银行盈利的宏微观因素——对中国银行业的实证研究

This paper seeks to examine the determinants of the profitability of the Chinese banking sector during the post-reform period of 2000–2005. The empirical findings from this study suggest that all the determinants variables have statistically significant impact on China banks profitability. However, the impacts are not uniform across bank types. We find that liquidity, credit risk, and capitalization have positive impacts on the state owned commercial banks (SOCBs) profitability, while the impact of cost is negative. Similar to their SOCB counterparts, we find that joint stock commercial banks (JSCB) with higher credit risk tend to be more profitable, while higher cost results in a lower JSCB profitability levels. During the period under study, the empirical findings suggest that size and cost results in a lower city commercial banks (CITY) profitability, while the more diversified and relatively better capitalized CITY tend to exhibit higher profitability levels. The impact of economic growth is positive, while growth in money supply is negatively related to the SOCB and CITY profitability levels.      

WTO challenges and efficiency of Chinese banks

After joining the World Trade Organisation (WTO) in December 2001, China was given 5 years to completely open up its banking market for international competition. Chinese banks have been renowned for their mounting nonperforming loans and low efficiency. Despite gradual reforms, the banking system is still dominated by state ownership and encapsulated monopolistic control. How to raise efficiency is a key to the survival and success of domestic banks, especially the state-owned commercial banks. Two important factors may be responsible for raising efficiency: ownership reform and hard budget constraints. This article uses a panel data of 22 banks over the period 1995 to 2001, and employs a stochastic frontier production function to investigate the effects of ownership structure and hard budget constraint on efficiency. Empirical results suggest that nonstate banks were 8–18% more efficient than state banks, and that banks facing a harder budget tend to perform better than those heavily capitalized by the state or regional governments. The results shed important light on banking sector reform in China to face the tough challenges after WTO accession.     

中国银行业效率的实证分析

中国于 2 0 0 1年 1 2月加入WTO ,5年之后必须对外全面开放国内银行业市场。中国的银行一直以大量不良贷款和效率低下而著称。尽管在逐步改革 ,中国的银行体系仍由国有银行主导并形成垄断控制。怎样提高效率是国内银行尤其是国有商业银行生存和成功的关键。以下两个重要因素可能有助于提高中国的银行效率 :所有制改革和硬预算约束。本文使用了 2 2家银行 1 995— 2 0 0 1年期间的一组数据 ,利用随机前沿生产函数研究了所有制结构和硬预算约束对银行效率的影响。经验结果表明 ,非国有银行比国有银行效率高 1 1 %— 1 8% ;面临硬预算约束的银行的绩效比国家和地方政府投入大量资本的银行好。本文结论的重要意义是 :在加入WTO 3年后的今天 ,中国银行业的改革面临着更为严峻的挑战     

The Effect of Regulatory and Risk Management Advancement on Non-Performing Loans in European Banking, 2000–2011

We study whether the implementation of advanced risk management techniques in compliance with the internal ratings-based (IRB) approaches in the Basel Capital Accord reduced non-performing loans (NPLs) and, hence, had a significant impact in controlling credit risk in emerging and advanced European banks during 2000–2011. Our analysis reveals that there exists wide variation in terms of adoption of such advanced techniques across European banks. Emerging Europe, which suffered the most from the surge in NPLs in the post-crisis period, lags significantly behind the Eurozone economies in terms of the intensity of IRB adoption rates. We employ dynamic generalized method of moments (GMM) estimation methods in our panel regressions to investigate the effect of such regimes on the level of NPLs on a country level. Our findings confirm that the intensity of IRB usage within a banking system leads to a statistically significant decrease in the aggregate amount of NPLs in the post-crisis period, after controlling for macroeconomic and bank-specific characteristics of individual economies. This result is consistent with the view that the efficiency of credit risk management may turn out to be a critical factor in avoiding widespread banking distress and for improving the profitability and solvency of banking systems as a whole.     

Risk management and dynamic network performance: an illustration using a dual banking system

This study applies dynamic network data envelopment analysis to compare a dual banking system, namely conventional and Islamic banks, with emphasis on risk measures. Non-oriented, variable return-to-scale dynamic network slacks-based measure is used to model the banking performance for the period 2008–2012. Under the consideration of risk measures, the findings highlight that Islamic banks excel in managerial efficiency while conventional banks surpass in profitability efficiency. Furthermore, the regression results find that the number of directors on the risk management committee has a positive impact on banking performance. Meanwhile, the high number of independent directors improves the profitability efficiency but worsens the managerial efficiency.     

