我国商业银行战略引资效应是否被高估——基于外资参股对商业银行经营效率影响的再思考  

Whether the Effect of Introduction of Strategic Investors by China's Business Banks Has Been Overestimated——Rethinking on the Effect of Foreign Equity Participation on Business Banks' Management Efficiency

作　　者：傅利福 

机构地区：[1]山东大学经济研究院

出　　处：《财经科学》2014年第7期1-10,共10页Finance & Economics

摘　　要：近年来境外战略投资者频频减持乃至退出中国银行业,多年来中资银行引进境外战略投资者是否有效有待重新审视。本文利用综合网络DEA和倾向得分匹配方法(PSM)重新评估外资参股对我国商业银行经营效率的影响。估计结果显示,外资参股确实提高了商业银行的经营效率,这与大部分的文献结论相一致,但传统研究高估了外资参股对商业银行经营效率的影响。我们认为,中资银行引进境外战略投资者具有长远意义,但不应夸大外资参股的作用。由于外资参股效果的不同,商业银行引进境外战略投资者应当从自身条件和环境出发,趋利避害,做到适时适度。Recent years have seen the overseas strategic investors successively reducing their holdings or even withdrawing from China＇s banking industry. So it is necessary to review whether it is efficient for Chinesefimded enterprises to bring in overseas strategic investors. This thesis takes advantage of the integrated network DEA and propensity score matching method to reassess the effect of foreign equity participation on the management efficiency of China＇s business banks. The expected results show： foreign equity participation has improved the management efficiency of China＇s business banks, which is in accordance with most of the literature results. However, the traditional research has overestimated such efficiency. We maintain that it is of long term significance for Chinese funded enterprises to bring in overseas strategic investors. But the significance should not be exaggerated. Due to the various results of foreign equity participation, the business banks should bring in overseas strategic investors on the basis of their own condition in a proper way.

关 键 词：商业银行 战略引资 外资参股 经营效率 

分 类 号：F832.33[经济管理—金融学] F224