金融脱媒背景下美国社区银行发展路径及效率研究
|
摘要
目前,我国地方性商业银行的发展已初具规模,但也面临金融脱媒进程带来的巨大挑战。选择什么发展策略来应对金融脱媒的冲击,是地方性商业银行亟待解决的问题。这不仅需要结合我国金融业发展的实际状况进行深入研究,也需要广泛采集“他山之石”。本文将目光转向金融脱媒已有近50年历程的美国,美国的银行体系在金融脱媒的影响下,经历了兼并和创新两大浪潮,社区银行的生存受到严重冲击。即便如此,许多社区银行依然存活下来,并获得较好的发展。
本文以金融脱媒理论、产业组织理论、新制度经济学等为理论基础,采用定性分析和定量分析相结合的方法,深入剖析了金融脱媒对美国社区银行的影响机制,实证研究了金融脱媒背景下社区银行的效率变化,探讨了相对高效社区银行的规模及创新策略选择,并挖掘了美国社区银行发展路径对中国地方性商业银行发展可能的借鉴意义。
任何一种新事物的出现都有其成因和演化过程,本文首先对金融脱媒和社区银行的概念进行了界定,系统梳理了金融脱媒的一般理论、金融脱媒与银行业发展的相关理论以及银行效率理论,为后续的分析提供基础。美国的金融脱媒分为初始、深化和脱媒校正三个阶段,在金融脱媒深化阶段,美国银行业竞争加剧,随着监管政策的放松,社区银行直面大型全国性银行的冲击,面临是否通过兼并重组来实现跨区域扩张的选择以及创新策略的选择。
银行效率的高低关系到其生存能力,低效率的银行将逐渐在竞争中遭到淘汰。本文继而基于DEA-BCC模型和Malmquist指数分析法分别对社区银行的静态技术效率和效率的动态变化进行了测度,发现社区银行的效率并不随规模扩大而提高,但技术进步对于社区银行的效率提升十分重要。
在对银行效率分析基础上,本文运用银行规模经济理论、激励机制理论、金融创新的攀比压力假说以及豪特林空间竞争模型分析了社区银行的最优规模问题和创新策略选择问题,提出四个观点：第一,社区银行和大型商业银行因市场定位和信息处理方式不同,其规模经济表现有较大差异;第二,社区银行的规模和效率呈现倒U型的发展关系；第三,深化传统业务服务、差异化经营是社区银行的创新策略选择；第四,不同规模社区银行的创新诉求并不一致,导致其创新方向有差异。论文进而用Tobit模型对社区银行的规模因素和创新因素与银行效率进行了回归分析,验证了以上观点。
在金融脱媒的冲击下依然生存至今的社区银行,不仅得益于其正确的发展策略,也得益于其严密的风险控制体系。本文还梳理了美国社区银行的三层风险控制体系,发现各层级相互牵制,有序运转,总体呈现出股权结构集中、核心资本充足率较高、核心存款和关系型信贷业务突出、各监管机构协调统一以及审慎监管框架下的监管循环机制等特点。
美国社区银行的发展实践可为我国提供可资借鉴的经验,本文最后部分探索了这种借鉴意义。中国地方性商业银行在发展过程中,政府应该进一步实行“国退民进”的政策,引导民间资本进入该领域,并逐步降低政府干预程度。地方性商业银行自身应进一步明晰产权结构、完善公司治理,明确立足地方的特色化、差异化战略定位,以一定的管理能力为边界进行规模扩张,并且在深化传统业务服务方面加强创新力度。
论文主要在以下几个方面有所创新：第一,突破了以往从关系型信贷视角进行分析的研究思路,而是以金融脱媒为视角,从社区银行发展路径选择及风险控制关联角度对社区银行进行讨论。拓展了对该问题研究的视角,明晰了金融脱媒对社区银行的影响机制；第二,探讨了社区银行发展的最优规模。通过实证检验,提出社区银行是存在规模约束边界的,突破了以往研究均基于所有银行规模经济表现一致的前提,在银行规模经济方面做了理论上的探讨；第三,尝试对社区银行按规模进行分层,发现不同规模社区银行的约束条件有较大差异,导致其创新诉求不一致,这一发现对于我国地方性商业银行的创新策略选择有指导意义。
The development of local banks in China is in its infancy. In order to deal with the increasingly serious impact of the financial disintermediation, we should conduct in-depth studies not only on Chinese banking system according to national conditions, but also on other countries'experience broadly. This article focuses on community banks in the United States, where financial disintermediation has a history of nearly50years. Under the influence of the financial disintermediation, the U.S. banking system has experienced two major waves of mergers and innovation, which seriously threatened the survival of community banks. Even so, many community banks still survive and get better development.
Based on financial disintermediation theory, industrial organization theory and the new institutional economics, the author analyzes the mechanism of the influence on community banks of financial disintermediation, the efficiency and relatively efficient scale and innovative strategies of community banks, and the possibly inspiration for Chinese local banks.
The emergence of any new born things has its genesis and process of evolution. The author firstly defines the concept of financial disintermediation and community banks, then makes literature reviews of the financial disintermediation theory and its connection with the development of the banking industry, as well as the efficiency theory of banking. The history of U.S. financial disintermediation is divided into three stages:the emergence stage, the deepening stage and the re-disintermediation stage. In the deepening stage of the financial disintermediation, the banking sector in the United States saw intensified competition, as well as the deregulation. Community banks were exposed to the direct competition from the large national and regional banks, facing the hard choice of whether to do interstate expansion through mergers and acquisitions and how to deal with the innovation booms.
The viability of a bank depends on its efficiency. Inefficient banks will gradually be eliminated in the competition. By measuring the static Technical Efficiency and the dynamic changes of Total Factor Productivity of the U.S. community banks with the DEA-BCC model and Malmquist Index analysis method, the author finds that instead of asset expansion, it is technology that matters for the improvement of community bank efficiency.
On the basis of the analysis of bank efficiency, the author does theoretical and practical research on the relationship between bank efficiency and the scale factors as well as innovation factors, through the theory of scale economy of banking, incentives mechanism, bandwagon pressures of financial innovation and Hotelling spatial competition model. Four propositions are put forward. First, the scale economies of community banks and large banks are quite different due to the different market positioning and information processing. Second, the scale of community banks has an inverted U-shaped relation with bank efficiency. Third, Improvement in bank efficiency can be achieved by deepening the traditional business services and importing differentiation. Fourth, Community banks of different scale have different demands for innovation, so their innovation will differ in directions. To verify the above four views, with the regression analysis method, the author used Tobit model to analyze the scale factors and innovation factors of community banks.
Under the impact of the financial disintermediation, some community banks survived and made profit successfully, not only due to its correct development strategy, but also its strict risk control system.The risk control system can be pictured as a series of concentric circles, which consist of Management Information System, internal controls and effective supervision. These interconnected circles are featured by concentrated equity, higher core capital ratio, core deposits, relationship loans, coordination of supervision agencies and multiple regulatory methods.
American Community Bank's practice of development is helpful for Chinese local banks. The paper explores the inspiration in the last. Chinese government should further guide private capital to enter the area of local commercial banks, and gradually reduce the degree of government intervention.Local banks should clarify the structure of property rights, improve corporate governance, and make characteristic and differentiated strategic positioning based on its community. Furthermore, the expansion of local banks should be limited by their management capabilities.
The main originalities of this paper are as follows:First, instead of from the angle of relationship loan, the author studied community banks by taking financial disintermediation into consideration, and risk control and development path are also discussed in that way. This can broaden the horizon of the researchers studying on this issue, and at the same time the process of how financial disintermediation affects community banks is clarified. Second, the author analyzed what the optimum scale of a community bank is. By empirical test, the author found that the optimum scale of a community bank has a constrained boundary. Besides, unlike the previous theories that are based on the premise that all the banks have the same economies of scale, the author studied theoretically on the economies of scale of banks. Third, the author tried to classify community banks by their different scale, and then found that community banks of different scale differs greatly in constraint condition. Furthermore, such difference will make community banks have various demands for innovation, and this may give insight to the local commercial banks in China, so that they can choose a better innovation strategy.
本文以金融脱媒理论、产业组织理论、新制度经济学等为理论基础,采用定性分析和定量分析相结合的方法,深入剖析了金融脱媒对美国社区银行的影响机制,实证研究了金融脱媒背景下社区银行的效率变化,探讨了相对高效社区银行的规模及创新策略选择,并挖掘了美国社区银行发展路径对中国地方性商业银行发展可能的借鉴意义。
任何一种新事物的出现都有其成因和演化过程,本文首先对金融脱媒和社区银行的概念进行了界定,系统梳理了金融脱媒的一般理论、金融脱媒与银行业发展的相关理论以及银行效率理论,为后续的分析提供基础。美国的金融脱媒分为初始、深化和脱媒校正三个阶段,在金融脱媒深化阶段,美国银行业竞争加剧,随着监管政策的放松,社区银行直面大型全国性银行的冲击,面临是否通过兼并重组来实现跨区域扩张的选择以及创新策略的选择。
银行效率的高低关系到其生存能力,低效率的银行将逐渐在竞争中遭到淘汰。本文继而基于DEA-BCC模型和Malmquist指数分析法分别对社区银行的静态技术效率和效率的动态变化进行了测度,发现社区银行的效率并不随规模扩大而提高,但技术进步对于社区银行的效率提升十分重要。
在对银行效率分析基础上,本文运用银行规模经济理论、激励机制理论、金融创新的攀比压力假说以及豪特林空间竞争模型分析了社区银行的最优规模问题和创新策略选择问题,提出四个观点：第一,社区银行和大型商业银行因市场定位和信息处理方式不同,其规模经济表现有较大差异;第二,社区银行的规模和效率呈现倒U型的发展关系；第三,深化传统业务服务、差异化经营是社区银行的创新策略选择；第四,不同规模社区银行的创新诉求并不一致,导致其创新方向有差异。论文进而用Tobit模型对社区银行的规模因素和创新因素与银行效率进行了回归分析,验证了以上观点。
在金融脱媒的冲击下依然生存至今的社区银行,不仅得益于其正确的发展策略,也得益于其严密的风险控制体系。本文还梳理了美国社区银行的三层风险控制体系,发现各层级相互牵制,有序运转,总体呈现出股权结构集中、核心资本充足率较高、核心存款和关系型信贷业务突出、各监管机构协调统一以及审慎监管框架下的监管循环机制等特点。
美国社区银行的发展实践可为我国提供可资借鉴的经验,本文最后部分探索了这种借鉴意义。中国地方性商业银行在发展过程中,政府应该进一步实行“国退民进”的政策,引导民间资本进入该领域,并逐步降低政府干预程度。地方性商业银行自身应进一步明晰产权结构、完善公司治理,明确立足地方的特色化、差异化战略定位,以一定的管理能力为边界进行规模扩张,并且在深化传统业务服务方面加强创新力度。
论文主要在以下几个方面有所创新：第一,突破了以往从关系型信贷视角进行分析的研究思路,而是以金融脱媒为视角,从社区银行发展路径选择及风险控制关联角度对社区银行进行讨论。拓展了对该问题研究的视角,明晰了金融脱媒对社区银行的影响机制；第二,探讨了社区银行发展的最优规模。通过实证检验,提出社区银行是存在规模约束边界的,突破了以往研究均基于所有银行规模经济表现一致的前提,在银行规模经济方面做了理论上的探讨；第三,尝试对社区银行按规模进行分层,发现不同规模社区银行的约束条件有较大差异,导致其创新诉求不一致,这一发现对于我国地方性商业银行的创新策略选择有指导意义。
The development of local banks in China is in its infancy. In order to deal with the increasingly serious impact of the financial disintermediation, we should conduct in-depth studies not only on Chinese banking system according to national conditions, but also on other countries'experience broadly. This article focuses on community banks in the United States, where financial disintermediation has a history of nearly50years. Under the influence of the financial disintermediation, the U.S. banking system has experienced two major waves of mergers and innovation, which seriously threatened the survival of community banks. Even so, many community banks still survive and get better development.
Based on financial disintermediation theory, industrial organization theory and the new institutional economics, the author analyzes the mechanism of the influence on community banks of financial disintermediation, the efficiency and relatively efficient scale and innovative strategies of community banks, and the possibly inspiration for Chinese local banks.
The emergence of any new born things has its genesis and process of evolution. The author firstly defines the concept of financial disintermediation and community banks, then makes literature reviews of the financial disintermediation theory and its connection with the development of the banking industry, as well as the efficiency theory of banking. The history of U.S. financial disintermediation is divided into three stages:the emergence stage, the deepening stage and the re-disintermediation stage. In the deepening stage of the financial disintermediation, the banking sector in the United States saw intensified competition, as well as the deregulation. Community banks were exposed to the direct competition from the large national and regional banks, facing the hard choice of whether to do interstate expansion through mergers and acquisitions and how to deal with the innovation booms.
The viability of a bank depends on its efficiency. Inefficient banks will gradually be eliminated in the competition. By measuring the static Technical Efficiency and the dynamic changes of Total Factor Productivity of the U.S. community banks with the DEA-BCC model and Malmquist Index analysis method, the author finds that instead of asset expansion, it is technology that matters for the improvement of community bank efficiency.
On the basis of the analysis of bank efficiency, the author does theoretical and practical research on the relationship between bank efficiency and the scale factors as well as innovation factors, through the theory of scale economy of banking, incentives mechanism, bandwagon pressures of financial innovation and Hotelling spatial competition model. Four propositions are put forward. First, the scale economies of community banks and large banks are quite different due to the different market positioning and information processing. Second, the scale of community banks has an inverted U-shaped relation with bank efficiency. Third, Improvement in bank efficiency can be achieved by deepening the traditional business services and importing differentiation. Fourth, Community banks of different scale have different demands for innovation, so their innovation will differ in directions. To verify the above four views, with the regression analysis method, the author used Tobit model to analyze the scale factors and innovation factors of community banks.
