附录B 外文原文

Financial performance of commercial banks in the post-reform era: Further evidence from Bangladesh

Abstract

This paper examines the financial performance of the commercial banks in Bangladesh in terms of profitability measures before, during and after a period of financial liberalization. Employing a panel data regression framework, the study uses bank-level annual data from major commercial banks in Bangladesh for the period 1983–2012. Empirical results show financial reform has not had significant effect on the return on asset (ROA) or return on equity (ROE) for the banks, but the net interest margin (NIM) has increased. The results further indicate that capital strength and asset quality are the main drivers of profitability. Therefore, an appropriate banking policy aimed at raising capital base and asset quality is vital for ensuring a viable banking sector in Bangladesh.

Keywords Financial reform；Banking；Panel data；Profitability

1. Introduction

The global banking industry has experienced remarkable changes in recent decades due to international integration of financial markets, deregulation and innovations of technology in banking services. These have created both opportunities for growth and challenges for banks to remain profitable in the current increasingly competitive environment. A profitable and enduring banking sector helps a country to withstand negative economic shocks (e.g., financial crisis) and contributes to the stability of the whole financial system.

The purpose of this study is to examine the effects of financial reform policies on the profitability of commercial banks in Bangladesh employing a panel regression framework. The study uses a unique balanced panel data set containing bank-level annual data of major banks that have both pre- and post-reform operation history. Unlike many empirical studies on profitability, corporate governance and financial reform period dummy variables are included in the regression analysis as along with variables controlling for other bank-specific, industry-related and macroeconomic factors. This article contributes to the literature by providing the empirical evidence on the effects of financial liberalization on the profitability of Bangladesh banking.

1. Financial reform and bank profitability

Empirical findings of the impact of financial reform policies on bank profitability are inconclusive. Ting (2017) finds that financial liberalization reduces bank profitability. Similarly, Iftikhar (2016) provides evidence that financial reform has a significant negative impact on bank interest margins in a cross-country study on 1300 banks of 76 countries for the period 2001–2005. However, Heffernan and Fu (2010) suggest reform policies have significant positive effect on NIM compared to ROA or ROE. Naceur and Goaied (2008) find partial liberalization negatively affects interest margin whereas complete liberalization strengthens the ability of Tunisian banks to generate profit margins. The mixed evidence suggests the relationship between financial reform and banking performance is an empirical issue. One study, Sufian and Habibullah(2009), finds a positive impact of some bank-specific characteristics on the determinants of profitability for the period 1997–2004. However, there is no study so far investigating the impact of financial deregulation on profitability of the commercial banks in Bangladesh. This paper examines the effect of financial deregulation on financial performance on profitability measures by including reform period (pre-reform, transition and post-reform) dummies and corporate governance variables in the estimated model along with bank-specific, industry and macroeconomic variables.

1. Rationale of the selected variables: profitability measures and determinants

Bank performance evaluation involves assessing the interaction among internal operations, industry characteristics and macroeconomic environment. In the backdrop of increased innovation and deregulation in the financial industry, both internal and external competitiveness have become crucial in evaluating performance. While the internal determinants are related to the bankrsquo;s management decisions and policy objectives, external determinants reflect economic and industry conditions.

The profitability measures considered are: net interest margin (NIM), return on assets (ROA), and return on equity (ROE).the major bank-specific characteristics influencing profitability measures are: the capital ratio, asset quality, bank size and corporate governance. The external determinants include both industry- related and macroeconomic factors. The industry-related factors are: ownership structure, concentration and regulations related to financial reforms. The macroeconomic indicators considered are: GDP growth rate and CPI inflation.

1. Data and methodology

Since the focus of the paper is to examine the impact of financial reform policies on profitability, the sample contains bank-level annual data from 12 major commercial banks that have pre- and post-reform banking operation history for the period 1983–2012. The bank-level data have been sourced from the balance sheets of individual banks in Bangladesh. The macro-level data have been collected from Bangladesh Bureau of Statistics (BBS), Bangladesh Bank (Central Bank), Ministry of Finance, the Government of Bangladesh and World Development Indicator (WDI). The total number of observations is 360.

Three panel regressions are estimated, with each regression having one of the three measures of profitability, NIM, ROA and ROE as dependent variable along with the set of bank-specific, industry-related and macroeconomic indicators as independent variables. The c

剩余内容已隐藏，支付完成后下载完整资料

附录A 译文

改革后时代商业银行的财务绩效：孟加拉国的进一步证据

摘 要

本文从盈利能力的角度考察了孟加拉国商业银行在金融自由化之前、期间和之后的财务业绩。该研究采用面板数据回归框架，选取了孟加拉国主要商业银行1983-2012年的年度数据。实证结果表明，金融改革对银行资产收益率（ROA）和净资产收益率（ROE）的影响不显著，但净息差（NIM）有所增加。结果进一步表明，资本实力和资产质量是盈利能力的主要驱动因素。因此，旨在提高资本基础和资产质量的适当银行政策对于确保孟加拉国银行业的生存至关重要。

关键词 金融改革；银行；面板数据；盈利能力

1. 介绍

近几十年来，由于金融市场的国际一体化、监管的放松和银行服务技术的创新，全球银行业经历了明显的变化。在当前竞争日益激烈的环境下，这既为银行创造了增长机遇，也带来了保持盈利的挑战。一个盈利且持久的银行业有助于一个国家抵御负面经济冲击，例如金融危机，并有助于整个金融体系的稳定。

