我国商业银行效率研究述评

作为金融中介机构的商业银行在经济运行中占有独特的地位,商业银行效率的研究不仅影响银行自身的盈利能力,对于金融体系的功能发挥也具有重要意义。本文以商业银行效率的结构基础、测度方法、实证检验、影响因素,以及外资银行进入对我国商业银行效率的影响为线索,总结评析国内外学者对我国商业银行效率的已有研究成果,并提出我国商业银行效率研究中存在的不足和未来有待于深入研究的问题。     

Commission deregulation and performance of securities firms: Further evidence from Japan

This study explores the impacts on small securities firms’ performance of the multi-stage commission deregulation in Japan from 1994 to 1999. Different from previous findings, market volume does not rise while commission rates fall following each phase of the deregulation. Therefore, securities firms’ stock performance tends to decline as the deregulation proceeds, contrasting with the stock price increase reported previously. Moreover, the negative price effect tends to vary with firm size and deregulation phase, consistent with the fact that securities firms of different sizes depend to different extent on commission income from transactions covered by different phases of the deregulation.     

Internationalization strategies of emerging market banks: Challenges and opportunities

The greatly improved economic fundamentals of the major emerging economies over the last decade have propelled several emerging banks into the ranks of the world’s largest. Despite their importance in the global economy, the internationalization of emerging market banks remains an understudied phenomenon. This article examines factors that may influence the internationalization strategies of emerging market banks in the private banking sector, both when going abroad (take-off) and upon arrival in a host country (landing). The private banking sector is of significant interest given its importance in many leading financial centers around the world while undergoing major transformation due to the worldwide financial crisis, several recent scandals, and a fast-changing regulatory environment. We highlight the internationalization strategies of two banks from emerging countries, China and Brazil, and their experience in Switzerland’s traditional private banking sector. These two cases highlight factors that may influence successful internationalization such as prior industry experience, existing client base, entry strategy, ownership type, and the liability of foreignness. Our findings offer valuable implications for managers from other emerging economies by providing a better understanding of how emerging market banks expand internationally.     

Financial reforms in Chinese banking: The impact on personal lending and operational efficiency

The Chinese financial system has historically been one of secrecy, distrust, and corruption. The process does not align with the western standards of transparency and auditing. In contrast to the transaction-based business culture of the West, Chinese business society is relationship-based (quanxi), which still seems to play a key role in the credit decision. With the growth of the emerging middle class, access to financial instruments such as credit cards, life insurance, stock purchases, and the like will play a greater role in the life of the Chinese consumer. Based on these forecasts, the authors recommend seven actions to manage financial activities in China, all of which are explored within this article.     

财政投入与城市治理绩效分析——以江浙城市群比较为例

城市财政投入的产出效率反映了城市政府的管理水平和地方的治理绩效,本文运用DEA两步法对江浙两省地级及以上城市的公共治理效率进行了研究。江浙地区多数城市无论是在基础设施,还是在科教文卫的财政投入上,都存在着规模收益递减,行政层级较高的大城市尤其突出。城市财政投入的作用更多体现在城市基础设施,而不是科教文卫。改进的思路是通过向外溢出辐射,提高周围地区公共服务均等化水平,以及向内依靠科技挖潜,提高城市管理水平。     

新能源上市公司金融支持效率及影响因素研究

DEA模型和相关性分析表明我国新能源产业的金融支持存在效率缺失,低的纯技术效率值反映了技术水平较低和投资过度等问题,金融支持效率与投入指标之间呈现负相关关系。应推动新能源企业上市,强化政策引导,加大政府对新能源研发支持力度,提高新能源产业金融支持效率。     

Internationalization of Korean banks during crises: The network view of learning and commitment

This study addresses the effect of crisis on bank internationalization from the perspective of network theory. Employing the internationalization process (IP) model, we particularly examine the role of learning and commitment in overseas expansion for banking services under stable and critical periods. Following the IP model and business network approach, the study develops a theoretical view for analysis of international banks from South Korea. South Korean banks are selected as they experienced two global crises, one in 1998 and the other in 2008. Findings show that while the first crisis in 1998 stopped internationalization, the 2008 crisis stimulated firms to find new markets, especially in developing countries. Different from the studies showing that commitment increases in stable periods and decreases in crisis, this study contributes to the finding that experiencing earlier crises enhances learning and increases commitment needed for expansion and strengthening of the business network.     