Impact of financial reforms on efficiency of state-owned,private and foreign banks in Pakistan

This article uses a unique bank level data from 1991 to 2000 and evaluates how financial reforms affect banking efficiency of domestic and foreign banks in Pakistan. The results suggest that banking efficiency falls during initial reform period when banks adjust to enhanced competition but increases in more advanced stages of reform. While in general foreign and private banks show superior efficiency and factor productivity than do state-owned banks, the relative performance of foreign banks worsens after the consolidation stage of the financial reforms is over. We show the importance of link between bank size, asset quality and bank branches with efficiency indexes and also note that every 10% increase in share of nonperforming to total loans decreases banking efficiency by 6 to 10%.     

Microeconomic determinants of acquisitions of Eastern European banks by Western European banks1

A considerable number of Western European banks acquired banks in Central and Eastern Europe from the mid‐1990s onwards. The question is whether or not this will improve the efficiency and profitability of the Central and Eastern European banking sectors. We test the relative strength of the efficiency versus the market power hypotheses by investigating the bank‐specific characteristics of the banks involved in the cross‐border acquisitions. We also examine the determinants of the post‐acquisition target banks’ performance. Our results indicate that large Western European banks have targeted relatively large and efficient Central and Eastern European countries (CEEC) banks with an established presence in their local retail banking markets. We find no evidence that cross‐border bank acquisitions in the CEEC are driven by efficiency motivations. The evidence supports the market power hypothesis, raising concerns about the optimal balance between foreign ownership and competition.     

The Impact of Foreign Entry on Chinese Banks

Utilizing hand collected data concerning foreign ownership in the Chinese banking sector, we examine whether foreign ownership improves the efficiency of Chinese banks. Foreign banks tend to provide cooperation in retail banking rather than in corporate or private banking. We find no robust evidence of an improvement in the efficiency of an average bank that receives foreign strategic investments. However, the bank cost and profit efficiency significantly improve when foreign strategic investments provide retail banking and internal control assistance respectively to local banks. These findings suggest that foreign investment improves local bank efficiency when it transfers technologies that are lacking in local banks.     

Bank efficiency in South‐Eastern Europe

This study examines the cost and profit efficiency of banking sectors in six transition countries of South‐Eastern Europe over the period 1998–2008. Using a stochastic frontier approach, our analysis reveals that the average cost efficiency of South‐Eastern European banks is 68.59 percent, and the average profit efficiency is 53.87 percent. Regressions on the determinants of bank efficiency show that foreign banks are characterized by higher profit efficiency but lower cost efficiency, and government‐owned banks are associated with lower profit efficiency than domestic private banks. However, the efficiency gap between foreign‐, domestic private‐ and government‐owned banks narrows over time. We also find that the market power of a bank has a positive association with both cost and profit efficiency. Institutional development, proxied by progress in banking regulatory reforms, privatization and enterprise corporate governance restructuring, also has a positive impact on bank efficiency.     

Cost economies,efficiency and productivity growth in the Chinese banking industry: evidence from a quarterly panel dataset

This article examines cost economies, productivity growth and cost efficiency of the Chinese banks using a unique panel dataset that identifies banks’ four outputs and four input prices over the period of 1995–2001. By assessing the appropriateness of model specification, and making use of alternative methodologies in evaluating the performance of banks, we find that the joint-stock commercial banks outperform state-owned commercial banks in productivity growth and cost efficiency. Under the variable cost assumption, Chinese banks display economies of scale, with state-owned commercial banks enjoying cost advantages over the joint-stock commercial banks. Consequently, our results highlight the ownership advantage of these two types of banks and generally support the ongoing banking reform and transformation that is currently taking place in China.     

