中国贷款效率问题研究
|
摘要
从经济学产生以来,资源的效率问题始终是经济学的核心命题。而作为资本重要来源的贷款,其也是一种资源,但与一般意义上的资源不同的是,它是一种金融资源,其从产生到使用是一个综合过程,即劳动、资本、土地等生产要素被银行使用后产出贷款,然后贷款被配置到各产业各地区,并相应促进经济发展的整体过程。因此,它在各个环节都有相应的效率,其效率的高低不仅决定着贷款投放量的多少,还直接影响着一国的经济发展。上世纪80年代中期以来,中国加快了金融体制改革的步伐,有效增加了信贷的投放量,推动了中国经济的快速增长。但同时我们也发现,作为以信用经济为主的发展中国家,中国一方面面临着资源短缺、贷款供求缺口较大等矛盾和问题,另一方面贷款对经济发展的作用有限,乘数效应没有发挥效果。特别是当前,以美国次贷危机为导火索的金融危机席卷全球,世界各国都试图通过信贷等资金的投放促进本国的经济发展,我国也不例外,这必然会对贷款的数量和功效提出更高的要求。因此,系统地研究中国贷款效率问题,探寻贷款在各个环节的效率情况及提升途径,对金融资源和中国经济共同持续、健康发展具有十分重要的意义。
论文在对相关理论及中国贷款现状进行述评和考察的基础上,从贷款产生到使用的各个环节入手,采用实证分析与规范分析相结合的方法,综合运用金融学、经济学、发展经济学、技术经济学等多学科的知识和原理,基于微观、宏观、中观等完整视角出发,将贷款在银行系统的产出效率、对经济发展的功能效率和在各产业各地区的配置效率统一纳入本文的研究体系和框架中,对中国贷款效率的现实状况及其影响因素进行了全面系统地研究,并提出了提高中国贷款效率的对策建议。全文共分为7章,主要内容与结论如下：
第1章是论文的导论部分。本章首先从中国经济发展的现实角度提出了研究的问题,并结合提出的问题,阐述了论文研究的重要意义；然后,是论文的文献综述部分,即对国内外相关领域的研究进行了总结和简要评价；此外,本章还详细介绍了论文的研究思路、内容结论、技术线路和研究方法；最后,对论文进行了总结性地评价,阐述了论文可能的创新之处和存在的不足之处。本章是全文的一个鸟瞰。
第2章是论文的理论基础和基本概念的界定。首先,本章阐述和评价了从古典学派到现代经济学派中有关效率的相关描述；然后从金融发展理论入手,对有关金融效率的相关理论进行了梳理和述评；在此基础上,对贷款效率的含义和论文的研究范畴进行了界定。本章是论文的理论支撑和研究的起点。
第3章对中国贷款的现实状况进行了详细阐述,提供了一个关于中国贷款方面的总体印象,是全文的现实基础。本章首先从存量和增量角度对贷款的总体规模进行了分析；然后从贷款的期限、市场份额、地区流向及行业分布四个方面探讨了贷款的结构现状；最后,对中国贷款的质量进行了客观描述。研究发现,伴随着中国经济的增长,中国贷款余额和新增贷款数量均呈上升趋势；其中,各行业、各地区及不同期限结构的贷款都呈明显的增长趋势,但它们增长的速度有所不同,呈现出不同的结构特征；同时,中国贷款质量得到了明显的提升,不良贷款率和不良贷款额实现了“双降”,且不良贷款的结构也出现了明显的改善。
第4章基于银行视角对中国贷款的产出效率进行了详细地考察,提供了一个关于中国贷款效率的微观印象。首先,在对贷款增长源泉分析的基础上,本章采用DEA方法中的SMB模型对中国银行业贷款产出的技术效率进行了测度,探讨了其时序演变模式和银行主体特征；其次,应用Tobit回归模型实证分析了影响银行贷款技术效率的因素；然后,借助DEA非参数分析框架中的Malmquist生产率指数,在时间层面和银行层面上对贷款的全要素生产率(TFP)进行了估计与分解,并采用经济收敛模型对各银行贷款的全要素生产率的趋同性进行了检验。研究显示：1996年以来,中国贷款产出的技术效率普遍不高,呈波动上升趋势,其中,规模效率的变动是影响技术效率变动的主因,且各银行之间的贷款技术效率差距较大；银行的吸储能力、贷款质量、产权结构、国家的宏观经济形势和货币政策都会对银行贷款的技术效率产生影响；样本期间,中国贷款的TFP增长幅度不大,技术效率改善是TFP增长的源泉,技术进步的“增长效应”没有显现；尽管各银行贷款的TFP差距较大,但它们同时存在6收敛和β收敛,即各银行贷款的TFP差距会逐渐缩小,并最终稳定在同一水平上。
第5章基于贷款与经济发展的视角对中国贷款功能效率进行了详细分析,提供了一个关于中国贷款效率的宏观印象。本章首先基于CC-LM模型分析了贷款对经济增长的作用机理；然后,采用时间序列分析方法测算了1985年以来贷款对中国经济增长的总体功能效率及动态冲击,最后,论文基于贷款的期限结构和产业结构分别考察了短期贷款与中长期贷款、三大产业贷款对经济增长的功能效率及动态冲击。研究结果表明：从总体上看,中国信贷与经济增长存在着长期稳定的相互作用,但GDP对贷款的吸引力度远大于贷款对GDP的拉动作用,贷款的功能效率较低；从贷款的期限结构看,中国的短期贷款、中长期贷款都会促进GDP的增长,其中,短期贷款的效率更高,贡献更大,但长期贷款的贡献率呈递增趋势；从贷款的产业流向看,第三产业贷款功能效率最高,第一产业贷款效率最低且为负,而第二产业贷款对经济增长的贡献率呈递增趋势。
第6章从中观层面上考察了中国贷款在产业间和地区间的配置效率。在探讨贷款优化配置对经济增长作用的基础上,本章基于变系数模型和合并模型,应用Jeffrey Wurgler方程,分别对贷款在产业间、地区间和31个省(直辖市、自治区)内各产业间的配置效率进行了评价；接着,本章采用GMM估计从金融制度环境变迁、货币政策变化、市场化进程和金融结构变化四个方面探讨了影响中国贷款配置效率的因素。实证结果表明：贷款对价值创造能力高的产业表现出了较高的敏感性,对三大地区的经济增长也表现出了较高敏感性,但省际间效率差别较大,且缺乏规律性；31个省(市、区)内各产业产值的增长并没有对贷款形成有效吸引,贷款总体配置效率较低,这意味着中国经济增长仍然是以贷款投入数量推动的外延式、粗放型的增长。实证分析还表明,市场化与金融制度的自由化会促进中国贷款配置效率的提高,而紧缩性的货币政策会降低贷款的配置效率,此外,政府对银行产权和信贷的适度控制有利于改善贷款的配置效率。
第7章是论文的基本结论和政策建议。本章在对前几章的分析结论进行归纳性总结的基础上,从银行的技术进步与规模控制、中国的市场化进程、金融制度改革、信贷调控、银行监管和农业的发展等方面提出了提升中国贷款效率的有针对性的政策建议。
Efficiency of resource has always been the core proposition since the economics was generated. Different from the general resources, loans is a financial resource which has an integrated process from generation to use, that is, labors, capital, land and other production factors are used by banks to produce loans, and then loans are allocated to various regions to promote economic development. Therefore, all process links the corresponding efficiency which not only determines the amount of loans, but also directly impact on a country's economic development. Since the middle of 80s of the last century, the amount of loans has been effectively increased because of reform of the financial system, which promotes rapid economic growth in China. But it is a fact that as a developing country based on credit economy, China faces the problem of resources shortage and the big gap of loans demand and supply, while, loans play a limited role in Chinese economic development so that its multiplier effect is not fully effective. In particular, the financial crisis fused U.S. subprime mortgage crisis sweeps the globe.Countries in the world are trying to loan to promote economic development. The same as China. It puts forward the higher demands to loan amount and loan efficiency.Therefore, the paper systematically studies the efficiency of China's loans, and explores all aspects of loan efficiency as well as the ways to enhance them, which is of great significance to sustained and healthy development of Chinese economy and financial resources.
Based on expounding the theory and analyzing the present situation of loans in China? the paper linking with process from generation to use of loans, combines the empirical analysis, normative analysis and the principles such as finance, microeconomics, macroeconomics, development economics, technical economics and so on, to analyze the loan efficiency in China. From the complete perspective of micro, macro, meso, the paper making output efficiency, function efficiency and allocation efficiency of loans into a unified study system, systematically studies the efficiency of china's loans and its impact factors, and proposes some countermeasures to improve loan efficiency. This paper consists of seven chapters, the main contents and conclusions are as follows.
The first chapter is the introduction. This chapter begins with issues based on the reality of China's economic development and research significance. Secondly, it is the literature review which not only summarizes the relevant domestic and foreign research, but also conducts a brief evaluation. Thirdly, it details research ideas, structural framework, technical route, research methods of the dissertation. Finally, it summarizes review of this dissertation, including possible innovations and shortcomings in the dissertation. This chapter is a bird view of the whole dissertation.
The second chapter is the theoretical basis of the paper and definition of important concepts. First, the chapter describes and evaluates efficiency theory from the classical school to the modern economics school. And then, starting from the theory of financial development, it reviews the relevant theory to financial efficiency. After that, it defines loan efficiency and scope of the study. This chapter is a theoretical support and research start of the whole dissertation.
