市场化转型、风险偏好与中国商业银行的盈利性

Market-oriented Transition, Risk Preference and the Profitability of China's Commercial Banks

在控制了影响银行盈利性的主要宏观经济及其他个体特征变量的条件下,本文考察了样本期间内全要素生产率变化、国有控股、公开上市、市场势力及风险偏好等因素对中国商业银行盈利性的影响程度与方向。研究发现:在当前金融制度安排下,商业银行向以提升全要素生产率为核心的内涵式发展模式的转变,反而轻微地降低了银行的盈利性;国有控股与公开上市对银行的盈利性均具有正向影响;随着多元化竞争体系的形成,商业银行的盈利能力获得了大幅提升;而中国商业银行在经营活动中的风险态度越是谨慎,风险承担越是适度,其盈利性就表现得越好。在推进商业银行市场化转型的进程中,需要关注国家整体金融制度的顶层设计问题,同时有效控制银行的经营风险,以实现其盈利性的可持续增长。

This paper investigates the effects of TFP changing, state ownership, going public, market power and risk preference on the profitability of China’s commercial banks in sample period, controlling for some macroeconomic and other individual specific variables. It is shown that the improvement of TFP has slightly negative influence on banks’ profitability in current financial institution. State ownership and going public have positive effects on profitability. With the formation of a diversified competitive system, commercial banks have improved their profitability significantly. In addition, the more caution banks take toward risks, the more profitability they can obtain. In the process of marketoriented transition, we should pay attention to the problem of top design of the country's overall financial institution, besides controlling banks’ risks effectively, so that they may obtain sustainable increase of profitability.