产权、竞争与我国商业银行绩效研究
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摘要
商业银行经营绩效的提高依赖于有效的微观激励机制和适度的竞争环境。激励机制对应于治理结构,竞争环境对应于市场结构。相应的,我国银行业的改革选择了产权改革与市场结构调整有机配合的路径。一方面,政府积极培育各类股份制银行和引进外资银行以改变市场结构,实施增量改革,形成对国有商业银行的有效竞争；另一方面,对国有商业银行实施存量改革,建立现代金融企业治理结构。经过二十年的改革,我国商业银行在经营绩效上有了明显的改善,银行规模迅速壮大,竞争实力日益提高,银行体系的微观治理结构和行业竞争环境都得到了明显的改善。2010年全球银行排名显示,中国有三家银行跻身于全球前十分别是中国工商银行、中国建设银行和中国银行。其中,中国工商银行2010年净利润为325亿美元,被誉为“全球最赚钱银行”。
然而在这些举世瞩目的成绩背后,实际上我国银行业蕴藏的系统性风险依然不可轻视,我国商业银行盈利能力及竞争力与发达国家仍然有一定的差距。为了应对日益复杂的金融创新和更加激烈的竞争环境,改善我国商业经营绩效,提高银行业国际竞争力和抵御系统性金融风险的能力,对于确保我国金融安全及促进经济持续、稳定发展具有重要意义。
本文从剖析我国商业银行高额利润的来源出发,通过与发达国家商业银行绩效的比较分析,研究我国银行业盈利模式存在的问题,提出研究的必要性。整篇文章以产权、竞争与银行绩效的关系为主线,首先采用理论演绎法分析银行业集中度、竞争及产权制度安排对于商业银行绩效的影响,然后再运用我国银行业数据进行实证检验。研究发现,我国商业银行过于依赖净利差收入的单一盈利模式具有不可持续性；银行业市场结构呈现出垄断与竞争并存的特征；国有大型商业银行垄断地位与经营低效率并存。国有银行效率低下的原因不在于垄断本身,就我国当前银行业经营状况而言,产权所有制性质是导致我国商业银行绩效不良最重要的因素。我国国有商业银行特有的产权制度安排抑制了我国银行业有效竞争机制的形成,同时导致国有商业银行规模不经济与绩效低下。最后,本文从市场结构改革及产权结构改革两个方面对如何转变我国银行业盈利模式、提高经营绩效提出对策建议。
本文共分为七章。第一章为绪论部分。本章首先提出研究我国商业银行绩效影响因素的现实意义；其次是概述本文的研究方法、研究框架及创新点；最后从市场结构、产权结构及规模经济与范围经济三个方面对商业银行绩效影响因素的相关研究进行简要概述。
第二章首先对商业银行经营绩效评价体系进行介绍。商业银行经营绩效评价体系包括盈利性指标、流动性指标和安全性指标,分别从不同的角度度量商业银行经营的盈利能力、流动性及风险控制能力。商业银行绩效影响因素分为宏观、中观和微观三个层面。中观因素和微观因素是本文研究的重点。基于中观以及微观层面的商业银行绩效研究的理论基础主要是产业组织理论及产权理论,本章对相关的理论进行阐述,为后续章节分析奠定基础。
第三章对我国商业银行的利润来源及盈利模式存在的问题进行分析。从银行业特许权价值的角度分析指出我国银行业超高利润的获取关键在于宽松金融政策下资金投放大幅增长的净息差和国有商业银行存贷款市场份额高垄断格局。与发达国家商业银行相比较而言,我国商业银行过于依赖存贷利差的收入来源,资产配置和收入结构过于单一。在利率市场化以及混业经营的大趋势下,我国商业银行的盈利模式显然是不可持续的,由此提出本文研究的必要性。
第四章首先讨论了产业组织理论的标准竞争模型。根据传统的产业组织理论,在任何行业中竞争都是有利的,认为竞争保证了成本最小化,由此资源得以有效配置。将产业组织理论运用到银行部门的研究认为,银行业同样需要大量的银行以确保效率。本章第二节通过理论模型说明支持银行业竞争观点的一些局限性,即银行业过度竞争会促使银行从事高风险投资,不利于银行业及宏观经济稳定。另外,文章中还运用理论模型分析了单一银行制和分支行制的效率,研究发现分支行制更有效率。总体来看,对于银行业的集中度与竞争的问题,理论研究尚未有一致的结论。
第五章通过国有商业银行委托一代理关系模型分析国有银行产权与经营效率之间的关系。理论模型推理结果表明,通过培育国有商业银行的市场主体地位,建立有效的激励机制并附之以必要的监管措施,引入新的仅以经济效益为目标的所有者都可以提高委托代理效率,最终实现国有商业银行经营绩效的提高。在理论模型研究的基础上,本文回顾了西方国家商业银行从国有化到私有化改革的过程,西方国家银行产权改革的实践同样也证明银行国有产权的低效率,多元化的产权结构有利于提高银行经营绩效。
第六章在前面章节理论分析的基础上,运用我国商业银行2003年一2010年的数据对相关的理论研究进行实证检验。首先采用市场集中度指标对我国当前银行业的市场结构做出判断,研究发现我国银行业从高度垄断的市场结构向垄断竞争型转变。股份制改革是我国商业银行改革的最关键环节,因此本文通过实证方法研究了上市对于银行经营绩效的影响。最后,本文将产权结构、市场结构、银行经营规模及多元化程度等因素综合纳入模型研究其对于银行绩效的影响。
第七章在前文分析的基础上得出研究结论并提出对策建议。本文认为,我国银行业的盈利模式具有不可持续性,总体上来看,我国银行业盈利能力和竞争力不强,就我国当前银行业经营状况而言,产权所有制性质是导致我国商业银行经营绩效不良的最重要的因素。最后,本文针对如何改善提高我国商业银行经营绩效提出对策建议。
According to the Global bank rankings in 2010, China has three banks among the world's top ten, namely Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of China. Among them, ICBC's net profit in 2010 was 325 billion U.S. dollars, known as "the world's most profitable bank."