The third chapter describes status of loans in China in detail, which provides China's overall impressions on loans. The chapter is a reality-base for the entire research. First of all, it analyzes scale of loans from the perspective of stock and increment. After that, it discuss the loan structure from four aspects that is loan period, market share, regional and industry distribution. At last, this chapter goes objective description about China's loan quality. Through study, this chapter founds that along with economic growth in China, the number of China's loans and new loans shows growth trends, the same as the loans in various sectors, regions and loan period which display different growth rate. So it shows different structural characteristics to China's loans. At the same time, non-performing loan ratio and non-performing loans achieving double down, and the structure of non-performing loans showing clear improvement, China's loan quality has been significantly improved.
The forth chapter provides a micro impression on China's loan efficiency, that is, to investigate output efficiency of bank loans in china. First of all, based on analysis of sources of loan growth, this chapter uses SMB model of DEA approach to estimate the technical efficiency of loan output, discussing its mode of temporal evolution and features of various banks. And then, Adopting tobit regression model, the chapter makes a positive analysis of influence factors on loan technical efficiency. After that, it applies malmquist productivity index to measure and decompose the loan's Total Factor Productivity of China banking in time and bank level through the non-parameter analysis framework of DEA, and examines the convergence of loan's TFP based on economic convergence model. This chapter founds that technical efficiency of China's loans output fluctuates upward since 1996, which is mainly caused by change of scale efficiency. And there is a big gap of technical efficiency among banks. Loan technical efficiency is not only related to ability of collecting deposits, loan quality, ownership structure of banks, but also affected by the country's macroeconomic situation and monetary policy. The chapter also believes that TFP growth rate of China's loans is not high, and its driven source is technical efficiency improvements, without growth effect of technological progress. Despite the big TFP gap among banks, they appearσconvergence andβconvergence, namely, the gap will be narrowed and TFP will eventually stabilize at the same level.
The fifth chapter probes into function efficiency of China's loans based on the relationships between economic development and loans, providing a China's macro impression of loan efficiency. Based on CC-LM mode, the chapter analyzes the mechanism of loans pushing economic growth. And then, using time series analysis method, the chapter calculates the overall function efficiency and dynamic impact of loans to economic growth. Finally, it estimates function efficiency of short-run loans, long-run loans based on period structures as well as function efficiency of loans in three major industries based on industrial structure. The conclusion of this chapter is that there is stable interaction between loans and economic growth in long-run in China, but attraction of GDP to loans is much larger than pulling of loans to GDP, that is, function of loans is less efficient. From the perspective of term structure, short-term loans and long-term loans can both promote the growth of GDP, however, the short-run loans is more efficient and contributable, and the contribution of long-term loans increases progressively. From industry perspective of loans, The tertiary industry loans is the most efficient, and the first industries loans is the least efficient and negative, while contribution rate of the second industry loan to economic showing an increasing trend.
The sixth chapter examines allocation efficiency of china's loans among industries and regions in mesoscopic view. Based on discussing the role of loan allocation to economic growth, the chapter evaluates allocation efficiency of loans among industries, the regions and industries of 31 provinces in China applying variable coefficient model, combined model and the Jeffrey Wurgler's equation. After that, using the GMM estimates, the chapter seeks after its influencing factors from four aspects, including changes in the financial system environment, monetary policy changes, the process of market and changes in financial structure. The study founds that loan shows high sensitivity to industry with high ability to create value as well as to areas with high economic growth, however, inter-provincial differences in allocation efficiency is large and lack of regularity. The growth of industrial output value of 31 provinces has not been effective in attracting loans, and the whole allocation efficiency of loans is low, which means that China's economic growth is driven by the number of loans and belong to type of extensive growth. Empirical analysis also shows that market-oriented and Liberalization of financial system promote credit allocation efficiency in China, while tight monetary policy plays the opposite role. In addition, the proper control of government on bank property and credit can improve allocation efficiency of loans.
The seventh chapter draws basic conclusions and policy recommendations. This chapter summarizes the findings of previous chapters and proposes the targeted policy recommendations from the following aspect, such as technological progress and scale control of banks, the process of China's market, reform of financial system, credit control, banking supervision, agricultural development and so on.
论文在对相关理论及中国贷款现状进行述评和考察的基础上,从贷款产生到使用的各个环节入手,采用实证分析与规范分析相结合的方法,综合运用金融学、经济学、发展经济学、技术经济学等多学科的知识和原理,基于微观、宏观、中观等完整视角出发,将贷款在银行系统的产出效率、对经济发展的功能效率和在各产业各地区的配置效率统一纳入本文的研究体系和框架中,对中国贷款效率的现实状况及其影响因素进行了全面系统地研究,并提出了提高中国贷款效率的对策建议。全文共分为7章,主要内容与结论如下：
第1章是论文的导论部分。本章首先从中国经济发展的现实角度提出了研究的问题,并结合提出的问题,阐述了论文研究的重要意义；然后,是论文的文献综述部分,即对国内外相关领域的研究进行了总结和简要评价；此外,本章还详细介绍了论文的研究思路、内容结论、技术线路和研究方法；最后,对论文进行了总结性地评价,阐述了论文可能的创新之处和存在的不足之处。本章是全文的一个鸟瞰。
第2章是论文的理论基础和基本概念的界定。首先,本章阐述和评价了从古典学派到现代经济学派中有关效率的相关描述；然后从金融发展理论入手,对有关金融效率的相关理论进行了梳理和述评；在此基础上,对贷款效率的含义和论文的研究范畴进行了界定。本章是论文的理论支撑和研究的起点。
第3章对中国贷款的现实状况进行了详细阐述,提供了一个关于中国贷款方面的总体印象,是全文的现实基础。本章首先从存量和增量角度对贷款的总体规模进行了分析；然后从贷款的期限、市场份额、地区流向及行业分布四个方面探讨了贷款的结构现状；最后,对中国贷款的质量进行了客观描述。研究发现,伴随着中国经济的增长,中国贷款余额和新增贷款数量均呈上升趋势；其中,各行业、各地区及不同期限结构的贷款都呈明显的增长趋势,但它们增长的速度有所不同,呈现出不同的结构特征；同时,中国贷款质量得到了明显的提升,不良贷款率和不良贷款额实现了“双降”,且不良贷款的结构也出现了明显的改善。
第4章基于银行视角对中国贷款的产出效率进行了详细地考察,提供了一个关于中国贷款效率的微观印象。首先,在对贷款增长源泉分析的基础上,本章采用DEA方法中的SMB模型对中国银行业贷款产出的技术效率进行了测度,探讨了其时序演变模式和银行主体特征；其次,应用Tobit回归模型实证分析了影响银行贷款技术效率的因素；然后,借助DEA非参数分析框架中的Malmquist生产率指数,在时间层面和银行层面上对贷款的全要素生产率(TFP)进行了估计与分解,并采用经济收敛模型对各银行贷款的全要素生产率的趋同性进行了检验。研究显示：1996年以来,中国贷款产出的技术效率普遍不高,呈波动上升趋势,其中,规模效率的变动是影响技术效率变动的主因,且各银行之间的贷款技术效率差距较大；银行的吸储能力、贷款质量、产权结构、国家的宏观经济形势和货币政策都会对银行贷款的技术效率产生影响；样本期间,中国贷款的TFP增长幅度不大,技术效率改善是TFP增长的源泉,技术进步的“增长效应”没有显现；尽管各银行贷款的TFP差距较大,但它们同时存在6收敛和β收敛,即各银行贷款的TFP差距会逐渐缩小,并最终稳定在同一水平上。
第5章基于贷款与经济发展的视角对中国贷款功能效率进行了详细分析,提供了一个关于中国贷款效率的宏观印象。本章首先基于CC-LM模型分析了贷款对经济增长的作用机理；然后,采用时间序列分析方法测算了1985年以来贷款对中国经济增长的总体功能效率及动态冲击,最后,论文基于贷款的期限结构和产业结构分别考察了短期贷款与中长期贷款、三大产业贷款对经济增长的功能效率及动态冲击。研究结果表明：从总体上看,中国信贷与经济增长存在着长期稳定的相互作用,但GDP对贷款的吸引力度远大于贷款对GDP的拉动作用,贷款的功能效率较低；从贷款的期限结构看,中国的短期贷款、中长期贷款都会促进GDP的增长,其中,短期贷款的效率更高,贡献更大,但长期贷款的贡献率呈递增趋势；从贷款的产业流向看,第三产业贷款功能效率最高,第一产业贷款效率最低且为负,而第二产业贷款对经济增长的贡献率呈递增趋势。
第6章从中观层面上考察了中国贷款在产业间和地区间的配置效率。在探讨贷款优化配置对经济增长作用的基础上,本章基于变系数模型和合并模型,应用Jeffrey Wurgler方程,分别对贷款在产业间、地区间和31个省(直辖市、自治区)内各产业间的配置效率进行了评价；接着,本章采用GMM估计从金融制度环境变迁、货币政策变化、市场化进程和金融结构变化四个方面探讨了影响中国贷款配置效率的因素。实证结果表明：贷款对价值创造能力高的产业表现出了较高的敏感性,对三大地区的经济增长也表现出了较高敏感性,但省际间效率差别较大,且缺乏规律性；31个省(市、区)内各产业产值的增长并没有对贷款形成有效吸引,贷款总体配置效率较低,这意味着中国经济增长仍然是以贷款投入数量推动的外延式、粗放型的增长。实证分析还表明,市场化与金融制度的自由化会促进中国贷款配置效率的提高,而紧缩性的货币政策会降低贷款的配置效率,此外,政府对银行产权和信贷的适度控制有利于改善贷款的配置效率。
第7章是论文的基本结论和政策建议。本章在对前几章的分析结论进行归纳性总结的基础上,从银行的技术进步与规模控制、中国的市场化进程、金融制度改革、信贷调控、银行监管和农业的发展等方面提出了提升中国贷款效率的有针对性的政策建议。
Efficiency of resource has always been the core proposition since the economics was generated. Different from the general resources, loans is a financial resource which has an integrated process from generation to use, that is, labors, capital, land and other production factors are used by banks to produce loans, and then loans are allocated to various regions to promote economic development. Therefore, all process links the corresponding efficiency which not only determines the amount of loans, but also directly impact on a country's economic development. Since the middle of 80s of the last century, the amount of loans has been effectively increased because of reform of the financial system, which promotes rapid economic growth in China. But it is a fact that as a developing country based on credit economy, China faces the problem of resources shortage and the big gap of loans demand and supply, while, loans play a limited role in Chinese economic development so that its multiplier effect is not fully effective. In particular, the financial crisis fused U.S. subprime mortgage crisis sweeps the globe.Countries in the world are trying to loan to promote economic development. The same as China. It puts forward the higher demands to loan amount and loan efficiency.Therefore, the paper systematically studies the efficiency of China's loans, and explores all aspects of loan efficiency as well as the ways to enhance them, which is of great significance to sustained and healthy development of Chinese economy and financial resources.
