Empirical Study Of Impacts Of Interest Rate Marketization On The Efficiency Of Chinese Listed Commercial Banks

The Third Plenary Session of the 18 th CPC Central Committee pointed out that the core of financial reform is the financial marketization reform.As an important part of financial marketization reform,interest rate marketization reform has drawn more and more attention in our country in recent years.Since 1996,the interest rate marketization reform has generally gone through the steady advance phase,the stagnation phase and the acceleration phase.As a major participant in the entire financial market,the fund management efficiency of banks can reflect the capital allocation efficiency of the financial industry from the micro level.Therefore,evaluating the efficiency of Chinese commercial banks and studying the impact of interest rate marketization on the efficiency of commercial banks will help us to make judgments on the effectiveness of financial marketization reforms.This thesis estimates the fund management efficiency of 23 listed banks in China from 2009 to 2016 based on a two-stage DEA model that takes into account the undesirable output.Then,by measuring the index of interest rate marketization and doing regression analysis,we analyze the impact of interest rate marketization on the efficiency of Chinese listed commercial banks.The results show that:(1)The promotion of interest rate marketization is conducive to the improvement of the fund management efficiency of Chinese listed banks,but the impact on banks with different ownership is different,which has the greatest impact on the state-owned listed banks,followed by joint-stock listed banks,and has no significant impact on the city commercial banks and rural commercial banks.(2)With the acceleration of interest rate marketization,the efficiency of Chinese listed banks is increasing.And there are significant differences in the efficiency of listed banks with different ownership,of which the state-owned listed banks performed the best while the urban commercial banks performed the worst.(3)The degree of interest rate marketization in China is constantly deepening.And the marketization reforms in interest rate floating and interest rate determination have been basically completed.However,transmission effect of interest rate in the economic market is poor.