| In the early1990s, the reform of state-owned commercial banks marked that China’s financial system began transiting from government leading to market leading. In1993, Decisions on Several Issues of Establishing Socialistic Market Economic System put forwards the basic idea of interest rate liberalization at the third plenary session of the fourteenth central committee. Banks are enterprises that operate funds. Interest rate is the price of capital. One important point of banks’commercialized reform lies in the introduction of competition. Price mechanism is used to screen demands and improve allocation efficiency so that enterprises’vitality and competitiveness are enhanced and that the performance of banks is improved. In other words, conduct interest rates’liberalization. The commercialized reform of banks depends on, in a large part, the process of interest rate marketization. Through years’ financial deepening and financial reform, we can’t help come up with following questions:1) How is the whole operation efficiency of all kinds of commercial banks in China?2) How does the process of interest rate liberalization affect the efficiency of all kinds of commercial banks?3) What’s the reason that interest rate liberalization has different effects on commercial banks? How to improve it?Therefore, this paper focuses on4state-owned commercial banks and10joint-stock commercial banks, that is,14commercial banks in all, as the main research objects, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Citi Bank, Everbright Bank, Hua Xia Bank, China Minsheng Bank, China Guangfa Bank, Shenzhen Development Bank, China Merchants Bank, Industrial Bank and Shanghai Pudong Development Bank. Firstly, determine the process of interest rate marketization in China between1996and2010. Two procedures will be conducted to determine China’s interest rate liberalization. First,2010will be used as the basic period and determine the value of the year’s interest rate marketization extent. Second, according to corresponding interest rate liberalization policies in other years, adopt grade value method, hold the basic period value as the initial value and reversely push the values of other years’interest rate marketization extent. Secondly, use the14commercial banks’ staff number, fixed assets-net value and total bank deposits between2000and2010as input variables and select profit before tax and total loans as output variables. Select input-oriented models. In consideration of variable returns to scale, utilize data enveloped DEA model to determine commercial banks’annual efficiency. Finally, combine the above two points, establish Tobit Model to regress panel data and study the effects of interest rate liberalization on commercial banks’ efficiency. The study results reflect that, on one hand, the amplitude of fluctuation of sample banks’ annual average technology crste and scale efficiency is much large in sample years. Sheer technology vrste is much flat without obvious changing trend. Among them, jonint-stock commercial banks’ annual average technology efficiency crste and scale efficiency is relatively high, while state-owned commercial banks’ corresponding value is relatively low. Annual average pure technology efficiency vrste has no absolute advantages with both high and low values. On the other hand, interest rate liberalization has obviously adverse effects on commercial banks’ technology efficiency crste and scale efficiency scale. As for it, compared with joint-stock commercial banks, interest rate marketization has larger and more obvious effects on state-owned commercial banks. In addition, gross domestic product’s relative value Ln(GDP), market concentration rate CR, non-performing loan ratio NPL, profitability ROA, asset allocation DR and listed invented variable OWNER have partly passed significance test. They have different effects on commercial banks in whole and three efficiencies of all kinds of banks. |
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