Based on expounding the theory and analyzing the present situation of loans in China? the paper linking with process from generation to use of loans, combines the empirical analysis, normative analysis and the principles such as finance, microeconomics, macroeconomics, development economics, technical economics and so on, to analyze the loan efficiency in China. From the complete perspective of micro, macro, meso, the paper making output efficiency, function efficiency and allocation efficiency of loans into a unified study system, systematically studies the efficiency of china's loans and its impact factors, and proposes some countermeasures to improve loan efficiency. This paper consists of seven chapters, the main contents and conclusions are as follows.
The first chapter is the introduction. This chapter begins with issues based on the reality of China's economic development and research significance. Secondly, it is the literature review which not only summarizes the relevant domestic and foreign research, but also conducts a brief evaluation. Thirdly, it details research ideas, structural framework, technical route, research methods of the dissertation. Finally, it summarizes review of this dissertation, including possible innovations and shortcomings in the dissertation. This chapter is a bird view of the whole dissertation.
The second chapter is the theoretical basis of the paper and definition of important concepts. First, the chapter describes and evaluates efficiency theory from the classical school to the modern economics school. And then, starting from the theory of financial development, it reviews the relevant theory to financial efficiency. After that, it defines loan efficiency and scope of the study. This chapter is a theoretical support and research start of the whole dissertation.
The third chapter describes status of loans in China in detail, which provides China's overall impressions on loans. The chapter is a reality-base for the entire research. First of all, it analyzes scale of loans from the perspective of stock and increment. After that, it discuss the loan structure from four aspects that is loan period, market share, regional and industry distribution. At last, this chapter goes objective description about China's loan quality. Through study, this chapter founds that along with economic growth in China, the number of China's loans and new loans shows growth trends, the same as the loans in various sectors, regions and loan period which display different growth rate. So it shows different structural characteristics to China's loans. At the same time, non-performing loan ratio and non-performing loans achieving double down, and the structure of non-performing loans showing clear improvement, China's loan quality has been significantly improved.
The forth chapter provides a micro impression on China's loan efficiency, that is, to investigate output efficiency of bank loans in china. First of all, based on analysis of sources of loan growth, this chapter uses SMB model of DEA approach to estimate the technical efficiency of loan output, discussing its mode of temporal evolution and features of various banks. And then, Adopting tobit regression model, the chapter makes a positive analysis of influence factors on loan technical efficiency. After that, it applies malmquist productivity index to measure and decompose the loan's Total Factor Productivity of China banking in time and bank level through the non-parameter analysis framework of DEA, and examines the convergence of loan's TFP based on economic convergence model. This chapter founds that technical efficiency of China's loans output fluctuates upward since 1996, which is mainly caused by change of scale efficiency. And there is a big gap of technical efficiency among banks. Loan technical efficiency is not only related to ability of collecting deposits, loan quality, ownership structure of banks, but also affected by the country's macroeconomic situation and monetary policy. The chapter also believes that TFP growth rate of China's loans is not high, and its driven source is technical efficiency improvements, without growth effect of technological progress. Despite the big TFP gap among banks, they appearσconvergence andβconvergence, namely, the gap will be narrowed and TFP will eventually stabilize at the same level.
The fifth chapter probes into function efficiency of China's loans based on the relationships between economic development and loans, providing a China's macro impression of loan efficiency. Based on CC-LM mode, the chapter analyzes the mechanism of loans pushing economic growth. And then, using time series analysis method, the chapter calculates the overall function efficiency and dynamic impact of loans to economic growth. Finally, it estimates function efficiency of short-run loans, long-run loans based on period structures as well as function efficiency of loans in three major industries based on industrial structure. The conclusion of this chapter is that there is stable interaction between loans and economic growth in long-run in China, but attraction of GDP to loans is much larger than pulling of loans to GDP, that is, function of loans is less efficient. From the perspective of term structure, short-term loans and long-term loans can both promote the growth of GDP, however, the short-run loans is more efficient and contributable, and the contribution of long-term loans increases progressively. From industry perspective of loans, The tertiary industry loans is the most efficient, and the first industries loans is the least efficient and negative, while contribution rate of the second industry loan to economic showing an increasing trend.
The sixth chapter examines allocation efficiency of china's loans among industries and regions in mesoscopic view. Based on discussing the role of loan allocation to economic growth, the chapter evaluates allocation efficiency of loans among industries, the regions and industries of 31 provinces in China applying variable coefficient model, combined model and the Jeffrey Wurgler's equation. After that, using the GMM estimates, the chapter seeks after its influencing factors from four aspects, including changes in the financial system environment, monetary policy changes, the process of market and changes in financial structure. The study founds that loan shows high sensitivity to industry with high ability to create value as well as to areas with high economic growth, however, inter-provincial differences in allocation efficiency is large and lack of regularity. The growth of industrial output value of 31 provinces has not been effective in attracting loans, and the whole allocation efficiency of loans is low, which means that China's economic growth is driven by the number of loans and belong to type of extensive growth. Empirical analysis also shows that market-oriented and Liberalization of financial system promote credit allocation efficiency in China, while tight monetary policy plays the opposite role. In addition, the proper control of government on bank property and credit can improve allocation efficiency of loans.
The seventh chapter draws basic conclusions and policy recommendations. This chapter summarizes the findings of previous chapters and proposes the targeted policy recommendations from the following aspect, such as technological progress and scale control of banks, the process of China's market, reform of financial system, credit control, banking supervision, agricultural development and so on.
引文
①Harvey Leibenstein. Allocative Efficiency vs "X-Efficiency"[J].American Economic Review,1966,56(3):392-415
1.埃里克·弗鲁伯顿,鲁道夫·丙切特.新制度经济学：一个交易费用分析范式[M].上海：上海三联出版社,2006：12-34.
2.埃瑞克·弗鲁伯顿,鲁道夫·丙切特.新制度经济学[M].上海：上海财经大学出版社,1998：112-132.
3.埃伦,格尔.比较金融系统[M],北京：中国人民大学出版社,2002：83-105.
4.爱德华·肖.经济发展中的金融深化[M].上海：上海三联出版社,1988：87-121.
5.白钦先,谭庆华.论金融功能演进与金融发展[J].金融研究,2006(7)：41-51.
6.白钦先.金融可持续发展导论[M].北京：中国金融出版社,2001：35-55.
7.白云涛,陈建付.我国近年来货币信贷政策实践及其取向[J].南昌大学学报,2007(7)：58-61.
8.蒂莫西·科埃利,普拉萨德·拉奥等.效率与生产效率分析引论[M].北京：中国人民大学出版社,2002：184-204.
9.毕泗锋.经济效率理论研究述评[J].经济评论,2008(6)：133-136.
10.陈敬学,别双枝.我国商业银行规模经济效率的实证分析及建议[J].金融论坛,2004(10)：46-51.
11.段伟伟.中国商业银行效率主要影响因素研究综述[J].合作经济与科技,2009(5)：76-77.
12.樊纲,王小鲁,朱恒鹏.中国市场化指数(1997-2007).http://www.docin.com/p-72987422.html
13.樊纲,王小鲁,朱恒鹏.中国市场化指数(2009)[M].北京：经济科学出版社,2010：259-289
14.范学俊.金融政策与资本配置效率[J].数量经济技术经济研究,2008(2)：3-15.
15.方先明,熊鹏.中国网络银行发展现状及对策研究[J].社会科学家,2005(3)：87-90.
16.方军雄.市场化进程与资本配置效率的改善[J].经济研究,2006(5)：50-61.
17.方军雄.所有制、市场化进程与资本配置效率[J].管理世界,2007(11)：27-35.
18.冯文伟.基于DEA方法的我国商业银行效率测度及影响因素分析[D].华东师范大学硕士论文,2006.
19.甘小丰.中国商业银行效率的SBM分析[J].金融研究,2007(10)：58-62.
20.高鸿业.西方经济学[M].北京：中国人民大学出版社,2002：341-351.
21.高铁梅,孔宪丽等.中国钢铁工业供给与需求影响因素的动态分析[J].管理世界,2004(6)：73-80.
22.戈妍.中国与德国、美国商业银行效率的比较分析[D].南京财经大学硕士学位论文,2006
23.格利,肖.金融理论中的货币[M].上海：上海人民出版社,1994：24-77.
