基于多视角的我国商业银行盈利能力研究
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摘要
本文以国际、国内金融业发展变化的新形势和我国金融体制改革逐步深化为背景,在全面回顾相关理论的基础上,对商业银行盈利能力进行了系统的分析和评价。首先针对以往单一视角下商业银行盈利能力分析的局限性,构筑了基于多视角的商业银行盈利能力的形成机制。分别以金融体系制度、宏观经济政策与环境、银行产业组织和银行微观管理作为分析视角,研究不同层面因素对银行盈利能力的作用机理,以及不同层面因素之间的相互联系。其次,为保证本文关于盈利能力形成机制的规范研究的完备性和严谨性,本文以我国商业银行的数据对上述机制的作用机理和实际解释力进行实证检验。最后,对本文构建的盈利能力形成机制付诸实际应用,根据上述规范研究和实证分析的结果,借鉴国外盈利能力评价的经验,建立的我国商业银行盈利能力的综合评价模型,并对我国主要商业银行机构的盈利能力进行全面、客观的评价。
以我国商业银行数据为基础开展的实证研究结果表明,本文所构建的多视角商业银行盈利能力形成机制可以全面系统地对我国商业银行盈利能力进行解释;以该机制的研究结论为基础,建立的多视角商业银行盈利能力的综合评价模型较好地反映了我国商业银行盈利能力现实状况,对评价结果进行分析比较可以进一步说明本文建立的综合评价模型具有良好的稳定性和实用性。
本文的主要创新点在于:⒈构建了基于多视角的商业银行盈利能力形成机制的理论分析框架,⒉逐层检验了该机制不同层面因素的作用机理以及其对我国商业银行盈利能力的解释力;⒊在商业银行盈利能力分析和评价中创新性地运用了效率理论和方法,提高了计量的精度;⒋将商业银行盈利能力形成机制的理论框架付诸实际应用,建立了基于多视角的商业银行盈利能力综合评价体系。
Financial intermediaries is vital for an economic progress of a country, which has been verified so long by the researchers, so a steady and sound banking industry powerful serves economic development with the counterevidence of financial crisis of 2008 which engulfed the world and caused mass unemployed persons, triggered economic depression. It has been 30 years since the initiation of economic reforms in 1979, and the banking sector in China has been numerous developments profiting from the reform of financial system. In the latest The Banker’s 2009 ranking ( based around end-2007 tier one capital ) ,there are four Chinese commercial bank in top 25 world bank, meanwhile not surprisingly ICBC of China ranks the most profitable in the world with a profit of $21.2 B. Internal and external factors that affect bank performance, in terms of financial reform deepening, the economy rapidly developing, banking industry structure going to reasonable, and the management efficiency up-to-up, can explain the higher profitability of Chinese banks.
The subject of bank performance has been and still is a subject of much debate among researchers in the financial institutions area. Many literatures in developed countries have proved the positive relationship between bank performance and economic growth of the country. Safety,profitability and liquidity are the banks’business aims, but profitability is a security for the safety aim and liquidity aim by provide for adequate capital through retained earnings as well as the quality and source of earnings. So the issue of profitability has grate meaning for the financial institution managers, analysts, researchers, and especially regulators, among others.
In the literatures, too much focuses were put on the profitability of commercial bank of China however from the single perspective of financial theory, so the profitability was treat as ability of finance management, which determines to measure the profitability and examine the effect of bank organization structure, institution, and operation on the profitability based on the analysis framework of DuPont ysis. The distinct limit of the angle of view was not cognizant of the particularity of monetary which is the commodity of bank trading in and definition of profitability. One hand, banking industry trades in monetary as commodity, while the currency circulation, accommodation channel, and efficiency in money use concern the financial safety of a country, allocating efficiency of a society, and the development of a region. So the factors associated with monetary accommodation such as financial institutions, macroeconomic policy and environments will have a profound effect on profitability of banking industry. On the other hand, profitability, a synthetic ability of commercial bank forming in making profit, is defined as a set of ability combined with abilities in different operating process of making profit, including competition capability in the industry and micromanagement capability of a bank. To analysis the profitability of commercial bank, the angle of industry organization and micromanagement are essential. From the single perspective of traditional view, the studies has narrow limitation and imperfectness for dissevering the integrate chain of monetary circulation and accommodation, as while as in defect of competition conduct of banks in the industry which influences its position in banking.