However, behind these remarkable achievements, in fact, hidden systematic risk in China's banking industry cannot be underestimated, and there is still a big gap of profitability and competitiveness compared with the developed countries'commercial banks. In response to the increasingly complex financial innovation and competitive environment, it is of great significance to study how to improve the performance and international competitiveness of the China's banking sector.
In this paper, we begin with an analysis of the source of China's commercial banks high profits, and we also make a comparative analysis on the commercial banks'performance between USA and China, on the base of which we find the remained problems in China's commercial banks profit model. Then we put forward the necessity of our study.
The main line through the whole article is the relationship between property rights, competition and bank performance. Firstly we give a theoretical deductive analysis of the relationship among banking competition, property rights arrangements and the performance of commercial banks. Based on the theoretical study we make an empirical test of China's banking data. It is found that China's commercial banks are too dependent on net interest margin as the main source of income, so the high profit is unsustainable. Another conclusion is that the monopoly state-owned large commercial banks co-exist with the operation of low efficiency.
Under China's current banking operating conditions, the property ownership is the most important factor leading to poor performance of China's commercial banks. The unique system of property rights arrangements inhibits effective competition's formation in China's banking sector, meanwhile lead to diseconomies of scale and poor performance. Finally, from the market structure reform and the reform of ownership structure we put forward policy proposals on how to change China's banking industry profit model and how to improve banking performance.
This paper is divided into seven chapters. ChapterⅠis the introduction. In this chapter we discuss the practical significance of study on China's commercial banks' performance, followed by an overview of the research method, innovation and research framework. At last we give a brief overview of the previous research from three aspects--market structure, ownership structure and economies of scale and scope.
In chapterⅡ, we first introduce the T commercial banks'evaluation system, which includes indicators of profitability, liquidity and safety. Factors affecting the performance of commercial banks are divided into macro, meso and micro levels. Meso and micro factors are the focus of our study. Meso and micro levels of study on commercial bank performance is based primarily on industrial organization theory and property rights theory. In this chapter we describe these relevant theories, which is the basis for the analysis of subsequent chapters.
In chapterⅢwe give a detailed analysis of the sources of China's commercial banks profits, through which we discuss the remained problems with the profit model in China's banking sector. From the view of banking franchise value we conclude that the high profits of China's banking industry lie in the big net interest margin and the state-owned commercial banks'monopoly position in deposit and loan market.
Compared with developed countries'commercial banks, China's commercial banks are too dependent on deposit and lending spreads as sources of income, the asset allocation and income structure is not diversified. China's commercial banks' profit-making model is clearly unsustainable because of deregulation on interest rate.
In chapterⅣ, we mainly discuss the effect of competition on commercial banks performance. In this chapter we first discuss the standard competitive model of industrial organization. According to the traditional theory of industrial organization, competition in any industry is beneficial. Application of the theory of industrial organization to the banking sector studies suggests that banking sector also needs a lot of banks to ensure competition and efficiency. In this chapter we also introduce another model to prove some limitations of competition. We conclude that excessive competition will encourage banks to engage in high-risk investment. In addition, we also make a comparative analysis on the efficiency of unit banking system and sub-branch system. It is found the sub-branch system is more efficient. Overall, for theoretical studies of the banking sector concentration and competition, we don't get a consistent conclusion.
In chapterⅤ, we use the principal-agent relationship model to analyze the relationship between property and operational efficiency for state-owned banks. Theoretical model's results show that the cultivation of state-owned commercial banks by market dominant position, establishment of an effective incentive mechanism, and the introduction of the new individual investors can improve the efficiency of state-owned commercial banks. In most of the Western nations, the commercial banks experienced the process of privatization. Property rights reform of the national bank of the West also proved inefficiency of state-owned property rights and diversified ownership structure helped to improve banking performance.
