Organizational Form, Keiretsu, Efficiency and Productivity: An Analysis of Japanese Commercial Banking Industry

組織型態及集團結構對效率及生產力的影響：日本商業銀行之研究

10.6545/JFS.2008.16(4).2

鄭士卿(Vivian S. C. Jeng)

效率 ； 生產力 ； 集團結構 ； 組織型態 ； 不良債權 ； 日本商業銀行 ； Efficiency ； Productivity ； Organizational form ； Keiretsu ； NPLs (non-performing loans) and Japanese Banking

財務金融學刊

16卷4期（2008 / 12 / 31）

61 - 106

英文

本文以1983年至1996年日本商業銀行為研究對象，探討銀行業不同的組織型態下效率及生產力的差異。作者深入研究日本特有的集團結構（keiretsu structure）及銀行不良債權的嚴重性對效率及生產力可能造成的影響。利用最新的交互前緣分析法（cross-frontier analysis），本文結果發現日本銀行業中的城市銀行及地區銀行，在考慮不同的經營環境下，皆有彼此的競爭優勢，且是不可取代的。研究結果也發現日本存在已久的集團關係，會造成銀行業不同架構間效率的差異。另外，本文發現日本銀行生產力的增減和泡沫經濟的興衰有絕對程度的關聯，且地區性的經濟衰退可能解釋為何地區銀行的生產力下降較城市銀行來的劇烈。在本文十四年的實證資料中，無論是泡沫經濟興起或崩潰之時，日本銀行業生產力的變動，都是肇因於銀行業生產技術的改變，而不是銀行間效率的增減。最後，本文結果發現銀行的不良債權的在生產力的分析上具有決定性的影響。

This paper examines the efficiency and productivity performance of Japanese commercial banking in the period of 1983 to 1996. We study the impact of the alternative organizational forms on Japanese bank performance. The keiretsu effect and the extent of non-performing loans (NPLs) are both considered in our analysis. By applying the advanced cross-frontier analysis, we show that the two organizational forms we examine, city and regional banks, are irreplaceable facing their production environment in terms of efficiency performance. In addition, using a longer-term data, we show that the productivity of Japanese banks increases before the collapse of bubble but decreases thereafter after bubble collapsed. The regional factors such as local economic downturns may have caused productivity decrease for regional banks than for city banks. Throughout our sample period, it is the technological change, not efficiency change, that explains the productivity change of Japanese banks. Finally, the results suggest that considering the impact of nonperforming loans is important in the productivity analysis of Japanese banking.

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