Under the impact of the financial disintermediation, some community banks survived and made profit successfully, not only due to its correct development strategy, but also its strict risk control system.The risk control system can be pictured as a series of concentric circles, which consist of Management Information System, internal controls and effective supervision. These interconnected circles are featured by concentrated equity, higher core capital ratio, core deposits, relationship loans, coordination of supervision agencies and multiple regulatory methods.
American Community Bank's practice of development is helpful for Chinese local banks. The paper explores the inspiration in the last. Chinese government should further guide private capital to enter the area of local commercial banks, and gradually reduce the degree of government intervention.Local banks should clarify the structure of property rights, improve corporate governance, and make characteristic and differentiated strategic positioning based on its community. Furthermore, the expansion of local banks should be limited by their management capabilities.
The main originalities of this paper are as follows:First, instead of from the angle of relationship loan, the author studied community banks by taking financial disintermediation into consideration, and risk control and development path are also discussed in that way. This can broaden the horizon of the researchers studying on this issue, and at the same time the process of how financial disintermediation affects community banks is clarified. Second, the author analyzed what the optimum scale of a community bank is. By empirical test, the author found that the optimum scale of a community bank has a constrained boundary. Besides, unlike the previous theories that are based on the premise that all the banks have the same economies of scale, the author studied theoretically on the economies of scale of banks. Third, the author tried to classify community banks by their different scale, and then found that community banks of different scale differs greatly in constraint condition. Furthermore, such difference will make community banks have various demands for innovation, and this may give insight to the local commercial banks in China, so that they can choose a better innovation strategy.
引文
① 转引自傅忠道.社区工作基础知识1000答[M].中国青年出版社,2001年12月.第1页。
① Seidman L W. Full Faith and Credit:The Great S & L Debacle and Other Washington Sagas [M]. Beard Books Incorporated,2000.
② Freund J, Curry T, Hirsch P, et al. Commercial real estate and the banking crises of the 1980s and early 1990s[J]. History of the Eighties:Lessons for the Future:An Examination of the Banking Crises of the 1980s & Early 1990s,1997:137-165.
③ Standard and Poor's Funds Direct. Funding Pressures Increase at Australian Banks.2001-11-29.
① 黄铁军.中国国有商业银行运行机制研究[M].中国金融出版社,1998.
② Mester L J. A study of bank efficiency taking into account risk-preferences[J]. Journal of Banking & Finance, 1996,20(6):1025-1045.
① 傅忠道.社区工作基础知识1000答[M].中国青年出版社,2001.
② 让·里瓦尔.银行史[M].陈淑仁(译).商务印书馆,1997.
① Gup B E,Kolari J W.商业银行业务——对风险的管理(第三版)[M].康以同(译).金融出版社,2009.第5页.
① 第一次石油危机(1973年)：1973年10月第四次中东战争爆发,为打击以色列及其支持者,石油输出国组织的阿拉伯成员国当年12月宣布收回石油标价权,并将其积沉原油价格从每桶3.011美元提高到10.651美元,使油价猛然上涨了两倍多,从而触发了第二次世界大战之后最严重的全球经济危机。持续三年的石油危机对发达国家的经济造成了严重的冲击。在这场危机中,美国的工业生产下降了14%,日本的工业生产下降了20%以上,所有的工业化国家的经济增长都明显放慢。第二次右油危机(1978年)：1978年底世界第二大石油出口国伊朗的政局发生剧烈变化,伊朗亲美的温和派国王巴列维下台,引发第二次石油危机。此时又爆发了两伊战争,全球石油产量受到影响,从每天580万桶骤降到100万桶以下。随着产量的剧减,油价在1979年开始暴涨,从每桶13美元猛增至1980年的34美元。这种状态持续了半年多,此次危机成为上世纪70年代末西方经济全面衰退的一个主要原因。资料来自百度百科,下同。
② 第三次石油危机(1990年)：1990年8月初伊拉克攻占科威特以后,伊拉克遭受国际经济制裁,使得伊拉克的原油供应中断,国际油价因而急升至42美元的高点。美国、英国经济加速陷入衰退,全球GDP增长率在1991年跌破2%。
① 转引自DeYoung R, Duffy D. The challenges facing community banks[J]. Society,2004,41(2):42-52.
② 相关数据引自David L. Martin. Needed:A New Community Bank Model[J]. Bank Accounting & Finance, 2009(Feb.-Mar.):21-29.
① 转引自Hagopian J E. From Here to There:A Plain English Discussion of Long Range Planning in Community Banks[M]. Unique Press,1987。
② The American Bankers Association. Community Bank Operations 1995-----An ABA Survey Report.1995.
① 转引自蒂莫西·J·科埃利等著.效率与生产率分析引论(第二版)[M].王忠玉译.中国人民大学出版社,2008
① Fare R, Grosskopf S, Lindgren B, et al. Productivity changes in Swedish pharamacies 1980-1989:A non-parametric Malmquist approach[J]. Journal of Productivity Analysis,1992,3(1-2):85-101.
① 关于此部分理论详见葛兆强.规模经济、银行规模与银行规模边界[J].华南金融研究,1999.3：4-10。
② 转引自顾江著.规模经济论[M].中国农业出版社,2001年12月第1版。
① 2011年摩根大通银行(JPMorgan Chase Bank)的资产规模为1.81万亿美元,占银行业资产规模比重为13%。
① Kalwij A. A Two-Step First Difference Estimator for a Panel Data Tobit Model under Conditional Mean Independence Assumptions[J].2004:5.
① 该方法的论述详见Driscoll J C, Kraay A C. Consistent covariance matrix estimation with spatially dependent panel data[J]. Review of economics and statistics,1998,80(4):549-560.
② 根据Tobit模型估计出来的回归系数计算出来的最高效率对应的lnasset值为12.82,用一致协方差矩阵估计法估计出来对应结果为12.78,本文在此取两者的平均值,从而得出最优资产规模为3.62亿美元。
② 2002年的小企业信贷市场数据均来自William Keeton. The Role of Community Banks in the U.S. Economy, working paper of Federal Reserve Banks of Kansas City,2003.
① 小额农业贷款在2003年前无法找到公开的统计数据,此处引用的2002年的小额农业贷款数据均来自William Keeton. The Role of Community Banks in the U.S. Economy, working paper of Federal Reserve Banks of Kansas City,2003.
② Hannan Timothy H. Retail fees of depository institutions (1997-2001) [R]. Federal Reserve Bulletin,2002.9.
① Chandler A. Strategy and structure[M]. Massachusetts Institute of Technology Cambridge,1962.
① 该模型的论述详见皮埃尔-菲利普·库姆斯(法)等著.经济地理学：区域和国家一体化,安虎森等译.中国人民大学出版社.2011年6月.第九章。
① 数据来源2011 OCC Annual Report.
② 数据来源FDIC Quarterly Banking Profile,2012, volume 6, No.1.
① 摘自银监会.农村商业银行管理暂行规定(银监发(2003)10号),2003。
① 摘自银监会.村镇银行管理暂行规定(银监发[2007]5号,2007。
① 数据引自乔加伟.50多家城商行抱团投资银行间市场[N].21世纪经济报道,2013年1月25日,第10版。
② 数据引自孙从海.城市商业银行理财：市场结构与展业策略——基于银行理财产品数据的实证分析[J].金融与经济,2012(2)：36-39.
③ 转引自曹元.城商行谋基金：转移影子银行业务的新通道?[J].21世纪经济报道,2013年3月8月,第18版。
④ 引自刘振盛.三家获20亿元额度,城商行探路信贷资产证券化[N].21世纪经济报道,2013年1月10日,第11版。
① 引自朱建林,罗尔豪.违规扩张令中小银行经营风险失控[N].中国商报,2011年1月8日,第2版。
② 齐鲁银行原为济南市商业银行,总部设在山东省济南市,在济南市16家城市信用社和1‘家城信社联社的基础上组建济南城市合作银行。2008年齐鲁银行分支机构为69家,经过快速扩张后,其分支机构在2009年达到72家,2010年则进一步提高到80家。2011年1月,济南市公安局破获一起涉案金额60亿元的特大伪造金融票证案,涉及济南当地多家银行,其中齐鲁银行涉案金额预计在10亿-15亿元。
③ 烟台银行胜利路支行行长刘维宁从2011年4月到2012年1月,分多次将所在银行的库存银行承兑汇票取走,涉案金额高达4.36亿余元。烟台银行是在原烟台市商业银行基础上,于2009年3月正式开业的一家股份制商业银行。成立之初,注册资金1.28亿元,后经多次增资扩股,注册资本达20亿元。2008年1月,烟台银行引进香港恒生银行、永隆银行作为战略股东,接着开始区域化扩张。截至2010年末,烟台银行机构网点总数为73家,总资产为291.2亿元,净利润为1.87亿元。
① 数据引自杨佼.农商行扩张潜行,异地分支行超30家[N].第一财经日报,2012年03月12日,第11版。
② 数据引自马春园.银行理财监管升级,银监会酝酿引入机构及业务准入制度[N].21世纪经济报道,2013年3月13日,第7版。
① 其中又以城市商业银行的预期年化收益率较高,如2012年上半年,城市商业银行的理财产品平均预期年化收益率为4.99%。
② 引自卢亮.城市商业银行船小好调头,理财产品收益率5%以上[N].南方都市报,2012年7月31日,第45版。
① 数据来源：《中国银行业监督管理委员会2011年报》。
② 根据FDIC统计数据整理得出。
[1]本顿·E.冈普,詹姆斯·W.克拉里著.商业银行业务——对风险的管理(第三版)[M].康以同译.金融出版社,2009
[2]曹元.城商行谋基金：转移影子银行业务的新通道?[J].21世纪经济报道,2013年3月8月,第18版
[3]陈伟光.银行产业组织与中国银行业结构[M].中国金融出版社,2007
[4]崔晓峰.银行产业组织理论与政策研究[M].机械工业出版社,2005
[5]邓向荣.金融脱媒理论及其演进[J].经济学动态.2006(6)：73-77
[6]蒂莫西·J·科埃利等著.效率与生产率分析引论(第二版)[M].王忠玉译.中国人民大学出版社,2008
[7]菲利普·莫利纽克斯,尼达尔·沙姆洛克著.金融创新[M].冯建等译.中国人民大学出版社,2003
[8]傅忠道.社区工作基础知识1000答[M].中国青年出版社,2001
[9]戈德史密斯著.金融结构与发展[M].浦寿海等译.中国社会科学出版社,1993
[10]葛兆强.规模经济、银行规模与银行规模边界[J].华南金融研究,1999.3：4-10
[11]顾江著.规模经济论[M].中国农业出版社,2001
[12]郭田勇等著.商业银行中间业务产品定价研究[M].中国金融出版社,2010
[13]黄铁军.中国国有商业银行运行机制研究[M].中国金融出版社,1998
[14]李文军.银行越大越好吗?——兼论银行规模问题[J].国际金融研究,1998,12：60-64
[15]李依凭.金融机构非中介化之反思[J].山东大学学报：哲学社会科学版(1)：86-89
[16]李镇西著.中小商业银行核心竞争力研究[M].中国金融出版社出版社,2007
[17]林强著.中美银行的较量——中美银行经营管理比较[M].西南财经大学出版社,2012
[18]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001(1)：10-21.
