数字金融、银行竞争与银行效率

Digital Finance,Bank Competition and Bank Efficiency

快速发展的数字金融重塑着商业银行业的竞争格局,并给银行效率带来了较大挑战。在相关理论阐释的基础上,以我国65家商业银行为主要样本,首先采用随机前沿法测算了风险调整后的银行效率,然后通过面板Tobit模型和广义矩估计法研究了数字金融对我国银行竞争和银行效率的影响。结果显示:数字金融发展通过促进银行竞争改善了银行的成本效率,但降低了银行的利润效率;在数字金融替代效应等的作用下,我国银行竞争与利润效率之间的关系符合"相对市场力量假说";在数字金融技术溢出效应等的作用下,我国银行竞争与成本效率之间的关系符合"安逸生活假说"。此外,数字金融对银行效率的影响会因银行异质性而有所差异。

The rapid development of digital finance reshapes the competitive landscape of China’s commercial banking industry and poses enormous challenges to bank efficiency.Based on the relevant theoretical explanations and the sample of 65 commercial banks in China,this paper firstly uses stochastic frontier analysis(SFA)method to measure risk-adjusted efficiency of banks,and then empirically studies the impact of digital finance on the competition and efficiency of banks through panel Tobit model and Generalized Method of Moments(GMM).The results indicate that digital financial development has improved banks’cost efficiency but reduced banks’profit efficiency by promoting bank competition.Under the substitution effect of digital finance,the relationship between bank competition and profit efficiency is consistent with the"relative market power hypothesis".But the relationship between bank competition and cost efficiency is consistent with the"quiet life hypothesis"under technology spillover effects of digital finance.In addition,the impact of digital finance on bank efficiency will vary according on bank heterogeneity.