外资银行进入对我国银行业市场竞争度的影响：基于Panzar-Rosse模型的实证研究

本文采用Panzar-Rosse模型度量了1996年至2006年间我国银行业的市场竞争度,并对外资银行进入程度与市场竞争度的关系进行了经验分析,结果表明,近十年间我国银行业呈现垄断竞争格局,且竞争压力呈上升趋势,这主要归因于银行业市场集中度的下降。外资银行进入程度与银行业市场竞争度呈现U型关系,当前外资银行带来的实际竞争压力还很有限,只有当外资银行进入程度达到并超过一定水平时,才会对我国银行业的市场竞争发挥促进作用。     

信息不对称条件下银行业市场结构与市场竞争研究综述

将信息不对称理论纳入银行业市场竞争模型是当前跨经济学与金融学两个领域的热点问题。本文从理清产业组织理论中银行业市场结构与竞争和现代金融学中银行业信息不对称研究的发展脉络出发,对信息不对称与银行信息垄断和市场进入壁垒、信息不对称条件下银行的市场竞争行为等文献进行综述,评估银行业市场竞争程度的测量方法和实证分析结果。希望此综述对未来进一步的研究有所启示。     

中国银行业竞争与稳定关系研究

运用1993-2008年间中国银行业的数据对问题展开了实证研究,分别运用Z指数和勒纳指数衡量了银行稳定与市场竞争程度,并通过计量模型分析了两者之间的关系.研究结果表明我国银行业的稳定性和竞争程度在样本期内均呈现出波动变化的特征,竞争与风险之间呈现出U型关系,即在初期银行竞争有助于稳定性的增强,而随着竞争程度的进一步上升稳定性有所下降.     

Market Power in European Banking Sectors

We analyze the evolution of market power in the main banking sectors of the European Union. The evolution of the relative margins does not show an increase in the degree of competition within the EU. The explanatory factors of the relative margins most directly related to market power are not significant, and even have a negative influence (concentration in the deposits market). The size and efficiency of banks, default risk, and the economic cycle have a notable capacity to explain the behavior of the market power. The results show the inadequacy of using concentration measures as proxy for the competition environment in banking markets.     

中国银行业竞争与稳定关系研究

本文运用Z指数和勒纳指数衡量了银行稳定与市场竞争程度,并通过计量模型分析了两者之间的关系。研究结果表明我国银行业的稳定性和竞争程度在样本期内均呈现出波动变化的特征,竞争与风险之间呈现出U型关系,即在初期银行竞争有助于稳定性的增强,而随着竞争程度的进一步上升稳定性有所下降。     

Efficiency and Stock Performance in European Banking

Abstract:   Recent competitive pressures have progressively driven banks to strategically focus on generating returns to shareholders. Therefore, the investigation of the determinants of bank performance and their relationship with share prices has become increasingly important. This paper extends the literature on market‐based accounting to examine the relationship between stock prices and efficiency. Specifically, it investigates if changes in stock performance can be explained by changes in operating efficiency, derived by parametric and non‐parametric methods. Results seem to suggest that changes in efficiency are reflected in changes in stock prices and that stocks of cost efficient banks tend to outperform their inefficient counterparts.     

Banking deregulation and credit risk: Evidence from the EU

This paper studies the effect of banking deregulation on credit risk. Its theoretical model shows that a bank is willing to invest more resources in screening borrowers when there is an entry threat, even though loan rates are driven lower. Thus, deregulation may result in improved loan quality and lower credit risk. This result is tested using bank-level balance sheet data and macroeconomic data for the European Union. The data reveal that competition intensified after the completion of the Second Banking Directive, while loan quality improved in most markets. Evidence is found that the loan quality improvement is associated with lower interest margin.     

