Consolidation and Competition in the Banking Industries of the EU Member and Candidate Countries

This paper investigates competitive conditions in the banking markets of all EU member and candidate countries over the period 1995-2007. The Panzar and Rosse (1987) model is implemented on bank-level data. In particular, the unscaled revenue equation is employed to assess market structure. Country-specific empirical results suggest a wide variation in the competitive conditions of the banking systems in the sampled countries. Nineteen banking systems are characterized as monopolistically competitive, nine as monopolies or perfectly colluding oligopolies, and two as perfectly competitive over the sample period. This study also investigates whether competition conditions changed over the sample period, using 2001 as an endogenously determined break year. The empirical evidence reveals that banking systems became less competitive after that time.     

欧洲主权债务危机的发展与应对之策

受近期希腊债务违约风险上升、欧债危机向核心国蔓延、欧洲银行业融资缺口扩大等负面因素冲击,欧洲金融市场遭遇大幅动荡。文章指出,在短期内,防止希腊债务违约是遏制欧债危机进一步蔓延、防范债务危机与银行危机并发的关键;长期而言,欧元及欧盟运作机制的改革将不可避免,完善退出机制将是欧元区长期稳定运作的基石。     

我国商业银行市场结构分析

本文采用季度数据分析我国银行业市场结构,发现自2013年民营银行获得市场准入资格以来,我国银行业的市场结构竞争程度并未发生明显变化,仍然处于较低水平。建议通过增量改革,继续降低我国银行业市场集中度,促进银行业的竞争;完善相关法律和监管制度,规范银行市场退出机制;建立和发展存款保险制度。     

市场化进程中的我国银行业绩效分析

本文首先回顾了有关市场结构与银行绩效之间关系的理论文献和实践经验,并总结出四种判断标准.其次分析了我国银行业市场化进程以及对银行绩效的影响,并实证分析了市场结构、存款规模、市场容量以及外部经济环境对银行绩效的影响.最后得出结论并提出有关建议.     

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.     

European banking integration, ten years after

Ten years ago, the White Paper on the Completion of the Single Market announced the integration of European banking markets. the purpose of this essay is to identify four public issues that remain to be addressed. Home country control of international banks need to be complemented by host country control. the deposit guarantee schemes should be modified by rendering insured deposits ‘first order claim’. A European authority is needed to ensure that banks do not exploit domestic rents to subsidise international activities. Finally, tax evasion is a fourth issue that remains to be addressed.     

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。     

Europe's Single Banking Market

This article provides an overview of the main principles underlying the regulatory for banks in Europe.     

我国投资银行业市场结构、规模与绩效实证研究

本文的实证研究表明,市场结构、行业规模以及市场整体收益率对我国投资银行业的利润率有着很强的解释能力,三个因素对于净资产收益率的解释能力超过98%。从影响的相对水平来看,集中度的影响要大于市场收益的影响,规模的影响与集中度、市场收益的影响相反。进一步研究还表明,尽管行业资产规模与净资产收益率的时间序列显示随着行业资产规模的增加,我国证券公司的净资产收益率呈现出不断下降的特征,但这并不意味着我国投资银行业是规模不经济的。有关规模经济的横截面分析数据表明,现阶段我国证券公司的规模与其绩效之间并不存在着明显的关系,既没有显示出规模不经济,也没有显示出规模经济。     

Determinants of loan securitization in European banking

Analyzing 75 securitizing and non-securitizing stock-listed banks in the EU-13 plus Switzerland over the period from 1997 to 2010, this paper provides empirical evidence that loan securitization in Europe is a composite decision based on bank-specific as well as market- and country-specific determinants. In addition, we find that these determinants remarkably change when separately investigating securitization transactions during the pre-crisis and crisis period. Moreover, results from several subsample regressions reveal that determinants of loan securitizations in Europe depend on the transaction type, the underlying asset portfolio and the regulatory and institutional environment under which banks operate.     

Have changes in the financial structure affected bank profitability? Evidence for Austria

We examine the impact of changes in the financial structure of the Austrian banking sector over the past 15 years, such as disintermediation, internationalization and privatization, on the profitability of banks. Several proxies based on bank balance sheet data at the micro-level as well as macroeconomic variables are used to capture these changes. The case of Austria is particularly interesting because the opening up of the Austrian banking sector due to EU accession and the strong engagement of Austrian banks in Eastern Europe coincided with the global trend toward deregulation of banking activities. Our estimation results, which are based on dynamic panel regression methods, indicate that disintermediation (a lower percentage of loans over total assets) and higher market concentration in the banking sector had a positive effect on bank profitability, while changes in the ownership structure (privatization and increased foreign ownership) as well as more foreign lending by Austrian banks did not have a clear-cut or significant impact on bank profits.     

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。     

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.     

有效银行成本制度的选择

本文分析了银行产出形态的的特殊性,指出造成传统成本制度、成本分析难以应用于银行产品成本分析。通过对银行产品的成本构成路径分析,指出作业成本制度符合银行服务的有效成本方法,对银行成本管理、经营管理具有重大意义,并对商业银行如何推进作业成本提出了设想。     

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。     

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.     

Concentration of Banking Relationships in Switzerland: The Result of Firm Structure or Banking Market Structure?

Switzerland is one of the countries with the highest concentration of bank–customer relationships. The present paper seeks to find out whether this can be explained by the structure of Swiss firms or by the organization of the Swiss banking market. Using survey data from small and medium-sized enterprises in 1996 and 2002, we examine the influence of firm-, loan-, and bank-specific variables on the number of banking relationships. We find that firm and industry structure have the largest explanatory power, while banking market structure and conduct play a minor role. Relationship lending by state-owned cantonal banks and small regional banks tends to enhance the concentration of banking relationships.