市场主导与银行主导:金融体系变迁的金融契约理论考察

中国应该建立以银行为主导的金融体系还是以资本市场为主导的金融体系,这是当前金融改革面临的一个问题.本文在对世界上几个主要国家的金融体系演变历史进行考察的基础上,从金融契约理论的角度分析了这一问题.研究表明,经济力量是推动金融体系演变的内在原因,而政治制度在很大程度上约束、影响着金融体系的具体技术安排;此外一些广义的技术因素,如信息收集技术、处理技术等从外部对金融体系的现实演进也有不可忽视的作用.     

金融混业经营的机遇与挑战

随着世界经济全球化、贸易自由化、金融一体化不断加速,加快我国金融改革,尽快实现真正的金融混业经营是一种历史的必然选择.我国金融业发展迅速,企业和居民的金融服务需求提高,刺激并促进金融混业的发展.但在混业经营完全放开的情况下,目前已经处于市场领先的金融机构会更加强大,新起步的金融控股公司和中小型金融机构将在业务范围、人才引进、市场份额、客户资源、品牌影响力等方面面临巨大挑战.     

Investigating Aspects of Customer Satisfaction at the C-Store: The C-Store Product Mix and Image

ABSTRACT

A recent investigation into the convenience store (c-store) product mix called for further research into c-store customers' preferences for additional product offerings and non-c-store shoppers' reasons for not patronizing a c-store. This paper answers that call by investigating a cross-section of c-store customers to identify their perceptions of product offerings to expand the c-store's product mix and in turn increase customer satisfaction. In addition, this study explores c-store non-users' perceptions of the c-store image to understand why they do not patronize c-stores. Fourteen products were examined. Of the fourteen, only one was rated very likely to be purchased: postal services. The top three reasons provided for not patronizing a c-store were (1) inconvenient location, (2) high prices and (3) loyalty to other retailers. Suggestions for future research are provided.     

投资率和内部宏观投资效率——基于数据包络分析拥挤模型的结论

本文认为,虽然目前中国投资率较高而投资效率较低,但投资效率与投资率存在此消彼长的关系;短期内继续以较高投资率拉动经济增长仍是可行的策略;若各省投资率基本一致,则投资效率差异就是地区增长差距拉大的决定性因素;从内部投资效率比较而言,真正过热的省份主要是胶东半岛、长江三角洲和珠江三角洲的几个经济强省,因此加大对中西部的政策倾斜对这些省份几乎没有负面影响。     

A comparative study of production efficiency in coastal region and non-coastal region in Mainland China: An application of metafrontier model

This paper examines production efficiency of coastal region and non-coastal region in Mainland China between 2000 and 2010 using one-step stochastic frontier analysis and two-step metafrontier model. Unlike previous studies, this study not only discusses production efficiencies but also considers differences in production patterns. The empirical results indicate that coastal region has better production performance in metafrontier technology efficiency (MTE) and technology gap ratio (TGR). In addition, this study finds that the gap of MTE and TGR between coastal region and non-coastal region is increasing for the past years.     

涉税风险防控主导的企业财务报表分析实践探索

随着一系列减税降费政策的出台,国家的税收监管力度加大。虽然财务报表是税收风险评估的重要资料,然而传统的企业财务报表分析工作却不能发现隐含的涉税风险,应对涉税风险防控主导的财务报表分析实践加以探索。在分析我国企业主要税种的计税依据的基础上,从收入、费用、利润、资产、负债和所有者权益六要素的角度,分析相关财务报表分析指标的数量特征和指标组合的配比关系,揭示可能产生的涉税风险,构建了基于财务报表分析的涉税风险防控思维和实践体系,并进一步提出完善企业涉税风险防控的思路,以期为企业的风控建设提供参考。     

Internationalization and performance: A contextual analysis of Indian firms

This paper explores the nature of the relationship between a firm's internationalization and performance (I–P) and provides interesting evidence on the moderating role of the firm's characteristics on this relationship. First, the paper investigates two modes of internationalization by firms: exports and foreign direct investment (FDI). The study anticipates the I–P relationship to be different for these two modes owing to the differences associated with market-seeking and strategic asset/resource-seeking motivations among internationalizing Indian firms. Drawing on these differing motivations, the study theorizes a positive linear I–P relationship with export intensity and a negative linear I–P relationship with FDI activity and finds strong support for the latter. Second, the study argues for the contextual nature of the I–P relationship and attempts to integrate the role of organizational characteristics such as business group affiliation, firm size, and firm age in influencing the I–P relationship. The study finds that business group affiliation and firm age positively moderate the I–P relationships, which signifies deeper institutional, resource-based, and legitimizing effects. These results are indicative of the need for greater mid-range theorizing to forge a more robust understanding of the role various organizational characteristics play in influencing the I–P relationship.     

