中国银行业市场竞争结构分析——基于修正的模型设定

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1、中固银行业市场竞争结构研究一基于修正的模型设定ANINVESTIGATION0FMARKETSTRUCTUREINTHECHINESEBANKINGINDUSTRY—-BASEDONTHEREVISEDMODELSPECIFICATl0NABSTRACTThepaperinvestigatesthedegreeofcompetitionandmarketstructureoftheChinesebankingindustrywithstructuralandnon-structuralestimationcomprehensively．Concent

2、rationn-bankconcentrationratio(CRn)andHHIIndex，whichmeasureconcentration，isadoptedonthebasisofstructuralestimation．Accordingtotheconclusionsofempiricalresearch，theChinesebankingindustryismoderatelyconcentratedfrom1998to2007．Theconcentrationlevelisstillhigh，however,itshowsthedec

3、reasingtrendinthisdecade．Ifthetwoindexesareregardedasmeasuresofmonopolypower,thentheChinesebankingindustryisundermonopolisticcompetition．Andthedegreeofmonopolywasdecreasinginthisdecade，thatistosay,thedegreeofcompetitionwasincreasinginthisdecade．Nevertheless，structuralmethodisfl

4、awedapparentlyasameasurethedegreeofcompetitionandiscriticizedbysomescholarsintermsofboththeoreticalandempiricalresults．Withemergenceofcontestablemarkettheory,peopleholddifferentviewstowardscompetition．Thetheoryassumesthattherearepotentialnewentrantsandlowbarrierstoentryandexita

5、tthemarketandevenamonopolymaybeforcedtobeefficient．ThepaperanalysestheChinesebankingindustrywiththistheoryandIII中国银行业市场竞争结构研究一皋于修正的模型砹定concludesthattherearehi曲barrierstoentryandexitintheindustry,SOit’Sdi伍culttoformthecontestablemarketinChina．Inviewoftheflawedstructuralmethod，th

6、epaperthenuseanon-structuralestimationtechnique，whichisPanzar-Rosse(1977)method，thispartisthecenterofthepaper．Forthesakeofdataavailabilityandspecificconditions，themodelspecificationisSOflexiblethattherearetwoproblemsonsomepreviousChinesepapers．Oneistheproxyvariableisnotgoodenou

7、gh，theotheristhatthereisadistortingeffectonHstatisticasBikkeretc．(2006)pointifthemodelspecificationisbasedonapriceequation．Thepaperprovestheseproblemsindeedhaveadistortingeffectonempiricalresults，whichisdoubtfulbecauseofmisspecification．Inordertoresolvetheseproblems，thepaperref

8、erencesalotofliteraturesandadoptsthemostfrequently-use