中国银行业效率的实证分析

The Empirical Analysis of Efficiency of Chinese Banks

中国于 2 0 0 1年 1 2月加入WTO ,5年之后必须对外全面开放国内银行业市场。中国的银行一直以大量不良贷款和效率低下而著称。尽管在逐步改革 ,中国的银行体系仍由国有银行主导并形成垄断控制。怎样提高效率是国内银行尤其是国有商业银行生存和成功的关键。以下两个重要因素可能有助于提高中国的银行效率 :所有制改革和硬预算约束。本文使用了 2 2家银行 1 995— 2 0 0 1年期间的一组数据 ,利用随机前沿生产函数研究了所有制结构和硬预算约束对银行效率的影响。经验结果表明 ,非国有银行比国有银行效率高 1 1 %— 1 8% ;面临硬预算约束的银行的绩效比国家和地方政府投入大量资本的银行好。本文结论的重要意义是 :在加入WTO 3年后的今天 。

After joining the WTO in December 2001, China was given 5 years to completely open its banking market for international competition. Chinese banks have been renown for their mounting non performing loans and low efficiency. Despite gradual reforms, the banking system is still dominated by state ownership and encapsulated monopolistic control. How to raise efficiency is key to the survival and success of domestic banks, especially the state owned commercial banks. Two important factors may be responsible for raising efficiency: ownership reform and hard budget constraints. This paper uses a panel data of 22 banks over the period 1995—2001, and employs a stochastic production frontier function to investigate the effects of ownership structure and hard budget constraint on efficiency. Empirical results suggest that non state banks were 11%—18% more efficient than state banks, and that banks facing a harder budget tend to perform better than those heavily capitalized by the state or regional governments. The results shed important light on banking sector reform in China to face the tough challenges after WTO accession.