中国商业银行市场势力对其效率和稳定性的影响

文章运用随机边界模型估算了中国商业银行近十年来的成本、利润效率,并分别以勒纳指数和Z指数代表市场势力和稳定性,考察了市场势力对银行经营效率和稳定性的影响。结果表明:内地商业银行整体的效率逐年上升,但仍落后于香港的银行;四大商业银行的效率低于中小银行。市场势力与效率呈反向关系,而与稳定性的关系要区别对待:市场势力一方面增加了中小银行和香港银行的稳定性,另一方面也增加了四大商业银行和交通银行的经营风险。因此,继续深入金融自由化和银行业改革,恰当地引入一些竞争,会对中国商业银行经营的效率和稳定性起到积极的作用。  

台湾金融(银行)改革模式探讨

台湾金融(银行)改革具有典型的"机构范式"特征,遵循了"机构范式—机构调整—行政主导"的改革逻辑。行政部门在台湾金融(银行)改革中处于主导地位,试图通过银行机构的设限、设量调整实现改革目标。通过对台湾金融改革历程和绩效的考察,本文认为台湾行政主导的金融改革不仅无法实现银行业效率的整体提高,还将衍生其他经济金融问题,如台湾银行业登陆困境等,台湾银行业改革面临范式调整问题。  

Increasing Market Share as a Rationale for Corporate Acquisitions

This study examines the relative importance of market share in acquisitions because anecdotal evidence and economic theory suggest that merging firms benefit from larger market share. Firms might focus on market share to improve shareholder value through improved efficiency, which benefits consumers. Alternatively, higher market share could generate greater market power, which adversely affects consumers. I find that market share of merging firms increases by more than 30%, relative to the pre‐acquisition level, and the increase is even larger after I account for industry changes. Abnormal returns are positively correlated with changes in market share around acquisitions, but not with changes in industry concentration, which suggests stock market's expectation of future benefits from efficiency rather than market power. More directly, I find that merging firms' long‐run profitability increases with market share, and the increase in profitability primarily results from better asset management.  

U.S. Airways merger: A strategic variance analysis of changes in post-merger performance

This case provides students the opportunity to apply strategic variance analysis (SVA) methodology in analyzing the performance changes realized in an airline merger. The U.S. Airways–America West merger provides an example of a complex, strategic action that simultaneously impacts firm size, unit pricing and costs, efficiency, and capacity for the combining airlines. This merger provides a rich example for the analysis since it combines U.S. Airways, a higher cost network airline that is geographically focused on the Eastern U.S., with America West, a low cost airline operating primarily along the Western U.S. The case includes merger and acquisition (M&A) theory discussing market power vs. efficiency motives for mergers and discusses the role of the U.S. Department of Justice and Federal Trade Commission in evaluating M&As and their impact on markets. The case asks students to serve as consultants applying the SVA methodology to the past U.S. Airways–America West merger and provide conclusions.  

产品市场势力、公司治理与股票市场流动性

本文实证研究了我国股票市场的流动性问题。结果表明,产品市场势力能够促进信息传递,提高股票的流动性。这种影响即使控制了公司治理因素依然显著,同时随着信息不对称程度的提高而更为明显。另外,在对股票流动性的影响上,产品市场势力与董事会规模、高管薪酬激励之间存在替代关系。同时,股权分散能增强产品市场势力的影响,但是产品市场势力会削弱股权分散的积极作用。  

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。  

The joint estimation of bank-level market power and efficiency

The aim of this study is to provide a methodology for the joint estimation of efficiency and market power of individual banks. The proposed method utilizes the separate implications of the new empirical industrial organization and the stochastic frontier literatures and suggests identification using the local maximum likelihood (LML) technique. Through LML, estimation of market power of individual banks becomes feasible, while a number of restrictive theoretical and empirical assumptions are relaxed. The empirical analysis is carried out on the basis of EMU bank data. Market power estimates indicate fairly competitive conduct in general; however, heterogeneity in market power estimates is substantial across banks. The latter result suggests that the practice of some banks deviates from the average fairly competitive behavior, a finding that has important policy implications. Finally, efficiency and market power present a negative relationship, which is in line with the so-called “quiet life hypothesis”.  

The determinants of net interest income in the Mexican banking system: An integrated model

This paper analyzes net interest income in the Mexican banking system over the period 1993–2005. Taking as reference the seminal work by Ho and Saunders [Ho, T., Saunders, A., 1981. The determinants of banks interest margins: theory and empirical evidence. Journal of Financial and Quantitative Analysis XVI (4), 581–600] and subsequent extensions by other authors, our study models the net interest margin simultaneously including operating costs and diversification and specialization as determinants of the margin. The results referring to the Mexican case show that its high margins can be explained mainly by average operating costs and by market power. Although non-interest income has increased in recent years, its economic impact is low.  

Economic determinants of price informativeness about future earnings

This study investigates how the value-creation process affects the extent to which stock prices incorporate value-relevant information about future earnings. In contrast to previous studies focusing on the value-reporting process, this paper shows that strong product market power accelerates the incorporation of future earnings into current equity prices due to less uncertainty about future cash flows and that intensive long-term investment deters such incorporation because of greater uncertainty regarding future cash flows. The results suggest that firm fundamentals shaped by product market competition and long-term investment explain the price informativeness about future earnings beyond the impact of management’s reporting discretion.  

Interest Rate Pass-Through in China: An Analysis of Chinese Commercial Banks

This study investigates the interest rate transmission in China. We analyze the extent to which the benchmark and wholesale interest rates are transmitted to the retail interest rates and focus particularly on the change in the interest rate pass-through after the interest rate liberalization. Using data of 16 listed banks from 2007Q1 to 2017Q3, we find that the pass-through is not yet complete. Even though interest rates have been liberalized on the policy level, the sensitivity of the retail interest rates to the wholesale rates has not increased enough as expected and may be explained by the market power of Chinese commercial banks.