中國全國金融工作會一對大陸上市銀行動態效率的影響

The Effects of China National Financial Workshops on the Dynamic Efficiency of Listed Commercial Banks

李桐豪(Tung-Hao Lee) ； 遲淑華(Shu-Hwa Chih)

《兩岸金融季刊》 1卷1期 (2013/09) Pp. 1-34

摘要

自1997年以來，每五年召開的全國金融工作會議，已成為中國金融改革的重要指導方針。本文旨在研究中國監管政策落實情形及其對上市銀行動態效率（dynamic efficiency）的影響。有別於過去文獻多著重於金融監管（financial regulation）與銀行效率當期效果（concurrent effect）的靜態研究，我們考量監管政策對銀行效率之延續性（carry-over）及跨期影響效果（intertemporal effect），使用Tone and Tsutsui（2010）的動態差額變數基礎模型（Dynamic Slacks-Based Measure，DSBM），分析金融監管改變對動態效率的影響是否存在時間遞延（time-deferred）效果。實證結果發現，監管指標中只有成本收入比及流動性比率對中國上市銀行效率呈現負向關係，這說明通過合理降低銀行業務和管理費用，可以有效提高銀行效率；但保有越低的流動性，反而會使技術效率較佳。在金融監管政策實施運作下，長期觀察動態效率得知其使得銀行效率相對上較穩定。

關鍵字

全國金融工作會議 ； 金融監管 ； 資料包絡法 ； 動態效率 ； 中國上市銀行

並列摘要

Since 1997, Chinese government held the National Financial Workshop every five years which set important guidelines for China's financial reform. This research aims to examine how these reform policies were implemented and explore how the implemented financial regulations affected bank dynamic efficiency. Unlike previous literatures only investigate the characteristics of financial regulation that affect banks' concurrent static efficiency, we instead use dynamic slacks-based measure (DSBM; Tone & Tsutsui, 2010) to study the persistent and intertemporal effects on the dynamic efficiency of Chinese listed commercial banks.The empirical results indicate that the cost to income ratio and current ratio have a significant negative effect on the static efficiency of listed commercial banks. The cost to income ratio indicates a bank's ability to control costs, and thus, reflects its efficiency. The higher the cost to income ratio, the less efficient a bank is. On the other hand, liquid assets return a lower yield, and a higher current ratio implies a lower earnings. A lower ratio of liquidity therefore may enhance the efficient operation of banks. Our results also indicate that the dynamic efficiency of listed commercial banks fluctuates less than the traditional static efficiency.

並列關鍵字

The National Financial Workshop ； Financial Regulation ； Data Envelopment Analysis ； Dynamic Efficiency ； China Listed Commercial Banks

參考文獻

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