ChapterⅥis the relevant empirical test of theoretical analysis in the previous sections. By using China's commercial banks data from 2003 to 2010 we make empirical analysis as follows:the first is the comparative study of performance of different kinds of China's commercial banks; the second is the empirical study of the market structure of the banking sector; the third is empirical research to check the relationship of commercial banks'IPO and operation performance; the forth is to examine the relationship of comprehensive factors and commercial banks' performance.
In ChapterⅦwe draw conclusions and propose countermeasures on the previous chapters. This paper argues that China's banking industry has a profit model which is not sustainable. The market structure of China's banking sector is monopoly accompanied with competition. The state-owned banks which are in monopoly position have low operation efficiency. The main problem is not monopoly itself, but the property ownership arrangement. It is the state-owned property ownership that leads to poor performance of China's commercial banks. Finally, policy proposals are given on how to improve China's commercial banks business performance.
然而在这些举世瞩目的成绩背后,实际上我国银行业蕴藏的系统性风险依然不可轻视,我国商业银行盈利能力及竞争力与发达国家仍然有一定的差距。为了应对日益复杂的金融创新和更加激烈的竞争环境,改善我国商业经营绩效,提高银行业国际竞争力和抵御系统性金融风险的能力,对于确保我国金融安全及促进经济持续、稳定发展具有重要意义。
本文从剖析我国商业银行高额利润的来源出发,通过与发达国家商业银行绩效的比较分析,研究我国银行业盈利模式存在的问题,提出研究的必要性。整篇文章以产权、竞争与银行绩效的关系为主线,首先采用理论演绎法分析银行业集中度、竞争及产权制度安排对于商业银行绩效的影响,然后再运用我国银行业数据进行实证检验。研究发现,我国商业银行过于依赖净利差收入的单一盈利模式具有不可持续性；银行业市场结构呈现出垄断与竞争并存的特征；国有大型商业银行垄断地位与经营低效率并存。国有银行效率低下的原因不在于垄断本身,就我国当前银行业经营状况而言,产权所有制性质是导致我国商业银行绩效不良最重要的因素。我国国有商业银行特有的产权制度安排抑制了我国银行业有效竞争机制的形成,同时导致国有商业银行规模不经济与绩效低下。最后,本文从市场结构改革及产权结构改革两个方面对如何转变我国银行业盈利模式、提高经营绩效提出对策建议。
本文共分为七章。第一章为绪论部分。本章首先提出研究我国商业银行绩效影响因素的现实意义；其次是概述本文的研究方法、研究框架及创新点；最后从市场结构、产权结构及规模经济与范围经济三个方面对商业银行绩效影响因素的相关研究进行简要概述。
第二章首先对商业银行经营绩效评价体系进行介绍。商业银行经营绩效评价体系包括盈利性指标、流动性指标和安全性指标,分别从不同的角度度量商业银行经营的盈利能力、流动性及风险控制能力。商业银行绩效影响因素分为宏观、中观和微观三个层面。中观因素和微观因素是本文研究的重点。基于中观以及微观层面的商业银行绩效研究的理论基础主要是产业组织理论及产权理论,本章对相关的理论进行阐述,为后续章节分析奠定基础。
第三章对我国商业银行的利润来源及盈利模式存在的问题进行分析。从银行业特许权价值的角度分析指出我国银行业超高利润的获取关键在于宽松金融政策下资金投放大幅增长的净息差和国有商业银行存贷款市场份额高垄断格局。与发达国家商业银行相比较而言,我国商业银行过于依赖存贷利差的收入来源,资产配置和收入结构过于单一。在利率市场化以及混业经营的大趋势下,我国商业银行的盈利模式显然是不可持续的,由此提出本文研究的必要性。
第四章首先讨论了产业组织理论的标准竞争模型。根据传统的产业组织理论,在任何行业中竞争都是有利的,认为竞争保证了成本最小化,由此资源得以有效配置。将产业组织理论运用到银行部门的研究认为,银行业同样需要大量的银行以确保效率。本章第二节通过理论模型说明支持银行业竞争观点的一些局限性,即银行业过度竞争会促使银行从事高风险投资,不利于银行业及宏观经济稳定。另外,文章中还运用理论模型分析了单一银行制和分支行制的效率,研究发现分支行制更有效率。总体来看,对于银行业的集中度与竞争的问题,理论研究尚未有一致的结论。
第五章通过国有商业银行委托一代理关系模型分析国有银行产权与经营效率之间的关系。理论模型推理结果表明,通过培育国有商业银行的市场主体地位,建立有效的激励机制并附之以必要的监管措施,引入新的仅以经济效益为目标的所有者都可以提高委托代理效率,最终实现国有商业银行经营绩效的提高。在理论模型研究的基础上,本文回顾了西方国家商业银行从国有化到私有化改革的过程,西方国家银行产权改革的实践同样也证明银行国有产权的低效率,多元化的产权结构有利于提高银行经营绩效。
第六章在前面章节理论分析的基础上,运用我国商业银行2003年一2010年的数据对相关的理论研究进行实证检验。首先采用市场集中度指标对我国当前银行业的市场结构做出判断,研究发现我国银行业从高度垄断的市场结构向垄断竞争型转变。股份制改革是我国商业银行改革的最关键环节,因此本文通过实证方法研究了上市对于银行经营绩效的影响。最后,本文将产权结构、市场结构、银行经营规模及多元化程度等因素综合纳入模型研究其对于银行绩效的影响。
第七章在前文分析的基础上得出研究结论并提出对策建议。本文认为,我国银行业的盈利模式具有不可持续性,总体上来看,我国银行业盈利能力和竞争力不强,就我国当前银行业经营状况而言,产权所有制性质是导致我国商业银行经营绩效不良的最重要的因素。最后,本文针对如何改善提高我国商业银行经营绩效提出对策建议。
According to the Global bank rankings in 2010, China has three banks among the world's top ten, namely Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of China. Among them, ICBC's net profit in 2010 was 325 billion U.S. dollars, known as "the world's most profitable bank."