The Efficiency of China's Banking Industry and the Determinants

The recent global financial crisis highlights the importance of a sound financial sector for economic development. This paper evaluates the economic efficiency of China's banking industry and investigates the determinants of this efficiency. Our analysis shows that the average economic efficiency of joint-stock commercial banks is highest, followed by the ‘Big Four’ state-owned commercial banks and city commercial banks. The economic inefficiency of these banks during the past 15 years was mainly caused by technical inefficiency, and this technical inefficiency was mainly caused by scale inefficiency. Using the scores of efficiency as dependent variables, the paper also comprehensively studies the impact of (1) the characteristics of individual banks, (2) the characteristics of the whole banking industry and (3) macroeconomic factors on banking efficiency. The results suggest a number of factors that banks can work on to improve efficiency and lend support to deepening reforms in the Chinese banking industry, including regulatory reforms that require capital adequacy in a more strict way, reforms that introduce more competition and, more broadly, reforms that aim at establishing institutions that can truly commercialize Chinese banks. Last but not least, the efficiency of banking depends on healthy growth of the overall economy.     

Evolution of banking efficiency within an unstable macroeconomic environment: the case of Turkish commercial banks

This paper analyses the efficiency performance of the Turkish banking sector between 1988 and 1999, a period characterized by increasing macroeconomic instability. The technical and scale efficiencies of Turkish commercial banks are measured with the use of nonparametric Data Envelopment Analysis. The empirical results suggest that over the sample period both pure technical and scale efficiency measures show a great variation and the sector did not achieve sustained efficiency gains. It is also reported that the sector suffers mainly from scale inefficiency and scale inefficiency, in turn, is due to decreasing returns to scale. There are also reported differences in the efficiency performance of commercial banks with different ownership status. In addition, the relationships between profitability, asset quality, size and the two definitions of efficiency are considered. Efficient banks are more profitable, and pure technical efficiency and scale inefficiency are positively related to size. The trend in the performance levels over the period suggests that macroeconomic conditions had a profound influence on the efficiency measures.     

绿色信贷能否缓解银行系统性风险*——基于中国22家上市银行的证据

本文选取2009—2020年中国22家上市银行年度数据，构建面板回归模型,就绿色信贷对银行系统性风险的影响及其传导机制与异质性特征进行实证分析。研究表明：绿色信贷对银行系统性风险具有抑制作用。风险承担与盈利能力在绿色信贷与银行系统性风险的关系中承担着双重中介作用。绿色信贷对银行系统性风险的影响存在异质性特征。相对于国有银行、低环境规制时期银行及经济上行期银行，绿色信贷对非国有银行、高环境规制时期银行及经济下行期银行系统性风险的抑制作用更为明显。该成果将为防控中国银行业系统性风险提供重要的理论指导与决策参考。     

Has regulatory reform had any impact on bank efficiency in Indonesia? A two-stage analysis

More than a decade following the severe economic crisis 1997, Indonesia has undergone major regulatory changes in its banking industry. This article examines the impact of these regulatory changes on the relative technical efficiency (TE) of the Indonesian banking industry employing data envelopment analysis (DEA) and censored Tobit regression model. Additionally, the bootstrap approach of Simar and Wilson is employed to provide statistical properties to the DEA efficiency score. The findings show that the industry on average is inefficient over the period of analysis. Also, state-owned and foreign-owned banks are found to be more efficient than any other group of banks. Finally, the impact of regulatory reforms is generally positive and statistically significant.     

Do banking system transparency and competition affect nonperforming loans in the Chinese banking sector?

The increasing importance of transparency practices and the improving status of bank competition in China are rarely explored in nonperforming loans (NPLs) literature. Thus, the purpose of this study is to examine banking system transparency and competition along with macroeconomic and bank-specific variables as determinants of NPL. We use the two-step system GMM dynamic panel model for Chinese banks based on annual data from 2000 to 2014. Our results indicate that high transparency in the Chinese banking system decreases poor-quality assets but not in the case of government-owned banks, whereas increase in competition increases NPL. Moreover, we find mixed results in the context of macroeconomics and bank-specific variables. Our study has practical implications in risk management practices and macro prudential policies.     

Consideration of technological and environmental heterogeneity in cost efficiency analysis

In order to evaluate and compare the efficiency levels across banking industries, we adopt the meta-frontier model that can assess the technological difference among countries. Given the importance of country specific conditions, we include in our analysis the different specificities of each country to incorporate the technological as the environmental differences in the evaluation of banking efficiencies. Using data on the banking industries of several countries in the MENA region, over the period 1991–2011, the results of the efficiency scores corrected by the technological and environmental gap led us to conclude that Egyptian banks are the most efficient in terms of cost compared with banks in other countries. Egyptian banks enjoy a very favourable banking technology. Our results support the hypothesis that traditional techniques of efficiency analysis based on the efficiency scores of a specific and pooled frontier tend to mystify efficiency levels and may incorrectly identify efficient banks. This paper contributes to the efficiency literature by incorporating technological and environmental heterogeneities in the evaluation of efficiency. This helps to characterize the production process of a bank and provides common standards by which the efficiencies of banks in different countries can be compared in a meaningful way with each other.     

