我国副省级城市上市企业质量、金融效率和产业韧性协调发展研究

副省级城市是我国各地区的经济中心,为研究地区上市企业质量、金融效率和产业韧性的协调发展情况,探索影响三者协调发展的影响因素,本文利用2015-2020年我国15个副省级城市的面板数据,在系统评价上市企业质量、金融效率和产业韧性的基础上,通过构建系统间耦合协调模型和灰色关联度模型,并结合聚类分析对副省级城市三大系统的耦合协调发展情况及其因素等展开了实证研究。研究结果表明：副省级城市上市企业质量、金融效率和产业韧性发展趋势并不一致;副省级城市三大系统耦合协调度水平存在差异,但大部分副省级城市的系统间耦合协调度较高,且呈上升趋势;东北地区副省级城市耦合协调度水平明显低于其他地区;各一级指标与系统间耦合协调度均有较高关联度,数字金融、产业可持续、上市企业财务绩效、金融市场效率、上市企业管理对三大系统的耦合协调影响较大。最后据此提出相应的对策建议,以供参考。     

我国城商行规模扩张方式与经营效率研究——基于随机前沿方法与嵌套模型的实证分析

近年来,随着金融改革和创新的深入,我国城市商业银行的规模不断得到扩张,而其经营效率能否随规模的扩张而实现提升的问题也备受各界的关注。本文通过采用随机前沿方法对城商行的经营效率进行了分析,发现近几年城商行的经营效率总体呈现上升趋势,忽视不良贷款会严重高估城商行的成本效率。接下来,本文构建了基准模型和嵌套模型对我国城商行经营效率的影响因素进行了分析,同时讨论了不同规模扩张方式对城商行经营效率的影响。实证结果发现,总资产规模与城商行的成本效率显著正相关,城商行规模越大,其经营效率越高;从规模扩张方式看,上市融资方式能够提升城商行经营效率,通过资本注入重组实现快速的规模扩张会减弱城商行的经营效率,而合并重组的扩张方式对城商行的经营效率影响不大。本文的研究结论对我国城商行规模扩张控制及扩张方式选择具有政策启示。     

IPO超募、上市企业非效率投资行为及公司内部治理的调节效应

目前我国正面临中小企业融资困难而上市企业过度融资的窘境,资本市场资源配置的功能引起了社会各界的广泛质疑。本文基于该现状,探讨了IPO超募资金对上市企业非效率投资行为的影响,进一步地,将超募问题与企业管理相结合,分析了是否越大的企业规模管理制度越完善,从而对上述关系(超募-非效率投资)产生了调节作用。研究结果表明:超募资金越多的企业,过度投资的程度越重;同样,超募资金越多的企业,投资不足的程度也越厉害;越大的企业规模越能缓解由超募资金引起的过度投资;但企业规模不能调节由超募资金所引起的投资不足。     

我国创业板上市的高新技术企业股权融资效率评价研究

本文利用数据包络分析方法,以我国创业板上市的48家高新技术企业为对象,对其上市后股权融资效率进行实证研究,结果显示其整体股权融资是低效的,大部分企业既未达到技术有效,又未达到规模有效。最后本文分别从高新技术企业自身发展和创业板市场建设的角度提出了政策建议。     

我国银行业市场势力与行业效率关系的实证研究

本文主要研究我国银行业市场势力及其与行业效率之间的关系,分别以我国银行业的成本效率、规模效率和技术效率为因变量,以市场势力、银行规模、资产配置能力、产权结构、创新程度和稳定性为自变量,构建了三个效率影响因素模型,对市场势力与行业成本效率、规模效率和技术效率的关系进行了分析。结果发现,在总体水平上,市场势力对成本效率、技术效率之间存在显著负的影响,对规模效率的影响不显著。     

不确定性、融资约束与企业投资行为研究

本文利用我国证券市场制造业的最新数据,分析了我国上市企业投资行为与不确定性和融资约束的关系,结果显示：内部现金流和不确定性对企业的投资有明显的影响,且两种因素对投资的影响具有加强的作用;随着企业的国有股份比例提高和净资产回报水平增加,投资-现金流敏感性递增;国有股比例越高,企业规模越大,投资对不确定性敏感性越大。     

我国银行业市场势力与行业效率关系的实证研究

本文研究了我国银行业市场势力及其与行业效率之间的关系,分别以我国银行业的成本效率、规模效率和技术效率为因变量,以市场势力、银行规模、资产配置能力、产权结构、创新程度和稳定性为自变量,构建了三个效率影响因素模型,对市场势力与行业成本效率、规模效率和技术效率的关系进行了分析。结果发现,在总体水平上,市场势力与成本效率、技术效率之间存在显著的负影响,对规模效率的影响不显著。     