However, behind these remarkable achievements, in fact, hidden systematic risk in China's banking industry cannot be underestimated, and there is still a big gap of profitability and competitiveness compared with the developed countries'commercial banks. In response to the increasingly complex financial innovation and competitive environment, it is of great significance to study how to improve the performance and international competitiveness of the China's banking sector.
In this paper, we begin with an analysis of the source of China's commercial banks high profits, and we also make a comparative analysis on the commercial banks'performance between USA and China, on the base of which we find the remained problems in China's commercial banks profit model. Then we put forward the necessity of our study.
The main line through the whole article is the relationship between property rights, competition and bank performance. Firstly we give a theoretical deductive analysis of the relationship among banking competition, property rights arrangements and the performance of commercial banks. Based on the theoretical study we make an empirical test of China's banking data. It is found that China's commercial banks are too dependent on net interest margin as the main source of income, so the high profit is unsustainable. Another conclusion is that the monopoly state-owned large commercial banks co-exist with the operation of low efficiency.
Under China's current banking operating conditions, the property ownership is the most important factor leading to poor performance of China's commercial banks. The unique system of property rights arrangements inhibits effective competition's formation in China's banking sector, meanwhile lead to diseconomies of scale and poor performance. Finally, from the market structure reform and the reform of ownership structure we put forward policy proposals on how to change China's banking industry profit model and how to improve banking performance.
This paper is divided into seven chapters. ChapterⅠis the introduction. In this chapter we discuss the practical significance of study on China's commercial banks' performance, followed by an overview of the research method, innovation and research framework. At last we give a brief overview of the previous research from three aspects--market structure, ownership structure and economies of scale and scope.
In chapterⅡ, we first introduce the T commercial banks'evaluation system, which includes indicators of profitability, liquidity and safety. Factors affecting the performance of commercial banks are divided into macro, meso and micro levels. Meso and micro factors are the focus of our study. Meso and micro levels of study on commercial bank performance is based primarily on industrial organization theory and property rights theory. In this chapter we describe these relevant theories, which is the basis for the analysis of subsequent chapters.
In chapterⅢwe give a detailed analysis of the sources of China's commercial banks profits, through which we discuss the remained problems with the profit model in China's banking sector. From the view of banking franchise value we conclude that the high profits of China's banking industry lie in the big net interest margin and the state-owned commercial banks'monopoly position in deposit and loan market.
Compared with developed countries'commercial banks, China's commercial banks are too dependent on deposit and lending spreads as sources of income, the asset allocation and income structure is not diversified. China's commercial banks' profit-making model is clearly unsustainable because of deregulation on interest rate.
In chapterⅣ, we mainly discuss the effect of competition on commercial banks performance. In this chapter we first discuss the standard competitive model of industrial organization. According to the traditional theory of industrial organization, competition in any industry is beneficial. Application of the theory of industrial organization to the banking sector studies suggests that banking sector also needs a lot of banks to ensure competition and efficiency. In this chapter we also introduce another model to prove some limitations of competition. We conclude that excessive competition will encourage banks to engage in high-risk investment. In addition, we also make a comparative analysis on the efficiency of unit banking system and sub-branch system. It is found the sub-branch system is more efficient. Overall, for theoretical studies of the banking sector concentration and competition, we don't get a consistent conclusion.
In chapterⅤ, we use the principal-agent relationship model to analyze the relationship between property and operational efficiency for state-owned banks. Theoretical model's results show that the cultivation of state-owned commercial banks by market dominant position, establishment of an effective incentive mechanism, and the introduction of the new individual investors can improve the efficiency of state-owned commercial banks. In most of the Western nations, the commercial banks experienced the process of privatization. Property rights reform of the national bank of the West also proved inefficiency of state-owned property rights and diversified ownership structure helped to improve banking performance.
