Empirical model results.

This paper estimates efficiency measures for the banking system in Chile for the period 2000-2019. In contrast to previous studies, we use input-distance functions, introduce the nonparametric slack-based model, and choose the intermediate inputs approach in determining inputs and outputs. Our results suggest that the Chilean system has achieved relatively high levels of efficiency, although with no significant variation over the sample period. Ownership (government, foreign and public) and size had a positive impact on efficiency. On average, mergers and acquisitions seem to have targeted highly efficient banks in order to improve the overall efficiency of the controlling institution in the short run. Other sources of efficiency gains could be an increase in bond funding or a reduction in expenses and capital holdings. The latter could be induced by deepening the local derivatives market.

本文针对2000-2019年智利银行业体系的效率水平开展测算。与既往研究不同，本文采用投入距离函数（input-distance functions）、引入非参数松弛基模型（nonparametric slack-based model），并选取中间投入法（intermediate inputs approach）界定投入与产出变量。研究结果显示，智利银行业体系整体效率处于较高水平，但样本期内未出现显著波动。股权结构（国有、外资与公有）及银行规模对效率具有正向影响。平均而言，并购活动倾向于选取效率较高的银行，以期短期内提升控股机构的整体运营效率。其余效率提升的驱动因素可涵盖债券融资规模扩大，或是营业支出与资本持有量的缩减；而后者可通过深化本地衍生品市场加以实现。