中印国有商业银行经营效率比较研究

本文运用DEA方法,采用中国与印度共32家国有商业银行(其中中国4家,印度28家)2004财年的经营数据,分析了其技术效率、纯粹技术效率和规模效率,并将中国与印度的国有商业银行分成两组分别对三种效率做了对比检验。结论为两国国有商业银行技术效率值较高,但72%的银行处于规模不经济阶段,取得规模经济是两国大部分国有商业银行改革要面临的选择。印度国有商业银行各项效率稍微领先中国国有商业银行,但在统计上却均无显著性。虽然印度总量资产远小于中国,金融发展历史久于中国,但从整体上来说,作者认为并不像有些文献中提到的印度银行体系效率要远高于中国。     

Technical efficiency of Islamic and conventional banks with undesirable output: Evidence from a stochastic meta-frontier directional distance function

We examine technical efficiency of Islamic and conventional banks. We contribute to the literature by applying a stochastic meta-frontier directional distance function model with undesirable output, which helps to overcome misestimating technical efficiency. For a sample of banks from 28 countries, we find that a typical Islamic bank is less technically efficient compared to its conventional counterpart. This is due to Islamic banks using less advanced technology compared to conventional banks rather than group-specific technical inefficiency. The findings are robust across six geographical regions of the world.     

X-efficiency in Australian banking: An empirical investigation

This paper empirically investigates the x-efficiency (technical and allocative) in Australian banks. A non-parametric method of Data Envelopment Analysis (DEA) has been used to arrive at the efficiency scores. Banks in this sample were found to have low levels of overall efficiency compared with the banks in the European countries and in the US. The results indicate that, as a source of overall inefficiency, the technical component was more important than the allocative component. Thus, the inefficiency in Australian banks can be attributed to wasting of inputs (technical inefficiency) rather than choosing the incorrect input combinations (allocative inefficiency). Domestic banks were found to be more efficient than foreign owned banks. The study has important implications such as guiding the government policy regarding deregulation and mergers. Since the study pinpoints the sources of inefficiency, it would also help banks with strategic planning.     

Shocks at large banks and banking sector distress: The Banking Granular Residual

Size matters in banking. In this paper, we explore whether shocks originating at large banks affect the probability of distress of smaller banks and thus the stability of the banking system. Our analysis proceeds in two steps. In a first step, we follow Gabaix [Gabaix, X., 2008a. The Granular Origins of Aggregate Fluctuations. Available at SSRN: http://ssrn.com/abstract=1111765] and construct a measure of idiosyncratic shocks at large banks, the so-called Banking Granular Residual. This measure documents the importance of size effects for the German banking system. In a second step, we incorporate this measure of idiosyncratic shocks at large banks into an integrated stress-testing model for the German banking system following De Graeve et al. (2008). We find that positive shocks at large banks reduce the probability of distress of small banks.     

Deregulation,technological change,and the business-lending performance of large and small banks

According to DeYoung et al. [Journal of Financial Services Research, 2004] deregulation and technological change has divided the US banking industry into two primary size-based groups: very large banks, specializing in the use of “hard” information to make standardized loans and smaller banks, specializing in the use of “soft” information and relationship development to make non-standardized loans. We evaluate business-lending performance for small and large banks over the 1993–2001 period. Small business lending by small banks is characterized by relationship development and non-standardized loans. Consistent with DeYoung et al.'s model, we find that, after controlling for market concentration, cost of funds, and a variety of other factors that might influence yields, smaller banks perform better than larger banks in the small business lending market. However, larger banks appear to have the advantage in credit card lending, a market characterized by impersonal relationships and standardized loans. Interestingly, we find evidence that larger banks have been making inroads in the market for the smallest business loans, a result consistent with the use of credit scoring by large banks to make very small business loans [Berger et al., Journal of Money, Credit, and Banking, 2004].     

