规模、生产率与银行海外扩张的二元边际——来自中资银行业的经验证据  

Size,Productivity and Dual Margins of Bank's Overseas Expansion:Evidence from Chinese banks

作　　者：綦建红[1] 刘慧[1] 

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《金融研究》2014年第9期128-142,共15页Journal of Financial Research

基　　金：国家自然科学基金(项目批准号:71473150;71073097);教育部人文社科基金(项目批准号:14YJA790045)的资助

摘　　要：为了检验企业异质性理论对我国银行业海外扩张的适用性，本文首先在效用最大化的前提下构建了银行海外扩张的数理模型，然后利用四分位统计法对银行异质性与其海外扩张的关系进行经验分析，最后通过建立有序概率模型和托宾模型，根据2007～2013年37家中资银行数据，分别对其海外扩张广度边际和深度边际的微观影响因素做出实证分析。结果表明，与企业异质性理论一致，中资银行的规模异质性和生产率异质性对其海外扩张的二元边际具有显著的影响，不仅规模越大、生产率越高的银行越倾向于进行海外扩张，而且随着资产规模与生产率的提高，海外扩张模式会遵循“啄食顺序”。In order to test the applicability of heterogeneous -firms theory to the banking industry in China, this paper firstly constructs a mathematical model to explain the banks＇ overseas expansion on the premise of the maximization of utility. Then we describe the relationship between heterogeneity in banks and their overseas expansion by adopting the quartile method. Lastly, using the software of Limdep and the data of 37 banks from 2007 to 2013, an empirical analysis based on the Ordered Probit model and Tobit model is given respectively to test the micro factors influencing the extensive and intensive margins of bank＇s overseas expansion. The results indicate that being consistent with the heterogeneous -firms theory, the heterogeneity in size and productivity of banks has significant impacts on the dual margins of their overseas expansion. The banks are more likely to expand overseas with larger size and higher productivity. With the size and productivity improvement, the entry mode of the bank＇s expansion follows the ＂pecking order＂.

关 键 词：银行异质性 海外扩张 啄食顺序 进入模式 

分 类 号：F832.33[经济管理—金融学] F224