ChapterⅥis the relevant empirical test of theoretical analysis in the previous sections. By using China's commercial banks data from 2003 to 2010 we make empirical analysis as follows:the first is the comparative study of performance of different kinds of China's commercial banks; the second is the empirical study of the market structure of the banking sector; the third is empirical research to check the relationship of commercial banks'IPO and operation performance; the forth is to examine the relationship of comprehensive factors and commercial banks' performance.
In ChapterⅦwe draw conclusions and propose countermeasures on the previous chapters. This paper argues that China's banking industry has a profit model which is not sustainable. The market structure of China's banking sector is monopoly accompanied with competition. The state-owned banks which are in monopoly position have low operation efficiency. The main problem is not monopoly itself, but the property ownership arrangement. It is the state-owned property ownership that leads to poor performance of China's commercial banks. Finally, policy proposals are given on how to improve China's commercial banks business performance.
引文
4杨公仆,夏大慰主编,《产业经济学教程》,上海财经大学出版社,2002年
5同上
6高鸿业,《微观经济学》,中国人民大学出版社,2007年3月第四版
7彼得.罗斯,《商业银行管理》,原书第7版,2008年10月
14贺卫,伍山林,制度经济学,机械工业出版社,2003：68
15郭松民,有些经济学家似乎梦游在80年代,中国青年报,2006年6月23日
21韩忠伟,转轨特征下中国国有商业银行投资价值研究,上海交通大学博士论文,2009年6月
22钟伟,沈闻一,银行业净利差的国际比较及对中国的实证分析,《管理世界》,2006年9月
24泰勒尔：《产业组织理论》,张维迎总校译,中国人民大学出版社,1997年,第二篇。Martin S,2002,"The Theory of Contestable Markets,"Supplement for the book:Advanced Industrial Economics, Second edition,Blackwell Publishers,2001, Purdue University.
25 Martin S,2002, "The Theory of Contestable Markets, " Supplement for the book:Advanced Industrial conomics, Second edition, Blackwell Publishers,2001, Purdue University.
26艾伦,盖尔著,《比较金融系统》,王晋斌等译,中国人民大学出版社,2001
30张杰,注资与国有银行改革：一个金融政治经济学的视角,经济研究,2004年第6期
1. Frei, Harker, Hunter.2000. "Inside the Black Box:What Makes a Bank Efficient?" Cambridge University Press, pp.259-311
2. Berger Allen N. The Profit-Structure Relationship in Banking:Tests of Market-Power and Efficient-Structure Hypothesis [J]. Journal of Money, Credit and Banking,1995,(27):404-431
3. Shepherd W. G Industrial Organization, Antitrust and Public Policy [M]. Boston, Kluwer-Nij hoff Publishing,1983.
4. Goldberg L. G, A. Rai. The Structure-Performance Relationship for European Banking [J]. Journal of Banking and Finance,1996, (20):745-771
5. Short B. K. The Relation between Commercial Bank Profit Rates and Banking Concentration in Canada, Western Europe and Japan. Journal of Banking and Finance,1979, (3)
6. Jackson W. E. The Price-Concentration Relationship in Banking-A Comment. The Review of Economics and Statistics,1992, (74):373-376
7. Pilloff Steven J. Multimarket Contact in Banking [J] Review of Industrial Organization,1999, (14):163-182.
8. Pilloff Steven J. Does the Presence of Big Banks Influence Competition in Local Markets? [J]. Journal of Financial Services Research,1999, (15):159-177.
9. Hicks J. R. Annual Survey of Economic Theory of Monopoly [J]. Econometrical, 1935 (3):1-20.
10. Berger A. N., Hannan H. The Efficiency Cost of Market Power in the Banking Industry:A Test of the 'Quiet Life' and Related Hypotheses[J].The Review of Economics and Statistics, MIT Press,1998, (3):454-465.
11. Demsetz H. Industry Structure, Market Rivalry, and Public Policy[J]. Journal of Law and Economies,1973, (16):1-9.
12. Peltzman Samuel. The Gains and Losses from Industrial Concentration [J]. Journal of Law and Economies,1977, (20):229-263.
13. Lambson Val E. Is the Concentration-Profit Correlation Partly an Artifact of Lumpy Technology? American Economic Review,1987, (77):731-733.
14. Megginson, William L. and Jeffry M. Netter.2001. "From State to Market:A Survey of Empirical Studies on Privatization," Journal of Economic Literature 39, pp.321-389.
15. Megginson, William L.2004. The Financial Economics of Privatization, Oxford University Press, New York, NY.
16. Dewenter, Kathryn and Paul H. Malatesta.2000. "State-Owned and Privately-Owned Firms:An Empirical Analysis of Profitability, Leverage, and Labor Intensity," American Economic Review 91, pp.320-334.