[19]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
[20]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
[21]刘光大.规模经济理论与应用研究[M].化学工业出版社,1992
[22]刘元庆.资本约束,金融脱媒,利率市场化与商业银行战略转型[J].金融论坛,2006,7：11-16
[23]刘振盛.三家获20亿元额度,城商行探路信贷资产证券化[N].21世纪经济报道,2013年1月10日,第11版
[24]卢亮.城市商业银行船小好调头,理财产品收益率5%以上[N].南方都市报,2012年7月31日,SA45版
[25]陆岷峰,任亚军,施勇.金融脱媒对商业银行经营管理的影响分析[J].上海金融,2008,6：93-95
[26]马春园.银行理财监管升级,银监会酝酿引入机构及业务准入制度[N].21世纪经济报道,2013年3月13日,第7版
[27]皮埃尔-菲利普·库姆斯(法)等著.经济地理学：区域和国家一体化,安虎森等译.中国人民大学出版社.2011,第九章
[28]钱德勒著.企业规模经济与范围经济：工业资本主义的原动力[M].张逸人译.中国社会科学出版社,1999
[29]乔加伟.50多家城商行抱团投资银行间市场[N].21世纪经济报道,2013年1月25日,第10版
[30]瞿卫东著.银行市场结构理论研究[M].中国金融出版社,2006
[31]让·里瓦尔著.银行史[M].陈淑仁译.商务印书馆,1997
[32]宋旺,钟正生.理解金融脱媒：基于金融中介理论的诠释[J].上海金融,2010,6：12-17
[33]宋旺,钟正生.我国金融脱媒对货币政策传导机制的影响：1978-2007[J].经济学家,2010(2)：80-89
[34]宋旺,钟正生.中国金融脱媒度量及国际比较[J].当代经济科学,2010(3)：26-37
[35]孙从海.城市商业银行理财：市场结构与展业策略——基于银行理财产品数据的实证分析[J].金融与经济,2012(2)：36-39
[36]唐旭.多层次金融市场与金融脱媒[J].中国金融,2006(14)：10-12
[37]涂俊,吴贵生.基于DEA—Tobit两步法的区域农业创新系统评价及分析[J].数量经济技术经济研究,2006(4)：136-143
[38]王爱俭主编.中国社区银行发展模式研究[M].中国金融出版社,2006
[39]王聪,谭政勋.我国商业银行效率结构研究[J].经济研究,2007,7(7)：110-123
[40]王广谦著.金融中介学[M].高等教育出版社,2003
[41]王忻,马永红,王国峰,郑晓齐.我国商业银行效率研究[J].管理世界,2007(12)：154-155
[42]杨佼.农商行扩张潜行,异地分支行超30家[N].第一财经日报,2012年03月12日,第11版
[43]张正平,何广文.我国国有商业银行规模经济效应的实证研究[J].广东社会科学,2005,2：29-34
[44]中国民主建国会重点专题调研组,中国民主建国会天津市委员会组编.社区银行研究文集[M].经济科学出版社,2006
[45]中国银行会监督管理委员会.村镇银行管理暂行规定(银监发(2007]5号),2007
[46]中国银行会监督管理委员会.农村商业银行管理暂行规定(银监发(2003)10号),2003
[47]中国银行业监督管理委员会.中国银行业监督管理委员会2011年报,2012
[48]朱超.中印国有商业银行经营效率比较研究[J].金融论坛,2006(7)：14-21
[49]朱建林,罗尔豪.违规扩张令中小银行经营风险失控[N].中国商报,2011年1月8日,第2版
[50]庄毓敏主编.商业银行业务与经营[M].中国人民大学出版社,2010
[51]Abrahamson E, Bartner L R. When do Bandwagon diffusions roll? How far do they go? And when do they roll backwards?:A Computer Simulation[C]. Academy of Management Proceedings.1990(1):155-159
[52]Abrahamson E, Rosenkopf L. Institutional and competitive bandwagons:Using mathematical modeling as a tool to explore innovation diffusion[J]. Academy of management review,1993:487-517
[53]Aigner D, Lovell C A L, Schmidt P. Formulation and estimation of stochastic frontier production function models[J]. Journal of econometrics,1977,6(1):21-37
[54]Alam I M S. A nonparametric approach for assessing productivity dynamics of large US banks[J]. Journal of Money, Credit and Banking,2001:121-139
[55]Alhadeff D A. Oligopoly and Competition in Banking[J]. Berkeley:University of Califonia Press,1954
[56]Allen D E, Parwada J T. Effects of bank funds management activities on the disintermediation of bank deposits[J]. Journal of Business Finance & Accounting,2004, 31(7-8):1151-1170
[57]Allen F, Gale D. Comparing Financial Systems[J]. Economy and Society,2000,29(1): 111-145
[58]Allen F, Santomero A M. The Theory of FinancialIntermediation[R]. Working Paper, The Wharton Financial Institutions Center,1996:96-32
[59]Allen F, Santomero A M. What do financial intermediaries do?[J]. Journal of Banking & Finance,2001,25(2):271-294
[60]Altunbas Y, Gardener E P M, Molyneux P, et al. Efficiency in European banking[J]. European Economic Review,2001,45(10):1931-1955
[61]Altunbas Y, Gardener E P M, Molyneux P, et al. Efficiency in European banking[J]. European Economic Review,2001,45(10):1931-1955
[62]Anderson C W, Makhija A K. Deregulation, disintermediation, and agency costs of debt: evidence from Japan[J]. Journal of Financial Economics,1999,51(2):309-339
[63]Aoki M, Dinc S. Relational Financing as an Institution and its Viability under Competition[M]. Robert Schuman Centre-European University Institute,1997.
[64]Armour H O, Teece D J. Organizational structure and economic performance:A test of the multidivisional hypothesis[J]. The Bell Journal of Economics,1978:106-122
[65]Ashton J K. Cost efficiency, economies of scale and economies of scope in the British retail banking sector [M]. Bournemouth University School of Finance and Law,1998
[66]Asmild M, Paradi J C, Aggarwall V, et al. Combining DEA window analysis with the Malmquist index approach in a study of the Canadian banking industry[J]. Journal of Productivity Analysis,2004,21(1):67-89
[67]Athanassopoulos A D-, Giokas D. The use of data envelopment analysis in banking institutions:evidence from the commercial bank of Greece[J]. Interfaces,2000,30(2): 81-95
[68]Athanassopoulos A. An optimization framework for the triad:capabilities, service quality and performance[J]. Performance of Financial Institutions. Cambridge University Press, Cambridge, England,1999:312-335
[69]Bala K, Cook W D. Performance measurement with classification information:an enhanced additive DEA model[J]. Omega,2003,31(6):439-450
[70]Banker R D, Charnes A, Cooper W W. Some models for estimating technical and scale inefficiencies in data envelopment analysis[J]. Management science,1984,30(9): 1078-1092
[71]Baron J N, Dobbin F R, Jennings P D. War and peace:The evolution of modern personnel administration in US industry[J]. American journal of Sociology,1986:350-383
[72]Battese G E, Coelli T J. A model for technical inefficiency effects in a stochastic frontier production function for panel data[J]. Empirical economics,1995,20(2):325-332
[73]Bean C, Larsen J, Nikolov K. Financial frictions and the monetary transmission mechanism: theory, evidence and policy implications [J]. Evidence and Policy Implications (January 2002). ECB Working Paper,2003 (113)
[74]Beck U, Beck-Gernsheim E. Individualization:Institutionalized individualism and its social and political consequences [M]. SAGE Publications Limited,2002
[75]Bell F W, Murphy N B. Costs in commercial banking:a quantitative analysis of bank behavior and its relation to bank regulation[M]. Federal Reserve Bank of Boston,1968
[76]Benston G J, Hanweck G A, Humphrey D B. Scale economies in banking:a restructuring and reassessment[J]. Journal of money, credit and banking,1982,14(4):435-456
[77]Berger A N, Demirguc-Kunt A, Levine R, et al. Bank concentration and competition:An evolution in the making[J]. Journal of Money, Credit and Banking,2004:433-451
[78]Berger A N, Demsetz R S, Strahan P E. The consolidation of the financial services industry: Causes, consequences, and implications for the future[J]. Journal of Banking & Finance, 1999,23(2):135-194
[79]Berger AN, DeYoung R. Problem loans and cost efficiency in commercial banks[J]. Journal of Banking & Finance,1997,21(6):849-870
[80]Berger A N, DeYoung R. The effects of geographic expansion on bank efficiency [J]. Journal of Financial Services Research,2001,19(2-3):163-184
[81]Berger A N, Dick A A, Goldberg L G, et al. Competition from Large, Multimarket Firms and the Performance of Small, Single-Market Firms:Evidence from the Banking Industry[J]. Journal of Money, Credit and Banking,2007,39(2-3):331-368
[82]Berger A N, Hancock D, Humphrey D B. Bank efficiency derived from the profit function[J]. Journal of Banking & Finance,1993,17(2):317-347
[83]Berger A N, Hannan T H. Using efficiency measures to distinguish among alternative explanations of the structure-performance relationship in banking[J]. Managerial Finance, 1997,23(1):6-31
[84]Berger A N, Humphrey D B, Pulley L B. Do consumers pay for one-stop banking? Evidence from an alternative revenue function[J]. Journal of Banking & Finance,1996, 20(9):1601-1621
[85]Berger A N, Humphrey D B. Efficiency of financial institutions:International survey and directions for future research[J]. European journal of operational research,1997,98(2): 175-212
[86]Berger AN, Humphrey D B. Measurement and efficiency issues in commercial banking[M]. University of Chicago Press,1992:245-300
[87]Berger A N, Humphrey D B. The dominance of inefficiencies over scale and product mix economies in banking[J]. Journal of Monetary Economics,1991,28(1):117-148
[88]Berger A N, Kashyap A K, Scalise J M, et al. The transformation of the US banking industry:What a long, strange trip it's been[J]. Brookings papers on economic activity, 1995,1995(2):55-218
[89]Berger AN, Mester L J. Inside the black box:What explains differences in the efficiencies of financial institutions?[J]. Journal of Banking & Finance,1997,21(7):895-947
[90]Berger A N, Miller N H, Petersen M A, et al. Does function follow organizational form? Evidence from the lending practices of large and small banks [J]. Journal of Financial economics,2005,76(2):237-269
[91]Berger AN, Rosen R J, Udell G F. Does market size structure affect competition? The case of small business lending[J], Journal of Banking & Finance,2007(31):11-33
[92]Berger AN. "Distribution-free" estimates of efficiency in the US banking industry and tests of the standard distributional assumptions[J]. Journal of Productivity Analysis,1993,4(3): 261-292
[93]Bodie Z. Investment Management and Technology:Past, Present, and Future[J]. Present, and Future,1999
[94]Boot A W A, Thakor A V. Can relationship banking survive competition?[J]. The journal of Finance,2000,55(2):679-713
[95]Borio C E V. The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy:a cross-country comparison[R]. Bank for International Settlements,1995
[96]Bos J W B, Kolari J W. Large Bank Efficiency in Europe and the United States:Are There Economic Motivations for Geographic Expansion in Financial Services?[J]. The Journal of Business,2005,78(4):1555-1592
[97]Boyd J H, Gertler M. The role of large banks in the recent US banking crisis [J]. Federal Reserve Bank of Minneapolis Quarterly Review,1994,18(1):2-21
[98]Breig H, Wilson P F. Borrower information and the choice between bank debt and trade credit:the case of France and Germany[M]. Inst. fur Finanzwiss.,1996
[99]Brickley J A, Linck J S, Smith C W. Boundaries of the Firm:Evidence from the Banking Industry [J]. Journal of Financial Economics,2003 (70):351-383
[100]Brown K C, Smith D J. Recent innovations in interest rate risk management and the reintermediation of commercial banking[J]. Financial management,1988:45-58
[101]Buch C M, Golder S M. Foreign competition and disintermediation:no threat to the German banking system?[M]. Kiel Institute of World Economics,1999
[102]Calmes C. Regulatory changes and financial structure:the case of Canada[M]. Bank of Canada,2004
[103]Calomiris C W. Univeral Banking and the Financing of Industrial Development[M]. World Bank Publications,1995
[104]Camanho A S, Dyson R G Cost efficiency measurement with price uncertainty:a DEA application to bank branch assessments[J]. European Journal of Operational Research, 2005,161(2):432-446
[105]Capelle-Blancard G, Couppey-Soubeyran J, Soulat L. The measurement of financial intermediation in Japan[J]. Japan and the World Economy,2008,20(1):40-60
[106]Carter D A, McNulty J E, Verbrugge J A. Do small banks have an advantage in lending? An examination of risk-adjusted yields on business loans at large and small banks[J]. Journal of Financial Services Research,2004,25(2-3):233-252
[107]Casu B, Girardone C, Molyneux P. Productivity change in European banking:A comparison of parametric and non-parametric approaches [J]. Journal of Banking & Finance,2004,28(10):2521-2540
[108]Cavallo L, Rossi S P S. Scale and scope economies in the European banking systems[J]. Journal of multinational financial management,2001,11(4):515-531
[109]Caves D W, Christensen L R, Diewert W E. The economic theory of index numbers and the measurement of input, output, and productivity[J]. Econometrica:Journal of the Econometric Society,1982:1393-1414
[110]Cebenoyan A S. Scope Economies in Banking:The Hybrid Box-Cox Function[J]. Financial Review,1990,25(1):115-125
[111]Chaffai M E, Dietsch M, Lozano-Vivas A. Technological and environmental differences in the European banking industries [J]. Journal of Financial Services Research,2001, 19(2-3):147-162
[112]Chandler A. Strategy and structure[M]. Massachusetts Institute of Technology Cambridge, 1962
[113]Charnes A, Cooper W W, Rhodes E. Measuring the efficiency of decision making units[J]. European journal of operational research,1978,2(6):429-444
[114]Clark G L. The functional and spatial structure of the investment management industry [J]. Geoforum,2000,31(1):71-86
[115]Coccorese P. Banking competition and macroeconomic conditions:a disaggregate analysis[J]. Journal of International Financial Markets, Institutions and Money,2004, 14(3):203-219
[116]Community Bank Operations 1995-----An ABA Survey Report, by the American Bankers Association, Washington, D.C
[117]Cook W D, Hababou M, Tuenter H J H. Multicomponent efficiency measurement and shared inputs in data envelopment analysis:an application to sales and service performance in bank branches[J]. Journal of Productivity Analysis,2000,14(3):209-224
[118]Cook W D, Seiford L M. Data envelopment analysis (DEA)-Thirty years on[J]. European Journal of Operational Research,2009,192(1):1-17
[119]Cooper W W, Seiford L M, Tone K. Data envelopment analysis:a comprehensive text with models, applications, references and DEA-solver software[M]. Springer Science+ Business Media,2007.
