| In2006-2010, in order to prepare for opening the banking market fully to foreign banks, China’s banking market has experienced great changes in important ways, the bank ystem made great reforming for reakthrough from multiple levels such as the corporate governance, development strategy, management concept, incentive and restraint mechanism and etc.."Strategic transformation" was put forward by many commercial Banks as the strategic goal of the reforming. In particular, after the financial crisis, the new Basel agreement and the commercial bank capital management methods (for trial implementation) launched by China banking regulatory commission improved the requirements of commercial bank risk capital, the domestic commercial Banks are compelled to strike for strategic transition. To chang the means of growth and reduce capital occupancy higher business to develop capital intensive business, has become the consensus of the Chinese banking industry. Our country commercial bank has just established a modern bank for a very short time, strategic management lags behind the western banks, homogenization, product service differentiation shortage, small and medium-sized joint-stock commercial bank strategic positioning uncertainly, city firms do not know the future what course to follow, a variety of problems about domestic banking is almost the pecieved impression to the public in a wide range, also is the focus of public problems.This paper focuses on, after China’s commercial banking reforming, the introduction of strategic investors and strategic transformation, whether the banking strategies are homogeneous or heterogeneous. What kind of strategy of the bank leads to good performance? Strategic choice can predict certain efficiency level? In other words, in our banking industry, are there any strategic groups pursueing different strategic? Does the banking industry still keep strategy homogenization, products and services homogenization problems? In addition to the state-owned commercial Banks, joint-stock, regional bank such labels, is there no other difference? In order to solve these questions, this paper to strategic group theory as the basis, analysis of China’s banking market structure, and try to test commercial Banks strategic types and bank efficiency, the relationship between the commercial Banks and strategic change,and the influence of strategic transformation to bank efficiency.The paper including the introduction is divided into eight chapters, the main content of each chapter is:The first chapter:the introduction, the main contents of this part is to introduce the topic significance as well as the present situation of the related research, through the introduction of the research background that commercial Banks strategic group and significance to inspect between Strategic Group and efficiency of the relationship. The introduction of the research also shows the basic logic thinking, that is combining the normative analysis and empirical analysis. Firstly propose research hypothesis and research framework on the basis of theory, and then step by step through the empirical analysis to test whether the proposition that was established or conditions. At the end of the introduction, it reports the shortage of the paper and the possible innovation place.The second chapter:theoretical basis, the main content is combing research based on the basic theory, through the interpretation of the concept and definition of comparison, the paper finally reference or based on the specific theory. First of all, through the review of the development of strategy theory, the paper will be strategic understanding for an enterprise or organization in order to achieve organizational vision and makes about the organization’s management structure, resource allocation structure, product or service structure and target market structure of the long-term planning, i.e., the comprehensive Gerry Johnson and Kevan Scholes company layer strategy and enterprise layer strategy content, including enterprise financing, the allocation of resources, customer structure, product structure, etc.Secondly, through the strategic group theory combing, determined in this paper will be based on the industrial economy perspective to understand the strategic group, rather than from cognitive perspective definition and explain enterprise strategic group, although the latter are also reasonable. At the same time, about strategic group analysis technology comparison, this paper will select several key strategic variables using multivariate statistical analysis divided our country commercial bank Strategic Group, specific analysis process will be using factor analysis and cluster analysis technology. Again, through the efficiency and the theory of bank efficiency review and literature review, this paper points out that this paper referring to bank technical efficiency is a frontier efficiency, frontier efficiency advantage can comprehensively reflect the commercial bank’s financial and business performance, and can further decomposition get more found. Based on the needs of the research purpose, this paper will choose to use the data envelopment analysis (DEA) method evaluating the bank’s technical efficiency. The literature review on bank efficiency shows that appropriate choice of input-output index for frontier efficiency evaluation is importance.The end of this chapter reviewed the strategic group and enterprise performance relationship, especially between strategic group is stable showing the business performance of the difference, this is a very attractive research topic. However, a large number of empirical analysis shows that, strategic group and business performance does not exist between certain mapping relationship, although many empirical analysis of the performance of the differentiation strategy between significantly. Through this