24.顾铭德,吴培新.我国区域间贷款效率、资金配置和经济增长比较[J].科学发展,2009(8)：17-23.
25.韩立岩,蔡红艳.基于面板数据的中国资本配置效率研究[J].经济学,2002(1)：541-5
26.韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1)：65-70.
27.韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005(1)：77-84.
28.韩廷春,夏金霞.中国金融发展与经济增长经验分析[J].经济与管理研究,2005,(4)：18-23.
29.何问陶,黄建欢,吴蕾.资源配置效率的产业配置重合度方法及其应用[J].证券市场导报,2004(10)：51-55.
30.黄海林,王锐,吴志远.中国银行业效率动态变化的malmquist指数研究：2000-2004[J].经济科学,2006(5)：51-62.
31.李然.中国油菜生产的经济效率分析.[D].华中农业大学大学博士论文,2010.
32.李希义,任若恩.国有商业银行与股份制商业银行生产效率的比较研究[J].生产力研究,2005(1)：15-17.
33.李晓庆.我国商业银行效率测度及影响因素分析[D].河海大学硕士论文,2004.
34.李正辉.中国农村居民信贷与经济增长关系的实证研究[J].统计与决策,2007(6)：85-87.
35.李镇西.商业银行技术创新的环境与机制分析[J].经济师,2006(4)：237-238.
36.利率工具概述.http://www.pbc.gov.cn/publish/zhengcehuobisi/622/index.html.
37.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.
38.刘东.基于DEA方法的我国商业银行效率实证研究[D].苏州大学硕士论文,2009.
39.刘芬.中国商业银行效率：基于动态视角的理论与经验研究[D].辽宁大学博士论文,2009.
40.刘赣州.中国经济增长中资本配置效率的实证分析[J].山东财政学院学报,2003(6)：24-28.
41.刘赣州.中国资本市场发展与资本配置效率相关性的实证分析[J].广西财政高等专科学校报,2003(4)：3-7.
42.刘汉涛.对我国商业银行效率的测度：DEA方法的应用[J].经济科学,2004(6)：48-58.
43.刘强.中国经济增长的收敛性分析[J].经济研究,2001(6)：70-77.
44.刘薇.地区市场化进程对制造业资本配置效率的影响分析[D].哈尔滨工业大学硕士论文.2007.
45.刘志迎.机遇效率理论的高技术产业增长研究[D].南京农业大学博士论文.2006.
46.吕宙.中国宏观资本配置与均衡研究[M].北京：中国金融出版社,2002：57-65.
47.米运生,李永杰.中国FDI区域配置效率：总体特征与地区差异[J].南方经济,2006(7)：87-92.
48.米运生,谭晶.中国信贷资本配置效率的空间差异：基于面板数据的分析[J].河财经理论与实践,2007(5)：31-37.
49.米运生.中国FDI配置效率的区域差异及影响因素[J].财贸经济,2006(11)：84-89.
50.潘文卿,张伟.中国资本配置效率与金融发展相关性研究[J].管理世界,2003(8)：16-23.
51.庞瑞芝,张艳等.中国上市银行经营效率的影响因素[J].金融论坛,2007(10)：29-32.
52.戚自科.货币政策传导机制理论最新前沿[J].新华文摘,2005(6)：1-2.
53.钱纂.中国商业银行的效率研究——SFA方法分析[J].南京社会科学,2003(1)：7-13.
54.人民银行乌鲁木齐支行.新疆信贷与经济增长的实证研究及模型研究[J].金融视野,2007：20-25.
55.邵方强.完善与发展网上银行,促进现代化金融建设[J].哈尔滨金融高等专科学校学报,2005(1)：30-31.
56.沈军.金融效率理论框架与我国金融效率实证考察[J].金融论坛,2003,(7)：2-7
57.沈能,赵建强.我国资本配置效率的区域差异分析及其成因分解[J].当代经济科学,2005,27(6)：33-37.
58.宋承宪.现代西方经济学[M].上海：复旦大学出版社,1997：458-465.
59.孙秀峰,迟国泰.中国商业银行效率的内生影响因素研究与实证[J].预测,2010(2)：5-9.
60.谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10)：53-61.
61.谭政勋.中国银行业效率结构与制度研究[D].暨南大学博士学位论文,2008
62.唐娟娟.经济不发达地区银行信贷与经济增长关系的实证研究[J].特区经济,2009(2)：199-200.
63.陶红军.湖北省农业综合生产能力研究[D].华中农业大学博士论文,2007.
64.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.
65.王广谦.经济发展中金融的贡献与效率[M].北京：中国人民出版社,1997：23-46.
66.王明国,王春梅.金融发展和金融效率理论综述[J].生产力研究.2009(15)：194-196.
67.王振山.金融效率论——金融资源优化配置的理论与实践[M].北京：经济管理出版社,2000：72-75.
68.魏海港.股票价格、信息显示与资本配置[M].香港：香港新知出版社,2006：110-135.
69.吴桦.提高商业银行竞争力：市场结构改革还是产权结构改革[J].中南财经政法大学学报,2005(1)：95-101.
70.吴俊.中国银行业效率分析及其影响因素研究[D].重庆大学硕士学位论文,2003
71.吴晓晶.中国商业银行效率分析[D].哈尔滨工业大学硕士论文,2007.
72.夏绍模.中国钢铁产业的效率与生产率研究[D].重庆大学博士论文,2009.
73.徐琼.基于技术效率的区域经济竞争力提升研究[D].浙江大学博士论文,2005.
74.徐琼.技术效率与前沿面理论评述[J].财经论丛,2005(2)：29-32.
75.许开国.资本配置效率的地区差异及影响因素分析[J].山西财经大学学报,2009,31(2)：34-37.
76.许敏,冒乔玲,陆晓哗.资本配置效率研究综述[J].南京工业大学学报,2009,8(2)：45-49.
77.许庆.金融创新与金融效率的相关性研究[D].武汉理工大学硕士论文,2005
78.阎志军.我国银行业市场结构与效率变迁实证分析[J].生产力研究,2008(4)：29-31.
79.杨栋,郭玉清.中国农业贷款效率[J].金融研究,2007(9)：151-159.
80.杨丽莎.广东省资本配置效率与金融发展相关性研究[D].暨南大学硕士学位论文,2008.
81.杨晓华.我国金融发展与经济增长关系的实证分析[J].经济纵横,2005,(7)：47-50.
82.尹伯成.西方经济学简明教程[M].上海：上海人民出版社,2008：137-140.
83.尹燕海.信贷供给对地区经济增长作用的实证研究[J].经济与管理,2010(2)：54-58.
84.约翰·克劳奈维根.交易成本经济学及其超越[M].上海：上海则经大学出版社,2002：15.
85.约翰·希克斯(John Hicks)经济史理论[M].商务印书馆,1987年8月.
86.张兵,左平桂.江苏省农村贷款效率的实证分析[J].南京社会科学,2009(1)：132-138.
87.张兵,左平桂.江苏省农村贷款效率的实证分析[J].南京社会科学,2009(1)：133-137.
88.张超,顾锋,邸强.基于随机前沿方法的我国商业银行成本效率测度研究[J].经济问题探索,2005,(6)：31-34.
89.张建华.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)：11-25.
90.张健华.我国商业银行X-效率分析[[J].金融研究,2003(6)：46-57.
91.张新平.经济增长与贷款增长因果关系的实证分析[J].商品储运与养护,2008(4)：54-56.
92.章宁宁.我国金融发展优化资本配置效率区域比较的实证研究[D].浙江大学硕士学位论文,2006.
93.赵崇生,高新才.金融效率理论框架：一个文献综述[J].兰州商学院学报,2004,20(6)：38-45.
94.赵旭,凌亢.国有银行效率决定因素实证分析[J].统计研究2000(8)：12-17.
95.赵旭.中国银行业效率研究[D].浙江大学博士论文.2001.
96.郑群峰.我国资本配置效率空间计量研究[J].商业经济与管理,2010(3)：64-71
97.钟志威,雷钦礼Johansen和Juselius协整检验应注意的几个问题[j].统计与信息论坛,2008(10)：80-85.
98.周升业.金融资金运行分析：机制·效率·信息[M].北京：中国金融出版社,2002：62-98.
99.周小全.中国银行业经济绩效决定因素——市场结构与产权结构[J].投资研究,2003(7)：2-5.
100.周小燕.经济转型中我国商业银行效率与相关因素研究[D].复旦大学博士学位,2007
101.周旭,朱卫东,张晨.我国商业银行技术创新中的问题及对策[J].河南金融管理干部学院学报,2007(2)：77-80.
102.朱喜,李子奈.改革以来我国农村信贷的效率分析[J].管理世界,2006(7)：68-74.
103.朱琦.我国商业银行技术创新与扩散研究[J].哈尔滨金融高等专科学校学报,2001(1)：5-7.
104.邹朋飞.中国商业银行效率研究[D].暨南大学博士学位论文,2007.
105.Abiad Abdul and Ashoka Mody. "Financial Reform:What Shakes It? What Shapes It?". IMF Working Paper,2003,7.3.
106.Alhadeff, D.A. Monopoly and competition in commercial banking. Berkeley:University of California Press,1954.
107.Allen Franklin and Douglas Gale. "Welfare Comparison of Intermediaries and Financial Markets in Germany and the US". European Economic Review,1995,39(2):179-209.
108.Allen Franklin and Douglas Gale. Comparing Financial System. Cambridge MA:MIT Press,2000.
109. Allen, F. and Santomeco A.M. "The Theory of Financial Intermediation". Journal of Banking and Finance,1998(21):121-143.