[120]Croasdale K, Stretcher R. Community Banks:Surviving Unprecedented Financial Reform [J]. Academy of Banking Studies Journal,2011(2) Vol.10:67-85
[121]d'Aspremont C, Gabszewicz J J, Thisse J F. On Hotelling's "Stability in competition"[J]. Econometrica:Journal of the Econometric Society,1979:1145-1150
[122]DeYoung R, Duffy D. The challenges facing community banks[J]. Society,2004,41(2): 42-52
[123]DeYoung R, Hunter W C, Udell G F. The Past, Present, and Probable Future for Community Banks [J]. Journal of Financial Services Research,2004(25):85-133
[124]DeYoung R, Hunter W C. Deregulation, the Internet, and the Competitive Viability of Large Banks and Community Banks[J]. The Future of Banking, Benton Gup(ed.), Westport, CT:Quorom Books,2003:173-201
[125]DeYoung R, Lang W W, Nolle D L. How the Internet affects output and performance at community banks[J]. Journal of Banking & Finance,2007,31(4):1033-1060
[126]DeYoung R, Roland K P. Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model[J]. Journal of Financial Intermediation, 2001,10(1):54-84
[127]DeYoung R. Mergers and the changing landscape of commercial banking(Part II)[R]. working paper, The Federal Reserve Bank of Chicago,2000.2, No.150
[128]Diamond D W, Dybvig P H. Bank runs, deposit insurance, and liquidity[J]. The journal of political economy,1983:401-419
[129]Diamond D W, Rajan R G. Liquidity risk, liquidity creation and financial fragility:A theory of banking[R]. National Bureau of Economic Research,1999
[130]Diamond D W. Financial intermediation and delegated monitoring[J]. The Review of Economic Studies,1984,51(3):393-414
[131]Diamond D W. Monitoring and reputation:The choice between bank loans and directly placed debt[J]. Journal of political Economy,1991:689-721
[132]DiMaggio P J, Powell W W. The iron cage revisited:Institutional isomorphism and collective rationality in organizational fields[J]. American sociological review,1983: 147-160
[133]Dodd N. The sociology of money:economics,reason & contemporary society[M]. Cambridge:Polity Press,1994
[134]Dow J C R, Saville I D A. of Monetary Policy:Theory and British Experience[J].1988
[135]Driscoll J C, Kraay A C. Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics,1998,80:549-560
[136]Evans P B, Wurster T S. Strategy and the new economics of information[J]. Harvard business review,1997,75(5):70
[137]Fama E F. Agency Problems and the Theory of the Firm[J]. The Journal of Political Economy,1980:288-307
[138]Fare R, Grosskopf S, Lindgren B, et al. Productivity changes in Swedish pharamacies 1980-1989:A non-parametric Malmquist approach[J]. Journal of Productivity Analysis, 1992,3(1-2):85-101
[139]Farrell M J. The measurement of productive efficiency[J]. Journal of the Royal Statistical Society. Series A (General),1957,120(3):253-290
[140]Favero C A, Papi L. Technical efficiency and scale efficiency in the Italian banking sector: a non-parametric approach[J]. Applied Economics,1995,27(4):385-395
[141]Ferrier G D, Lovell C A K. Measuring cost efficiency in banking:econometric and linear programming evidence[J]. Journal of Econometrics,1990,46(1):229-245
[142]Ferrier G D, Valdmanis V. Rural hospital performance and its correlates [J]. Journal of Productivity Analysis,1996,7(1):63-80
[143]Fligstein N. The spread of the multidivisional form among large firms,1919-1979[J]. American Sociological Review,1985:377-391
[144]Freedman C, Engert W. Financial developments in Canada:Past trends and future challenges[J]. Bank of Canada Review,1996,2003(Summer):3-16
[145]Frei F X, Harker P T, Hunter L W. Inside the black box:what makes a bank efficient?[J]. Performance of Financial Institutions:Efficiency, Innovation, Regulation, edited by Patrick T. Harker and Stavros A. Zenios,2000:259-311
[146]French S, Leyshon A. The new, new financial system? Towards a conceptualization of financial reintermediation[J]. Review of International Political Economy,2004,11(2): 263-288
[147]French S. Gamekeepers and gamekeeping:assuring Bristol's place within life underwriting[J]. Environment and planning A,2002,34(3):513-542
[148]Freund J, Curry T, Hirsch P, et al. Commercial real estate and the banking crises of the 1980s and early 1990s[J]. History of the Eighties:Lessons for the Future:An Examination of the Banking Crises of the 1980s and Early 1990s,1997:137-165
[149]Friedman M. The case for overhauling the Federal Reserve[J]. Challenge,1985,28(3): 4-12
[150]Friend I. The Desirability of Changes in the Asset and Liability Structure of the Savings and Loan Business[C] United States Savings and Loan League, Savings and Residential Financing,1969 Conference Proceedings, Chicago:US Savings and L'oan League.1969: 144-165
[151]Gallo J G, Apilado V P, Kolari J W. Commercial bank mutual fund activities:Implications for bank risk and profitability [J]. Journal of Banking & Finance,1996,20(10):1775-1791
[152]Goldfeld S M, Jaffee D M. THE Determinats of deposit-rate setting by savings and loan associations [J]. The Journal of Finance,1970,25(3):615-632
[153]Goodhart C. Disintermediation[J]. The New Palgrave Dictionary of Economics:Money, eds. Eatwell, J., Millgate, M. and Newman, P., London, MacMillan,1989
[154]Gorton G, Pennacchi G Money market funds and finance companies:Are they the banks of the future?[J]. Structural change in banking,1993:173-214
[155]Greenbaum S I, Haywood C F. Secular change in the financial services industry[J]. Journal of Money, Credit and Banking,1971,3(2):571-589.
[156]Grifell-Tatje E, Lovell C A K. The sources of productivity change in Spanish banking[J]. European Journal of Operational Research,1997,98(2):364-380
[157]Gurley J G, Shaw E S. Financial Intermediaries and the saving-investment process[J]. The Journal of Finance,1956,11(2):257-276
[158]Gurley J G, Shaw E S. Money in a Theory of Finance[M]. Washington, DC:The Brookings Institution,1960
[159]Guzman I, Reverte C. Productivity and efficiency change and shareholder value:evidence from the Spanish banking sector[J]. Applied Economics,2008,40(15):2037-2044
[160]Hagel J, Armstrong A. Net Gain:Expanding Markets Through Virtual Communities[M]. Harvard Business Press,1997
[161]Hagopian J E. From Here to There:A Plain English Discussion of Long Range Planning in Community Banks[M]. Unique Press,1987
[162]Halkos G E, Salamouris D S. Efficiency measurement of the Greek commercial banks with the use of financial ratios:a data envelopment analysis approach[J]. Management Accounting Research,2004,15(2):201-224
[163]Hancke B, Cieply S. Bridging the finance gap for small firms. The role of information flows across large firm-based production networks in supplying finance to small firms: the case of France[R]. Discussion paper, Wissenschaftszentrum Berlin fur Sozialforschung, Forschungsschwerpunkt Arbeitsmarkt und Beschaftigung, Abteilung Wirtschaftswandel und Beschaftigung,1996
[164]Hannan T H, McDowell J M. Market concentration and the diffusion of new technology in the banking industry[J]. The Review of Economics and Statistics,1984:686-691
[165]Hannan Timothy H. Retail fees of depository institutions (1997-2001) [R]. Federal Reserve Bulletin,2002.9
[166]Harker P T, Zenios S A. What drives the performance of financial institutions?[J]. Performance of Financial Institutions:Efficiency, Innovation, Regulation,2000:3-31
[167]Hein S E, Koch T W, MacDonald S S. On the uniqueness of community banks[J]. Federal Reserve Bank of Atlanta Economic Review,2005,90:15-36
[168]Hendershott P H. Financial Disintermediation in a Macroeconomic Framework[J]. The Journal of Finance,1971,26(4):843-856
[169]Hester D D. Financial disintermediation and policy[J]. Journal of Money, Credit and Banking,1969,1(3):600-617
[170]Home J C. Of financial innovations and excesses[J]. The Journal of Finance,1985,40(3): 621-631
[171]Hoshi T, Kashyap A. The Japanese Banking Crisis:Where Did It Come From and How Will It End?[R]. National Bureau of Economic Research,1999
[172]Howells P G A, Bain K. Financial Markets and Institutions(fifth Edition) [M]. Pearson Education Limited,2007
[173]Hughes J P, Mester L J. A quality and risk-adjusted cost function for banks:Evidence on the "too-big-to-fail" doctrine[J]. Journal of Productivity Analysis,1993,4(3):293-315
[174]Hunter W C, Timme S G, Yang W K. An examination of cost subadditivity and multiproduct production in large US banks[J]. Journal of Money, Credit and Banking, 1990,22(4):504-525
[175]Hunter W C, Timme S G. Core deposits and physical capital:A reexamination of bank scale economies and efficiency with quasi-fixed inputs[J]. Journal of Money, Credit and Banking,1995,27(1):165-185
[176]Hunter W C, Timme S G Does multiproduct production in large banks reduce costs?[J]. Economic Review,1989 (May):2-11
[177]Hunter W C, Timme S G Technical change, organizational form, and the structure of bank production[J]. Journal of Money, Credit and Banking,1986,18(2):152-166
[178]Irmen A, Thisse J F. Competition in multi-characteristics spaces:Hotelling was almost right[J]. Journal of Economic Theory,1998,78(1):76-102. Fligstein N. The spread of the multidivisional form among large firms,1919-1979[J]. American Sociological Review, 1985:377-391
[179]Isik I, Kabir Hassan M. Financial deregulation and total factor productivity change:An empirical study of Turkish commercial banks[J]. Journal of Banking & Finance,2003, 27(8):1455-1485
[180]Kalwij A. A Two-Step First Difference Estimator for a Panel Data Tobit Model under Conditional Mean Independence Assumptions[J].2004:5
[181]Kane E J. Three paradigms for the role of capitalization requirements in insured financial institutions[J]. Journal of Banking & Finance,1995,19(3):431-459
[182]Kaufman G G, Mote L R. Is banking a declining industry? A historical perspective[J]. Economic Perspectives,1999 (May):2-21
[183]Keeley M, Furlong F. A reexamination of mean variance analysis of bank capital regulation [J]. Journal of Banking and Finance,1990(14):69-84
[184]Keeton W R. The transformation of banking and its impact on consumers and small businesses[J]. Economic Review-Federal Reserve Bank of Kansas City,2001,86(1) 25-54
[185]Kelly K. New rules for the new economy:ten ways the network economy is changing everything[J]. Fourth Estate, London, UK,1998
[186]Kenney M, Curry J. Beyond transaction costs:e-commerce and the power of the Internet dataspace[M]. Berkeley Roundtable on the International Economy (BRIE), E-conomy Project,2000
[187]Kobayashi K, Saita Y, Sekine T. Forbearance lending:A case for Japanese firms[J]. Working Paper, Bank of Japan Research and Statistics Department,2002
[188]Koopmans T C. Analysis of production as an efficient combination of activities[J]. Activity analysis of production and allocation,1951,13:33-37
[189]Lang G, Welzel P. Efficiency and technical progress in banking Empirical results for a panel of German cooperative banks[J]. Journal of Banking & Finance,1996,20(6): 1003-1023
[190]Lang G, Welzel P. Technology and Cost Efficiency in Universal Banking:A "Thick Frontier"-Analysis of the German Banking Industry[J]. Journal of Productivity Analysis, 1998,10(1):63-84
[191]Lawrence C, Shay R P. Technological innovation, regulation, and the monetary economy[M]. Ballinger Pub Co,1986
[192]Leibenstein H. Allocative efficiency vs." X-efficiency"[J]. The American Economic Review,1966,56(3):392-415
[193]Lewis M K, Davis K T. Domestic & international banking[M]. The MIT Press,1987
[194]Leyshon A, Thrift N, Pratt J. Reading financial services:texts, consumers, and financial literacy[J]. Environment and Planning D,1998,16:29-56
[195]Leyshon A, Thrift N. Lists come alive:eletronic systems of knowledge and the rise of credit-scoring in retail banking[J]. Economy and Society,1999,28(3):434-466
[196]Leyshon A, Thrift N. Money/space:Geographies of monetary transformation[M]. Routledge,1997
[197]Leyshon A. Geographies of money and finance II[J]. Progress in Human Geography,1997, 21(3):381-392
[198]Lim G H, Randhawa D S. Competition, liberalization and efficiency:evidence from a two-stage banking model on banks in Hong Kong and Singapore[J]. Managerial Finance, 2005,31(1):52-77
[199]Long S. The virtual threat[J]. Economist,2000,355(8171):3
[200]Marquis C, Lounsbury M. Vive La Resistance:Competing Logics and the Consolidation of U.S. Community Banking [J]. Academy of Management Journal,2007(4) Vol. 50:799-820
[201]Martin P. A long goodbye[J]. Financial Times,1998,24:24
[202]McAllister P H, McManus D. Resolving the scale efficiency puzzle in banking[J]. Journal of Banking & Finance,1993,17(2):389-405
[203]McKelvey E F. Interest rate ceilings and disintermediation[R]. Board of Governors of the Federal Reserve System (US),1978
[204]Meeusen W, van Den Broeck J. Efficiency estimation from Cobb-Douglas production functions with composed error[J]. International economic review,1977,18(2):435-444
[205]Mercan M, Reisman A, Yolalan R, et al. The effect of scale and mode of ownership on the financial performance of the Turkish banking sector:results of a DEA-based analysis [J]. Socio-Economic Planning Sciences,2003,37(3):185-202
[206]Merton R C. Financial innovation and the management and regulation of financial institutions[J]. Journal of Banking & Finance,1995,19(3):461-481
[207]Mester L J. A study of bank efficiency taking into account risk-preferences[J]. Journal of Banking & Finance,1996,20(6):1025-1045.