17. Djankov, Simeon and Peter Murrell.2002. "Enterprise Restructuring in Transition:A Quantitative Survey," Journal of Economic Literature 40,739-792.
18. Bhattacharya, A., C.A.K. Lovell and P. Sahay.1997. "The Impact of Liberalization on the Productive Efficiency of Indian Commercial Banks," European Journal of Operations Research.
19. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny.2002. "Investor Protection and Corporate Valuation," Journal of Finance 57,1147-1170.
20. Bonin, John and Paul Wachtel.2002. "Short Histories of Bank Privatization in Six Transition Economies:A Preliminary Report," Working paper, New York University.
21. Barth, James R., G.Caprio and Ross Levine.2001. "The Regulation and Supervision of Banks around the World," in Robert E. Litan and Richard Herring (Eds.), Integrating Emerging Market Countries into the Global Financial System, Brookin-Wharton Papers on Financial Services (Brookings Institution Press, 2001), pp.183-240.
22. Barth, James R., G.Caprio and Ross Levine.2003. "Bank Regulation and Supervision:What Works Best?" Journal of Financial Intermediation (forthcoming).
23. Sapienza, Paolo.2003. "The Effects of Government Ownership on Bank Lending," Journal of Financial Economics (forthcoming).
24. Cornett, Marcia Millon, Lin Guo, Shahriar Khaksari and Hassan Tehranian.2003. "The Impact of Corporate Governance on Performance Differences in Privately-Owned versus State-Owned Banks:An International Comparison," Working paper, Boston College.
25. Bertero, Elisabetta and Laura Rondi.2000. "Financial Pressure and the Behavior of Public Enterprises under Soft and Hard Budget Constraints:Evidence from Italian Panel Data," Journal of Public Economics 75, pp.73-98.
26. Lizal and Svejnar(2001)
27. Coricelli and Djankov(2001)
28. Clarke, George and Robert Cull.2002. "Political and Economic Determinants of the Likelihood of Privatizing Argentine Public Banks," Journal of Law and Economics 45, pp.165-197.
29. Boehmer, Ekkehart, Robert C. Nash, and Jeffry M. Netter.2003. "Bank Privatization in Developing and Developed Countries:Cross-Sectional Evidence on the Impact of Economic and Political Factors," Working paper, Wake Forest University.
30. L6pez-de-Silanes, Florencio and Gullermo Zamarripa.1995. "Deregulation and Privatization of Commercial Banking," Revista de Analisis Economico 10, pp. 113-164.
31. La Porta, Rafael, Florencio Lopez-de-Silanes and Andrei Shleifer.2001. "Government Ownership of Banks," Journal of Finance 56, pp.265-301.
32. Verbrugge, James A., William L. Megginson and Wanda L. Owens.1999. "State Ownership and the Financial Performance of Privatized Banks:An Empirical Analysis," Paper presented at World Bank/Federal Reserve Bank of Dallas Conference on Bank Privatization, Washington, DC, March 1999.
33. Gleason, Kimberly, James E. McNulty and Anita K. Pennathur.2003. "Returns to Bidders of Privatizing Financial Services Firms:An International Examination," Workig paper, Florida Atlatic University (Boca Raton, FL).
34. Braz, Jose.1999. "Bank (re)privatization in Portugal," Paper presented at World Bank/Federal Reserve Bank of Dallas Conference on Bank Privatization, Washington, DC, March 1999.
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36. Otchere, Isaac and J. Chan.2003. "Intra-Industry Effects of Bank Privatization:A Clinical Analysis of the Privatization of the Commonwealth Bank of Australia," Journal of Banking and Finance 27, pp.949-975.
37. Boubakri, Narjess, Jean-Claude Cosset, Klaus Fischer and Omrane Guedhami. 2003. "Ownership Structure, Privatization, Bank Performance and Risk Taking," Working paper, Universite Laval (Qubec P.Q., Canada).
