利率市场化、重组效应与城市商业银行的经营绩效——基于中国47家城市商业银行数据的实证研究

Interest Rate Liberalization,Recombinant Effects and the Performance of the City Commercial Banks——An Empirical Study Based on the Evidence from China's 47 City Commercial Banks

基于我国的利率市场化进程,采用全国各省份38家未重组城市商业银行和9家重组的城市商业银行2006—2014年的数据,考察城市商业银行的重组效应及其经营绩效变化,分析表明:利率市场化带来的存贷净利差缩窄和价格竞争加剧会降低城市商业银行的盈利能力,但其风险承担也显著降低;城市商业银行短期内的规模扩张不会带来规模经济,重组城市商业银行的绩效变化源于其重组效应而非规模经济;重组的城市商业银行短期内盈利能力不及未重组的城市商业银行,但是前者的风险控制比后者更稳健;利率市场化对未重组城市商业银行盈利能力削弱和风险增大的效应十分显著,而重组的城市商业银行在利率市场化和重组效应的交互影响下经营绩效有所提高。

Based on the process of China＇ s interest rate liberalization reform, by using the 2006-2014 data of 38 non-recombinant city commercial banks and 9 recombinant city commercial banks of each province and municipality of China, the recombinant effect and their performance change of the recombined city commercial banks are studied. Analysis results show that the narrowed net interest margin and price competition aggravation which are brought by the interest rate liberalization will reduce city commercial Banks＇ performance while the risk-taking is also significantly reduced, that the scale expansion of the city commercial banks will not bring about scale economy in the short term while the performance change of the recombined city commercial banks is derived from their recombinant effects rather than the scale economy, that the profitability of recombined city commercial banks is less than uncombined city commercial banks in short-term, but the former risk-controlling is more robust than the latter. The weakening profitability and risk increase effect of interest rate liberalization on uncombined city commercial banks are remarkable, however, the performance of recombined city commercial banks will increase under the interaction of interest rate liberalization process and the recombinant effects.