[208]Mester L J. Agency costs among savings and loans[J]. Journal of Financial Intermediation, 1991,1(3):257-278
[209]Meyer J W, Rowan B. Institutionalized organizations:Formal structure as myth and ceremony[J]. American journal of sociology,1977:340-363
[210]Miller G P. On the obsolescence of commercial banking[J]. Journal of Institutional and Theoretical Economics (JITE),1998:61-73
[211]Miller S M, Noulas A G. The technical efficiency of large bank production[J]. Journal of Banking & Finance,1996,20(3):495-509
[212]Neal P. X-Efficiency and Productivity Change in Australian Banking[J]. Australian Economic Papers,2004,43(2):174-191
[213]Niehans J. Financial innovation, multinational banking, and monetary policy[J]. Journal of banking & Finance,1983,7(4):537-551
[214]Norman M, Stoker B. Data envelopment analysis:the assessment of performance[M]. John Wiley & Sons Inc.,1991
[215]Noulas A G, Ray S C, Miller S M. Returns to scale and input substitution for large US banks[J]. Journal of Money, Credit and Banking,1990,22(1):94-108
[216]Patric H. Hendershott. Financial Disintermediation in a Macroeconomic Framework[J]. The Journal of Finance,1971,26(4):843-856
[217]Paradi J C, Schaffnit C. Commercial branch performance evaluation and results communication in a Canadian bank—a DEA application[J]. European Journal of Operational Research,2004,156(3):719-735
[218]Pennings J M. Structural contingency theory:A reappraisal [J]. Research in organizational behavior,1992,14:267-267
[219]Pille P, Paradi J C. Financial performance analysis of Ontario (Canada) Credit Unions:An application of DEA in the regulatory environment[J]. European Journal of Operational Research,2002,139(2):339-350
[220]Plihon D. The evolution of banking intermediation (1950-1993) [J]. Bulletin of the Bank of France,1995,21:131-159
[221]Puri M. Commercial banks as underwriters:implications for the going public process[J]. Journal of Financial Economics,1999,54(2):133-163
[222]Rajan R G Why banks have a future:toward a new theory of commercial banking[J]. Journal of Applied Corporate Finance,1996,9(2):114-128
[223]Rebelo J, Mendes V. Malmquist indices of productivity change in Portuguese banking:the deregulation period[J]. International Advances in Economic Research,2000,6(3): 531-543
[224]Roldos J. Disintermediation and Monetary Transmission in Canada[M]. International monetaryfund,2006
[225]Rose J T, Wolken J D. Geographic diversification in banking, market share changes, and the viability of small independent banks [J]. Journal of Financial Services Research,1990, 4(1):5-20
[226]Rumelt R P. Strategy, structure, and economic performance[M]. Boston, MA:Division of Research, Graduate School of Business Administration, Harvard University,1974
[227]Saunders A, Walter I. Universal Banking in the United States:What Could We Gain? What Could We Lose?[M]. Oxford University Press on Demand,1994
[228]Schmidt R H, Hackethal A, Tyrell M. Disintermediation and the role of banks in Europe: An international comparison[J]. Journal of Financial Intermediation,1999,8(1):36-67
[229]Scholes M, Benston G J, Smith C W. A transactions cost approach to the theory of financial intermediation[J]. The Journal of Finance,1976,31(2):215-231
[230]Scholtens B, Van Wensveen D. A critique on the theory of financial intermediation[J]. Journal of Banking & Finance,2000,24(8):1243-1251
[231]Schulte B. As Larger Banks Crumble, Local Firms See Rush [N]. The Washington Post, 2008-10-12
[232]Schweiger I, McGee J S. Chicago banking[J]. The Journal of business,1961,34(3): 203-366
[233]Scott K E. Mutual funds as an alternative banking system[J]. Journal of Institutional and Theoretical Economics (JITE),1998:86-96
[234]Seidman L W. Full faith and credit:The great S & L debacle and other Washington sagas[M]. Beard Books Incorporated,2000
[235]Selznick P. Leadership in administration:A sociological interpretation[M]. University of California Press,1957
[236]Sherman H D, Gold F. Bank branch operating efficiency:evaluation with data envelopment analysis[J]. Journal of Banking & Finance,1985,9(2):297-315
[237]Shome D, Pati A P. Disintermediation in indian commercial banks:evidences from pre and post-liberalization phases[J]. Journal of Applied Research in Finance (JARF),2010, 2(4):181-191
[238]Silber W L. Financial innovation[M]. Lexington books,1975
[239]Silber W L. The process of financial innovation[J]. The American Economic Review, 1983,73(2):89-95
[240]Sinclair T J. Reinventing authority:embedded knowledge networks and the new global finance[J]. Environment and Planning C,2000,18(4):487-502
[241]Slovin M B. Financial Disintermediation in a Macroeconomic Framework:Comment[J]. The Journal of Finance,1974,29(3):1016-1019
[242]Smith P F. Bank Liability Management and the Efficiency of Financial Intermediation[R]. Working Paper, University of Pennsylvania,1978.
[243]Standard and Poor's Funds Direct. Funding Pressures Increase at Australian Banks. 2001.11.29
[244]Stein J C. Information production and capital allocation:Decentralized versus hierarchical firms[J]. The Journal of Finance,2002,57(5):1891-1921
[245]Steven N. S. Cheung. The Contractual Nature of The Firm[J]. Journal of Law & Economics,1983.4(Vol.26):1-21
[246]Stuart W J. Credit Unions and the Lexicon of Intermediation:(disintermediation, Crossintermediation, Re-intermediation) [M]. National Credit Union Administration, Office of Systems Planning and Research,1976
[247]Swan C, Kane E J. Getting along without regulation Q:testing the standard view of deposit rate competition during the "wild-card experience"[J]. The Journal of Finance, 1978,33(3):921-932
[248]Swanson E T, Levin A T. The magnitude and Cyclical Behavior of Financial Market Frictions[R]. Society for Computational Economics,2004
[249]Syron R F. Are we experiencing a credit crunch?[J]. New England Economic Review, 1991,7:3-10
[250]Tan A C K, Goh K L. Financial Disintermediation in the 1990s:Implications on Monetary Policy in Malaysia[J]. Hitotsubashi Journal of Economics,2009,50(1):1-27.
[251]Thrift N. On the social and cultural determinants of international financial centres:the case of the City of London[J]. Money, power and space,1994:327-355
[252]Tickell A. Dangerous derivatives:controlling and creating risks in international money[J]. Geoforum,2000,31(1):87-99
[253]Tobin J. Liquidity preference as behavior towards risk[J]. The Review of Economic Studies,1958,25(2):65-86
[254]Tolbert P S, Zucker L G Institutional sources of change in the formal structure of organizations:The diffusion of civil service reform,1880-1935[J]. Administrative science quarterly,1983:22-39
[255]Tone K. A slacks-based measure of efficiency in data envelopment analysis[J]. European journal of operational research,2001,130(3):498-509
[256]Tortosa-Ausina E. Bank cost efficiency and output specification[J]. Journal of Productivity Analysis,2002,18(3):199-222
[257]Walker J S, Kramer J K. Executive Compensation at U.S. Community Banks:an Empirical Study of the Relationship Between Direct Compensation and Financial Return [J]. North American Journal of Finance & Banking Research,2011 (5):23-39
[258]Wallison P J. Losing Ground:Gramm-Leach-Bliley and the Future of Banking[J]. American Enterprise Institute. Financial Services Outlook,2009,4.
[259]Whalen G The impact of the growth of large, multistate banking organizations on community bank profitability[M]. US Office of the Comptroller of the Currency,2001
[260]Wheelock D C, Wilson P W. New evidence on returns to scale and product mix among US commercial banks[J]. Journal of Monetary Economics,2001,47(3):653-674
[261]Wheelock D C, Wilson P W. Technical progress, inefficiency, and productivity change in US banking,1984-1993[J]. Journal of Money, Credit, and Banking,1999:212-234
[262]William Keeton. The Role of Community Banks in the U.S. Economy[R], working paper of Federal Reserve Banks of Kansas City,2003
[263]Zysman J, Weber, S. Governance and the Politics of the Internet Economy:Historical Transformation or Ordinary Politics with a New Vocabulary?[R]. Working Paper, Berkeley Roundtable on the International Economy (BRIE),2001
① Seidman L W. Full Faith and Credit:The Great S & L Debacle and Other Washington Sagas [M]. Beard Books Incorporated,2000.
② Freund J, Curry T, Hirsch P, et al. Commercial real estate and the banking crises of the 1980s and early 1990s[J]. History of the Eighties:Lessons for the Future:An Examination of the Banking Crises of the 1980s & Early 1990s,1997:137-165.
③ Standard and Poor's Funds Direct. Funding Pressures Increase at Australian Banks.2001-11-29.
① 黄铁军.中国国有商业银行运行机制研究[M].中国金融出版社,1998.
② Mester L J. A study of bank efficiency taking into account risk-preferences[J]. Journal of Banking & Finance, 1996,20(6):1025-1045.
① 傅忠道.社区工作基础知识1000答[M].中国青年出版社,2001.
② 让·里瓦尔.银行史[M].陈淑仁(译).商务印书馆,1997.
① Gup B E,Kolari J W.商业银行业务——对风险的管理(第三版)[M].康以同(译).金融出版社,2009.第5页.
① 第一次石油危机(1973年)：1973年10月第四次中东战争爆发,为打击以色列及其支持者,石油输出国组织的阿拉伯成员国当年12月宣布收回石油标价权,并将其积沉原油价格从每桶3.011美元提高到10.651美元,使油价猛然上涨了两倍多,从而触发了第二次世界大战之后最严重的全球经济危机。持续三年的石油危机对发达国家的经济造成了严重的冲击。在这场危机中,美国的工业生产下降了14%,日本的工业生产下降了20%以上,所有的工业化国家的经济增长都明显放慢。第二次右油危机(1978年)：1978年底世界第二大石油出口国伊朗的政局发生剧烈变化,伊朗亲美的温和派国王巴列维下台,引发第二次石油危机。此时又爆发了两伊战争,全球石油产量受到影响,从每天580万桶骤降到100万桶以下。随着产量的剧减,油价在1979年开始暴涨,从每桶13美元猛增至1980年的34美元。这种状态持续了半年多,此次危机成为上世纪70年代末西方经济全面衰退的一个主要原因。资料来自百度百科,下同。
② 第三次石油危机(1990年)：1990年8月初伊拉克攻占科威特以后,伊拉克遭受国际经济制裁,使得伊拉克的原油供应中断,国际油价因而急升至42美元的高点。美国、英国经济加速陷入衰退,全球GDP增长率在1991年跌破2%。
① 转引自DeYoung R, Duffy D. The challenges facing community banks[J]. Society,2004,41(2):42-52.
② 相关数据引自David L. Martin. Needed:A New Community Bank Model[J]. Bank Accounting & Finance, 2009(Feb.-Mar.):21-29.
① 转引自Hagopian J E. From Here to There:A Plain English Discussion of Long Range Planning in Community Banks[M]. Unique Press,1987。
② The American Bankers Association. Community Bank Operations 1995-----An ABA Survey Report.1995.
① 转引自蒂莫西·J·科埃利等著.效率与生产率分析引论(第二版)[M].王忠玉译.中国人民大学出版社,2008
① Fare R, Grosskopf S, Lindgren B, et al. Productivity changes in Swedish pharamacies 1980-1989:A non-parametric Malmquist approach[J]. Journal of Productivity Analysis,1992,3(1-2):85-101.
① 关于此部分理论详见葛兆强.规模经济、银行规模与银行规模边界[J].华南金融研究,1999.3：4-10。
② 转引自顾江著.规模经济论[M].中国农业出版社,2001年12月第1版。
① 2011年摩根大通银行(JPMorgan Chase Bank)的资产规模为1.81万亿美元,占银行业资产规模比重为13%。
① Kalwij A. A Two-Step First Difference Estimator for a Panel Data Tobit Model under Conditional Mean Independence Assumptions[J].2004:5.
① 该方法的论述详见Driscoll J C, Kraay A C. Consistent covariance matrix estimation with spatially dependent panel data[J]. Review of economics and statistics,1998,80(4):549-560.
② 根据Tobit模型估计出来的回归系数计算出来的最高效率对应的lnasset值为12.82,用一致协方差矩阵估计法估计出来对应结果为12.78,本文在此取两者的平均值,从而得出最优资产规模为3.62亿美元。
② 2002年的小企业信贷市场数据均来自William Keeton. The Role of Community Banks in the U.S. Economy, working paper of Federal Reserve Banks of Kansas City,2003.
① 小额农业贷款在2003年前无法找到公开的统计数据,此处引用的2002年的小额农业贷款数据均来自William Keeton. The Role of Community Banks in the U.S. Economy, working paper of Federal Reserve Banks of Kansas City,2003.
② Hannan Timothy H. Retail fees of depository institutions (1997-2001) [R]. Federal Reserve Bulletin,2002.9.
① Chandler A. Strategy and structure[M]. Massachusetts Institute of Technology Cambridge,1962.
① 该模型的论述详见皮埃尔-菲利普·库姆斯(法)等著.经济地理学：区域和国家一体化,安虎森等译.中国人民大学出版社.2011年6月.第九章。
① 数据来源2011 OCC Annual Report.
② 数据来源FDIC Quarterly Banking Profile,2012, volume 6, No.1.
① 摘自银监会.农村商业银行管理暂行规定(银监发(2003)10号),2003。
① 摘自银监会.村镇银行管理暂行规定(银监发[2007]5号,2007。
① 数据引自乔加伟.50多家城商行抱团投资银行间市场[N].21世纪经济报道,2013年1月25日,第10版。
② 数据引自孙从海.城市商业银行理财：市场结构与展业策略——基于银行理财产品数据的实证分析[J].金融与经济,2012(2)：36-39.