chapter carding, clear thesis research the goal and the duty, is through the empirical analysis and inspection:one of China’s banking industry, whether there are strategic group, if present Strategic Group, is different strategic group key strategic variables must show significant difference; Second, if present Strategic Group, the strategic group type and bank efficiency whether there is stable connection, if present, indicates that our banking there is internal mobile barriers, these internal mobile barriers to ensure the each strategy for differentiation of the stability of the expected performance, different performance levels of strategic group together constitute the life of the banking industry.The third chapter:analysis framework, the main contents of the paper is the main concepts and main method of definition and selection and research framework of the basic description, and chapter after empirical analysis of the logic and method. This chapter first monarch referred to clear this strategic group concept based on the industrial economic theory, is not based on the cognitive perspective strategic group of concepts, the definition of strategic group by poter and yami about the definition of strategic group, strategic group analysis methods namely select key strategic variables, using multivariate statistical analysis method of classification strategy.This chapter puts forward strategic variable selection will be based on the strategy and the strategic group of connotation, including commercial bank three strategy, i.e., the content of strategic assets (investment strategy), liabilities strategy (financing strategy), income strategy, the specific strategy variables based on commercial bank balance sheet and income statement, and finally construct the condensation algorithm of hierarchical cluster analysis, strategic group division.This chapter defines the connotation of the technical efficiency and decomposition using Farrell definition, evaluation methods using data envelopment analysis of CCR and BCC model, about the technical efficiency change with Malmquist index metric. This chapter think the selection of evaluation indicators for technical efficiency is very important, through the comparison of commonly used six kinds of input and output index selection method, put forward shall, according to the modern commercial bank management reality production method choose bank input-output index, and finally determined that the investment of commercial banks is the core elements of capital, human capital and management fees, but by data availability, the limitation of the evaluation of technical efficiency in index is ultimately core net capital, business and management fee (including staff salary); Output indicators is the traditional loan business and part of funds business creation of net interest income, and intermediate business creation fee and commission income, the latter almost constitute the non-interest income of all.This chapter put forward the third part about strategic group and efficiency of the relationship between the two hypothetical proposition, the first proposition is the commercial bank Strategic Group performance between heterogeneity, strategic group internal performance homogeneity, the second proposition is the strategic transformation of commercial banks (for the performance of the Strategic Group conversion) can lead to commercial bank efficiency decline. Of course, the empirical part will also check capital adequacy level, the loan quality would affect the efficiency of commercial banks. The fourth chapter:strategic group analysis, this chapter according to the third chapter defined commercial bank strategy variables, using the bank annual report finishing get sample bank strategy variables panel data set, and then using principal component analysis and factor analysis from many strategic variables extraction more prominent a few variables, reduce strategic variable dimension, finally using cluster analysis found that our country banking exists four strategic group. According to each strategic group about the factor score summarizes the main features of different strategic group and will last four strategic group were named:traditional bank Strategic Group (to citic bank as the representative), multiple bank Strategic Group (fuzhou bank as the representative), leading bank Strategic Group (represented by commercial bank), special bank Strategic Group (with societe generale for representative).This chapter empirical analysis innovation includes three aspects:one is to adopt hybrid data clustering analysis, to study the dynamic change of strategic structure; The second is the empirical analysis reveals China’s commercial banking there are four characteristics of the strategic group, and according to the characteristics of strategic variables for the name.Chapter5:technical efficiency evaluation, this chapter according to the definition of the third chapter commercial banks input-output index system, using the bank annual report arrangement for evaluation of our country commercial bank efficiency of input and output variables panel data set, and then use the Deap software evaluation in our country commercial bank representative2006-2010years of technical efficiency (including pure technical efficiency and scale efficiency and the efficiency of the Malmquist index). Technical efficiency evaluation results show that, our country banking industry technical efficiency, pure technical efficiency and scale efficiency respectively the average of about0.90,0.93,0.96, and large state-owned commercial bank efficiency value higher than common share-holding commercial banks; Malmquist index analysis showed that2006-2010years of China’s banking industry technical efficiency, pure technical efficiency and scale efficiency, production technology change and total factor productivity is increasing