Banking Market Size Structure and Financial Stability: Evidence from Eight Asian Countries

Using commercial bank data from eight major Asian countries, we examine the relationship between the banking market size structure and the stability of financial institutions. We also analyze the effect of bank upsizing on the financial stability. Our results show that a rise in large banks’ market power, accompanying an increase in their market shares, lowers the capital adequacy of small banks. Small banks’ nonperforming loans and the possibility of their bankruptcy also increase as large banks’ market shares rise. We further show that larger banks tend to have lower capital adequacy ratios, liquidity ratios, and distance-to-default ratios. Our study suggests that large banks’ greater market shares are associated with small banks’ financial instability. Overall, these findings are consistent with the notion of the recent banking literature that has important antitrust policy implications.     

银行业竞争度问题研究最新发展

本文按照不同研究主线,对2000年前后至今银行业竞争度研究的相关文献进行系统整理。文献资料表明,国外研究主要从银行业竞争与经济金融发展与稳定的关系、银行业竞争度的测算方法、银行业竞争度在国别和规模上的差异以及银行业竞争度的影响因素这四个方面展开。国内研究则主要从中国银行业竞争度的识别、银行业竞争度的地区和规模差异、银行...     

Technological and Environmental Differences in the European Banking Industries

This paper analyzes the productive differences of banking among countries. It proposes a Malmquist type index that allows intercountry productivity differences to be broken down into pure technological differences and differences due to environmental effects. The most relevant feature of this index is its symmetry, since it avoids the problem of measurements being sensitive to the choice of the benchmark country. This index is used to explain the productivity gaps of banking industries across four major countries in Europe as well as the productivity gains that banks could obtain using alternative technologies or with different environments. An output distance function is defined and the stochastic frontier approach used to carry out the comparison.     

Industrial Organization of Financial Systems and Strategic Use of Relationship Banking

Using standard Industrial Organization tools, we analyze the relation between competition in arm's length financial markets and the prevalence of close bank-firms ties. We show how the degree of competition between financial intermediaries affects the intensity of relationships between banks and client firms, and explore the idea that investment in bank-firm relationships can be used strategically by incumbent multi-product (universal) banks to limit competition in arm's length markets. The analysis implies that reforms designed to facilitate entry of new intermediaries may actually induce incumbent banks to increase investment in relationship banking, so that regulatory entry barriers are replaced by entry barriers created endogenously, namely, there is ``path dependence' in the market structure of financial systems. This result suggests that increased (potential) competition in the financial services industry will not always destroy bank-firm relationships but, on the contrary, may actually strengthen them.     

我国银行业的市场结构与绩效研究

本文吸收、借鉴和利用现有的关于银行业绩效的研究成果，选择产业组织学的经验研究方法，引入产权结构这个重要因素作为对SCP框架的扩展，从市场结构和产权结构的二维空间中讨论银行效率和绩效，力图揭示银行业市场化特征的变化对银行企业绩效的影响和作用机理，从而发现改善我国银行业绩效的方案应该是双管齐下，一方面改进市场结构，另一方面改革产权，两者协调配套、相互促进。     

银行业国际化进程及其对发展中国家金融市场的影响

在世界经济全球化和金融自由化背景下,银行业国际化进程不断加快,对世界经济产生了深远的影响,以此为线索,本文重点分析了现代银行业国际化的形成、特点及其对发展中国家金融市场的影响,认为全球真正意义上的银行业国际化开始于20世纪50年代末,欧洲和美国的经济背景、欧洲美元市场的兴起、金融创新和金融自由化等因素推动其发展.随着银行业国际化规模不断扩大、国际化步伐不断加快、绩效日趋改善,其对发展中国家银行业效率系统的稳定、货币市场、外汇市场和资本市场等方面的影响加大.     