③ 转引自曹元.城商行谋基金：转移影子银行业务的新通道?[J].21世纪经济报道,2013年3月8月,第18版。
④ 引自刘振盛.三家获20亿元额度,城商行探路信贷资产证券化[N].21世纪经济报道,2013年1月10日,第11版。
① 引自朱建林,罗尔豪.违规扩张令中小银行经营风险失控[N].中国商报,2011年1月8日,第2版。
② 齐鲁银行原为济南市商业银行,总部设在山东省济南市,在济南市16家城市信用社和1‘家城信社联社的基础上组建济南城市合作银行。2008年齐鲁银行分支机构为69家,经过快速扩张后,其分支机构在2009年达到72家,2010年则进一步提高到80家。2011年1月,济南市公安局破获一起涉案金额60亿元的特大伪造金融票证案,涉及济南当地多家银行,其中齐鲁银行涉案金额预计在10亿-15亿元。
③ 烟台银行胜利路支行行长刘维宁从2011年4月到2012年1月,分多次将所在银行的库存银行承兑汇票取走,涉案金额高达4.36亿余元。烟台银行是在原烟台市商业银行基础上,于2009年3月正式开业的一家股份制商业银行。成立之初,注册资金1.28亿元,后经多次增资扩股,注册资本达20亿元。2008年1月,烟台银行引进香港恒生银行、永隆银行作为战略股东,接着开始区域化扩张。截至2010年末,烟台银行机构网点总数为73家,总资产为291.2亿元,净利润为1.87亿元。
① 数据引自杨佼.农商行扩张潜行,异地分支行超30家[N].第一财经日报,2012年03月12日,第11版。
② 数据引自马春园.银行理财监管升级,银监会酝酿引入机构及业务准入制度[N].21世纪经济报道,2013年3月13日,第7版。
① 其中又以城市商业银行的预期年化收益率较高,如2012年上半年,城市商业银行的理财产品平均预期年化收益率为4.99%。
② 引自卢亮.城市商业银行船小好调头,理财产品收益率5%以上[N].南方都市报,2012年7月31日,第45版。
① 数据来源：《中国银行业监督管理委员会2011年报》。
② 根据FDIC统计数据整理得出。
[1]本顿·E.冈普,詹姆斯·W.克拉里著.商业银行业务——对风险的管理(第三版)[M].康以同译.金融出版社,2009
[2]曹元.城商行谋基金：转移影子银行业务的新通道?[J].21世纪经济报道,2013年3月8月,第18版
[3]陈伟光.银行产业组织与中国银行业结构[M].中国金融出版社,2007
[4]崔晓峰.银行产业组织理论与政策研究[M].机械工业出版社,2005
[5]邓向荣.金融脱媒理论及其演进[J].经济学动态.2006(6)：73-77
[6]蒂莫西·J·科埃利等著.效率与生产率分析引论(第二版)[M].王忠玉译.中国人民大学出版社,2008
[7]菲利普·莫利纽克斯,尼达尔·沙姆洛克著.金融创新[M].冯建等译.中国人民大学出版社,2003
[8]傅忠道.社区工作基础知识1000答[M].中国青年出版社,2001
[9]戈德史密斯著.金融结构与发展[M].浦寿海等译.中国社会科学出版社,1993
[10]葛兆强.规模经济、银行规模与银行规模边界[J].华南金融研究,1999.3：4-10
[11]顾江著.规模经济论[M].中国农业出版社,2001
[12]郭田勇等著.商业银行中间业务产品定价研究[M].中国金融出版社,2010
[13]黄铁军.中国国有商业银行运行机制研究[M].中国金融出版社,1998
[14]李文军.银行越大越好吗?——兼论银行规模问题[J].国际金融研究,1998,12：60-64
[15]李依凭.金融机构非中介化之反思[J].山东大学学报：哲学社会科学版(1)：86-89
[16]李镇西著.中小商业银行核心竞争力研究[M].中国金融出版社出版社,2007
[17]林强著.中美银行的较量——中美银行经营管理比较[M].西南财经大学出版社,2012
[18]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001(1)：10-21.
[19]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
[20]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
[21]刘光大.规模经济理论与应用研究[M].化学工业出版社,1992
[22]刘元庆.资本约束,金融脱媒,利率市场化与商业银行战略转型[J].金融论坛,2006,7：11-16
[23]刘振盛.三家获20亿元额度,城商行探路信贷资产证券化[N].21世纪经济报道,2013年1月10日,第11版
[24]卢亮.城市商业银行船小好调头,理财产品收益率5%以上[N].南方都市报,2012年7月31日,SA45版
[25]陆岷峰,任亚军,施勇.金融脱媒对商业银行经营管理的影响分析[J].上海金融,2008,6：93-95
[26]马春园.银行理财监管升级,银监会酝酿引入机构及业务准入制度[N].21世纪经济报道,2013年3月13日,第7版
[27]皮埃尔-菲利普·库姆斯(法)等著.经济地理学：区域和国家一体化,安虎森等译.中国人民大学出版社.2011,第九章
[28]钱德勒著.企业规模经济与范围经济：工业资本主义的原动力[M].张逸人译.中国社会科学出版社,1999
[29]乔加伟.50多家城商行抱团投资银行间市场[N].21世纪经济报道,2013年1月25日,第10版
[30]瞿卫东著.银行市场结构理论研究[M].中国金融出版社,2006
[31]让·里瓦尔著.银行史[M].陈淑仁译.商务印书馆,1997
[32]宋旺,钟正生.理解金融脱媒：基于金融中介理论的诠释[J].上海金融,2010,6：12-17
[33]宋旺,钟正生.我国金融脱媒对货币政策传导机制的影响：1978-2007[J].经济学家,2010(2)：80-89
[34]宋旺,钟正生.中国金融脱媒度量及国际比较[J].当代经济科学,2010(3)：26-37
[35]孙从海.城市商业银行理财：市场结构与展业策略——基于银行理财产品数据的实证分析[J].金融与经济,2012(2)：36-39
[36]唐旭.多层次金融市场与金融脱媒[J].中国金融,2006(14)：10-12
[37]涂俊,吴贵生.基于DEA—Tobit两步法的区域农业创新系统评价及分析[J].数量经济技术经济研究,2006(4)：136-143
[38]王爱俭主编.中国社区银行发展模式研究[M].中国金融出版社,2006
[39]王聪,谭政勋.我国商业银行效率结构研究[J].经济研究,2007,7(7)：110-123
[40]王广谦著.金融中介学[M].高等教育出版社,2003
[41]王忻,马永红,王国峰,郑晓齐.我国商业银行效率研究[J].管理世界,2007(12)：154-155
[42]杨佼.农商行扩张潜行,异地分支行超30家[N].第一财经日报,2012年03月12日,第11版
[43]张正平,何广文.我国国有商业银行规模经济效应的实证研究[J].广东社会科学,2005,2：29-34
[44]中国民主建国会重点专题调研组,中国民主建国会天津市委员会组编.社区银行研究文集[M].经济科学出版社,2006
[45]中国银行会监督管理委员会.村镇银行管理暂行规定(银监发(2007]5号),2007
[46]中国银行会监督管理委员会.农村商业银行管理暂行规定(银监发(2003)10号),2003
[47]中国银行业监督管理委员会.中国银行业监督管理委员会2011年报,2012
[48]朱超.中印国有商业银行经营效率比较研究[J].金融论坛,2006(7)：14-21
[49]朱建林,罗尔豪.违规扩张令中小银行经营风险失控[N].中国商报,2011年1月8日,第2版
[50]庄毓敏主编.商业银行业务与经营[M].中国人民大学出版社,2010
[51]Abrahamson E, Bartner L R. When do Bandwagon diffusions roll? How far do they go? And when do they roll backwards?:A Computer Simulation[C]. Academy of Management Proceedings.1990(1):155-159
[52]Abrahamson E, Rosenkopf L. Institutional and competitive bandwagons:Using mathematical modeling as a tool to explore innovation diffusion[J]. Academy of management review,1993:487-517
[53]Aigner D, Lovell C A L, Schmidt P. Formulation and estimation of stochastic frontier production function models[J]. Journal of econometrics,1977,6(1):21-37
[54]Alam I M S. A nonparametric approach for assessing productivity dynamics of large US banks[J]. Journal of Money, Credit and Banking,2001:121-139
[55]Alhadeff D A. Oligopoly and Competition in Banking[J]. Berkeley:University of Califonia Press,1954
[56]Allen D E, Parwada J T. Effects of bank funds management activities on the disintermediation of bank deposits[J]. Journal of Business Finance & Accounting,2004, 31(7-8):1151-1170
[57]Allen F, Gale D. Comparing Financial Systems[J]. Economy and Society,2000,29(1): 111-145
[58]Allen F, Santomero A M. The Theory of FinancialIntermediation[R]. Working Paper, The Wharton Financial Institutions Center,1996:96-32
[59]Allen F, Santomero A M. What do financial intermediaries do?[J]. Journal of Banking & Finance,2001,25(2):271-294
[60]Altunbas Y, Gardener E P M, Molyneux P, et al. Efficiency in European banking[J]. European Economic Review,2001,45(10):1931-1955
[61]Altunbas Y, Gardener E P M, Molyneux P, et al. Efficiency in European banking[J]. European Economic Review,2001,45(10):1931-1955
[62]Anderson C W, Makhija A K. Deregulation, disintermediation, and agency costs of debt: evidence from Japan[J]. Journal of Financial Economics,1999,51(2):309-339
[63]Aoki M, Dinc S. Relational Financing as an Institution and its Viability under Competition[M]. Robert Schuman Centre-European University Institute,1997.
[64]Armour H O, Teece D J. Organizational structure and economic performance:A test of the multidivisional hypothesis[J]. The Bell Journal of Economics,1978:106-122
[65]Ashton J K. Cost efficiency, economies of scale and economies of scope in the British retail banking sector [M]. Bournemouth University School of Finance and Law,1998
[66]Asmild M, Paradi J C, Aggarwall V, et al. Combining DEA window analysis with the Malmquist index approach in a study of the Canadian banking industry[J]. Journal of Productivity Analysis,2004,21(1):67-89
[67]Athanassopoulos A D-, Giokas D. The use of data envelopment analysis in banking institutions:evidence from the commercial bank of Greece[J]. Interfaces,2000,30(2): 81-95
[68]Athanassopoulos A. An optimization framework for the triad:capabilities, service quality and performance[J]. Performance of Financial Institutions. Cambridge University Press, Cambridge, England,1999:312-335
[69]Bala K, Cook W D. Performance measurement with classification information:an enhanced additive DEA model[J]. Omega,2003,31(6):439-450
[70]Banker R D, Charnes A, Cooper W W. Some models for estimating technical and scale inefficiencies in data envelopment analysis[J]. Management science,1984,30(9): 1078-1092
[71]Baron J N, Dobbin F R, Jennings P D. War and peace:The evolution of modern personnel administration in US industry[J]. American journal of Sociology,1986:350-383
[72]Battese G E, Coelli T J. A model for technical inefficiency effects in a stochastic frontier production function for panel data[J]. Empirical economics,1995,20(2):325-332
[73]Bean C, Larsen J, Nikolov K. Financial frictions and the monetary transmission mechanism: theory, evidence and policy implications [J]. Evidence and Policy Implications (January 2002). ECB Working Paper,2003 (113)
[74]Beck U, Beck-Gernsheim E. Individualization:Institutionalized individualism and its social and political consequences [M]. SAGE Publications Limited,2002
[75]Bell F W, Murphy N B. Costs in commercial banking:a quantitative analysis of bank behavior and its relation to bank regulation[M]. Federal Reserve Bank of Boston,1968
[76]Benston G J, Hanweck G A, Humphrey D B. Scale economies in banking:a restructuring and reassessment[J]. Journal of money, credit and banking,1982,14(4):435-456
[77]Berger A N, Demirguc-Kunt A, Levine R, et al. Bank concentration and competition:An evolution in the making[J]. Journal of Money, Credit and Banking,2004:433-451
[78]Berger A N, Demsetz R S, Strahan P E. The consolidation of the financial services industry: Causes, consequences, and implications for the future[J]. Journal of Banking & Finance, 1999,23(2):135-194
[79]Berger AN, DeYoung R. Problem loans and cost efficiency in commercial banks[J]. Journal of Banking & Finance,1997,21(6):849-870
[80]Berger A N, DeYoung R. The effects of geographic expansion on bank efficiency [J]. Journal of Financial Services Research,2001,19(2-3):163-184
[81]Berger A N, Dick A A, Goldberg L G, et al. Competition from Large, Multimarket Firms and the Performance of Small, Single-Market Firms:Evidence from the Banking Industry[J]. Journal of Money, Credit and Banking,2007,39(2-3):331-368
[82]Berger A N, Hancock D, Humphrey D B. Bank efficiency derived from the profit function[J]. Journal of Banking & Finance,1993,17(2):317-347
[83]Berger A N, Hannan T H. Using efficiency measures to distinguish among alternative explanations of the structure-performance relationship in banking[J]. Managerial Finance, 1997,23(1):6-31
[84]Berger A N, Humphrey D B, Pulley L B. Do consumers pay for one-stop banking? Evidence from an alternative revenue function[J]. Journal of Banking & Finance,1996, 20(9):1601-1621
[85]Berger A N, Humphrey D B. Efficiency of financial institutions:International survey and directions for future research[J]. European journal of operational research,1997,98(2): 175-212
[86]Berger AN, Humphrey D B. Measurement and efficiency issues in commercial banking[M]. University of Chicago Press,1992:245-300
[87]Berger A N, Humphrey D B. The dominance of inefficiencies over scale and product mix economies in banking[J]. Journal of Monetary Economics,1991,28(1):117-148
[88]Berger A N, Kashyap A K, Scalise J M, et al. The transformation of the US banking industry:What a long, strange trip it's been[J]. Brookings papers on economic activity, 1995,1995(2):55-218
[89]Berger AN, Mester L J. Inside the black box:What explains differences in the efficiencies of financial institutions?[J]. Journal of Banking & Finance,1997,21(7):895-947
[90]Berger A N, Miller N H, Petersen M A, et al. Does function follow organizational form? Evidence from the lending practices of large and small banks [J]. Journal of Financial economics,2005,76(2):237-269