trend, large commercial banks continuous production technology progress promoted the large-scale commercial bank’s total factor productivity, but also to ensure the continuous improvement of China’s banking industryThis chapter is to evaluate the innovation points of commercial bank technical efficiency of input and output index choice, better grasp the core of the commercial bank operation. The modern commercial bank is a firm providing multiple financing intermediary and financial services, loan and deposit are the most original commercial bank business, not the whole function of commercial banks. The current international and domestic bank supervision departments to improve the capital adequacy ratio of regulatory requirements, strategic transformation is the inevitable choice of commercial banks, commercial banks will try to control such as loan capital occupancy high traditional business, looking for a capital intensive use of road.Chapter6:the empirical analysis commercial bank Strategic Group and the relationship between the bank efficiency. This chapter is the key part of the thesis. This chapter work consists of two parts:one is static analysis commercial bank Strategic Group type and the relationship between the technical efficiency, that is, through empirical analysis, test our country commercial bank different strategic group technology between efficiency and technical efficiency change trend whether there are significant difference. The second is, from the dynamic perspective, inspection business bank Strategic Group conversion would affect technical efficiency and total factor productivity change trend, namely strategic group of conversion of technical efficiency and total factor productivity Malmquist index effects are significant. The empirical study found that commercial banks strategic group type is bank technical efficiency of the significant factors that influence the efficiency of different strategic group distribution significant difference, at the same time, commercial banks from a strategic group to another group of strategic transformation of commercial banks will reduce the efficiency of technology progress, will hinder the improvement of production technology of commercial banks finally.This chapter also checked the commercial bank asset quality and core capital adequacy ratio for commercial banks to technical efficiency and the influence of dynamic change. The study found that the assets quality and commercial banks in the current relationship between technical efficiency is not significant, but the quality of assets change will affect commercial banks technical efficiency and scale efficiency improvement, will ultimately affect the total factor productivity change. The core capital adequacy ratio and commercial banks between technical efficiency are obviously related, the core capital adequacy ratio will reduce the current technical efficiency, pure technical efficiency and scale efficiency, but improve core enough capital not significant effect on total factor productivity improvement.Chapter7:case analysis, this part respectively by typical bank and commercial bank of China and the industrial bank as an example, this paper analyzes the characteristics of leading banks and bank strategic content, and combining with actual data analysis of two typical bank of strategy implementation. According to the strategic group division, the industrial and commercial bank of China and the industrial bank belongs to leading bank Strategic Group and typical bank Strategic Group, but the two banks are common,2006-2010not taking a strategic group of conversion. Data analysis shows that the industrial and commercial bank of China and the industrial bank are really the campaign of the company’s strategic implementation, and finally remarkable bank performance.The eighth chapter summarizes the paper. This part summarizes the thesis do all the work, this paper get the all the conclusion, and finally puts forward some enlightenment.The paper may make some innovation including:1. This is the first study in Ph.D. dissertation in China on commercial bank Strategic Group and the relationship between bank strategy and bank efficiency. This paper through the empirical analysis of China’s banking industry found there existing four types of strategic group, summarized each strategic group of strategic characteristics and named them. The paper research will help to understand the industrial structure of China’s banking industry, to help guide commercial banks to make more scientific strategic transformation or horizontal competition strategy.2. This paper combined strategic group analysis and frontier efficiency analysis together, taking frontier Technical Efficiency instead of profitability to measured bank’s performance, and inspected the relationship between Strategic Group type and technical efficiency, pure technical efficiency and scale efficiency, which greatly expanded the study of strategic group and the relationship between strategic group and firm performance, similar research is not found yet.3. Rely on the technical efficiency of the Malmquist index, this paper established an connection of strategic group conversion and efficiency change, which put forward the static study of the relationship between strategic group and firm performance to the dynamic analysis, and is a significant innovation and exploration about the Strategic Group dynamic research.4. Te strategy variables and input and output index of commercial bank, are choosed based on previous research literature, which is an innovation. The variables and index should not only conform to the relevant theory, but also compare the modern commercial bank’s strategy and business activity characteristic. So it is an beneficial innovation and progressment in the related research field. |
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