外资银行进入与中国银行业绩效、市场集中度的变化

我国入世过渡期已经结束，银行业已全面对外开放。外资银行进入将对我国银行业绩效和产业组织结构带来重要影响。本文基于我国14家银行1996-2005年的面板数据，就外资银行进入对我国银行的短期影响进行研究。实证结果表明，国内银行对外资银行营业性机构数量增加反应不敏感，经营成本和盈利同外资银行市场份额的增加正相关，我国银行业市场符合结构-行为-绩效范式。本文就我国银行业应对外资银行冲击的方略提出建议，即通过与外资银行股权合作弥补我国银行业不足，通过金融控股公司模式实现综合经营以提高我国银行业国际竞争力，积极学习、借鉴外资银行新的金融产品和管理经验。     

发展中国家银行国际化的影响因素研究

发展中国家银行在海外的发展具有不同于发达国家的特点,其机构分布的广度和分布数量显示,发展中国家银行基于自身经济发展的阶段及特点,对海外发展以跟进市场和支持母行发展为策略,倾向于在发达国家、金融中心和对母国有更多贸易进口的国家建立据点;银行在海外分支机构的数量与其资产规模成正比,与母国的经济开放水平也具有较强的相关性。本文运用发展中国家的银行数据,采用实证方法检验影响发展中国家银行国际化的因素。     

Banking Competition,Collateral Constraints,and Optimal Monetary Policy

We analyze optimal monetary policy in a model with two distinct financial frictions: monopolistically competitive banks that charge endogenous lending spreads, and collateral constraints. We show that welfare maximization is equivalent to stabilization of four goals: inflation, output gap, the “consumption gap” between borrowers and savers, and a “housing gap” that measures the distortion in the distribution of the collateralizable asset between both groups. Collateral constraints create a trade‐off between stabilization goals. Following both productivity and financial shocks, and relative to strict inflation targeting, the optimal policy implies sharper movements in the policy rate, aimed primarily at reducing fluctuations in asset prices and hence in borrowers' net worth. The policy trade‐offs become amplified as banking competition increases, due to the fall in lending spreads and the resulting increase in borrowers' leverage.     

公司金融、银行业结构和货币传导机制

本文构造了一个资本市场一般均衡模型,其中,银行股权资本是否充裕影响了银行信贷决策。分析表明,银行业结构对货币政策传导机制施加了作用:如果银行业由几家银行垄断,银行信贷对货币政策的反应不连续。分析强调,垄断银行业结构、公司债市场不发达是我国货币政策效果不明显的原因。本文的政策含义是,从改变银行业垄断性市场结构、发展公司债市场两方面着手,完善货币传导机制的微观基础,这样才能提高货币政策的有效性。     

股票价格波动对银行稳定影响的理论及经验分析

商业银行直接或间接地参与股票市场，就会因股票价格的波动影响银行资产质量进而影响银行资产负债表和银行稳定。理论和实践证明股票价格的急剧波动和银行部门不稳定性扩散之间存在紧密的联系；同时，银行信贷的扩张对股票价格的波动有很大影响。对我国的经验分析表明：银行间信贷市场与股票市场的资金连通存在较强的相关性；上市银行脆弱度与上证综合指数的相关性在5％水平上显著。在综合经营的大背景下，应加强对我国金融脆弱性的识别和监管，疏通货币市场与股票市场正常的资金联系，加强对商业银行的审慎管理，银行自身也要加强风险管理。     

企业核心竞争力的培育和提升

随着市场经济的逐步完善,企业的竞争力进入了新的历史阶段,提升企业的竞争能力,打造企业的核心竞争力成为企业面临的重大问题。全面提升企业竞争力必须进行制度创新和技术创新,塑造企业文化,提高员工素质。只有这样,才能使企业立于不败之地。     

Competition and Information Production in Market Maker Models

Abstract:   The microstructure literature models the mechanisms through which fundamental information is incorporated into market prices. This paper extends previous models by endogenising information production and analysing incentives for costly information production. In contrast to the existing literature, increasing the number of informed traders can result in reduced price informativeness. When prices have an allocative role this has welfare consequences: the regulatory implications of a dichotomy between private and public incentives for information gathering are discussed.