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61. Berger. A, Humphrey. D. Mega mergers in banking and the use of cost efficiency as all antitrust defense. Antitrust Bulletin,1992,(37):541-600
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69.于良春和鞠源,垄断与竞争：中国银行业的改革和发展,1999年第8期
70.赵旭,国有银行效率的实证分析,经济科学,2000年第6期
71.赵旭,蒋振声和周军民中国银行业市场结构与绩效实证研究,金融研究,2001年第3期
72.朱克桐和尚伟,中国商业银行市场结构的实证研究,青海金融,2003年第8期
73.秦宛顺,欧阳俊,中国商业银行市场结构、效率和绩效,经济科学,2001年第4期
74.王国红,论中国银行业的市场结构,2002,经济评论,2002年第2期
75.刘伟,黄桂田银行业的集中、竞争与绩效,经济研究,2003年第11期
76.贺春临,我国银行业的市场结构与绩效研究,经济评论,2004年第6期
77.陈敬学和别双枝,我国商业银行规模效率的实证分析及建议,金融论坛,2004年第10期
78.郑录军和曹廷求,我国商业银行效率及其影响因素的实证分析,金融研究,2005年第1期
79.谭鹏万,中国银行业的市场结构与银行绩效关系研究,南方经济,2006年第12期
80.迟国泰,孙秀峰和芦丹,中国商业银行成本效率实证研究,经济研究,2005年第6期
81.郭妍,我国商业银行效率决定因素的理论探讨与实证检验,金融研究,2005年第2期
82.徐传谌,齐树天,中国商业银行X-效率实证研究,2007年第3期
83.齐树天商业银行绩效、效率与市场结构,国际金融研究,2008年第3期
84.王聪和谭政勋,我国商业银行效率结构研究,经济研究,2007年第7期
85.张杰,注资与国有银行改革：一个金融政治经济学的视角,经济研究,2004年第6期
86.刘伟和黄桂田,中国银行业改革的侧重点：产权结构还是市场结构,经济研究,2002年第8期
87.涂万春和陈奉先,产权、市场结构与中国银行业绩效,产业经济研究,2006年第4期
88.刘晓辉和张璟,产权、竞争与国有商业银行改革逻辑,财经科学,2005年第3期
89.德勇和曹永霞,中国上市银行股权结构与绩效的实证研究,金融研究,2007年第5期
90.李艳虹,股权结构与商业银行绩效：国际比较与我国实证,金融研究,2008年第11期
91.朱盈盈,曾勇等,中资银行引进境外战略投资者：背景、争论及评述,管理世界,2008年第1期
92.杜莉和王锋,中国商业银行范围经济状态实证研究,金融研究,2002年第10期
93.王聪和邹朋飞,中国商业银行规模经济与范围经济的实证分析,中国工业经济,2003第10期
94.刘宗华和邹新月,中国银行业的规模经济和范围经济,数量经济技术经济研究,2004年第10期
95.徐文彬和王大庆,全能银行范围经济的实证分析,商业研究,2008年第12期
96.张成和李敏,我国商业银行范围经济的实证研究,内蒙古财经学院学报,2010年第1期
97.徐小平,马启强,基于DEA方法的中国商业银行并购效率的实证检验,学理论,2008年第12期
98.戴昭(2009),基于曼奎斯特指数的我国商业银行跨国并购绩效的实证研究,财税金融,
99.仲玉洁,我国商业银行并购绩效研究,2010年4月
100.田丽洁,朱文莉,我国国有商业银行跨国并购的财务绩效研究,商业会计,2011年第2期
5同上
6高鸿业,《微观经济学》,中国人民大学出版社,2007年3月第四版
7彼得.罗斯,《商业银行管理》,原书第7版,2008年10月
14贺卫,伍山林,制度经济学,机械工业出版社,2003：68
15郭松民,有些经济学家似乎梦游在80年代,中国青年报,2006年6月23日
21韩忠伟,转轨特征下中国国有商业银行投资价值研究,上海交通大学博士论文,2009年6月
22钟伟,沈闻一,银行业净利差的国际比较及对中国的实证分析,《管理世界》,2006年9月
24泰勒尔：《产业组织理论》,张维迎总校译,中国人民大学出版社,1997年,第二篇。Martin S,2002,"The Theory of Contestable Markets,"Supplement for the book:Advanced Industrial Economics, Second edition,Blackwell Publishers,2001, Purdue University.
25 Martin S,2002, "The Theory of Contestable Markets, " Supplement for the book:Advanced Industrial conomics, Second edition, Blackwell Publishers,2001, Purdue University.
26艾伦,盖尔著,《比较金融系统》,王晋斌等译,中国人民大学出版社,2001
30张杰,注资与国有银行改革：一个金融政治经济学的视角,经济研究,2004年第6期
1. Frei, Harker, Hunter.2000. "Inside the Black Box:What Makes a Bank Efficient?" Cambridge University Press, pp.259-311
2. Berger Allen N. The Profit-Structure Relationship in Banking:Tests of Market-Power and Efficient-Structure Hypothesis [J]. Journal of Money, Credit and Banking,1995,(27):404-431
3. Shepherd W. G Industrial Organization, Antitrust and Public Policy [M]. Boston, Kluwer-Nij hoff Publishing,1983.
4. Goldberg L. G, A. Rai. The Structure-Performance Relationship for European Banking [J]. Journal of Banking and Finance,1996, (20):745-771
5. Short B. K. The Relation between Commercial Bank Profit Rates and Banking Concentration in Canada, Western Europe and Japan. Journal of Banking and Finance,1979, (3)
6. Jackson W. E. The Price-Concentration Relationship in Banking-A Comment. The Review of Economics and Statistics,1992, (74):373-376
7. Pilloff Steven J. Multimarket Contact in Banking [J] Review of Industrial Organization,1999, (14):163-182.
8. Pilloff Steven J. Does the Presence of Big Banks Influence Competition in Local Markets? [J]. Journal of Financial Services Research,1999, (15):159-177.
