【作者】 常琨；

【导师】 伍??；

【作者基本信息】 青岛大学 ， 金融学， 2004， 硕士

【摘要】 本文以X效率为主线，利用DEA二步法考察了1997—2002年间中国14家商业银行技术效率、配置效率和X效率的变化情况。其中DEA用以计算各银行的效率得分情况，Bootstrapping回归分析用以确定银行效率的影响因素。此项研究试图回答以下问题：(1)纵向比较，中国84年开始的金融体系改革是否取得了显著成效，在X效率方面的表现如何?(2)横向比较，国有银行与其他商业银行在X效率方面是否存在统计上的显著差异，即通常认为的国有银行低效率是否能得到数量分析的支持?(3)哪些因素决定着中国商业银行的经营效率，产权在其中是否起着决定性的作用? 对比国内与国际的银行效率文献不难发现，国内文献主要是描述性的定性分析，侧重因果链条的逻辑判断和推理，例如所有权虚置理论解释国有制如何导致低效率；而国外文献侧重定量研究，偏好于求解效率分值。本文取二者所长，将定性分析与定量分析相结合，深入、严谨的解答了所提出的问题。 本文的逻辑在于：首先，借助X效率研究方法检验长期以来国内学术界及公众对银行业经营效率的判断，研究结论为其提供了有力的支持；然后，结合国内文献探讨国有银行低效率的原因，作为对技术性实证分析的补充和深入。 研究表明中国银行业近年来效率显著改善，但与发达国家相比仍有差距，其中国有商业银行的效率又低于股份制银行。低效率的原因主要归咎于配置低效率和规模低效率，这意味着金融管制的进一步放松和国有银行继续精简机构是必要的．回归分析显示单一国有产权对三种类型的效率都有显著的负向影响，与经济学理论分析相互印证并互为补充。因此，正在进行的国有银行股份制改造应能取得良好的效果。此外“管理约束也应当在下一步的改革中给予足够重视。 正文共10章。前两章为引言和文献综述。三、四章分别介绍了X效率的经济学含义，以及利用DEA方法求解X效率的技术细节。第五、六章对我国商业银行1997—2002年的X效率进行了实证研究，Malmquist指数显示银行业总体效率在该阶段有显著改善；X效率平均值在时间序列上从0.63提高到0.83，标准差下降了15％。第七章引入Bootstrapping方法寻找影响银行效率的因素，回归结果表明产权在所选三个因素中是唯一统计显著的；随后所作的ANOVA检验也表明国有银行X效率显著低于其他银行。第八章在前文分析结论的基础上，通过对所有权虚置理论、动态承诺不一致、公司治理结构理论及比较优势说的说明，深入分析了单一国有产权导致低效率的摘要逻辑，对实证结论做了有益的补充。第九章结合实证研究结论和第八章的分析，给出了国有银行改革的政策建议。第十章是结论。 本文的创新在于，尝试将国际主流的银行效率研究方法应用于中国商业银行研究，并辅以定性分析，对中国银行业进行了深入、全面的考察。与国内己有文献相比，技术细节考虑更加严谨，例如投入产出变量的选取和回归分析中自变量的选取，以及B00tstrapping方法的引入等。更多还原

【Abstract】 This study has three main objectives: (1) to estimate the technical and allocative efficiency, and X-efficiency (here refer to cost efficiency) of Chinese commercial banks, (2) to investigate whether the cost efficiency of China banking systems has improved in recent years, (3) to evaluate the determinants of this three types efficiencies. 14 commercial banks are involved in the sample and Two-Step approach has been used. The overall, technical and allocative efficiencies were measured using Data Envelopment Analysis (DEA). The regression model was used to determine the factors influencing efficiency and ANOVA was performed to find the difference in efficiency of state-owned ’Big-Four’ and other banks. Bootstrapping technique is applied in regression analysis to overcome the data-generating problem of DEA efficiency scores.The examination of X-efficiency in banking has important public policy implications in China and the assessment of banks efficiencies is necessary. Berger et al. (1993) found that X-efficiencies account for around 20% or more of costs in banking. However, scale and product mix inefficiencies, when accurately estimated, are usually found to account for less than 5% of the costs.Despite the importance of efficiency studies, the literature on efficiency in Chinese banking is limited. While Scholars do many qualitative analysis to illustrate the logic how state-owned ownership or other institutions induce inefficiency, very few quantitative works have been undertaken to evaluate the efficiency scores of banks in China.My logic is: first, using X-efficiency method to test the opinion holding by scholars and public, that is state-owned banks are more inefficiency than others and the ownership is determinant. Conclusion supports this opinion. Second, explain how the state-owned ownership causes the inefficiency. This qualitative part is considered as the complementary of the previous empirical part and extends the debate.Three main conclusions emerge from this study. Firstly, the efficiency of Chinese banking as whole makes obvious progress during the tested term. Domestic bank efficiency is below the world mean efficiency and banks need to improve it further so as to achieve world best practice. ’Big-Four’ banks are indicated more inefficient than others. To be specifically, allocative and scale inefficiencies account most of the overall inefficiency. It7implies that deregulation should carry on. The regression models show state-owned ownership is the only significant factor driving efficiency down. So the ongoing reform that to turn state-owned bank to joint stock bank should have a bright future.There are 10 chapters. The first two are introduction and review. Chapter 3 and 4 explain the concept of X-efficiency and DEA methodology.In chapter 5 and 6, the empirical study is undertaken to analyze X-efficiency of commercial banks during 1997 to 2002. Malmquist Index shows that the total efficiency of banks has been improved in this duration. The mean X-efficiency score has risen from 0.63 to 0.83, standard deviation has dropped by 15%.Bootstrapping method is applied in chapter 7 to examine the factors driving efficiency. The regression analysis shows that ownership is the only statistically significant one influencing efficiency. Besides, ANOVA shows state-owned banks are significantly less efficient than other banks.Chapter 8 presents some theories such as dynamic inconsistency, corporate governance and comparative advantage, which complete the logic how ownership influences efficiency.Chapter 9 put forward suggestion and chapter 10 concludes.The highlights are: Combining qualitative analysis and quantitative analysis, the author resort to international prevailing research method to investigate commercial banks in China. By contrast with previous domestic papers in this field, this paper pays more attention to the technical details in choosing input and output variables in DEA analysis and choosing independent variables in regression. Besides, bootstrapping method is used to resol更多还原