking Series. Journal of Finance 59,479-506.
146.Williams,B.,2003.Domestic and International Determinants of Bank Profits:Foreign Banks in Australia. Journal of Banking and Finance 27,1185-1210.
147.Yao,S., Jiang,C., Feng, G., Willenbockel, D.,2007.On the efficiency of Chinese banks and WTO challenges.Applied Economics39,629-643.
148.Yuan,W.,2006,Corporate banking in China:History,opportunities and challenges.Report Published by Celent.