An empirical examination of performance in the clothing retailing industry: A case study

This article estimates the efficiency of the 40 retail stores of a prestigious clothing company that operates in the Portuguese fast-fashion retailing market. The study compares the performance among the stores and provides insights into ways of improving performance in the retail clothing industry. A two-stage approach is used in this article. In a first stage, Data Envelopment Analysis (DEA) techniques are used to evaluate the performance of each store and to rank the stores. The input-oriented model was used to assess the summer and winter collections between 2010 and 2013. The results show that the total technical efficiency of the company decreases over time. Except for the year 2013, over 90% of the stores show increasing returns to scale during 88% of the period analyzed. The company faces a clear problem of productivity in its retailing operations. This deficiency seems to be intrinsic to the firm as it involves more than 60% of the stores. In a second stage, a quantile regression technique was used. This showed primarily that for the lowest quantiles of the efficiency score conditional distribution the coefficients on experience are very low, even close to zero, which suggests that the efforts taken by the stores in terms of experience are barely recognized by consumers in this fast-fashion retailing chain.     

我国商业银行规模经济问题的实证研究——基于随机前沿模型的分析

本文运用随机前沿模型对我国商业银行1996-2004年的规模经济问题进行了实证研究。与国内已有研究不同的是,在实证过程中,我们对超越对数成本函数和Cobb-Douglas成本函数设定进行了假设检验;同时,在商业银行产出中,考虑了投资的作用。实证结果表明,国有商业银行均表现出规模不经济,而股份制商业银行基本上都表现出规模经济性。     

新型城镇化效率演化趋势及其驱动机制研究

在分析新型城镇化发展动力机制的基础上,通过构建新型城镇化效率的综合评价指标体系,运用超效率DEA模型和灰色系统理论GM(1,N)模型对1998-2010年河南省新型城镇化效率发展演化趋势及其驱动因素进行研究。结果表明:河南省的新型城镇化效率虽然整体上呈现上升趋势,但2000-2009年处于停滞阶段,2010年才突破发展瓶颈;农业现代化和现代服务业是河南省新型城镇化效率的驱动力量,而传统工业化发展模式和市场化水平低下是河南省新型城镇化效率的制约因素。     

Financial development and growth: A clustering and causality analysis

This article examines the relationship between financial development and economic growth in a sample of 69 countries. A regime switching panel vector autoregression model is specified to detect directional changes in finance-growth causality and potential time variation of such causality patterns. In addition, a clustering analysis is performed to identify the presence of convergence clubs based on data properties. The findings show that most countries have switching between two states: one way causality from growth to financial development but not the other way round, and coexistence of bi-directional causality. Poorer countries are represented by a system with stable steady state while the clusters of advanced economies tend to exhibit multiple steady states. The clustering results map closely the degree of financial openness, and the cultural and geographical proximities of member countries.     

A Comparison of Clustering Dynamics in the British Broadcasting and Financial Services Industries

This paper compares patterns of industrial clustering in the British broadcasting and financial services industries. Recent trends of deregulation, rapid technological change, and globalization in both industries suggest the significant and increasing importance of clustering effects. This study examines the evidence. It investigates the effects of cluster strength on the growth of the firm and on rates of surviving entry. We find positive, large, and statistically significant clustering effects. In both industries: (a) incumbent firms located in a cluster that is strong in their own sub-sector of their industry tend to grow faster than average; and, (b) new firms are attracted by industry strength in certain sub-sectors in a particular region. The results for these largely mature service industries are very similar to those observed in earlier studies that have examined clustering patterns in newer high technology manufacturing industries.     

金融全球化时代国家货币的命运:过去、现在与未来

主权意义上的国家货币是近代历史的产物。在19世纪,经济民族主义、国内统一市场、军事财政改革、新工业技术共同建构出现代国家货币。而金融全球化冲击着国家货币与货币主权,呈现出一个市场,一种货币的时代特点。这一特点的根源仍然在于国家货币的历史结构。但是,国家货币仍将在未来相当长的一段时期内是国际货币格局的主导形态。