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1、RegulatoryDevelopmentsandBankPerformanceinChinaAllenN.BergerBoardofGovernorsoftheFederalReserveSystem,Washington,DC20551U.S.A.WhartonFinancialInstitutionsCenter,Philadelphia,PA19104U.S.A.aberger@frb.govIftekharHasanRensselaerPolytechnicInstitute–LallySchoolofManag
2、ementandTechnology,Troy,NY12180U.S.A.BankofFinlandhasan@rpi.eduMingmingZhouUniversityofAlaskaatFairbanks-SchoolofManagement,Fairbanks,AK99701,U.S.A.m.zhou@uaf.eduAbstractChinaisreformingitsbankingsystem,partiallyprivatizingandtakingonminorityforeignownershipofthre
3、eofitsdominant“BigFour”state-ownedbanks.ThispaperhelpspredicttheeffectsbyanalyzingtheefficiencyofvirtuallyallChinesebanksover1994-2003.FindingssuggestthatBigFourbanksarebyfartheleastefficient;foreignbanksaremostefficient;andminorityforeignownershipisassociatedwith
4、significantlyimprovedefficiency.WepresentcorroboratingrobustnesschecksandofferseveralcrediblemechanismsthroughwhichminorityforeignownersmayincreaseChinesebankefficiency.ThesefindingssuggestthatminorityforeignownershipoftheBigFourwilllikelyimproveperformancesignifi
5、cantly.JELClassificationNumbers:G21,G28,G34,F23Keywords:China,Banks,Efficiency,Foreignownership.TheopinionsexpresseddonotnecessarilyreflectthoseoftheFederalReserveBoardoritsstaff.Theauthorsthanktheanonymousreferees,AdamAshcraft,LamontBlack,NicolaCetorelli,ChristaB
6、ouwman,ChoaChen,TimCoelli,AstridDick,AnuragGupta,DirkHackbarth,BevHirtle,EdKane,C.N.V.Krishnan,SubalKumbhakar,LuboLitov,DonMorgan,FariMoshirian,RalitsaPetkova,PeterRitchken,JoaoSantos,AjaiSingh,KevinStiroh,JamesVickery,PaulWachtel,andaudienceparticipantsattheFinan
7、cialManagementAssociationmeetings,CaseWesternReserveUniversity,theFederalReserveBankofNewYork,andtheJournalofBankingandFinance30thAnniversaryConference,Beijing,Chinaforhelpfulsuggestions.Tablesshowingsomeadditionalrobustnesschecksareavailableuponrequestfromtheauth
8、ors.PleaseaddresscorrespondencetoIftekharHasan,LallySchoolofManagement,RensselaerPolytechnicInstitute,110,8thStreet,Troy,NY12180,Phone:5182762525oremail