9. Hicks J. R. Annual Survey of Economic Theory of Monopoly [J]. Econometrical, 1935 (3):1-20.
10. Berger A. N., Hannan H. The Efficiency Cost of Market Power in the Banking Industry:A Test of the 'Quiet Life' and Related Hypotheses[J].The Review of Economics and Statistics, MIT Press,1998, (3):454-465.
11. Demsetz H. Industry Structure, Market Rivalry, and Public Policy[J]. Journal of Law and Economies,1973, (16):1-9.
12. Peltzman Samuel. The Gains and Losses from Industrial Concentration [J]. Journal of Law and Economies,1977, (20):229-263.
13. Lambson Val E. Is the Concentration-Profit Correlation Partly an Artifact of Lumpy Technology? American Economic Review,1987, (77):731-733.
14. Megginson, William L. and Jeffry M. Netter.2001. "From State to Market:A Survey of Empirical Studies on Privatization," Journal of Economic Literature 39, pp.321-389.
15. Megginson, William L.2004. The Financial Economics of Privatization, Oxford University Press, New York, NY.
16. Dewenter, Kathryn and Paul H. Malatesta.2000. "State-Owned and Privately-Owned Firms:An Empirical Analysis of Profitability, Leverage, and Labor Intensity," American Economic Review 91, pp.320-334.
17. Djankov, Simeon and Peter Murrell.2002. "Enterprise Restructuring in Transition:A Quantitative Survey," Journal of Economic Literature 40,739-792.
18. Bhattacharya, A., C.A.K. Lovell and P. Sahay.1997. "The Impact of Liberalization on the Productive Efficiency of Indian Commercial Banks," European Journal of Operations Research.
19. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny.2002. "Investor Protection and Corporate Valuation," Journal of Finance 57,1147-1170.
20. Bonin, John and Paul Wachtel.2002. "Short Histories of Bank Privatization in Six Transition Economies:A Preliminary Report," Working paper, New York University.
21. Barth, James R., G.Caprio and Ross Levine.2001. "The Regulation and Supervision of Banks around the World," in Robert E. Litan and Richard Herring (Eds.), Integrating Emerging Market Countries into the Global Financial System, Brookin-Wharton Papers on Financial Services (Brookings Institution Press, 2001), pp.183-240.
22. Barth, James R., G.Caprio and Ross Levine.2003. "Bank Regulation and Supervision:What Works Best?" Journal of Financial Intermediation (forthcoming).
23. Sapienza, Paolo.2003. "The Effects of Government Ownership on Bank Lending," Journal of Financial Economics (forthcoming).
24. Cornett, Marcia Millon, Lin Guo, Shahriar Khaksari and Hassan Tehranian.2003. "The Impact of Corporate Governance on Performance Differences in Privately-Owned versus State-Owned Banks:An International Comparison," Working paper, Boston College.
25. Bertero, Elisabetta and Laura Rondi.2000. "Financial Pressure and the Behavior of Public Enterprises under Soft and Hard Budget Constraints:Evidence from Italian Panel Data," Journal of Public Economics 75, pp.73-98.
26. Lizal and Svejnar(2001)
27. Coricelli and Djankov(2001)
28. Clarke, George and Robert Cull.2002. "Political and Economic Determinants of the Likelihood of Privatizing Argentine Public Banks," Journal of Law and Economics 45, pp.165-197.
29. Boehmer, Ekkehart, Robert C. Nash, and Jeffry M. Netter.2003. "Bank Privatization in Developing and Developed Countries:Cross-Sectional Evidence on the Impact of Economic and Political Factors," Working paper, Wake Forest University.
30. L6pez-de-Silanes, Florencio and Gullermo Zamarripa.1995. "Deregulation and Privatization of Commercial Banking," Revista de Analisis Economico 10, pp. 113-164.
31. La Porta, Rafael, Florencio Lopez-de-Silanes and Andrei Shleifer.2001. "Government Ownership of Banks," Journal of Finance 56, pp.265-301.
32. Verbrugge, James A., William L. Megginson and Wanda L. Owens.1999. "State Ownership and the Financial Performance of Privatized Banks:An Empirical Analysis," Paper presented at World Bank/Federal Reserve Bank of Dallas Conference on Bank Privatization, Washington, DC, March 1999.
33. Gleason, Kimberly, James E. McNulty and Anita K. Pennathur.2003. "Returns to Bidders of Privatizing Financial Services Firms:An International Examination," Workig paper, Florida Atlatic University (Boca Raton, FL).
34. Braz, Jose.1999. "Bank (re)privatization in Portugal," Paper presented at World Bank/Federal Reserve Bank of Dallas Conference on Bank Privatization, Washington, DC, March 1999.
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