制度环境、银行所有权与经营绩效——基于民国时期158家银行营业报告的实证研究

《财经研究》 2022年48卷第1期 页码：154 - 168  online：2022年1月5日

制度环境、银行所有权与经营绩效——基于民国时期158家银行营业报告的实证研究

Institutional Environment, Bank Ownership and Business Performance: An Empirical Research Based on the Business Reports of 158 Banks in the Republic of China

作者（中）：燕红忠1, 2, 申良平1

作者（英）：Yan Hongzhong1, 2, Shen Liangping1

作者单位：1.上海财经大学 经济学院, 上海 200433 2.上海财经大学 中国经济思想发展研究院, 上海 200433

摘要：现有研究认为，银行所有制结构对其经营绩效具有显著影响，且国有银行的效率一般低于非国有银行。但因制度环境的差异，银行所有权与经营绩效之间的影响关系尚存在一定的不确定性。民国时期，地区之间制度环境差异较大、私营银行与官办银行并行发展、中央政府对金融市场监管有限，这为讨论不同制度环境下银行所有权与经营绩效之间的关系提供了良好的历史案例。为此，文章基于1928−1937年间158家银行的营业报告，使用数据包络分析（DEA）方法测算各银行的年度利润，进而分析银行所有权对经营绩效的影响及其作用机制。研究表明：（1）银行所有制与经营绩效之间的关系在不同制度环境下存在异质性表现。如果制度环境较差，私营银行发展受限，则官办银行的绩效会好于私营银行；而在制度环境较好、市场竞争较为充分的条件下，私营银行的绩效则会优于官办银行。（2）官办银行和私营银行在利润绩效上的实现途径不同。前者主要得益于官方所有权所带来的特许经营权，在局部垄断环境中单位资金的收益率更高；而后者主要是在市场竞争环境中通过业务竞争和成本控制而实现的。文章通过历史的“对照试验”推进了不同制度环境下所有权与银行绩效之间关系的认识，也为当前中国的金融改革提供了一定历史镜鉴。

关键词：制度环境; 银行所有权; 经营绩效; 数据包络分析

Summary: According to the existing research, the ownership structure of banks has a significant impact on their business performance, and the efficiency of state-owned banks is generally lower than that of non-state-owned banks. However, due to the difference of institutional environment, there is still some uncertainty about the relationship between bank ownership and business performance. During the period of the Republic of China, there were great differences in the institutional environment between regions, private banks and government banks developed together, and the central government has little supervision over the financial market. This provides a good historical case for discussing the relationship between bank ownership and business performance under different property rights systems. For the first time, we systematically collected 741 annual business reports of 158 banks from 1928 to 1937. Using the data envelopment analysis (DEA) method to calculate the annual profit efficiency of banks, and then using the empirical analysis method, this paper focuses on the operating performance difference between private banks and government-run banks (National Chartered Banks and provincial and municipal banks). The research shows that the relationship between bank ownership and business performance is heterogeneous in different institutional environments. (1) If the institutional environment is poor and the development of private banks is restricted, the performance of government-run banks will be better than that of private banks; while under the conditions of a better institutional environment and sufficient market competition, the performance of private banks will be better than that of government-run banks. (2) The profit performance of provincial and municipal banks is different from that of private banks. The former mainly benefits from the franchise brought by the official ownership, and the rate of return of unit capital is higher in a local monopoly environment; while the latter is mainly realized through the better business ability and cost control ability in the market competition environment. The main contributions of this paper are as follows: Firstly, based on the historical data and comparative analysis of different banks, we can better identify the heterogeneity of the relationship between bank ownership and business performance in different institutional environments. Secondly, it calculates the profit efficiency of the new-style banking industry during the period of Nanjing Nationalist Government, which provides data and index basis for the quantitative and empirical research of modern Chinese banking industry. Thirdly, it enriches the empirical research on the relationship between the institutional environment and the performance of institutional arrangements (i.e. governance mechanisms) in the theory of new institutional economics. Finally, by revealing the impact mechanism of the institutional environment on the operating performance of banks with different bank ownership, it shows that while improving the efficiency of banks through ownership reforms, more attention should be paid to the construction of the institutional environment, especially the strengthening of property rights protection and contract execution efficiency.

Key words: institutional environment; bank ownership; business performance; data envelopment analysis

DOI：10.16538/j.cnki.jfe.20210813.203

收稿日期：2021-1-25

基金项目：国家社会科学基金重大项目（16ZDA133）

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