金融开放深化提升了银行绩效吗？——来自中国金融开放冲击的证据

Does the Deepening of Financial Opening-up Improve Bank Performance? Evidence from the Impact of China’s Financial Opening-up

《财经研究》2023年49卷第8期 页码：139 - 152 online：2023年8月3日

作者

中：刘莉亚 , 李涛

英：Liu Liya, Li Tao

作者单位：上海财经大学 金融学院，上海 200433

摘要及关键词

摘要：2018年以来，中国金融业扩大对外开放的政策措施密集落地，这为中国银行业发展带来了更多的机遇还是挑战？文章基于中国36家上市商业银行2016—2020年的面板数据，利用双重差分法考察了2018年的金融开放冲击对商业银行经营绩效的影响。结果显示，金融开放深化显著提升了上市商业银行的经营绩效。与国有商业银行相比，扩大金融开放显著推动了股份制银行、城商行以及农商行这三类商业银行的经营绩效提升。机制检验表明，金融开放深化能够通过知识溢出效应和竞争效应来提升银行绩效。文章结合中国当前对外开放的背景与现实要求，为金融开放和银行业发展提供了政策建议。

关键词：金融开放；银行经营绩效；双重差分；知识溢出；银行竞争

Summary: Deepening financial opening-up helps to promote competition, exchange, and cooperation between domestic and foreign financial institutions, and promotes high-quality overseas financial institutions to invest in the Chinese financial industry, thereby enhancing the ability of the Chinese financial industry to serve the real economy. As an important component of China’s financial system, the banking industry plays a crucial role in supporting the development of China’s real economy. Since 2018, China’s financial industry has implemented intensive policies and measures to expand its opening-up to the outside world. Does it bring more opportunities or challenges to the development of China’s banking industry? Based on this background, adopting the DID method, this paper takes the impact of expanding financial opening-up in 2018 as a quasi-natural experiment, and uses data from 36 listed commercial banks in China from 2016 to 2020 to test the impact and mechanism of deepening financial opening-up on the operating performance of commercial banks in China. The results show that the deepening of financial opening-up has significantly improved the operating performance of listed commercial banks. Specifically, compared to state-owned commercial banks, expanding financial opening-up has significantly promoted the operating performance of three types of commercial banks: joint-stock commercial banks, urban commercial banks, and rural commercial banks. Mechanism testing shows that deepening financial opening-up can improve bank performance through the knowledge spillover effect and the competition effect. The marginal contributions of this paper are as follows: First, there is no consistent conclusion on the relationship between financial opening-up and bank operating performance in existing literature. This paper explores the impact of deepening financial opening-up on the operating performance of Chinese commercial banks based on the background of opening-up, enriching the research on this issue. Second, existing literature uses specific financial opening-up indicators or bank opening-up indicators to measure the degree of financial opening-up. This paper uses the DID method and the impact of the intensive implementation of financial opening-up measures in 2018 to evaluate policy effectiveness, accurately estimating the impact of deepening financial opening-up on bank operating performance. Third, this paper explores the impact and mechanism of the policy shock of expanding financial opening-up in 2018 on bank operating performance. Combined with the current background of China’s opening-up and banking operations, it provides reference for policy formulation by banks and regulatory authorities, and provides useful insights for further promoting financial opening-up and the development of the banking industry.

Key words: financial opening-up; bank operating performance; DID; knowledge spillover; bank competition

其他信息

DOI：10.16538/j.cnki.jfe.20230516.101

收稿日期：2022-11-25

基金项目：国家社会科学基金重大项目“数字金融发展与货币政策有效性的理论建构、传导路径与政策协调研究”（22&ZD118）

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