[91]Berger AN, Rosen R J, Udell G F. Does market size structure affect competition? The case of small business lending[J], Journal of Banking & Finance,2007(31):11-33
[92]Berger AN. "Distribution-free" estimates of efficiency in the US banking industry and tests of the standard distributional assumptions[J]. Journal of Productivity Analysis,1993,4(3): 261-292
[93]Bodie Z. Investment Management and Technology:Past, Present, and Future[J]. Present, and Future,1999
[94]Boot A W A, Thakor A V. Can relationship banking survive competition?[J]. The journal of Finance,2000,55(2):679-713
[95]Borio C E V. The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy:a cross-country comparison[R]. Bank for International Settlements,1995
[96]Bos J W B, Kolari J W. Large Bank Efficiency in Europe and the United States:Are There Economic Motivations for Geographic Expansion in Financial Services?[J]. The Journal of Business,2005,78(4):1555-1592
[97]Boyd J H, Gertler M. The role of large banks in the recent US banking crisis [J]. Federal Reserve Bank of Minneapolis Quarterly Review,1994,18(1):2-21
[98]Breig H, Wilson P F. Borrower information and the choice between bank debt and trade credit:the case of France and Germany[M]. Inst. fur Finanzwiss.,1996
[99]Brickley J A, Linck J S, Smith C W. Boundaries of the Firm:Evidence from the Banking Industry [J]. Journal of Financial Economics,2003 (70):351-383
[100]Brown K C, Smith D J. Recent innovations in interest rate risk management and the reintermediation of commercial banking[J]. Financial management,1988:45-58
[101]Buch C M, Golder S M. Foreign competition and disintermediation:no threat to the German banking system?[M]. Kiel Institute of World Economics,1999
[102]Calmes C. Regulatory changes and financial structure:the case of Canada[M]. Bank of Canada,2004
[103]Calomiris C W. Univeral Banking and the Financing of Industrial Development[M]. World Bank Publications,1995
[104]Camanho A S, Dyson R G Cost efficiency measurement with price uncertainty:a DEA application to bank branch assessments[J]. European Journal of Operational Research, 2005,161(2):432-446
[105]Capelle-Blancard G, Couppey-Soubeyran J, Soulat L. The measurement of financial intermediation in Japan[J]. Japan and the World Economy,2008,20(1):40-60
[106]Carter D A, McNulty J E, Verbrugge J A. Do small banks have an advantage in lending? An examination of risk-adjusted yields on business loans at large and small banks[J]. Journal of Financial Services Research,2004,25(2-3):233-252
[107]Casu B, Girardone C, Molyneux P. Productivity change in European banking:A comparison of parametric and non-parametric approaches [J]. Journal of Banking & Finance,2004,28(10):2521-2540
[108]Cavallo L, Rossi S P S. Scale and scope economies in the European banking systems[J]. Journal of multinational financial management,2001,11(4):515-531
[109]Caves D W, Christensen L R, Diewert W E. The economic theory of index numbers and the measurement of input, output, and productivity[J]. Econometrica:Journal of the Econometric Society,1982:1393-1414
[110]Cebenoyan A S. Scope Economies in Banking:The Hybrid Box-Cox Function[J]. Financial Review,1990,25(1):115-125
[111]Chaffai M E, Dietsch M, Lozano-Vivas A. Technological and environmental differences in the European banking industries [J]. Journal of Financial Services Research,2001, 19(2-3):147-162
[112]Chandler A. Strategy and structure[M]. Massachusetts Institute of Technology Cambridge, 1962
[113]Charnes A, Cooper W W, Rhodes E. Measuring the efficiency of decision making units[J]. European journal of operational research,1978,2(6):429-444
[114]Clark G L. The functional and spatial structure of the investment management industry [J]. Geoforum,2000,31(1):71-86
[115]Coccorese P. Banking competition and macroeconomic conditions:a disaggregate analysis[J]. Journal of International Financial Markets, Institutions and Money,2004, 14(3):203-219
[116]Community Bank Operations 1995-----An ABA Survey Report, by the American Bankers Association, Washington, D.C
[117]Cook W D, Hababou M, Tuenter H J H. Multicomponent efficiency measurement and shared inputs in data envelopment analysis:an application to sales and service performance in bank branches[J]. Journal of Productivity Analysis,2000,14(3):209-224
[118]Cook W D, Seiford L M. Data envelopment analysis (DEA)-Thirty years on[J]. European Journal of Operational Research,2009,192(1):1-17
[119]Cooper W W, Seiford L M, Tone K. Data envelopment analysis:a comprehensive text with models, applications, references and DEA-solver software[M]. Springer Science+ Business Media,2007.
[120]Croasdale K, Stretcher R. Community Banks:Surviving Unprecedented Financial Reform [J]. Academy of Banking Studies Journal,2011(2) Vol.10:67-85
[121]d'Aspremont C, Gabszewicz J J, Thisse J F. On Hotelling's "Stability in competition"[J]. Econometrica:Journal of the Econometric Society,1979:1145-1150
[122]DeYoung R, Duffy D. The challenges facing community banks[J]. Society,2004,41(2): 42-52
[123]DeYoung R, Hunter W C, Udell G F. The Past, Present, and Probable Future for Community Banks [J]. Journal of Financial Services Research,2004(25):85-133
[124]DeYoung R, Hunter W C. Deregulation, the Internet, and the Competitive Viability of Large Banks and Community Banks[J]. The Future of Banking, Benton Gup(ed.), Westport, CT:Quorom Books,2003:173-201
[125]DeYoung R, Lang W W, Nolle D L. How the Internet affects output and performance at community banks[J]. Journal of Banking & Finance,2007,31(4):1033-1060
[126]DeYoung R, Roland K P. Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model[J]. Journal of Financial Intermediation, 2001,10(1):54-84
[127]DeYoung R. Mergers and the changing landscape of commercial banking(Part II)[R]. working paper, The Federal Reserve Bank of Chicago,2000.2, No.150
[128]Diamond D W, Dybvig P H. Bank runs, deposit insurance, and liquidity[J]. The journal of political economy,1983:401-419
[129]Diamond D W, Rajan R G. Liquidity risk, liquidity creation and financial fragility:A theory of banking[R]. National Bureau of Economic Research,1999
[130]Diamond D W. Financial intermediation and delegated monitoring[J]. The Review of Economic Studies,1984,51(3):393-414
[131]Diamond D W. Monitoring and reputation:The choice between bank loans and directly placed debt[J]. Journal of political Economy,1991:689-721
[132]DiMaggio P J, Powell W W. The iron cage revisited:Institutional isomorphism and collective rationality in organizational fields[J]. American sociological review,1983: 147-160
[133]Dodd N. The sociology of money:economics,reason & contemporary society[M]. Cambridge:Polity Press,1994
[134]Dow J C R, Saville I D A. of Monetary Policy:Theory and British Experience[J].1988
[135]Driscoll J C, Kraay A C. Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics,1998,80:549-560
[136]Evans P B, Wurster T S. Strategy and the new economics of information[J]. Harvard business review,1997,75(5):70
[137]Fama E F. Agency Problems and the Theory of the Firm[J]. The Journal of Political Economy,1980:288-307
[138]Fare R, Grosskopf S, Lindgren B, et al. Productivity changes in Swedish pharamacies 1980-1989:A non-parametric Malmquist approach[J]. Journal of Productivity Analysis, 1992,3(1-2):85-101
[139]Farrell M J. The measurement of productive efficiency[J]. Journal of the Royal Statistical Society. Series A (General),1957,120(3):253-290
[140]Favero C A, Papi L. Technical efficiency and scale efficiency in the Italian banking sector: a non-parametric approach[J]. Applied Economics,1995,27(4):385-395
[141]Ferrier G D, Lovell C A K. Measuring cost efficiency in banking:econometric and linear programming evidence[J]. Journal of Econometrics,1990,46(1):229-245
[142]Ferrier G D, Valdmanis V. Rural hospital performance and its correlates [J]. Journal of Productivity Analysis,1996,7(1):63-80
[143]Fligstein N. The spread of the multidivisional form among large firms,1919-1979[J]. American Sociological Review,1985:377-391
[144]Freedman C, Engert W. Financial developments in Canada:Past trends and future challenges[J]. Bank of Canada Review,1996,2003(Summer):3-16
[145]Frei F X, Harker P T, Hunter L W. Inside the black box:what makes a bank efficient?[J]. Performance of Financial Institutions:Efficiency, Innovation, Regulation, edited by Patrick T. Harker and Stavros A. Zenios,2000:259-311
[146]French S, Leyshon A. The new, new financial system? Towards a conceptualization of financial reintermediation[J]. Review of International Political Economy,2004,11(2): 263-288
[147]French S. Gamekeepers and gamekeeping:assuring Bristol's place within life underwriting[J]. Environment and planning A,2002,34(3):513-542
[148]Freund J, Curry T, Hirsch P, et al. Commercial real estate and the banking crises of the 1980s and early 1990s[J]. History of the Eighties:Lessons for the Future:An Examination of the Banking Crises of the 1980s and Early 1990s,1997:137-165
[149]Friedman M. The case for overhauling the Federal Reserve[J]. Challenge,1985,28(3): 4-12
[150]Friend I. The Desirability of Changes in the Asset and Liability Structure of the Savings and Loan Business[C] United States Savings and Loan League, Savings and Residential Financing,1969 Conference Proceedings, Chicago:US Savings and L'oan League.1969: 144-165
[151]Gallo J G, Apilado V P, Kolari J W. Commercial bank mutual fund activities:Implications for bank risk and profitability [J]. Journal of Banking & Finance,1996,20(10):1775-1791
[152]Goldfeld S M, Jaffee D M. THE Determinats of deposit-rate setting by savings and loan associations [J]. The Journal of Finance,1970,25(3):615-632
[153]Goodhart C. Disintermediation[J]. The New Palgrave Dictionary of Economics:Money, eds. Eatwell, J., Millgate, M. and Newman, P., London, MacMillan,1989
[154]Gorton G, Pennacchi G Money market funds and finance companies:Are they the banks of the future?[J]. Structural change in banking,1993:173-214
[155]Greenbaum S I, Haywood C F. Secular change in the financial services industry[J]. Journal of Money, Credit and Banking,1971,3(2):571-589.
