| 王小梅,张岩.银行业制度型开放与商业银行效率[J].数量经济技术经济研究,2025,(5):179-199 | | 银行业制度型开放与商业银行效率 | | Institutional Openness of the Banking Industry and Commercial Bank Efficiency | | | | DOI： | | 中文关键词: 制度型开放 商业银行效率 金融创新 市场竞争 政策异质性 | | 英文关键词: Institutional Openness Commercial Bank Efficiency Financial Innovation Market Competition Policy Heterogeneity | | 基金项目: | | | 中文摘要: | | 稳步扩大金融领域制度型开放是实现金融高质量发展、建设金融强国的内在要求。本文基于2010~2022年48个国家7365家商业银行的面板数据，从制度型开放视角考察银行业开放对商业银行效率的影响。研究发现，银行业制度型开放对商业银行效率具有积极影响，并且该影响主要通过金融创新效应和市场竞争效应产生作用。进一步分析表明，市场准入限制领域和竞争壁垒领域的制度型开放有助于商业银行效率提升，中国目前在这两个领域的开放水平较低，提高开放水平将大幅提升商业银行效率。其他歧视性措施领域的制度型开放对商业银行效率具有正向影响，人员流动限制领域的制度型开放对商业银行效率无显著影响，监管透明度领域的制度型开放不利于商业银行效率提升，中国在这些领域的开放水平适宜。本文研究为中国稳妥推进银行业制度型开放、促进银行业高质量发展提供了有益参考。 | | 英文摘要: | | In December 2023, the Central Economic Work Conference stressed the need to “expand high-level openness to the outside world.” The 2024 Working Conference of the People’s Bank of China similarly proposed to “focus on promoting high-level openness of the financial industry” and “actively participate in the research and formulation of international trade rules related to the financial industry.” Institutional openness requires active benchmarking according to international high-standard market rules and best practices, and building an institutional system and a regulatory model that are in line with internationally accepted rules. The financial industry is highly sensitive and dependent on institutions, and thus the steady promotion of the openness of the banking and other financial sectors is a clear requirement of the national 14th Five Year Plan and the 2035 long-term goal outline. Therefore, studying whether the efficiency of the institutional openness of the banking industry can be improved is of great value for testing the effectiveness of institutional openness and promoting the high-level openness of the banking industry and its high-quality development.Whether institutional openness in the banking industry can improve the efficiency of commercial banks is related to whether there is a synergy between the high-level openness and the high-quality development of the banking industry. Based on the panel data of 7365 commercial banks in 48 countries from 2010 to 2022, this paper explores the impact of institutional openness of banking industry on commercial bank efficiency. The results show that institutional openness of banking industry significantly improves commercial bank efficiency. Institutional openness of banking industry has a positive impact on commercial bank efficiency through market competition effect and financial innovation effect. Heterogeneity analysis shows that institutional openness in the fields of restrictions on market entry and barriers to competition improves commercial bank efficiency. China’s openness levels in these two fields are relatively low, and improving the level of openness will significantly improve commercial bank efficiency. Institutional openness in the field of other discriminatory measures has a positive impact on the efficiency of commercial bank, while institutional openness in the field of regulatory transparency has negative impact. China’s openness levels in these areas are appropriate. This paper provides policy basis for China to steadily advance the high-level openness of banking industry and promote high-quality development of banking industry.The marginal contributions of this paper are as follows. First, it is the first attempt to examine the impact of institutional openness on the efficiency of commercial banks. Studies to date have only explored the impact of banking industry openness from a limited perspective, and thus they cannot objectively and accurately measure the degree of institutional openness in the banking industry. This paper measures the level of institutional openness in the banking industry based on the Service Trade Restriction Index, covering five different policy areas. It comprehensively analyzes the impact of institutional openness in the banking industry on the efficiency of commercial banks and compares its heterogeneous effects across a range of policy areas. Second, it analyzes the heterogeneity of the impact of institutional openness across different policy areas on the efficiency of commercial banks, thereby helping to accurately identify shortcomings in the institutional openness of China’s banking industry and provide empirical evidence and policy references for the steady promotion of institutional openness in that sector. Thirdly, a new instrument variable for the openness of the banking industry has been proposed. For the openness of a country’s banking and other service industries, existing literature usually uses weighted openness of other countries’ service industries to construct the instrument variable. However, this instrument variable suffers from insufficient exogeneity, as the openness of banking industries in different countries may be driven by common unobserved factors. If the model does not fully control for these factors, the instrument variable will be associated with the error term, violating the exogeneity assumption. This paper uses a country’s tariff rate as an instrument variable for its banking openness. The adjustment of tariff rates reflects the tendency of goods trade policies and is mainly driven by factors independent of service industry policies, which do not directly affect service industry enterprises and have stronger exogeneity. | | 查看全文 相关附件： 下载数据代码附录 |
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