我国银行业高盈利问题辨析——基于上市公司的数据

Analysis of the High Profitability of China's Banking — based on the data of listed companies

本文通过对16家上市银行的盈利状况同其他行业上市公司比较发现:(1)在2005～2008年期间,银行业利润呈非平均化趋势;无论是从资本获利角度(净资产收益率)还是从经营获利角度(销售净利率)看,银行业的盈利水平都处于行业高位,而且在金融危机后与非金融行业盈利差距有进一步扩大的趋势。(2)但是以资本盈利与经营盈利相比较,银行经营盈利水平远高于银行资本盈利水平。金融危机之前,银行资本盈利水平甚至与一些实体经济的盈利水平大体上一致;危机之后经济整体下滑,但唯有银行经营盈利水平始终高居不下。(3)像电力、煤气及水的生产和供应,以及石油、烟草这些垄断强行业,其盈利水平都不如银行业高。形成这个状况的主因是由于银行业准入管制及利率管制导致政策性利差而获利容易。这种银行盈利模式在客观上产生实体经济盈利能力因低于虚拟经济而发展不足、虚拟经济部门个人收入过高导致分配失衡等复杂的经济社会效应。对此应当给予充分重视,需要在减少银行业的行政性垄断、稳步推进利率市场化、降低银行准入门槛、扩大银行服务于实体经济及社会的规模和水平等方面推进改革。

This article is based on the 16 listed banks profitability compared with other listed companies.. （1）In the 2005--2008 period, banking profits were non-average trend; whether capital gains（ROE） or operating profits（net interest rate of sale）, the level of profitability of the banking sector is higher, and the gap is a further widening between finance sectors and non-financial sectors after the financial crisis; （2） However, having compared the bank＇s capital earnings with operating earnings, the profit level is much higher than the capital level of profitability. Before the financial crisis, the bank＇s cap- ital level of profitability is roughly equal to profitability level of some real economies. With financial crisis, overall economic decline, but only banking sector keeps with high profitability level; （3） Even if traditional strong monopoly industries, for example elec- tricity, gas and water production and supply, petroleum, tobacco, the profitability lev- els are not as high as the banking sector. The higher profits of banks are mainly caused by banking access regulation and interest rate regulation, which led to easily obtain the profits. This earning patter and the profitability level of the banks objectively impacts the non-finance industries development due to the lower sectors profits, which leads to complex economic and social consequences for example imbalance in the distribution etc. We should pay more attention to promote reform in to reduce administrative monopoly of the banking sector, steadily open in the interest rate market, relax access regulation, and expand the scale and level of banking services for the economy and social.