The aims of the paper: Taking a different point of view from those adopted in former researches, first, this dissertation built a sound mechanism in the process of forming profitability based on multiple perspectives, aiming at the limitation of single- view point. The report investigates the mechanism of action of different factor on bank profitability, of course the interaction among the factors, from the different perspectives including the view of financial institutions arrangement, macroeconomic environments, industry organization, and bank internal micromanagement. The dissertation analyzed the formation mechanism of profitability of commercial bank, and then studied the mechanism of action from the view of institution arrangement, macro economy, industry organization, and micromanagement. Second, to ensure the perfections of formation mechanism, the paper examined the explanatory power of formation mechanism to profitability applying the data of Chinese commercial bank. Finally, based on the mechanism the paper conduct overall assessment of commercial bank profitability to provide policy and business implications to regulatory authorities and banking managers.
Commercial bank as a visual financial intermediary influenced by lots of internal and external factors, such as financial institutions, macroeconomic policy and environments, industrial organization, micromanagement of bank, which plays different role in the process of forming profitability.
First, the financial institution of a country laying the foundation for commercial bank making profitability, determines the macroeconomic policy, industry structure, and the micromanagement from the scope, businesses, pricing mechanism which commercial bank operating. Second, from the view of macroeconomics, the supply demand relationship of currency and interest rate, which under the action of price mechanism further more determined the trade size and price level, will influenced by economic circle. And the trade size and price determined the profitability of whole banking industry by means of influencing cost and income of all banks. Credit risk is influenced by economic growth, as they affect the borrower’s repayment ability. In many countries, the funds supporting the economic development mainly depends on the deposit of financial intermediaries, so the monetary in these institutions is the main object of macro-control by means of currency policy. Some foreign literatures show empirical evidence that inflation is generally associated with higher profitability as it implies additional earning from float, which tend to compensate for the higher labor cost. Higher real interest rates have also been found to foster profitability, especially in developing countries. Third, from the view of the theory of industrial organization, two factors affect the profitability: one is degree of competition in the industry; the other is the position of the bank in the industry. The degree of competition of banking industry mainly depends on the market concentration. The interaction between structure, conduct of bank and profitability, hold the bank in its position in the industry. Also, the profitability of a bank in turn affects its competition conduct which changes the industry structure and degree of competition. So a financial market with moderate competition will promotes the efficiency of banking industry, accordingly products more social welfare. Finally, We perspective the bank-specific factors, corporate governance, for example, inherited from market economy compose a part of internal institution of bank. Otherwise ability of risk management focus on the technique to operating risk, and operating efficiency measure the level of input-output.
The paper assesses the explanation power of formation mechanism using the data of Chinese commercial bank over the period 1986-2008. The following conclusion from normative study combined empirical research can be reached: (1) the institution arrangement of transition economy of our country improve the profitability of commercial bank, (2) the macroeconomic policies and macro environment has significant influence to the market profitability of allover the banking industry as well as the 4 state-owned commercial banks ( SOCBs ) for their leading share of the market profitability, but less significant to joint-stock commercial banks ( JSCBs ), (3) moderate competition in banking industry will make for improving profitability. The result from empirical research did not support concentrate-collusion hypothesis and efficiency-structure hypothesis, while the relative market power hypothesis explained the relationship between bank performance and market structure well, (4) efficiency and risk management ability also influenced profitability of bank, especially efficiency factor was core factor forming profitability. Bank governance maybe affect profitability, but it is difficult to reach a definite conclusions according to our empirical result for the governance is hard to measure. The formation mechanism of commercial bank profitability based on perspectives explains clearly the profitability of commercial bank of China, as a result, the mechanism give us frameworks to analysis correctly the commercial bank of China.
In the paper, we also put the formation mechanism of commercial bank profitability into applied practice. According to the roles of factors from multiple perspective analysis, we build a measure model for synthetically evaluation of commercial bank of China. The empirical result reflects the condition of profitability of Chinese commercial banks, while the three models built in the paper to measure profitability of the near 8 years average level, 2007 level, 2008 level,draw conclusions be in substantial agreement. It is give the proof that the synthetical measurement system has the nature of stability and practicality.
