制度距离对银行海外经营效率的影响:基于“一带一路”沿线国家外资银行的实证分析

Impact of Institutional Distance on the Efficiency of Banks' Overseas Subsidiaries:Evidence from the Foreign Banks Operating in the Belt and Road Countries

本文对在"一带一路"沿线国家经营的外资银行效率水平进行估算,并实证分析制度距离对银行经营效率的影响。商业银行容易受到国家宏观制度环境的深度影响,其国际化中面临的国别风险具有较强的复杂性。随着"一带一路"的持续推进,系统分析国别风险及其对银行海外经营效率的影响具有十分重要的意义。而目前关于国别风险对商业银行影响的研究中,国别风险的概念往往局限于海外信用风险等单一风险,且实证研究少。本文以"一带一路"沿线国家中的外资银行为研究样本,利用母国与东道国的制度距离来测量国别风险,并分析其对外资银行效率水平的影响。此外,本研究的创新点还在于把在"一带一路"沿线国家经营的所有外资银行按母国来源地划分为来自发达经济体和来自新兴经济体的外资银行,并对其进行对比。

This study estimates the efficiency of foreign commercial banks that operate in the Belt and Road countries, and examines the effects of institutional distance on bank efficiency, The country risks of commercial banks are multi- faceted due to the profound impact of macro-level institutional factors in host countries. Considering the severe country risk in the Belt and Road countries, it is important to comprehensively quantify the risk and their impact on bank efficiency. Nonetheless, extant research about country risk and bank performance mostly focuses on credit risk alone, and there are few empirical studies. In this study, we focus on the sample of foreign banks that operate in the Belt and Road countries. We use the institutional distance between home and host countries as a comprehensive and novel representation of country risk. Moreover, we separate all those foreign banks into ones from developed economies versus emerging economies and make comparisons.