基于SFA的上市银行效率与股权结构选择

The Cost Efficiency and Ownership Structure of Listed Banks Based on SFA

研究了上市银行成本效率与国有股权结构选择问题。运用面板数据并采用随机边界分析(SFA)测量了上市银行2005-2011年间的成本效率。实证发现上市股份制商业银行成本效率和生产率增长速度高于上市国有商业银行,而国有商业银行规模经济效应强于上市股份制商业银行。在此基础上运用Tobit模型研究了国有银行成本效率与国有股控股比例的关系,发现国有控股比例与银行成本效率间呈现"N"型关系。当国有股持股比例低于18.6%和高于52.3%时,银行成本效率随着国有股控股比例上升而提高。结论对于研究转轨经济中产权改革与绩效关系具有借鉴意义。

This paper studies the link between listed bank cost efficiency and state-owned ownership structure selection problem. Using panel data and uses the stochastic frontier analysis （SFA） measures the cost efficiency of the listed Banks in 2005-2011. Empirical finds listed joint-stock commercial bank＇ s cost efficiency and productivity growth rate is higher than the listed state-owned commercial Banks＇ , the state-owned commercial Banks have greater scale economy effect than listed joint-stock commercial Banks. Studies using the Tobit model of state-owned bank cost efficiency and the relationship between the shares holding proportion of stateowned finds that the relationship between the proportion of state-owned and bank cost efficiency presents ＂N＂ type. When stateowned shareholding proportion is less than 18.6% or more than 52.3%, the bank＇ s cost efficiency improves as the proportion of stateowned shares holding up.