110.Almeida, H. and Wolfenzon, D. "The effect of external finance on the equilibrium allocation of capital". Journal of Financial Economics,2005,75(1):133-164.
111.Arestis, P.D. "Financial development and economic growth assess evidence". Economic Journal, 1997(107):783-799.
112.Arturo, G., Fabio, S. and Andrew, W. "Does financial liberalization improve the allocation of investment:micro-evidence from developing counties".Journal of Development Economics, 2007,83(2):562-587.
113.Athanasios G. Noulas. "Production growth in the Hellenic banking:state versus private banks." Applied Financial Economics,1997,7:223-228.
114.Barro, R. and X., Sala-i-Martin. "Convergence." Journal of Political Economy,1992,100(2): 223-251.
115.Battese, G.E. and Coelli, T.J. "A Model for Technical Inefficiency Effects in a Stochastic Production Function for Panel Data". Empirical Economics,1995, (120):325-332.
116.Bauer, P.W., A.N. Berger and D.B. Humphrey. Efficiency and productivity growth in U.S. Banking. New York:Oxford University Press,1993.
117.Baumol, W. "Productivity Growth, Convergence and Welfare:What the Long-Run Data Show." American Economic Review,1986,76:1072-1085.
118.Beck, T and Levine, R. "Industry growth and capital allocation".Journal of Financial Economics, 2002,64:147-180.
119.Beck, T and Levine, R. Industry Growth and Capital Allocation:Does Having a Market-or Bank-Based System Matter? http://ssm.com/abstrace-315332.
120.Benston, G. "Economics of Scale of Financial Institutions". Journal of Money, Credit and Banking, 1972, (4):312-314.
121.Benston. "Economics of Scale of Financial Institutions". Journal of Money, Credit, and Banking, 1972, (5):12-41.
122.Berg, S.A, Forsund, F.R, Hjalmarsson, L. and Souminen, M. "Banking Efficiency in Nordic Countries". Journal of Banking and Finance,1993,17:371-388.
123.Berger, A.N. and Humphrey, D.B. "Efficiency of Financial Institutions:International Survey and Directions for Future Research". European Journal of Operational Research,1997, (98):175-212.
124.Berger, A.N. and Mester, L.J. "Inside the black box:what ex-plains differences in the efficiencies of financial institutions". Journal of Banking and Finance,1997,21(7):895-947.
125.Berger, Hunter and Timme. "The Efficiency of Financial Institution: Review and Preview of Research Past, Present, and Future". Journal of Banking and Finance,1993, (17):221-249.
126.Bernanke, B.S. and A. S. Blinder. "Credit, Money, and Aggregate Demand". American Economic Review, Papers and Proceedings,1988 (78):435-439.
127.Bernanke, B.S. and Gertler, S.M. "Inside the Black Box:the Credit Channel ofMonetary Policy Transmission". Journal of Economic Perspectives, Fall,1995:27-48.
128.Binswanger, H. P. and Khandker, S.R. "The Impact of Formal Finance on the Rural Economy of India", Journal of Development Studies,1995,32(2):234-262.
129. Boot A. W. and Thakor A. V. "Can relationship banking survive competition". Journal of finance, 2000,55:679-713.
130.C.A. Sims. "Macroeconomics and Reality".Economitric,1980,48:1-48.
131.Caves, D.W., Christensen, L.R. and Diewert, W.E. "The Economic Theory of Index Numbers and the Measurement of Input, Output and Productivity. " Econometrics,1982,50:1393-1414.
132.Chari Anusha and Peter Blair Henry. "The Invisible Hand in Emerging Markets:Discerning or Indiscriminate?". Working Paper, University of Michigan Business School,2003.
133.Chen, G.,M., Firth M. and Rui O. "Have China's Enterprise Reforms Led to Improved Efficiency and Profitability?". Emerging Markets Reviews,2006(7):82-109.
134.Cho, Y. "The effect of financial liberalization on the efficiency of credit allocation:some evidence for Korea". Journal of Development Economics,1988(29):101-110.
135.David C., Wheelock, Paul W. Wilson. "Technical Progress, Inefficiency and Productivity Chang in U.S. Banking 1984-1993." Journal of Money, Credit and Banking,1999,31:857-873.
136.Diamond D.W. and Dybvig P.H. "Bank runs, deposit insurance, and liquidity". Journal of Political Economy,1983,91(3):401-419.
137.E.S. Shaw. Financial Deepening in Economics Development. New York:Oxford University Press, 1973.
138.Easterly W. and S. Fischer. "The Soviet Economic Decline; Historical and Republican Data". NBER Working Paper 4735,1994.
139.Fare, R., S. Grosskopf, M. Norris and Zhang. "Productivity Growth, Technical Progress and Efficiency Change in Industrialized Countries". American Economic Review,1994,84:66-83.
14O.Farrell M.J. "The Measurement of Production Efficiency". Journal of Royal Statistical Society, Series A, General,1957,120(3):253-281.
141.Farrell, M.J. "The Measurement of Productive Efficiency". Journal of the Royal Statistical Society, 1957(3):252-290.
142.Favero, C. and L. Papi. "Technical efficiency and scale efficiency in the Italian banking sector:a nonparametric approach". Applied Economic,1995,27:385-395.
143.Ferrier, G.D and Lovell, C.K. "Measuring Cost Efficiency in Banking:Econometric and Linear Programming Evidence". Journal of Econometrics,1990, (46):229-245.
144.Galindo, Arturo, Fabio Schiantarelli and Andrew Weiss. "Does Financial Liberalization Improve the Allocation of Investment?". Micro Evidence from Developing Countries, IADB Research Department Working Paper 467,2002.
145.Gaofeng Han. "Productivity and economic growth in East Asia:innovation, efficiency and accumulation". Japan and World Economy,2002 (14):401-424.
146.George J. Benston, Gerald A. Hanweck and David B. Humphrey. "Scale Economies in Banking:A Restructuring and Reassessment". Journal of Money, Credit and Banking,1982,14(4):435-456.
147. Glass, J.C. and D.G. McKillop. "A post deregulation analysis of the sources of productivity growth in UK building societies". Working Paper, Queen's University, Belfast,1999.
148.Greenwood, J. and Smith, B.D. "Financial markets in development and th development of financial markets". Journal of Economic Dynamics and Control,1997,21(1):145-181.
149. Hancock, D. "A Model of the Financial Firm with Imperfect Asset and Deposit Elasticity". Journal of Banking and Finance,1986,10:37-54.
150.Harris, R. "Stock markets and development:a reassessment". European Economic Review,1997, 41(1):139-146.
151.Harvey Leibenstein. "Allocative Efficiency vs X-Efficiency". American Economic Review,1966, 56(3):392-415.
152.Hunter, W.C. and G. Timme. "Technical Change, Organizational Form, and the Structure of Bank Production". Journal of Money, Credit, and Banking,1986,18(2):152-166.
153.Isik, I. and M.K.Hassan. "Technical, scale and allocative efficiencies of Turkish banking industry". Journal of Banking and Finance,2002,26:719-766.
154.Isik, I. and M.K. Hassan. "Technical, scale and allocative efficiencies of Turkish banking industry". Journal of Banking and Finance,2002,26:719-766.
155. Jeffrey, W. "Financial markets and the allocation of capital". Journal of Financial Economics,2000, 58(1):187-214.
156.Joaquyn Maudos, Jose M, Pastor, Francisco Perez and Javier Quesada. "Cost and Profit Efficiency in European Banks". Journal of International Financial Markets, Institutions and Money, 2002,(12):33-58.
157.Johansen, S. "Identifying restrictions of linear equations with applications to simultaneous equations and co-integration". Journal of Econometrics,1995,69:111-132.
158.Jose M. and Pastor. "Efficiency and risk management in Spanish banking:a method to decompose risk".Applied Financial Economics.1999 (9):371-384.
159.Kalirajan, K.P., M.B., Obwona and S.Zhao,A. "Decomposition of total factor productivity growth: the case of Chinese agricultural growth before and after reforms". American Journal of Agricultural Economic,1996,78,331-338.
160.Kan, L. Randall, M. and Bernard, Y. "Firm-specific variation and openness in emerging markets". Review of Economics and Statistics,2004,86(3):658-669.
161.Kan, L., Randall, M. and Bernard, Y. "Firm specification and openness in emerging markets" Review of Economics and Statistics,2004,86(3):658-669.
162.Kasman and Adnan. "Cost Efficiency, Scale Economies, and Technological Progress in Turkish Banking". Central Bank Review,2002(1):1-20.
163.King, R.G and Levine, R. "Entrepreneurship and Growth:Theory and Evidence". Journal of Monetary Economic,1993,32-56.
164.King, Robert G. and Ross Levine. "Finance and Growth:Schumpeter Might Be Right". Quarterly Journal of Economics,1993(8):717-737.
165.Lang, G. and P. Welzel. "Efficiency and Technical Progress in Banking:Empirical Results for a Panel of German Banks". Journal of Banking and Finance,1996(7):20-35.
166.Leibenstein H. "Allocative Efficiency X-Efficiency". American Economic Review,1966, (56):392-415.
167.Levine, R. and Zervos, S. "Stock Markets, Banks and Economic Growth". American Economic Review,1998,88:537-558.
168.Levine, R., Loayza, N. and Beck, T. "Financial Intermediation and Growth:Causality and Causes". Journal of Monetary Economics,2000,46(1):31-77.
169.Mankiw, N. G., Romer, D. and Weil, D. N. "A Contribution to the Empirics of Economic Growth." The Quarterly Journal of Economics,1992,107:407-437.