金融生态环境、股价波动同步性与上市企业融资约束

我国股票市场股价波动同步性是否正向地反映了股价的信息吸收效率?本文将股价波动同步性作为衡量信息不对称的指标,以2003~2006年我国上市企业为样本,检验在不同金融生态环境下股价波动同步性对企业融资约束的影响。研究发现在交易噪声广泛存在的我国股票市场,股价波动同步性与上市企业融资约束呈负相关关系,且对那些处于发达金融生态环境中的企业而言,这一负相关关系表现得更为明显。研究表明在控制企业规模等因素后,股价包含更多的市场和行业信息本身正向地反映了股价的信息吸收效率,而发达的金融生态环境有助于提高股价对市场和行业信息的吸收。     

我国商业银行结构、效率与绩效关系研究

本文利用我国12家商业银行2003-2006年的样本数据,对我国银行业的经济效率和规模效率、市场结构、市场绩效,以及市场结构、效率与绩效三者关系做了理论分析与实证检验。结论是:我国银行业的经济效率和规模效率逐步提高,市场结构状况明显改良,竞争程度加剧;改制上市后的银行绩效显著改善。但是关于银行业的结构、效率与绩效关系的"传统的SCP假说"、"相对市场力量假说"、"X效率结构假说"、"规模效率结构假说"在我国均不成立。     

征信机制、信用信息与信贷约束 ——基于中小企业板上市公司的实证

本文从理论上阐述了征信机制缓解信息不对称,降低企业融资成本,提高信贷可 获得性的作用机理,并以中小企业板上市公司为研究对象,实证检验了企业基本信息、财务信 息、商业信用信息等各类信用信息对中小企业信贷规模和融资成本的影响。实证研究发现：中 小企业基本信息对信贷可获得性的影响存在异质性,对信贷规模影响不显著。企业财务信息、 商业信用信息与贷款可获得性、贷款规模、融资成本支出显著正相关。     

商业银行绩效、效率与市场结构——基于中国1994～2005年的面板数据

本文应用随机边界方法(SFA)测度了中国16家全国性商业银行的X效率和规模效率,并在此基础上针对其经营绩效与市场结构间关系的几种经验假说进行了检验。统计结果显示,样本期内各商业银行的效率情况总体上均不断改善,其中股份制银行的X效率水平普遍高于国有银行,但在减速递增的过程中差距在不断缩小;另一方面,国有银行在规模经济上具有显著优势,并且2002年以来优势还在进一步扩大;最后,关于银行绩效与市场结构关系的四个主要经验假说在中国银行业市场均不适用,中国商业银行部门的成本控制优势在迅速扩大业务规模的过程中并未有效地转化为盈利能力的提高。     

The Cost Efficiency of Real Estate Investment Trusts: An Analysis with a Bayesian Stochastic Frontier Model

Using a stochastic frontier methodology that incorporates Bayesian statistics, this paper analyzes the cost efficiency of real estate investment trusts (REITs) by observing the deviations of the measured costs of individual REITs from a defined efficient cost frontier. Using 1995–1997 data, we extend the previous research in this area and measure REIT efficiency more precisely by isolating random measurement error from the overall deviations from the efficient cost frontier. We calculate the magnitude of each REIT's managerial inefficiency, the industry inefficiency, and returns to scale. In addition, we assess specific characteristics of REITs for their contribution to inefficiency by calculating the odds ratio that a REIT with a specific characteristic is more efficient than a REIT with an alternative characteristic. The results show that, for the years studied, REITs are relatively cost efficient with most REITs facing increasing returns to scale. Additionally, the REIT's use of debt and the REIT's management style significantly affect the cost performance of REITs during the aforementioned time period. Finally, diversification across property types, as measured, does not seem to influence REIT cost efficiency.     

我国商业银行规模经济效率的实证分析及建议

竞争是开放条件下银行必须面对的生存法则,对即将与外资银行展开全面竞争的中国银行业来说,提高竞争力的关键是要提高国有商业银行的竞争力.而竞争优势本质上是效率优势,也就是要最大限度地节约成本、增加收益.本文运用随机前沿方法对我国商业银行1994～2002年的规模效率进行了实证研究,引入超越对数成本函数和Cobb-Douglas成本函数并对两者进行了假设检验,估计出了各大银行的规模效率;在此基础上指出,国有商业银行经营过程中长期存在的规模不经济,表面上源于规模大、人员机构多,实质则是隐藏于它们背后的国有产权制度安排和金融领域的长期垄断.     