The originality of the dissertation includes: first, the paper, by systemic normative study, built up a formation mechanism of profitability of commercial bank and analysis the interaction on profitability and influence factors. Second, this dissertation assesses the explanation power of formation mechanism using the data of Chinese commercial bank. Third, originally using the efficiency theory and method into the process of profitability analysis, promotes the precision of model. Finally, from multiple perspectives, the article built a measure model for synthetically evaluation of commercial bank of China in order to correctly, perfectly, and scientifically recognize and measure profitability.
以我国商业银行数据为基础开展的实证研究结果表明,本文所构建的多视角商业银行盈利能力形成机制可以全面系统地对我国商业银行盈利能力进行解释;以该机制的研究结论为基础,建立的多视角商业银行盈利能力的综合评价模型较好地反映了我国商业银行盈利能力现实状况,对评价结果进行分析比较可以进一步说明本文建立的综合评价模型具有良好的稳定性和实用性。
本文的主要创新点在于:⒈构建了基于多视角的商业银行盈利能力形成机制的理论分析框架,⒉逐层检验了该机制不同层面因素的作用机理以及其对我国商业银行盈利能力的解释力;⒊在商业银行盈利能力分析和评价中创新性地运用了效率理论和方法,提高了计量的精度;⒋将商业银行盈利能力形成机制的理论框架付诸实际应用,建立了基于多视角的商业银行盈利能力综合评价体系。
Financial intermediaries is vital for an economic progress of a country, which has been verified so long by the researchers, so a steady and sound banking industry powerful serves economic development with the counterevidence of financial crisis of 2008 which engulfed the world and caused mass unemployed persons, triggered economic depression. It has been 30 years since the initiation of economic reforms in 1979, and the banking sector in China has been numerous developments profiting from the reform of financial system. In the latest The Banker’s 2009 ranking ( based around end-2007 tier one capital ) ,there are four Chinese commercial bank in top 25 world bank, meanwhile not surprisingly ICBC of China ranks the most profitable in the world with a profit of $21.2 B. Internal and external factors that affect bank performance, in terms of financial reform deepening, the economy rapidly developing, banking industry structure going to reasonable, and the management efficiency up-to-up, can explain the higher profitability of Chinese banks.
The subject of bank performance has been and still is a subject of much debate among researchers in the financial institutions area. Many literatures in developed countries have proved the positive relationship between bank performance and economic growth of the country. Safety,profitability and liquidity are the banks’business aims, but profitability is a security for the safety aim and liquidity aim by provide for adequate capital through retained earnings as well as the quality and source of earnings. So the issue of profitability has grate meaning for the financial institution managers, analysts, researchers, and especially regulators, among others.
In the literatures, too much focuses were put on the profitability of commercial bank of China however from the single perspective of financial theory, so the profitability was treat as ability of finance management, which determines to measure the profitability and examine the effect of bank organization structure, institution, and operation on the profitability based on the analysis framework of DuPont ysis. The distinct limit of the angle of view was not cognizant of the particularity of monetary which is the commodity of bank trading in and definition of profitability. One hand, banking industry trades in monetary as commodity, while the currency circulation, accommodation channel, and efficiency in money use concern the financial safety of a country, allocating efficiency of a society, and the development of a region. So the factors associated with monetary accommodation such as financial institutions, macroeconomic policy and environments will have a profound effect on profitability of banking industry. On the other hand, profitability, a synthetic ability of commercial bank forming in making profit, is defined as a set of ability combined with abilities in different operating process of making profit, including competition capability in the industry and micromanagement capability of a bank. To analysis the profitability of commercial bank, the angle of industry organization and micromanagement are essential. From the single perspective of traditional view, the studies has narrow limitation and imperfectness for dissevering the integrate chain of monetary circulation and accommodation, as while as in defect of competition conduct of banks in the industry which influences its position in banking.
The aims of the paper: Taking a different point of view from those adopted in former researches, first, this dissertation built a sound mechanism in the process of forming profitability based on multiple perspectives, aiming at the limitation of single- view point. The report investigates the mechanism of action of different factor on bank profitability, of course the interaction among the factors, from the different perspectives including the view of financial institutions arrangement, macroeconomic environments, industry organization, and bank internal micromanagement. The dissertation analyzed the formation mechanism of profitability of commercial bank, and then studied the mechanism of action from the view of institution arrangement, macro economy, industry organization, and micromanagement. Second, to ensure the perfections of formation mechanism, the paper examined the explanatory power of formation mechanism to profitability applying the data of Chinese commercial bank. Finally, based on the mechanism the paper conduct overall assessment of commercial bank profitability to provide policy and business implications to regulatory authorities and banking managers.
