【正文】 r through 2003 with only one of its three largest banks privatized.轉(zhuǎn)型國家的銀行民營化效率作者：約翰 Wachtel, 1. Introduction A construct Banking sectors in the transition economies of Central and Southeastern Europe were restructured dramatically the with a financial organization that, in most cases, was designed to support the central planning apparatus, new governments moved to create modern mercial banking sectors immediately. The first rudimentary step was to divest mercial and retail activities from the portfolios of national banks and to set up new jointstock banks with universal licenses that were fully stateowned initially. Bank privatization was an essential part of the financial reform agendas in these countries. Although much descriptive work exists on these financial sector reforms and bank privatizations, ., Bonin, Mizsei, Sz233。保羅沃赫特爾1． 引言上世紀(jì)90年代，中歐和東南歐轉(zhuǎn)型經(jīng)濟(jì)體國家對銀行部門進(jìn)行了大幅調(diào)整。在一個(gè)跨國研究La Porta，LopezDeSilanes，和Shleifer（2002）中發(fā)現(xiàn)，政府國有銀行的表現(xiàn)并不如私人銀行。Hasan和Marton（2003年），Drakos（2003），F(xiàn)ries和Taci（2003）表明，在轉(zhuǎn)型國家中，外資銀行的進(jìn)入更有效地為轉(zhuǎn)型創(chuàng)造了一種環(huán)境，迫使整個(gè)銀行系統(tǒng)直接和間接的變得更加高效。對于阿根廷，Clark和Cull（1999，2000）研究表明，民營化進(jìn)程和省級銀行民營化的成功取決于買家的有效性。第4節(jié)我們簡要的分析隨機(jī)產(chǎn)生的利潤估計(jì)，使用國家和年份影響匯集數(shù)據(jù)集產(chǎn)生直接成本效益的措施方法。一個(gè)農(nóng)業(yè)銀行為農(nóng)業(yè)部門提供短期融資。因此，在20世紀(jì)90年代初，大型國有銀行職能結(jié)構(gòu)分割，弱小的國內(nèi)私人銀行擴(kuò)散是跨國企業(yè)銀行部門的主要特點(diǎn)。三個(gè)更先進(jìn)的跨國企業(yè)，即捷克共和國，匈牙利和波蘭，于20世紀(jì)90年代前半部分，開始了顯著不同的銀行私有化進(jìn)程。然而，到1994年底，其中只有兩家銀行已經(jīng)民營化，另外兩家在1997年之前有望民營化。在匈牙利，銀行私有化進(jìn)展相對迅速，1997年年中，前十家銀行中有八家外商占有較多股份。在2000年，外國投資者持有不到一半的銀行資產(chǎn)，直到2003年，三家銀行中最大的兩家仍然是國有銀行。 Wachtel,P.(2005). Privatization matters: Bank efficiency in transition of Banking amp。最初，捷克共和國憑證私有化三大銀行的方案，盡管起步較晚，但是，2001年中期，外國投資者獲得了捷克所有大銀行的控制權(quán)。在20世紀(jì)90年代末，保加利亞和羅馬尼亞開始銀行民營化。在1995年，克羅地亞只有一個(gè)小的外資銀行，幾乎沒有任何外國資產(chǎn)。投資基金中最大的一家是由這些銀行創(chuàng)造，是捷克憑證私有化方案的組成部分。工程預(yù)計(jì)于1991年6月接任，南斯拉夫，克羅地亞政府凍結(jié)銀行的外匯存款。在本世紀(jì)初，在中央計(jì)劃經(jīng)濟(jì)中，新的銀行部門包括新成立的商業(yè)銀行和專業(yè)銀行，有兩種類型的全能銀行執(zhí)照，一些外國銀行和很多相對寬松的政策條件下成立國內(nèi)私人銀行。儲戶和借款人之間的中介是金融業(yè)發(fā)展所必須的，國有銀行基本上通過定向制度為國有企業(yè)為投資需求和必要的周轉(zhuǎn)資金，以滿足產(chǎn)量計(jì)劃的預(yù)算撥款。在本文中，我們著重研究六個(gè)較先進(jìn)的轉(zhuǎn)型國家，即保加利亞，捷克共和國，克羅地亞，匈牙利，波蘭和羅馬尼亞。Bonin，Hasan和Wachte（2003）通過研究11個(gè)轉(zhuǎn)型國家的銀行發(fā)現(xiàn)，多數(shù)外國所有權(quán)與銀行效率提高有關(guān)。Crystal，Dages，和Goldberg（2001）認(rèn)為，對于拉美國家來說，外資銀行的進(jìn)入有利于完善相關(guān)的金融服務(wù)以及提高銀行業(yè)的競爭能力。kely，和Wachtel (1998)。 in particular, government ownership of banks is less efficient than private ownership and foreign bank entry has a salutary effect on banking sectors.Much of the empirical literature on banking in transition countries addresses the impact of foreign bank entry on banking efficiency. Hasan and Marton (2003), Drakos (2003), and Fries and Taci (2003) demonstrate that the entry of more efficient foreign banks creates an environment that forces the entire banking system to bee more efficient, both directly and indirectly, in transition countries. Buch (2000) pares interest rate spreads in the three fasttrack transition countries, Hungary, Poland and the Czech Republic, from 1995 to 1999. She finds evidence confirming the hypothesis that foreign banks create a more petitive market environment in transition economies, but only after they have attained sufficient aggregate market share. A few studies examine the effects of ownership on individual bank efficiency. For Poland, Nikiel and Opiela (2002) find that foreign banks servicing foreign and business customers are more costefficient but less profitefficient than other banks in Poland. Bonin, Hasan, and Wachtel (2003) examine the performance of banks in eleven transition countries and show that majority foreign ownership is associated with improved bank efficiency. However, these authors cannot investigate privatization directly because their data do not distinguish among different types of foreign bank ownership. Studies focusing specifically on the effects of bank privatization are less numerous. Verbrugge, Megginson and Owens (2000) document marginal performance improvements and increases in equity among privatized banks in OECD countries. For Ar