外资银行进入对我国银行效率影响的实证分析

本文选取我国银行市场上占主要地位的14家银行1994-2004年的面板数据,就外资银行进入对我国银行业效率影响进行了实证分析.实证结果表明:外资银行的进入使得国内银行的流动性、非利息收入、经营费用和资产收益率降低,并使其资产质量下降,风险增加,但是技术外溢效应以及对国内银行盈利性的影响并不显著.而且,金融业的对外开放对国有银行造成的冲击小于股份制银行.本文还根据实证分析结果,提出相应的政策建议.     

ARE LAC COOPERATIVE AND COMMERCIAL BANKS SO DIFFERENT IN THEIR MANAGEMENT OF NON‐PERFORMING LOANS?

This paper assesses technical efficiency in the management of non‐performing loans (NPLs) in the Latin American and Caribbean (LAC) banking industry. To that end, Data Envelopment Analysis techniques are employed with data from the years 2013 to 2016 on a sample of 307 LAC cooperative and commercial banks. Our main contribution to existing literature is that differences of efficiency between cooperative banks and commercial banks are assessed as the result of the different capacities of their managers – managerial efficiency – and the so‐called programme efficiency, which represents differences in the technology used by these two categories of entities. Our principal result suggests that the technology used by cooperative banks in the management of NPLs is more efficient than the technology of commercial banks.     

China's Banking Reform

This article discusses the main problems facing the Chinese banking system and concludes that, despite serious problems, the risk seems small that, in the near future, a financial crisis will occur that will pose severe problems for the international financial system. An internal financial crisis, however, could occur. Without government support, the economic viability of many of China's banks is questionable. The government and central bank authorities acknowledge the situation and have taken some steps toward reform. The most serious threat to the banking system lies in the accumulation of non-performing loans (NPLs)--many of them policybased loans extended by state-owned banks to money-losing state-owned companies with little expectation that they would be completely repaid. China has been taking measures to keep the problem from worsening and has created four asset management companies to dispose of NPLs that still have value. Since the Chinese economic reforms began in 1978, Chinese authorities have made significant progress in modernising their banking system, although they still have a long way to go. However, there are several ameliorating factors that still keep its financial and foreign exchange system viable. China's continued high rate of growth and high savings rate have funneled deposits into the banking system, while a $20-30 billion annual trade surplus together with an inflow of foreign direct investment at about $40 billion per year have resulted in an accumulation of foreign exchange reserves exceeding $200 billion. China does not carry an unusually heavy debt burden, either domestic or international, although its short-term borrowing in foreign currencies has been increasing. China does not currently face a serious risk of either a domestic or international liquidity crisis--unless, of course, a severe and prolonged world recession occurs that adversely affects Chinese exports as well as the inflow of foreign direct investment.     

How efficient is the banking system of Asia’s next economic dragon? Evidence from rolling DEA windows

Vietnam is now widely regarded as a rising economic star and the next economic dragon of Asia. Its banking system has played a key role in this stellar economic performance. Since 1990, Vietnam’s banking system has undergone significant changes which saw its composition transformed from being state banks only to now being both state as well as private banks, and has performed generally well in terms of growth, profitability and stability. But is it efficient? We conduct a dynamic analysis of the level and trend of the cost and profit efficiency of the Vietnamese banking sector over the period 1995 to 2011 taking into account the Asian and Global Financial crises. We use the Data Envelopment Analysis (DEA) Windows Analysis approach and adjust for bank size in calculating the average efficiency score of the banking system. Our empirical findings show that the cost and profit efficiency of the Vietnamese banking system averaged around 0.90 and 0.75, respectively, with the state banks being more efficient than the private banks and with efficiency experiencing an upward trend over the analysis period. Moreover, we find that the Global Financial Crisis (GFC) and Asian Financial Crisis (AFC) did not significantly affect the efficiency of the whole Vietnamese banking system.