170.Mao weiling and koo won w. "Productivity Growth, Technological Progress and Efficiency Change in Chinese Agriculture after Rural Economic Reforms:A DEA approach". China Economic Reviewe,1997,(2):157-174
171.Mcallister and Mcmanus. "Economies of Scale and Economies of Scope in Multiproduct financial institutions". Journal of Money, Credit and Banking,1993,18 (5):220-226.
172.McAllister, P.F. and D.A. McManus. "Resolving the scale efficiency puzzle in banking". Journal of Banking and Finance,1993,17:389-405.
173.Mester, J.P. "A study of bank efficiency taking into account risk-preference". Journal of Banking and Finance,1996,20:1025-1045.
174.Mester, L.J. "Efficiency in the saving and loan and loan industry". Journal of Banking and Finance,1993,17:267-286.S
175.Miller, S. and M. Upadhyay. "Total Factor Productivity and the Convergence Hypothesis." Journal of Macroeconomics,2002,24:267-286.
176.Molyneux,P. Efficiency in European banking, Garland:New York,1997.
177.Pesaran, M.H. and Shin, Y. "Long-run structural modeling". Econometric Reviews,2002,21 (1):49-87.
178.R. Merton and Z. Bodie. A Conceptual Framework for Analyzing the Financial Environment in the global financial system:A functional perspective. New York:Harvard Business School Press,1995.
179.R.I., McKinnon. Money and capital in economic development. Washington D.C.:the Brookings Institution,1973.
180.R.W. Goldsmith. Financial Structure and Development. New Haven:Yale University Press,1969.
181.Rasoul Rezanian and Seyed Mehdian. "An examination of cost structure and production performance of commercial banks in Singapore".Journal of Banking and Finance,2002,26:79-98.
182.Ronald Mckinnon. Money and Capital in Economics Development. Washington D.C.:Bookings Institute,1973.
183.Ross Levine and Sara Zervos. "Stock Markets, Banks, and Economic Growth". The American Economic in view,1998(6):537-558.
184.Ross Levine. "Financial Development and Economic Growth:Views and Agenda". Journal of Economics Literature.1997,8:688-726.
185.Ross, L., Sara, Z. and Levine, R. "Stock markets, banks and economic growth". American Economic Review,1998(88):537-558.
186.Sathye and Milind. "X-Efficiency in Australian banking:An Empirical Investigation". Journal of Banking and Finance,2001, (25):613-630.
187.Sathye, M. "Efficiency of banks in a developing economy:the case of India". European Journal of Operational Research,2003(3):231-154.
188.Schaffer, M. "Evolutionarily Stable Strategies for a Finite Population and a Variable Contest Size". Journal of Theoretical Biology,1988,132:469-478.
189.Schweiger, I. and McGee, J.S. "Chicago Banking". Journal of Business,1961,34:203-366.
19O.Shaw, E.S. Financial Deepening in Economic Development. New York:Oxford University Press, 1973.
191.Shleifer A. and Vishny R. "Corruption". The Quarterly Journal of Economics,1993,108(3): 599-617.
192.Solow Robert M. "Technical change and the Aggregate production function". Review of Economics and Statistics,1957,39:312-320.
193.Thorsten, B. and Ross, L. "Industry growth and capital allocation:does having a market or bank-based system matter". Journal of Financial Economics,2002,64(2):147-180.
194.Yue. Data Envelopment Analysis and Commercial Bank Performance:A Primer with Missouri Banks Federal Reserve Bank of St. Louis,1992:31-45.
1.埃里克·弗鲁伯顿,鲁道夫·丙切特.新制度经济学：一个交易费用分析范式[M].上海：上海三联出版社,2006：12-34.
2.埃瑞克·弗鲁伯顿,鲁道夫·丙切特.新制度经济学[M].上海：上海财经大学出版社,1998：112-132.
3.埃伦,格尔.比较金融系统[M],北京：中国人民大学出版社,2002：83-105.
4.爱德华·肖.经济发展中的金融深化[M].上海：上海三联出版社,1988：87-121.
5.白钦先,谭庆华.论金融功能演进与金融发展[J].金融研究,2006(7)：41-51.
6.白钦先.金融可持续发展导论[M].北京：中国金融出版社,2001：35-55.
7.白云涛,陈建付.我国近年来货币信贷政策实践及其取向[J].南昌大学学报,2007(7)：58-61.
8.蒂莫西·科埃利,普拉萨德·拉奥等.效率与生产效率分析引论[M].北京：中国人民大学出版社,2002：184-204.
9.毕泗锋.经济效率理论研究述评[J].经济评论,2008(6)：133-136.
10.陈敬学,别双枝.我国商业银行规模经济效率的实证分析及建议[J].金融论坛,2004(10)：46-51.
11.段伟伟.中国商业银行效率主要影响因素研究综述[J].合作经济与科技,2009(5)：76-77.
12.樊纲,王小鲁,朱恒鹏.中国市场化指数(1997-2007).http://www.docin.com/p-72987422.html
13.樊纲,王小鲁,朱恒鹏.中国市场化指数(2009)[M].北京：经济科学出版社,2010：259-289
14.范学俊.金融政策与资本配置效率[J].数量经济技术经济研究,2008(2)：3-15.
15.方先明,熊鹏.中国网络银行发展现状及对策研究[J].社会科学家,2005(3)：87-90.
16.方军雄.市场化进程与资本配置效率的改善[J].经济研究,2006(5)：50-61.
17.方军雄.所有制、市场化进程与资本配置效率[J].管理世界,2007(11)：27-35.
18.冯文伟.基于DEA方法的我国商业银行效率测度及影响因素分析[D].华东师范大学硕士论文,2006.
19.甘小丰.中国商业银行效率的SBM分析[J].金融研究,2007(10)：58-62.
20.高鸿业.西方经济学[M].北京：中国人民大学出版社,2002：341-351.
21.高铁梅,孔宪丽等.中国钢铁工业供给与需求影响因素的动态分析[J].管理世界,2004(6)：73-80.
22.戈妍.中国与德国、美国商业银行效率的比较分析[D].南京财经大学硕士学位论文,2006
23.格利,肖.金融理论中的货币[M].上海：上海人民出版社,1994：24-77.
24.顾铭德,吴培新.我国区域间贷款效率、资金配置和经济增长比较[J].科学发展,2009(8)：17-23.
25.韩立岩,蔡红艳.基于面板数据的中国资本配置效率研究[J].经济学,2002(1)：541-5
26.韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1)：65-70.
27.韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005(1)：77-84.
28.韩廷春,夏金霞.中国金融发展与经济增长经验分析[J].经济与管理研究,2005,(4)：18-23.
29.何问陶,黄建欢,吴蕾.资源配置效率的产业配置重合度方法及其应用[J].证券市场导报,2004(10)：51-55.
30.黄海林,王锐,吴志远.中国银行业效率动态变化的malmquist指数研究：2000-2004[J].经济科学,2006(5)：51-62.
31.李然.中国油菜生产的经济效率分析.[D].华中农业大学大学博士论文,2010.
32.李希义,任若恩.国有商业银行与股份制商业银行生产效率的比较研究[J].生产力研究,2005(1)：15-17.
33.李晓庆.我国商业银行效率测度及影响因素分析[D].河海大学硕士论文,2004.
34.李正辉.中国农村居民信贷与经济增长关系的实证研究[J].统计与决策,2007(6)：85-87.
35.李镇西.商业银行技术创新的环境与机制分析[J].经济师,2006(4)：237-238.
36.利率工具概述.http://www.pbc.gov.cn/publish/zhengcehuobisi/622/index.html.
37.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.
38.刘东.基于DEA方法的我国商业银行效率实证研究[D].苏州大学硕士论文,2009.
39.刘芬.中国商业银行效率：基于动态视角的理论与经验研究[D].辽宁大学博士论文,2009.
40.刘赣州.中国经济增长中资本配置效率的实证分析[J].山东财政学院学报,2003(6)：24-28.
41.刘赣州.中国资本市场发展与资本配置效率相关性的实证分析[J].广西财政高等专科学校报,2003(4)：3-7.
42.刘汉涛.对我国商业银行效率的测度：DEA方法的应用[J].经济科学,2004(6)：48-58.
43.刘强.中国经济增长的收敛性分析[J].经济研究,2001(6)：70-77.
44.刘薇.地区市场化进程对制造业资本配置效率的影响分析[D].哈尔滨工业大学硕士论文.2007.
45.刘志迎.机遇效率理论的高技术产业增长研究[D].南京农业大学博士论文.2006.
46.吕宙.中国宏观资本配置与均衡研究[M].北京：中国金融出版社,2002：57-65.
47.米运生,李永杰.中国FDI区域配置效率：总体特征与地区差异[J].南方经济,2006(7)：87-92.
48.米运生,谭晶.中国信贷资本配置效率的空间差异：基于面板数据的分析[J].河财经理论与实践,2007(5)：31-37.
49.米运生.中国FDI配置效率的区域差异及影响因素[J].财贸经济,2006(11)：84-89.
50.潘文卿,张伟.中国资本配置效率与金融发展相关性研究[J].管理世界,2003(8)：16-23.
51.庞瑞芝,张艳等.中国上市银行经营效率的影响因素[J].金融论坛,2007(10)：29-32.
52.戚自科.货币政策传导机制理论最新前沿[J].新华文摘,2005(6)：1-2.
53.钱纂.中国商业银行的效率研究——SFA方法分析[J].南京社会科学,2003(1)：7-13.
54.人民银行乌鲁木齐支行.新疆信贷与经济增长的实证研究及模型研究[J].金融视野,2007：20-25.
