CAJ | 학술논문

近年来境外战略投资者频频减持乃至退出中国银行业，多年来中资银行引进境外战略投资者是否有效有待重新审视。本文利用综合网络DEA和倾向得分匹配方法（PSM）重新评估外资参股对我国商业银行经营效率的影响。估计结果显示，外资参股确实提高了商业银行的经营效率，这与大部分的文献结论相一致，但传统研究高估了外资参股对商业银行经营效率的影响。我们认为，中资银行引进境外战略投资者具有长远意义．但不应夸大外资参股的作用。由于外资参股效果的不同，商业银行引进境外战略投资者应当从自身条件和环境出发，趋利避害，做到适时适度。
근년래경외전략투자자빈빈감지내지퇴출중국은행업，다년래중자은행인진경외전략투자자시부유효유대중신심시。본문이용종합망락DEA화경향득분필배방법（PSM）중신평고외자삼고대아국상업은행경영효솔적영향。고계결과현시，외자삼고학실제고료상업은행적경영효솔，저여대부분적문헌결론상일치，단전통연구고고료외자삼고대상업은행경영효솔적영향。아문인위，중자은행인진경외전략투자자구유장원의의．단불응과대외자삼고적작용。유우외자삼고효과적불동，상업은행인진경외전략투자자응당종자신조건화배경출발，추리피해，주도괄시괄도。
Recent years have seen the overseas strategic investors successively reducing their holdings or even withdrawing from China＇s banking industry. So it is necessary to review whether it is efficient for Chinesefimded enterprises to bring in overseas strategic investors. This thesis takes advantage of the integrated network DEA and propensity score matching method to reassess the effect of foreign equity participation on the management efficiency of China＇s business banks. The expected results show： foreign equity participation has improved the management efficiency of China＇s business banks, which is in accordance with most of the literature results. However, the traditional research has overestimated such efficiency. We maintain that it is of long term significance for Chinese funded enterprises to bring in overseas strategic investors. But the significance should not be exaggerated. Due to the various results of foreign equity participation, the business banks should bring in overseas strategic investors on the basis of their own condition in a proper way.