Competition and innovation: Evidence from financial services

This paper presents new evidence on the relationship between competition and innovation by extending previous literature from manufacturing to financial services. We introduce a new measure of overall innovation by estimating and enveloping annual minimum cost frontiers to create a global frontier. The distance to the global frontier constitutes each bank’s technology gap, which decreases if the bank manages to innovate. Our innovation measure enables us to derive and estimate the model of Aghion et al. (2005b) at the firm level for the US banking industry. Based on individual bank Call Report data for the period 1984–2004, consistent with theoretical and empirical work by Aghion et al., we find evidence of an inverted-U relationship between competition and innovation that is robust over several different specifications. Further evidence on major structural changes in the US banking industry indicates that banks moved beyond their optimal innovation level and that interstate banking deregulation resulted in lower bank innovation. Policy implications to financial reform and prudential regulation are discussed also.     

A study on long-run inefficiency levels of a panel dynamic cost frontier under the framework of forward-looking rational expectations

This paper aims to provide a theoretical underpinning of the dynamic efficiency model pioneered by [Ahn, S.C., Good, D.H., Sickles, R.C., 2000. Estimation of long-run inefficiency levels: A dynamic frontier approach. Econometric Reviews 19, 461–492]. In the context of a quadratic loss function this paper formulates a multi-period forward-looking rational expectations model on the evolution of the technical inefficiency level, which correctly produces a dynamic panel data model. The model is illustrated using panel data of 112 French banks. Encouraging evidence of superiority in favor of the model is reached. Substantial cost inefficiency prevails in this industry, where the constituent banks are characterized as having volatile adjustment speeds toward their long-run steady states. The sample banks exhibit increasing returns to scale and product-mix economies.     

Small-Business Lending and Profit Efficiency in Commercial Banking

We use nonparametric linear programming methods to calculate the directional distance function and the profit function for a random sample of banks from 1994 to 1999. The estimates imply that the gain in small-business lending from reducing technical inefficiency is minor compared to the gain possible from eliminating allocative inefficiency. Actual small-business lending early in the sample period is less than optimal, but the misallocation is confined to small banks. As a percentage of assets, small-business lending is larger for the most efficient banks.     

商业银行吸收存款能力、发行理财及其经济后果研究

本文分析了商业银行吸收存款能力和发行理财产品的关系及其经济后果。本文发现商业银行吸收存款能力越弱,通过理财产品募集资金越多,理财产品收益率越高。具体来说,非四大国有银行,通过理财产品募集资金越多,理财产品收益率越高;银行的网点数量越少,通过理财产品募集资金越多,理财产品的收益率越高;银行所在地区贷存比越高,通过理财产品募集资金越多,理财产品收益率越高;银行所在地区的金融机构密度越大,通过理财募集资金越多,理财产品收益率越高。进一步研究发现,非保本理财产品加大了银行经营业绩波动,从而增大了银行经营风险。     

The technical efficiency of large bank production

Significant difficulties in commercial banking in the late 1980s raise questions about bank performance and efficiency. With the use of data envelopment analysis (DEA), we consider the relative technical efficiency of 201 large banks from 1984 to 1990. Bank technical inefficiency averages just over 5 percent, much lower than found in existing estimates. Larger and more profitable banks have higher levels of technical efficiency. At the same time, however, larger banks are more likely to operate under decreasing returns to scale.     

Why do investment banks buy put options from companies?

Companies have collected billions in premiums from privately sold put options written on their own stock. It is puzzling that counterparties, investment banks, would agree to make such transactions with better-informed companies which have extraordinary ability to time the market as documented by Jenter et al. (2011). To resolve this puzzle, we develop a model that shows that investment banks, by offering to buy put options from better-informed parties, receive private information about issuing companies. Our model also incorporates the practice of firms (such as Microsoft) of sometimes repurchasing their own put options and thus providing additional private information to investment banks. Empirically, we find support for our theory from an abnormal 9% increase in the stock prices and a 40% increase in the trading volumes around the put sales. Examination of 13D filings reveals that trading by upper management insiders cannot completely account for the change in volume.     

