本期主要介紹中國銀行改革研究的最新論文，以及過往與該研究相關的論文，具體如下：

1.Banking reform and industry structure: Evidence from China

Journal of Banking & Finance

Volume 104, July 2019

Jingjing Ye

Southwestern University of Finance and Economics

Aoyang Zhang

Southwestern University of Finance and Economics

Yan Dong

Southwestern University of Finance and Economics

The development of a country's financial sector plays an important role in shaping its industrial structure; however, evidence on the micro level channels through which this relationship appears remains relatively sparse, particularly for developing countries. We examine the banking sector's role in the industrial structure in China by exploiting a quasi-experimental shock from a banking sector reform in 2002 that entailed stricter capital and asset requirements. Based on longitudinal data on manufacturing firms and registered banks from 1998 to 2008, we find that banking reform reduced concentrations in the product market by encouraging the growth of smaller and younger firms. These effects were most pronounced in regions with lower levels of financial development prior to the reform. Our results are robust after considering alternative model specifications and measures of dependence on external financing.

https://www./science/article/pii/S0378426619301013

2.The effect of banking system reform on investment–cash flow sensitivity: Evidence from China

Journal of Banking & Finance

Volume 46, September 2014, Pages 166–176

Ying-Ju Tsai

National Central University

Yi-Pei Chen

Chung Yuan Christian University

Chi-Ling Lin

National Central University

Jung-Hua Hung

National Central University

Abstract

This study investigates the effect of banking system reform on the investment behavior of Chinese listed firms. We find that the politically-oriented investment problem for state-controlled listed companies is mitigated by the reform due to foreign participation in the management of Chinese banks. The problem of underinvestment in non-state-controlled listed companies also appears to be alleviated due to an increase of bank loans. We include leverage in our analysis and the main findings are robust. The results provide evidence that Chinese banking system reform has increased the efficiency of resource allocation, easing investment distortions in state-controlled listed companies and reducing financial constraints in non-state-controlled listed companies.

http://www./science/article/pii/S0378426614001484

3.The effects of reform on China’s bank structure and performance

Journal of Banking & Finance

Volume 33, Issue 1

January 2009, Pages 39–52

Xiaoqing (Maggie) Fu

University of Macau

Shelagh Heffernan

City University

This paper investigates the relationship between market structure and performance in China’s banking system from 1985 to 2002, a period when this sector was subject to gradual but notable reform. Using panel data estimation techniques, both the market-power and efficient-structure hypotheses are tested. In addition, the model is extended to consider issues such as the impact of bank size/ownership and whether the big four banks enjoy a “quiet life”. On average, X-efficiency declined significantly and most banks were operating below scale efficient levels. Estimation of the structure–performance models lends some support to the relative market-power hypothesis in the early period. The reforms had little impact on the structure of China’s banking sector, though the “joint stock” banks became relatively more X-efficient. There was no evidence to support the quiet-life hypothesis, probably because strict interest rate controls prevented the state banks from earning monopoly profits. Thus the ongoing liberalisation of interest rates should be accompanied by reduced concentration. Overall, to improve competitive structure, new policies should be directed at encouraging market entry and increasing the market share of the most efficient banks.

http://www./science/article/pii/S0378426607003755