内资股权、外资股权和中国银行业改革

Domestic- owned Equity,Foreign Ownership Equity and China's Banking Reform

本文运用面板技术,在统一的框架内对中国银行业引进内资和外资问题进行了研究。初步估计结果显示,外资股权的作用主要体现在提高中国银行业的绩效上,而对中国银行业的风险行为并无显著影响;而内资股权对银行业绩效和风险的改善作用都有限。进一步的研究发现,剔除国家股后的民资股权的进入能显著改善中国银行业的风险行为,但是对中国银行业绩效提升影响却仍然有限。为了克服外资股权变量与扰动项存在的内生性问题,本文又构造了外资股权的工具变量,估计结果再次支持了上面的结论。

Abstra By using panel technology, we have researched on the problem about introduction of foreign investment and domestic capital in China＇ s banking industry in a consistent framework. The conclusion of the preliminary findings show that the primary effect of foreign equity on Chinese banking industry is to improve banker＇ s performance, rather than produce significant impact on risky behavior. However, domestic equity has limited influence on improving the performance of China＇ s banking industry and avoiding risky behavior. Furthermore, we find that eliminating domestic equity from domestic - owned equity can avoid risky behavior in China＇ s banking industry significantly, but still has limited impact on performance improvement. In order to overcome the problem of the endogenous, we construct the instrumental variable of foreign equity ownership, and the results of empirical analysis support the above conclusions as well.