[156]Grifell-Tatje E, Lovell C A K. The sources of productivity change in Spanish banking[J]. European Journal of Operational Research,1997,98(2):364-380
[157]Gurley J G, Shaw E S. Financial Intermediaries and the saving-investment process[J]. The Journal of Finance,1956,11(2):257-276
[158]Gurley J G, Shaw E S. Money in a Theory of Finance[M]. Washington, DC:The Brookings Institution,1960
[159]Guzman I, Reverte C. Productivity and efficiency change and shareholder value:evidence from the Spanish banking sector[J]. Applied Economics,2008,40(15):2037-2044
[160]Hagel J, Armstrong A. Net Gain:Expanding Markets Through Virtual Communities[M]. Harvard Business Press,1997
[161]Hagopian J E. From Here to There:A Plain English Discussion of Long Range Planning in Community Banks[M]. Unique Press,1987
[162]Halkos G E, Salamouris D S. Efficiency measurement of the Greek commercial banks with the use of financial ratios:a data envelopment analysis approach[J]. Management Accounting Research,2004,15(2):201-224
[163]Hancke B, Cieply S. Bridging the finance gap for small firms. The role of information flows across large firm-based production networks in supplying finance to small firms: the case of France[R]. Discussion paper, Wissenschaftszentrum Berlin fur Sozialforschung, Forschungsschwerpunkt Arbeitsmarkt und Beschaftigung, Abteilung Wirtschaftswandel und Beschaftigung,1996
[164]Hannan T H, McDowell J M. Market concentration and the diffusion of new technology in the banking industry[J]. The Review of Economics and Statistics,1984:686-691
[165]Hannan Timothy H. Retail fees of depository institutions (1997-2001) [R]. Federal Reserve Bulletin,2002.9
[166]Harker P T, Zenios S A. What drives the performance of financial institutions?[J]. Performance of Financial Institutions:Efficiency, Innovation, Regulation,2000:3-31
[167]Hein S E, Koch T W, MacDonald S S. On the uniqueness of community banks[J]. Federal Reserve Bank of Atlanta Economic Review,2005,90:15-36
[168]Hendershott P H. Financial Disintermediation in a Macroeconomic Framework[J]. The Journal of Finance,1971,26(4):843-856
[169]Hester D D. Financial disintermediation and policy[J]. Journal of Money, Credit and Banking,1969,1(3):600-617
[170]Home J C. Of financial innovations and excesses[J]. The Journal of Finance,1985,40(3): 621-631
[171]Hoshi T, Kashyap A. The Japanese Banking Crisis:Where Did It Come From and How Will It End?[R]. National Bureau of Economic Research,1999
[172]Howells P G A, Bain K. Financial Markets and Institutions(fifth Edition) [M]. Pearson Education Limited,2007
[173]Hughes J P, Mester L J. A quality and risk-adjusted cost function for banks:Evidence on the "too-big-to-fail" doctrine[J]. Journal of Productivity Analysis,1993,4(3):293-315
[174]Hunter W C, Timme S G, Yang W K. An examination of cost subadditivity and multiproduct production in large US banks[J]. Journal of Money, Credit and Banking, 1990,22(4):504-525
[175]Hunter W C, Timme S G. Core deposits and physical capital:A reexamination of bank scale economies and efficiency with quasi-fixed inputs[J]. Journal of Money, Credit and Banking,1995,27(1):165-185
[176]Hunter W C, Timme S G Does multiproduct production in large banks reduce costs?[J]. Economic Review,1989 (May):2-11
[177]Hunter W C, Timme S G Technical change, organizational form, and the structure of bank production[J]. Journal of Money, Credit and Banking,1986,18(2):152-166
[178]Irmen A, Thisse J F. Competition in multi-characteristics spaces:Hotelling was almost right[J]. Journal of Economic Theory,1998,78(1):76-102. Fligstein N. The spread of the multidivisional form among large firms,1919-1979[J]. American Sociological Review, 1985:377-391
[179]Isik I, Kabir Hassan M. Financial deregulation and total factor productivity change:An empirical study of Turkish commercial banks[J]. Journal of Banking & Finance,2003, 27(8):1455-1485
[180]Kalwij A. A Two-Step First Difference Estimator for a Panel Data Tobit Model under Conditional Mean Independence Assumptions[J].2004:5
[181]Kane E J. Three paradigms for the role of capitalization requirements in insured financial institutions[J]. Journal of Banking & Finance,1995,19(3):431-459
[182]Kaufman G G, Mote L R. Is banking a declining industry? A historical perspective[J]. Economic Perspectives,1999 (May):2-21
[183]Keeley M, Furlong F. A reexamination of mean variance analysis of bank capital regulation [J]. Journal of Banking and Finance,1990(14):69-84
[184]Keeton W R. The transformation of banking and its impact on consumers and small businesses[J]. Economic Review-Federal Reserve Bank of Kansas City,2001,86(1) 25-54
[185]Kelly K. New rules for the new economy:ten ways the network economy is changing everything[J]. Fourth Estate, London, UK,1998
[186]Kenney M, Curry J. Beyond transaction costs:e-commerce and the power of the Internet dataspace[M]. Berkeley Roundtable on the International Economy (BRIE), E-conomy Project,2000
[187]Kobayashi K, Saita Y, Sekine T. Forbearance lending:A case for Japanese firms[J]. Working Paper, Bank of Japan Research and Statistics Department,2002
[188]Koopmans T C. Analysis of production as an efficient combination of activities[J]. Activity analysis of production and allocation,1951,13:33-37
[189]Lang G, Welzel P. Efficiency and technical progress in banking Empirical results for a panel of German cooperative banks[J]. Journal of Banking & Finance,1996,20(6): 1003-1023
[190]Lang G, Welzel P. Technology and Cost Efficiency in Universal Banking:A "Thick Frontier"-Analysis of the German Banking Industry[J]. Journal of Productivity Analysis, 1998,10(1):63-84
[191]Lawrence C, Shay R P. Technological innovation, regulation, and the monetary economy[M]. Ballinger Pub Co,1986
[192]Leibenstein H. Allocative efficiency vs." X-efficiency"[J]. The American Economic Review,1966,56(3):392-415
[193]Lewis M K, Davis K T. Domestic & international banking[M]. The MIT Press,1987
[194]Leyshon A, Thrift N, Pratt J. Reading financial services:texts, consumers, and financial literacy[J]. Environment and Planning D,1998,16:29-56
[195]Leyshon A, Thrift N. Lists come alive:eletronic systems of knowledge and the rise of credit-scoring in retail banking[J]. Economy and Society,1999,28(3):434-466
[196]Leyshon A, Thrift N. Money/space:Geographies of monetary transformation[M]. Routledge,1997
[197]Leyshon A. Geographies of money and finance II[J]. Progress in Human Geography,1997, 21(3):381-392
[198]Lim G H, Randhawa D S. Competition, liberalization and efficiency:evidence from a two-stage banking model on banks in Hong Kong and Singapore[J]. Managerial Finance, 2005,31(1):52-77
[199]Long S. The virtual threat[J]. Economist,2000,355(8171):3
[200]Marquis C, Lounsbury M. Vive La Resistance:Competing Logics and the Consolidation of U.S. Community Banking [J]. Academy of Management Journal,2007(4) Vol. 50:799-820
[201]Martin P. A long goodbye[J]. Financial Times,1998,24:24
[202]McAllister P H, McManus D. Resolving the scale efficiency puzzle in banking[J]. Journal of Banking & Finance,1993,17(2):389-405
[203]McKelvey E F. Interest rate ceilings and disintermediation[R]. Board of Governors of the Federal Reserve System (US),1978
[204]Meeusen W, van Den Broeck J. Efficiency estimation from Cobb-Douglas production functions with composed error[J]. International economic review,1977,18(2):435-444
[205]Mercan M, Reisman A, Yolalan R, et al. The effect of scale and mode of ownership on the financial performance of the Turkish banking sector:results of a DEA-based analysis [J]. Socio-Economic Planning Sciences,2003,37(3):185-202
[206]Merton R C. Financial innovation and the management and regulation of financial institutions[J]. Journal of Banking & Finance,1995,19(3):461-481
[207]Mester L J. A study of bank efficiency taking into account risk-preferences[J]. Journal of Banking & Finance,1996,20(6):1025-1045.
[208]Mester L J. Agency costs among savings and loans[J]. Journal of Financial Intermediation, 1991,1(3):257-278
[209]Meyer J W, Rowan B. Institutionalized organizations:Formal structure as myth and ceremony[J]. American journal of sociology,1977:340-363
[210]Miller G P. On the obsolescence of commercial banking[J]. Journal of Institutional and Theoretical Economics (JITE),1998:61-73
[211]Miller S M, Noulas A G. The technical efficiency of large bank production[J]. Journal of Banking & Finance,1996,20(3):495-509
[212]Neal P. X-Efficiency and Productivity Change in Australian Banking[J]. Australian Economic Papers,2004,43(2):174-191
[213]Niehans J. Financial innovation, multinational banking, and monetary policy[J]. Journal of banking & Finance,1983,7(4):537-551
[214]Norman M, Stoker B. Data envelopment analysis:the assessment of performance[M]. John Wiley & Sons Inc.,1991
[215]Noulas A G, Ray S C, Miller S M. Returns to scale and input substitution for large US banks[J]. Journal of Money, Credit and Banking,1990,22(1):94-108
[216]Patric H. Hendershott. Financial Disintermediation in a Macroeconomic Framework[J]. The Journal of Finance,1971,26(4):843-856
[217]Paradi J C, Schaffnit C. Commercial branch performance evaluation and results communication in a Canadian bank—a DEA application[J]. European Journal of Operational Research,2004,156(3):719-735
[218]Pennings J M. Structural contingency theory:A reappraisal [J]. Research in organizational behavior,1992,14:267-267
[219]Pille P, Paradi J C. Financial performance analysis of Ontario (Canada) Credit Unions:An application of DEA in the regulatory environment[J]. European Journal of Operational Research,2002,139(2):339-350
[220]Plihon D. The evolution of banking intermediation (1950-1993) [J]. Bulletin of the Bank of France,1995,21:131-159
[221]Puri M. Commercial banks as underwriters:implications for the going public process[J]. Journal of Financial Economics,1999,54(2):133-163
[222]Rajan R G Why banks have a future:toward a new theory of commercial banking[J]. Journal of Applied Corporate Finance,1996,9(2):114-128
[223]Rebelo J, Mendes V. Malmquist indices of productivity change in Portuguese banking:the deregulation period[J]. International Advances in Economic Research,2000,6(3): 531-543
[224]Roldos J. Disintermediation and Monetary Transmission in Canada[M]. International monetaryfund,2006
[225]Rose J T, Wolken J D. Geographic diversification in banking, market share changes, and the viability of small independent banks [J]. Journal of Financial Services Research,1990, 4(1):5-20
[226]Rumelt R P. Strategy, structure, and economic performance[M]. Boston, MA:Division of Research, Graduate School of Business Administration, Harvard University,1974
[227]Saunders A, Walter I. Universal Banking in the United States:What Could We Gain? What Could We Lose?[M]. Oxford University Press on Demand,1994
[228]Schmidt R H, Hackethal A, Tyrell M. Disintermediation and the role of banks in Europe: An international comparison[J]. Journal of Financial Intermediation,1999,8(1):36-67
[229]Scholes M, Benston G J, Smith C W. A transactions cost approach to the theory of financial intermediation[J]. The Journal of Finance,1976,31(2):215-231
[230]Scholtens B, Van Wensveen D. A critique on the theory of financial intermediation[J]. Journal of Banking & Finance,2000,24(8):1243-1251
[231]Schulte B. As Larger Banks Crumble, Local Firms See Rush [N]. The Washington Post, 2008-10-12
[232]Schweiger I, McGee J S. Chicago banking[J]. The Journal of business,1961,34(3): 203-366
[233]Scott K E. Mutual funds as an alternative banking system[J]. Journal of Institutional and Theoretical Economics (JITE),1998:86-96
[234]Seidman L W. Full faith and credit:The great S & L debacle and other Washington sagas[M]. Beard Books Incorporated,2000
[235]Selznick P. Leadership in administration:A sociological interpretation[M]. University of California Press,1957
[236]Sherman H D, Gold F. Bank branch operating efficiency:evaluation with data envelopment analysis[J]. Journal of Banking & Finance,1985,9(2):297-315
[237]Shome D, Pati A P. Disintermediation in indian commercial banks:evidences from pre and post-liberalization phases[J]. Journal of Applied Research in Finance (JARF),2010, 2(4):181-191
[238]Silber W L. Financial innovation[M]. Lexington books,1975
[239]Silber W L. The process of financial innovation[J]. The American Economic Review, 1983,73(2):89-95
[240]Sinclair T J. Reinventing authority:embedded knowledge networks and the new global finance[J]. Environment and Planning C,2000,18(4):487-502
[241]Slovin M B. Financial Disintermediation in a Macroeconomic Framework:Comment[J]. The Journal of Finance,1974,29(3):1016-1019
[242]Smith P F. Bank Liability Management and the Efficiency of Financial Intermediation[R]. Working Paper, University of Pennsylvania,1978.
[243]Standard and Poor's Funds Direct. Funding Pressures Increase at Australian Banks. 2001.11.29
[244]Stein J C. Information production and capital allocation:Decentralized versus hierarchical firms[J]. The Journal of Finance,2002,57(5):1891-1921
[245]Steven N. S. Cheung. The Contractual Nature of The Firm[J]. Journal of Law & Economics,1983.4(Vol.26):1-21
[246]Stuart W J. Credit Unions and the Lexicon of Intermediation:(disintermediation, Crossintermediation, Re-intermediation) [M]. National Credit Union Administration, Office of Systems Planning and Research,1976
[247]Swan C, Kane E J. Getting along without regulation Q:testing the standard view of deposit rate competition during the "wild-card experience"[J]. The Journal of Finance, 1978,33(3):921-932
[248]Swanson E T, Levin A T. The magnitude and Cyclical Behavior of Financial Market Frictions[R]. Society for Computational Economics,2004
[249]Syron R F. Are we experiencing a credit crunch?[J]. New England Economic Review, 1991,7:3-10
[250]Tan A C K, Goh K L. Financial Disintermediation in the 1990s:Implications on Monetary Policy in Malaysia[J]. Hitotsubashi Journal of Economics,2009,50(1):1-27.
[251]Thrift N. On the social and cultural determinants of international financial centres:the case of the City of London[J]. Money, power and space,1994:327-355
[252]Tickell A. Dangerous derivatives:controlling and creating risks in international money[J]. Geoforum,2000,31(1):87-99
[253]Tobin J. Liquidity preference as behavior towards risk[J]. The Review of Economic Studies,1958,25(2):65-86
[254]Tolbert P S, Zucker L G Institutional sources of change in the formal structure of organizations:The diffusion of civil service reform,1880-1935[J]. Administrative science quarterly,1983:22-39
[255]Tone K. A slacks-based measure of efficiency in data envelopment analysis[J]. European journal of operational research,2001,130(3):498-509
[256]Tortosa-Ausina E. Bank cost efficiency and output specification[J]. Journal of Productivity Analysis,2002,18(3):199-222
[257]Walker J S, Kramer J K. Executive Compensation at U.S. Community Banks:an Empirical Study of the Relationship Between Direct Compensation and Financial Return [J]. North American Journal of Finance & Banking Research,2011 (5):23-39
[258]Wallison P J. Losing Ground:Gramm-Leach-Bliley and the Future of Banking[J]. American Enterprise Institute. Financial Services Outlook,2009,4.
[259]Whalen G The impact of the growth of large, multistate banking organizations on community bank profitability[M]. US Office of the Comptroller of the Currency,2001
[260]Wheelock D C, Wilson P W. New evidence on returns to scale and product mix among US commercial banks[J]. Journal of Monetary Economics,2001,47(3):653-674
[261]Wheelock D C, Wilson P W. Technical progress, inefficiency, and productivity change in US banking,1984-1993[J]. Journal of Money, Credit, and Banking,1999:212-234
[262]William Keeton. The Role of Community Banks in the U.S. Economy[R], working paper of Federal Reserve Banks of Kansas City,2003
[263]Zysman J, Weber, S. Governance and the Politics of the Internet Economy:Historical Transformation or Ordinary Politics with a New Vocabulary?[R]. Working Paper, Berkeley Roundtable on the International Economy (BRIE),2001