中国商业银行股东价值效率的测度

Measurement of Shareholder Value Efficiency of China′s Commercial Banks

引入EVA指标,构建出超越对数函数的panel data模型,对中国主要商业银行1998-2004年间的股东价值效率进行测度,结果表明:从整体上看,样本期间股东价值效率平均损失1/3,但呈现改进趋势;就所有制特征分类来看,国有商业银行的股东价值效率水平明显低于股份制商业银行,但在演进过程中两者的差距正在逐渐缩小;虽然未上市商业银行的股东价值效率水平普遍低于上市银行,但未上市商业银行的股东价值效率年增长幅度略大于上市商业银行。

By using the EVA index, and the panel data model of translog cost function, the shareholder value efficiency of twelve commercial banks from 1998 to 2004 was measured. The results show that as a whole, there is an average loss of 1/3 of the shareholder value efficiency during the sample period but an improving tendency is demonstrated. Viewing from the ownership characteristics classification, the level of the shareholder value efficiency of the state-owned commercial banks is apparently lower than the joint stock commercial banks. But the gap between the two is being narrowed gradually in the course of development. While the level of the shareholder value efficiency of the non-listed commercial banks is generally lower than the listed commercial banks, the annual growth rate of the shareholder value efficiency of the non-listed commercial banks is slightly greater than the listed commercial banks.