中国银行业存贷款市场竞争与稳定性关系研究重点解读.doc

中国银行业存贷款市场市场力与稳定性研究( 摘要：对银行业市场力与稳定性的关系研究是学术界悬而未决的难题。本文基于“市场力状态依存”论的观点，尝试分存贷款市场分别考察中国银行业市场力与稳定性的关系。以1995－2012141家银行的非平衡面板数据为样本，使用超越对数成本函数计算样本期间中国银行业存贷款市场的Boone指数，将其作为市场力指标；采用随机前沿方法计算了中国银行业的“稳定非效率”，将其作为银行业稳定性的逆向指标；最后以差分广义矩方法(GMM)估计了中国银行业存贷款市场上的市场力与“稳定非效率”间的关系，研究表明：(1)中国银行业存贷款市场有着不同的市场力，其中贷款市场上的市场力高于存款市场上的市场力。(2)样本期间中国银行业的市场力呈现不断上升态势。(3)研究支持“市场力状态依存”假说，存款市场市场力与稳定性负相关，而贷款市场市场力与稳定性正相关。(4)现阶段资本市场的发展与银行稳定负相关。 关键词：存贷款市场；银行市场力；银行稳定 中图分类号：F831.4 Research on the Nexus between Banking Market Power and Banking Stability in China’s Deposit and Loan Market Abstract: The nexus between the market power and the stability of the banking market is a pending academia problem. Based on the “market power state dependency” hypothesis, this paper attempts to investigate the nexus between the market power and the stability of the Chinese deposit and loan markets. Using the unbalanced panel data of 141 banks operating in Chinese mainland from 1995 to 2012, this paper calculates the Boone indicator of the Chinese deposit and loan market which is used as indicators of market power during the sample period using translog cost function; then using the stochastic frontier approach to calculate the Chinese Banking “stability inefficiency” which is used as the reverse indicator of banking stability; finally using difference GMM method to estimate the nexus between market power and stability in Chinese deposit and loan markets. This paper shows that: (1) Chinese deposit and loan markets have different market power, and loan market power is higher than the deposit market power. (2) Chinese banking market shows a rising trend during the sample period. (3)This Research Supports the “market power state dependency” hypothesis, the nexus is negative in the deposit market, otherwise in the loan market. (4)Nowadays the relationship between the development of the capital market and banking stability is negative. Key Words: deposit and loan markets; banking market power; banking stability 引言 市场力与稳定性的关系是银行产业