The determinants of cost efficiency in cooperative financial institutions: Australian evidence

Previous studies of efficiency in cooperative financial institutions assume subsidies to be a normal part of business operations. Using a sample of Australian credit unions (CUs) this paper shows that ignoring subsidies biases estimates of cost efficiency and efficiency rankings. Time varying cost efficiency is estimated using stochastic frontier and generalised WITHIN approaches and compared with the distribution free (DF) approach assuming constant efficiency. Despite significant industry rationalisation, average efficiency shows little improvement over the period 1985–1993, however efficiency rankings change considerably. Second stage regressions suggest bond type, size, age, average deposit size and interest rate spreads are significant determinants of relative cost efficiency.     

Bank efficiency in the new European Union member states: Is there convergence?

We employ the stochastic frontier approach and estimate a common frontier in order to examine cost and profit efficiency in the banking systems of the ten new European Union member states over the period 1998-2003. The results indicate a generally low level of cost and an even lower level of profit efficiency, whilst we do not observe marked differences of inefficiency scores across countries. Foreign banks outperform both state-owned and domestic private-owned banks in terms of profit efficiency, though results are less clear in the case of cost efficiency. In addition, β- and σ-convergence criteria indicate some convergence in cost efficiency across the new member states, yet no convergence appears to have been achieved in terms of profit efficiency.     

The random parameters stochastic frontier cost function and the effectiveness of public policy: Evidence from bank restructuring in Mexico

We apply specifications of the random parameters stochastic frontier cost function model to estimate bank efficiency. This class of model appears to resolve the long standing problem of confounding inefficiency and heterogeneity. Mean cost efficiencies from random models are higher by as much as eleven percentage points compared to pooled OLS estimates. Whilst tests show efficiencies are not drawn from the same population, rank order efficiencies are strongly associated. In a second step, we employ the estimated efficiencies to determine the effect of foreign acquisitions on bank cost efficiency following legislative reforms made as part of Mexico's bank restructuring programme in 1995. Foreign bank acquisition does not significantly affect efficiency whereas consolidation of local banks yields significant long-term improvements in efficiency. We recommend random parameters stochastic frontier models since they better accommodate heterogeneity and produce more precise estimated efficiencies.     

商业银行效率演进趋势及结构特征透析

应用随机边界方法（SFA）,本文对中国16家商业银行1994至2006年的成本/利润效率情况进行了测度。估计结果表明,样本期内中国商业银行成本/利润效率水平总体上均呈升势,股份制银行的表现均要优于国有银行,在成本方面这种优势在不断缩小,而在利润方面则没有明显的变化趋势。我们讨论的一个重要含义是：在经济的全面国际化和市场化背景下,革除行业准入上的制度壁垒、放松业务领域上的分割限制是提高中国商业银行盈利能力的重中之重。     

基于随机前沿分析的贷款定价效率研究

在同等条件下,高效率的贷款定价能够给银行带来更多的收益。本文将影响贷款定价的因素分成两部分：将成本因素设定为随机前沿生产函数的投入指标,将风险和其他因素设定为影响商业银行贷款定价效率的指标。通过建立商业银行贷款定价的随机前沿生产函数,研究商业银行的贷款定价效率。对中国33家商业银行2003--2012年的面板数据进行实证研究发现：大型商业银行因规模优势表现出了较高的效率;股份制银行和城市商业银行的贷款定价效率差异最大;在利率管制下,外资银行的技术优势没有体现出来。     

Cost efficiency of the banking industry in the South Eastern European region

This paper analyses cost efficiency in the banking sector of six South Eastern European countries over the period 1998–2003. A stochastic frontier approach, incorporating firm-specific and country-related variables, indicates a generally low level of cost efficiency, with significant inefficiency differences among countries. Foreign banks and banks with higher foreign bank ownership involvement are associated with lower inefficiency. Furthermore, we observe a negative correlation of cost inefficiency with bank capitalization and firm market share, and a positive one with the fraction of loans in the asset portfolio.     

Cross-country comparisons of efficiency: Evidence from the UK and Italian investment firms

This paper compares and reconciles two new methods for cross-country comparisons of the cost efficiency of UK and Italian investment firms over the period 1995–1998. It employs four different specifications of the stochastic frontier methodology, using a translog cost function in order to measure X-efficiency. The traditional common frontier reveals that Italian investment firms are nearly as efficient as UK firms. To overcome traditional limitations, two methods are used in this paper. They provide consistent results. The first method shows differences between the efficiency of the two countries by incorporating environmental variables into the cross-country common frontier. The second method shows differences in the efficiency of the domestic versus foreign investment firms in the two countries, by testing the ability to monitor and control on a cross-border basis. Finally, to identify investment firms that are both cost and profit efficient, we undertake a profitability test.