改进的效率测算模型、影子银行与中国商业银行效率

商业银行及其效率的高低是金融供给侧结构性改革的关键环节,而可以压缩的“坏”投入和影子银行对商业银行效率产生重要影响。本文首次建立理论模型并分析影子银行影响商业银行效率的路径;方法上,同时区分投入和产出的“好”或“坏”,拓展只区分产出的“好”或“坏”的效率测算模型;实证上,首次测算并分析“坏”投入、影子银行业务对商业银行利润、风险和效率的影响。结果表明:理论上,影子银行会同时增加风险承担和利润,但无法确定经风险调整后的利润增加能否提升效率;只区分产出的模型高估了效率,尤其是显著高估四大行和股份制商业银行第一阶段的效率,大型商业银行依靠网点的扩张不利于效率的提升;影子银行业务提升了四大国有银行尤其是股份制银行的效率,但对中小型商业银行效率影响较小。总的来看,压缩“坏”投入和规范影子银行是增加有效金融供给、优化金融供给结构和提升银行效率的重要途径。     

Don’t Stand So Close to Me: The role of supervisory style in banking stability

With the establishment of an integrated Banking Union, the harmonization of supervisory styles (regulation being equal) plays a central role. Our paper addresses a central question: what supervisory culture has been demonstrated to be most effective at ensuring the stability of European banks? We identify six different supervisory cultures and observe to what extent the words used in public speeches by the deans of the national supervision authority reflect the national cultural values of the Hofstede framework (Hofstede et al., 2010). By analyzing a panel of banks operating in the EU-15 from 1999 and 2011, our paper provides empirical evidence that supervisory culture influences the stability of banks. Our results have important policy implications: our paper is the first to provide empirical evidence of heterogeneity in the supervision styles in Europe and its effect on banking stability.     

Financial reforms and technical efficiency in Indian commercial banking: A generalized stochastic frontier analysis

In this study we estimate technical efficiency of Indian commercial banks from 1989 to 2009, using a multiple-output generalized stochastic production frontier and analyze the effects of financial reforms on estimated efficiency. The generalized method estimates technical efficiency in the presence of multiple outputs, filling a gap in the existing literature. Our results show that Indian commercial banks were operating with 64% efficiency on average during the sample period. The initial phase of reform had a positive impact on while the later phase adversely affected technical efficiency of banks. Public sector banks show higher efficiency levels compared to private and foreign banks.     

Do ATMs Increase Technical Efficiency of Banks in a Developing Country? Evidence from Indian Banks

Prior studies have confirmed that the greater the investment in information technology (IT), the better the performance of the firm. In the present study, we use bootstrap data envelopment analysis (DEA), which has previously been used in the accounting literature, and which has an edge over traditional accounting‐based measures, to compute the performance efficiency of Indian banks. Specifically, we measure the impact of automated teller machine (ATM) investment intensity on the production efficiency of Indian banks. We also study the impact of bank ownership, soundness, size and risk on efficiency. The study contributes to the literature on the productivity paradox and also draws on structure–conduct–performance theory. We find that ATM intensity has a significant negative association with bootstrap DEA technical efficiency. These results differ from prior research in developed countries. The results could be ascribed to heavy investment in IT such as ATMs by banks, and their inability to reduce labour costs given that many processes still continue to be manual. Accordingly, the study suggests that investment decisions with regard to IT need to be taken with great caution. If the related processes are not simultaneously automated, such investments are unlikely to yield the results that management may have envisaged.     

Bank efficiency,productivity, and convergence in EU countries: a weighted Russell directional distance model

The objective of this study is three-fold. First we estimate and analyse bank efficiency and productivity changes in the EU28 countries with the application of a novel approach, a weighted Russell directional distance model. Second, we take a disaggregated approach and analyse the contribution of the individual bank inputs on bank efficiency and productivity growth. Third, we test for convergence in EU28 bank productivity as well as in the inefficiency of individual bank inputs. We find that bank efficiency has been undermined by the financial crisis in banks notably from the EU15 countries. We also argue that bank efficiency and productivity in EU countries vary across the banking sector with banks from the ‘old’ EU showing higher efficiency levels. Nonetheless, a noticeable catching up process is observed for banks from the ‘new’ EU countries. Consequently, we do not find evidence of group convergence for bank productivity but there is evidence of convergence in bank efficiency change and technical change among the EU28 countries throughout the period 2005–2014. The driving force seems to be convergent technical change from the old EU member states’ banks. On the other hand, almost no convergence is detected for the banks’ individual inputs while the transition paths show heightened diversity during the crisis years.     