55.邵方强.完善与发展网上银行,促进现代化金融建设[J].哈尔滨金融高等专科学校学报,2005(1)：30-31.
56.沈军.金融效率理论框架与我国金融效率实证考察[J].金融论坛,2003,(7)：2-7
57.沈能,赵建强.我国资本配置效率的区域差异分析及其成因分解[J].当代经济科学,2005,27(6)：33-37.
58.宋承宪.现代西方经济学[M].上海：复旦大学出版社,1997：458-465.
59.孙秀峰,迟国泰.中国商业银行效率的内生影响因素研究与实证[J].预测,2010(2)：5-9.
60.谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10)：53-61.
61.谭政勋.中国银行业效率结构与制度研究[D].暨南大学博士学位论文,2008
62.唐娟娟.经济不发达地区银行信贷与经济增长关系的实证研究[J].特区经济,2009(2)：199-200.
63.陶红军.湖北省农业综合生产能力研究[D].华中农业大学博士论文,2007.
64.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.
65.王广谦.经济发展中金融的贡献与效率[M].北京：中国人民出版社,1997：23-46.
66.王明国,王春梅.金融发展和金融效率理论综述[J].生产力研究.2009(15)：194-196.
67.王振山.金融效率论——金融资源优化配置的理论与实践[M].北京：经济管理出版社,2000：72-75.
68.魏海港.股票价格、信息显示与资本配置[M].香港：香港新知出版社,2006：110-135.
69.吴桦.提高商业银行竞争力：市场结构改革还是产权结构改革[J].中南财经政法大学学报,2005(1)：95-101.
70.吴俊.中国银行业效率分析及其影响因素研究[D].重庆大学硕士学位论文,2003
71.吴晓晶.中国商业银行效率分析[D].哈尔滨工业大学硕士论文,2007.
72.夏绍模.中国钢铁产业的效率与生产率研究[D].重庆大学博士论文,2009.
73.徐琼.基于技术效率的区域经济竞争力提升研究[D].浙江大学博士论文,2005.
74.徐琼.技术效率与前沿面理论评述[J].财经论丛,2005(2)：29-32.
75.许开国.资本配置效率的地区差异及影响因素分析[J].山西财经大学学报,2009,31(2)：34-37.
76.许敏,冒乔玲,陆晓哗.资本配置效率研究综述[J].南京工业大学学报,2009,8(2)：45-49.
77.许庆.金融创新与金融效率的相关性研究[D].武汉理工大学硕士论文,2005
78.阎志军.我国银行业市场结构与效率变迁实证分析[J].生产力研究,2008(4)：29-31.
79.杨栋,郭玉清.中国农业贷款效率[J].金融研究,2007(9)：151-159.
80.杨丽莎.广东省资本配置效率与金融发展相关性研究[D].暨南大学硕士学位论文,2008.
81.杨晓华.我国金融发展与经济增长关系的实证分析[J].经济纵横,2005,(7)：47-50.
82.尹伯成.西方经济学简明教程[M].上海：上海人民出版社,2008：137-140.
83.尹燕海.信贷供给对地区经济增长作用的实证研究[J].经济与管理,2010(2)：54-58.
84.约翰·克劳奈维根.交易成本经济学及其超越[M].上海：上海则经大学出版社,2002：15.
85.约翰·希克斯(John Hicks)经济史理论[M].商务印书馆,1987年8月.
86.张兵,左平桂.江苏省农村贷款效率的实证分析[J].南京社会科学,2009(1)：132-138.
87.张兵,左平桂.江苏省农村贷款效率的实证分析[J].南京社会科学,2009(1)：133-137.
88.张超,顾锋,邸强.基于随机前沿方法的我国商业银行成本效率测度研究[J].经济问题探索,2005,(6)：31-34.
89.张建华.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)：11-25.
90.张健华.我国商业银行X-效率分析[[J].金融研究,2003(6)：46-57.
91.张新平.经济增长与贷款增长因果关系的实证分析[J].商品储运与养护,2008(4)：54-56.
92.章宁宁.我国金融发展优化资本配置效率区域比较的实证研究[D].浙江大学硕士学位论文,2006.
93.赵崇生,高新才.金融效率理论框架：一个文献综述[J].兰州商学院学报,2004,20(6)：38-45.
94.赵旭,凌亢.国有银行效率决定因素实证分析[J].统计研究2000(8)：12-17.
95.赵旭.中国银行业效率研究[D].浙江大学博士论文.2001.
96.郑群峰.我国资本配置效率空间计量研究[J].商业经济与管理,2010(3)：64-71
97.钟志威,雷钦礼Johansen和Juselius协整检验应注意的几个问题[j].统计与信息论坛,2008(10)：80-85.
98.周升业.金融资金运行分析：机制·效率·信息[M].北京：中国金融出版社,2002：62-98.
99.周小全.中国银行业经济绩效决定因素——市场结构与产权结构[J].投资研究,2003(7)：2-5.
100.周小燕.经济转型中我国商业银行效率与相关因素研究[D].复旦大学博士学位,2007
101.周旭,朱卫东,张晨.我国商业银行技术创新中的问题及对策[J].河南金融管理干部学院学报,2007(2)：77-80.
102.朱喜,李子奈.改革以来我国农村信贷的效率分析[J].管理世界,2006(7)：68-74.
103.朱琦.我国商业银行技术创新与扩散研究[J].哈尔滨金融高等专科学校学报,2001(1)：5-7.
104.邹朋飞.中国商业银行效率研究[D].暨南大学博士学位论文,2007.
105.Abiad Abdul and Ashoka Mody. "Financial Reform:What Shakes It? What Shapes It?". IMF Working Paper,2003,7.3.
106.Alhadeff, D.A. Monopoly and competition in commercial banking. Berkeley:University of California Press,1954.
107.Allen Franklin and Douglas Gale. "Welfare Comparison of Intermediaries and Financial Markets in Germany and the US". European Economic Review,1995,39(2):179-209.
108.Allen Franklin and Douglas Gale. Comparing Financial System. Cambridge MA:MIT Press,2000.
109. Allen, F. and Santomeco A.M. "The Theory of Financial Intermediation". Journal of Banking and Finance,1998(21):121-143.
110.Almeida, H. and Wolfenzon, D. "The effect of external finance on the equilibrium allocation of capital". Journal of Financial Economics,2005,75(1):133-164.
111.Arestis, P.D. "Financial development and economic growth assess evidence". Economic Journal, 1997(107):783-799.
112.Arturo, G., Fabio, S. and Andrew, W. "Does financial liberalization improve the allocation of investment:micro-evidence from developing counties".Journal of Development Economics, 2007,83(2):562-587.
113.Athanasios G. Noulas. "Production growth in the Hellenic banking:state versus private banks." Applied Financial Economics,1997,7:223-228.
114.Barro, R. and X., Sala-i-Martin. "Convergence." Journal of Political Economy,1992,100(2): 223-251.
115.Battese, G.E. and Coelli, T.J. "A Model for Technical Inefficiency Effects in a Stochastic Production Function for Panel Data". Empirical Economics,1995, (120):325-332.
116.Bauer, P.W., A.N. Berger and D.B. Humphrey. Efficiency and productivity growth in U.S. Banking. New York:Oxford University Press,1993.
117.Baumol, W. "Productivity Growth, Convergence and Welfare:What the Long-Run Data Show." American Economic Review,1986,76:1072-1085.
118.Beck, T and Levine, R. "Industry growth and capital allocation".Journal of Financial Economics, 2002,64:147-180.
119.Beck, T and Levine, R. Industry Growth and Capital Allocation:Does Having a Market-or Bank-Based System Matter? http://ssm.com/abstrace-315332.
120.Benston, G. "Economics of Scale of Financial Institutions". Journal of Money, Credit and Banking, 1972, (4):312-314.
121.Benston. "Economics of Scale of Financial Institutions". Journal of Money, Credit, and Banking, 1972, (5):12-41.
122.Berg, S.A, Forsund, F.R, Hjalmarsson, L. and Souminen, M. "Banking Efficiency in Nordic Countries". Journal of Banking and Finance,1993,17:371-388.
123.Berger, A.N. and Humphrey, D.B. "Efficiency of Financial Institutions:International Survey and Directions for Future Research". European Journal of Operational Research,1997, (98):175-212.
124.Berger, A.N. and Mester, L.J. "Inside the black box:what ex-plains differences in the efficiencies of financial institutions". Journal of Banking and Finance,1997,21(7):895-947.
125.Berger, Hunter and Timme. "The Efficiency of Financial Institution: Review and Preview of Research Past, Present, and Future". Journal of Banking and Finance,1993, (17):221-249.
126.Bernanke, B.S. and A. S. Blinder. "Credit, Money, and Aggregate Demand". American Economic Review, Papers and Proceedings,1988 (78):435-439.
127.Bernanke, B.S. and Gertler, S.M. "Inside the Black Box:the Credit Channel ofMonetary Policy Transmission". Journal of Economic Perspectives, Fall,1995:27-48.
128.Binswanger, H. P. and Khandker, S.R. "The Impact of Formal Finance on the Rural Economy of India", Journal of Development Studies,1995,32(2):234-262.
129. Boot A. W. and Thakor A. V. "Can relationship banking survive competition". Journal of finance, 2000,55:679-713.
130.C.A. Sims. "Macroeconomics and Reality".Economitric,1980,48:1-48.
131.Caves, D.W., Christensen, L.R. and Diewert, W.E. "The Economic Theory of Index Numbers and the Measurement of Input, Output and Productivity. " Econometrics,1982,50:1393-1414.