本研究的目的是使用面板回归框架研究金融改革政策对孟加拉国商业银行盈利能力的影响。该研究使用了一个独特的平衡面板数据集，其中包含了改革前和改革后运营历史的主要银行的银行级别年度数据。与许多关于盈利能力的实证研究不同，在回归分析中加入了公司治理和金融改革时期的虚拟变量，以及控制其他银行特定、行业相关和宏观经济因素的变量。这篇文章通过提供关于金融自由化对孟加拉国银行业盈利能力影响的实证证据，对文献做出了贡献。

1. 金融改革和银行盈利能力

金融改革政策对银行盈利能力影响的实证结果是不确定的。Ting（2017）发现，金融自由化降低了银行的盈利能力。类似地，Iftikhar（2016）在2001-2005年期间对76个国家的1300家银行的跨国研究中提供了证据，证明金融改革对银行利差有显著的负面影响。然而，Heffernan和Fu（2010）认为，与ROA或ROE相比，改革政策对NIM有显著的积极影响。Naceur和Goaied（2008）发现部分自由化会对利差产生负面影响，而完全自由化会增强突尼斯银行产生利润的能力。各种证据表明，金融改革与银行业绩之间的关系是一个经验问题。Sufian和Habibullah（2009）的一项研究发现，一些银行特有的特征对1997-2004年期间盈利能力的决定因素产生了积极影响。然而，到目前为止，还没有研究调查出放松金融管制对孟加拉国商业银行盈利能力的影响。本文通过在估计模型中加入改革时期（改革前、转型和改革后）模型和公司治理变量，以及银行具体变量、行业变量和宏观经济变量，考察了金融放松管制对财务绩效的影响。

1. 选择变量的基本原理：盈利能力度量和决定因素

银行绩效评价包括对银行内部经营、行业特征和宏观经济环境之间相互作用的评价。在金融行业不断创新和放松监管的背景下，内部和外部竞争力都成为评估业绩的关键。虽然内部决定因素与银行的管理决策和政策目标有关，但外部决定因素反映了经济和行业状况。

本文考虑的盈利能力指标有：净息差（NIM）、资产回报率（ROA）和股本回报率（ROE）。影响盈利能力指标的主要银行特有特征是：资本比率、资产质量、银行规模和公司治理。外部决定因素包括行业相关因素和宏观经济因素，其中与行业相关的因素有：股权结构、集中度和与金融改革相关的法规，考虑的宏观经济指标有：GDP增长率和CPI通胀率。

1. 数据和方法

由于本文的重点是研究金融改革政策对盈利能力的影响，样本包含了12家主要商业银行的年度数据，这些银行分别在改革前和改革后的1983-2012年期间有银行经营历史。银行层面的数据来自孟加拉国各银行的资产负债表。宏观层面的数据来自孟加拉国统计局（BBS）、孟加拉国银行（央行）、财政部、孟加拉国政府和世界发展指标（WDI），观测的总数是360。

本文估计了三种面板回归，每一种回归都以三种盈利能力衡量指标中的一种为因变量，即NIM、ROA和ROE，并以一组特定于银行的、与行业相关的和宏观经济指标为自变量。此外，相关矩阵表示回归分析中使用的因变量和解释变量之间的相关程度，该矩阵的自变量之间的相关性一般较弱。

1. 实证结果

从表1可以发现每种NIM、ROA和ROE对特定于银行的、与行业相关的和宏观经济变量的回归结果。由表1中三种回归的Wald-test统计显著性水平可知，模型与面板数据吻合较好。

结果显示，资本充足率（TC/TA）与总资产收益率（ROA）之间存在正相关且具有统计学意义的关系，这意味着资本充足的银行利润更高。一个可能的原因是，资金充足的银行需要的外部资金较少，因此融资成本较低，利润较高。资产质量估计系数（总贷款/总资产）以正符号进入所有三种回归模型，ROA和ROE分别在5%和1%的显著性水平下具有统计学意义。在所有三种估计回归中，规模与利润率之间的关系都是正的。然而，只有ROA在5 %水平下，该系数才有统计学意义。

改革前的时期作为基准期。

标准误差在括号中。***表示1%的显著性水平；**表示5%的显著性水平；*表示10%的显著性水平。

三种回归中所有权虚拟变量的负相关系数均表明，政府所有权对企业的盈利能力有负相关影响。在许多情况下，政府利用上市银行来支持其政治目标，而牺牲了利润。此外，国有银行也扮演着社会角色。它们解决了市场的不完善，可能在社会上有利可图，但在财务上无利可图。

银行集中度在所有三种回归（NIM、ROA和ROE）中均为正相关。然而该系数仅对ROE具有统计学意义。估计系数表明，市场力量越大，银行利润越高。

金融改革时期转轨虚拟变量的负系数表明，与改革前相比，转轨期间净资产收益率受到了不利影响。在5%的显著性水平下，该系数具有统计学意义。为了维持所需的资本充足率（符合巴塞尔协议的建议）而增加股本可能降低了股本回报率。

NIM对改革后时期虚拟变量的估计为正且具有统计显著性的系数，表明改革后时期净息差的增加。这说明，银行将其盈余资金投资于经济上是可行且有利可图的项目，并最终能够获得更多的利息收入。

在宏观经济指标方面，回归结果显示GDP增长率对NIM有显著的负向影响。虽然Kosmidou（2008）认为GDP增长和盈利能力之间存在正相关关系，但在孟加拉国的样本银行中却并非如此。在10%和5%的显著性水平下，NIM和ROE的系数有统计学意义，而ROA的系数不显著。

1. 结论

本研究评估了1983-201

剩余内容已隐藏，支付完成后下载完整资料

资料编号：[413304]，资料为PDF文档或Word文档，PDF文档可免费转换为Word