要素价格扭曲与商业银行创新效率损失

Factor Price Distortion and Loss of Innovation Efficiency of Commercial Banks

本文基于2007—2016年我国15家上市商业银行的面板数据,在测算出商业银行要素价格扭曲和商业银行创新效率的基础上,实证考察了劳动力要素价格扭曲和资本要素价格扭曲对商业银行创新效率的影响效应。研究发现:商业银行的劳动力要素和资本要素价格呈现明显的扭曲态势;在单独考虑劳动力要素和资本要素价格扭曲对商业银行创新效率的影响效应时,两者均具有显著的负效应;在同时考虑要素价格扭曲变量和控制变量时,劳动要素价格扭曲对商业银行的影响不显著,而资本要素价格扭曲仍然显著为负,这可能与商业银行运营性质和政府干预有关。进一步地,反事实检验结果显示,分别排除基准模型中的劳动力要素价格扭曲和资本要素价格扭曲变量时,商业银行的创新效率分别将提高2.17%和1.02%,并且资本要素价格扭曲造成创新效率损失的效果有逐年下降趋势。

Based on the panel data of China＇s 15 listed commercial banks from 200 7 to 201 6, the paper figures out the labor factor price distortion and capital factor price distortion and discusses the impact mechanisms of labor fac- tor price distortion and capital price distortion. The study finds that： the price of labor and capital on commercial banks has distorted obviously. Solely considering labor factor price distortion and capital factor price distortion, the innova- tion efficiency of commercial banks has a significant loss. Taking into account the factors price distortion and control variables, labor factor price distortion has little impact on commercial banks, while the capital factor price distortion is still significantly negative. Further, the counter factual test results show that excluding the labor factor price distor- tions and capital distortions, the innovation of commercial banks efficiency will be increased by 2.17% and 1.02%, and the capital factor price distortion to improve innovation efficiency has decreased year by year.