132.Chari Anusha and Peter Blair Henry. "The Invisible Hand in Emerging Markets:Discerning or Indiscriminate?". Working Paper, University of Michigan Business School,2003.
133.Chen, G.,M., Firth M. and Rui O. "Have China's Enterprise Reforms Led to Improved Efficiency and Profitability?". Emerging Markets Reviews,2006(7):82-109.
134.Cho, Y. "The effect of financial liberalization on the efficiency of credit allocation:some evidence for Korea". Journal of Development Economics,1988(29):101-110.
135.David C., Wheelock, Paul W. Wilson. "Technical Progress, Inefficiency and Productivity Chang in U.S. Banking 1984-1993." Journal of Money, Credit and Banking,1999,31:857-873.
136.Diamond D.W. and Dybvig P.H. "Bank runs, deposit insurance, and liquidity". Journal of Political Economy,1983,91(3):401-419.
137.E.S. Shaw. Financial Deepening in Economics Development. New York:Oxford University Press, 1973.
138.Easterly W. and S. Fischer. "The Soviet Economic Decline; Historical and Republican Data". NBER Working Paper 4735,1994.
139.Fare, R., S. Grosskopf, M. Norris and Zhang. "Productivity Growth, Technical Progress and Efficiency Change in Industrialized Countries". American Economic Review,1994,84:66-83.
14O.Farrell M.J. "The Measurement of Production Efficiency". Journal of Royal Statistical Society, Series A, General,1957,120(3):253-281.
141.Farrell, M.J. "The Measurement of Productive Efficiency". Journal of the Royal Statistical Society, 1957(3):252-290.
142.Favero, C. and L. Papi. "Technical efficiency and scale efficiency in the Italian banking sector:a nonparametric approach". Applied Economic,1995,27:385-395.
143.Ferrier, G.D and Lovell, C.K. "Measuring Cost Efficiency in Banking:Econometric and Linear Programming Evidence". Journal of Econometrics,1990, (46):229-245.
144.Galindo, Arturo, Fabio Schiantarelli and Andrew Weiss. "Does Financial Liberalization Improve the Allocation of Investment?". Micro Evidence from Developing Countries, IADB Research Department Working Paper 467,2002.
145.Gaofeng Han. "Productivity and economic growth in East Asia:innovation, efficiency and accumulation". Japan and World Economy,2002 (14):401-424.
146.George J. Benston, Gerald A. Hanweck and David B. Humphrey. "Scale Economies in Banking:A Restructuring and Reassessment". Journal of Money, Credit and Banking,1982,14(4):435-456.
147. Glass, J.C. and D.G. McKillop. "A post deregulation analysis of the sources of productivity growth in UK building societies". Working Paper, Queen's University, Belfast,1999.
148.Greenwood, J. and Smith, B.D. "Financial markets in development and th development of financial markets". Journal of Economic Dynamics and Control,1997,21(1):145-181.
149. Hancock, D. "A Model of the Financial Firm with Imperfect Asset and Deposit Elasticity". Journal of Banking and Finance,1986,10:37-54.
150.Harris, R. "Stock markets and development:a reassessment". European Economic Review,1997, 41(1):139-146.
151.Harvey Leibenstein. "Allocative Efficiency vs X-Efficiency". American Economic Review,1966, 56(3):392-415.
152.Hunter, W.C. and G. Timme. "Technical Change, Organizational Form, and the Structure of Bank Production". Journal of Money, Credit, and Banking,1986,18(2):152-166.
153.Isik, I. and M.K.Hassan. "Technical, scale and allocative efficiencies of Turkish banking industry". Journal of Banking and Finance,2002,26:719-766.
154.Isik, I. and M.K. Hassan. "Technical, scale and allocative efficiencies of Turkish banking industry". Journal of Banking and Finance,2002,26:719-766.
155. Jeffrey, W. "Financial markets and the allocation of capital". Journal of Financial Economics,2000, 58(1):187-214.
156.Joaquyn Maudos, Jose M, Pastor, Francisco Perez and Javier Quesada. "Cost and Profit Efficiency in European Banks". Journal of International Financial Markets, Institutions and Money, 2002,(12):33-58.
157.Johansen, S. "Identifying restrictions of linear equations with applications to simultaneous equations and co-integration". Journal of Econometrics,1995,69:111-132.
158.Jose M. and Pastor. "Efficiency and risk management in Spanish banking:a method to decompose risk".Applied Financial Economics.1999 (9):371-384.
159.Kalirajan, K.P., M.B., Obwona and S.Zhao,A. "Decomposition of total factor productivity growth: the case of Chinese agricultural growth before and after reforms". American Journal of Agricultural Economic,1996,78,331-338.
160.Kan, L. Randall, M. and Bernard, Y. "Firm-specific variation and openness in emerging markets". Review of Economics and Statistics,2004,86(3):658-669.
161.Kan, L., Randall, M. and Bernard, Y. "Firm specification and openness in emerging markets" Review of Economics and Statistics,2004,86(3):658-669.
162.Kasman and Adnan. "Cost Efficiency, Scale Economies, and Technological Progress in Turkish Banking". Central Bank Review,2002(1):1-20.
163.King, R.G and Levine, R. "Entrepreneurship and Growth:Theory and Evidence". Journal of Monetary Economic,1993,32-56.
164.King, Robert G. and Ross Levine. "Finance and Growth:Schumpeter Might Be Right". Quarterly Journal of Economics,1993(8):717-737.
165.Lang, G. and P. Welzel. "Efficiency and Technical Progress in Banking:Empirical Results for a Panel of German Banks". Journal of Banking and Finance,1996(7):20-35.
166.Leibenstein H. "Allocative Efficiency X-Efficiency". American Economic Review,1966, (56):392-415.
167.Levine, R. and Zervos, S. "Stock Markets, Banks and Economic Growth". American Economic Review,1998,88:537-558.
168.Levine, R., Loayza, N. and Beck, T. "Financial Intermediation and Growth:Causality and Causes". Journal of Monetary Economics,2000,46(1):31-77.
169.Mankiw, N. G., Romer, D. and Weil, D. N. "A Contribution to the Empirics of Economic Growth." The Quarterly Journal of Economics,1992,107:407-437.
170.Mao weiling and koo won w. "Productivity Growth, Technological Progress and Efficiency Change in Chinese Agriculture after Rural Economic Reforms:A DEA approach". China Economic Reviewe,1997,(2):157-174
171.Mcallister and Mcmanus. "Economies of Scale and Economies of Scope in Multiproduct financial institutions". Journal of Money, Credit and Banking,1993,18 (5):220-226.
172.McAllister, P.F. and D.A. McManus. "Resolving the scale efficiency puzzle in banking". Journal of Banking and Finance,1993,17:389-405.
173.Mester, J.P. "A study of bank efficiency taking into account risk-preference". Journal of Banking and Finance,1996,20:1025-1045.
174.Mester, L.J. "Efficiency in the saving and loan and loan industry". Journal of Banking and Finance,1993,17:267-286.S
175.Miller, S. and M. Upadhyay. "Total Factor Productivity and the Convergence Hypothesis." Journal of Macroeconomics,2002,24:267-286.
176.Molyneux,P. Efficiency in European banking, Garland:New York,1997.
177.Pesaran, M.H. and Shin, Y. "Long-run structural modeling". Econometric Reviews,2002,21 (1):49-87.
178.R. Merton and Z. Bodie. A Conceptual Framework for Analyzing the Financial Environment in the global financial system:A functional perspective. New York:Harvard Business School Press,1995.
179.R.I., McKinnon. Money and capital in economic development. Washington D.C.:the Brookings Institution,1973.
180.R.W. Goldsmith. Financial Structure and Development. New Haven:Yale University Press,1969.
181.Rasoul Rezanian and Seyed Mehdian. "An examination of cost structure and production performance of commercial banks in Singapore".Journal of Banking and Finance,2002,26:79-98.
182.Ronald Mckinnon. Money and Capital in Economics Development. Washington D.C.:Bookings Institute,1973.
183.Ross Levine and Sara Zervos. "Stock Markets, Banks, and Economic Growth". The American Economic in view,1998(6):537-558.
184.Ross Levine. "Financial Development and Economic Growth:Views and Agenda". Journal of Economics Literature.1997,8:688-726.
185.Ross, L., Sara, Z. and Levine, R. "Stock markets, banks and economic growth". American Economic Review,1998(88):537-558.
186.Sathye and Milind. "X-Efficiency in Australian banking:An Empirical Investigation". Journal of Banking and Finance,2001, (25):613-630.
187.Sathye, M. "Efficiency of banks in a developing economy:the case of India". European Journal of Operational Research,2003(3):231-154.
188.Schaffer, M. "Evolutionarily Stable Strategies for a Finite Population and a Variable Contest Size". Journal of Theoretical Biology,1988,132:469-478.
189.Schweiger, I. and McGee, J.S. "Chicago Banking". Journal of Business,1961,34:203-366.
19O.Shaw, E.S. Financial Deepening in Economic Development. New York:Oxford University Press, 1973.
191.Shleifer A. and Vishny R. "Corruption". The Quarterly Journal of Economics,1993,108(3): 599-617.
192.Solow Robert M. "Technical change and the Aggregate production function". Review of Economics and Statistics,1957,39:312-320.
193.Thorsten, B. and Ross, L. "Industry growth and capital allocation:does having a market or bank-based system matter". Journal of Financial Economics,2002,64(2):147-180.
194.Yue. Data Envelopment Analysis and Commercial Bank Performance:A Primer with Missouri Banks Federal Reserve Bank of St. Louis,1992:31-45.