Commercial bank as a visual financial intermediary influenced by lots of internal and external factors, such as financial institutions, macroeconomic policy and environments, industrial organization, micromanagement of bank, which plays different role in the process of forming profitability.
First, the financial institution of a country laying the foundation for commercial bank making profitability, determines the macroeconomic policy, industry structure, and the micromanagement from the scope, businesses, pricing mechanism which commercial bank operating. Second, from the view of macroeconomics, the supply demand relationship of currency and interest rate, which under the action of price mechanism further more determined the trade size and price level, will influenced by economic circle. And the trade size and price determined the profitability of whole banking industry by means of influencing cost and income of all banks. Credit risk is influenced by economic growth, as they affect the borrower’s repayment ability. In many countries, the funds supporting the economic development mainly depends on the deposit of financial intermediaries, so the monetary in these institutions is the main object of macro-control by means of currency policy. Some foreign literatures show empirical evidence that inflation is generally associated with higher profitability as it implies additional earning from float, which tend to compensate for the higher labor cost. Higher real interest rates have also been found to foster profitability, especially in developing countries. Third, from the view of the theory of industrial organization, two factors affect the profitability: one is degree of competition in the industry; the other is the position of the bank in the industry. The degree of competition of banking industry mainly depends on the market concentration. The interaction between structure, conduct of bank and profitability, hold the bank in its position in the industry. Also, the profitability of a bank in turn affects its competition conduct which changes the industry structure and degree of competition. So a financial market with moderate competition will promotes the efficiency of banking industry, accordingly products more social welfare. Finally, We perspective the bank-specific factors, corporate governance, for example, inherited from market economy compose a part of internal institution of bank. Otherwise ability of risk management focus on the technique to operating risk, and operating efficiency measure the level of input-output.
The paper assesses the explanation power of formation mechanism using the data of Chinese commercial bank over the period 1986-2008. The following conclusion from normative study combined empirical research can be reached: (1) the institution arrangement of transition economy of our country improve the profitability of commercial bank, (2) the macroeconomic policies and macro environment has significant influence to the market profitability of allover the banking industry as well as the 4 state-owned commercial banks ( SOCBs ) for their leading share of the market profitability, but less significant to joint-stock commercial banks ( JSCBs ), (3) moderate competition in banking industry will make for improving profitability. The result from empirical research did not support concentrate-collusion hypothesis and efficiency-structure hypothesis, while the relative market power hypothesis explained the relationship between bank performance and market structure well, (4) efficiency and risk management ability also influenced profitability of bank, especially efficiency factor was core factor forming profitability. Bank governance maybe affect profitability, but it is difficult to reach a definite conclusions according to our empirical result for the governance is hard to measure. The formation mechanism of commercial bank profitability based on perspectives explains clearly the profitability of commercial bank of China, as a result, the mechanism give us frameworks to analysis correctly the commercial bank of China.
In the paper, we also put the formation mechanism of commercial bank profitability into applied practice. According to the roles of factors from multiple perspective analysis, we build a measure model for synthetically evaluation of commercial bank of China. The empirical result reflects the condition of profitability of Chinese commercial banks, while the three models built in the paper to measure profitability of the near 8 years average level, 2007 level, 2008 level,draw conclusions be in substantial agreement. It is give the proof that the synthetical measurement system has the nature of stability and practicality.
The originality of the dissertation includes: first, the paper, by systemic normative study, built up a formation mechanism of profitability of commercial bank and analysis the interaction on profitability and influence factors. Second, this dissertation assesses the explanation power of formation mechanism using the data of Chinese commercial bank. Third, originally using the efficiency theory and method into the process of profitability analysis, promotes the precision of model. Finally, from multiple perspectives, the article built a measure model for synthetically evaluation of commercial bank of China in order to correctly, perfectly, and scientifically recognize and measure profitability.
引文
1 Alicia Garcia-Herrero, Sergio Gavilaand Daniel Santabarbara. What explains the low profitability of Chinese banks? 2007. http://www.bis.org/repofficepubl/ arpresearch_dev_200806.04.pdf?
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