Operational efficiency in banking: An international comparison

In this paper, we estimate a global cost function for international banks to test for both input and output inefficiencies. Our results for 1988–1992 suggest that for banks in 15 countries, the prevalence of input X-inefficiencies far outweighs that of output inefficiencies (as measured by economies of scale and scope). Moreover, our results suggests that the distribution-free model overestimates the magnitude of X-inefficiencies relative to the stochastic cost frontier approach.Large banks in separated banking countries (that prohibit the functional integration of commercial and investment banking) had the largest measure of input inefficiency amounting to 27.5 percent of total costs as well as significant levels of diseconomies of scale. All other banks have X-inefficiency levels ranging in the area of fifteen percent of total costs with slight economies of scale for small banks.     

Technological innovations in the Indian banking industry: the late bloomer

Given that technological innovations in the banking sector in industrialised countries have been shown to increase productivity of this industry around the world, then why did India shy away from adopting this technology until the 1990s? Why has India been a late adopter of technology in the banking industry when it could have reaped the benefits from the existing R&D expertise developed by innovators and early adopters? This article charts out the path of technological innovation in the Indian banking industry post-economic liberalisation (1991-2) and identifies initial conditions in terms of competitive environment and regulatory pressures that have contributed to the diffusion of these innovations. The article highlights the role of labour unions in public sector banks and their initial opposition to technological adoption. The empirical analysis demonstrates the superior performance of the early adopters of technology (private sector and foreign banks) as measured by productivity, returns on equity, and market share, as compared to the late or passive adopters (public sector banks).     

Understanding the intention to use mobile banking by existing online banking customers: an empirical study

The Indian banking sector can take advantage of the proliferation of smartphones as well as the government’s encouragement of cashless transactions to accelerate the use of mobile and online banking. The purpose of this study is to understand the initial acceptance of mobile banking by existing online banking users. Few studies have focused on online banking users’ behavioural intention to use similar services (such as mobile banking) in India. To this end, a theoretical model was developed using the technology acceptance model, which was extended to cover the adoption factors that influence users of online banking to use mobile banking. These adoption factors comprise perceived ease of use, perceived security, mobile self-efficacy, social influence and customer support. The dependent variable is customers’ behavioural intention to use mobile banking. A partial least squares structural equation modelling analysis was used to test the theoretical model with sample data from 420 online banking customers of various public, private, foreign and co-operative banks in India. The study found that the adoption factors had a significant impact on customers’ behavioural intention to use mobile banking. The findings of this study provide insight into digital banking channels, contribute to existing research on digital banking adoption and will educate banks and financial institutions on the adoption of mobile banking in India.

     

Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach

The profitability is one of the most important information for any profit-oriented firm, especially for the banks. In order to investigate the financial performance of Chinese banks, this study proposes a profitability decomposition model based on the combination of profitability in Ball et al. (2015) and the profit change model in Grifell-Tatjé and Lovell (1999) by using the input distance function. This model cannot only consider risk factors but also can identify the determinants of performance. Furthermore, we incorporate the risk factor into the proposed approach to avoid bias when estimating profit performance. We take 70 Chinese banks over the period of 2013–2019 as the sample data. The results show that there a positive profitability improvement in Chinese banks and the activity effect derived by the scale effect makes a critically positive contribution to profitability performance. We also find that the risk factor can affect the quantity-related effects effect. Finally, there is a significant difference in their decomposed components and that the different components play different functions for different banks.