Research On The Influence Of Capital Market Opening On Bank Operational Efficiency

The opening up of China’s capital market today has generally entered a new stage.The one-way opening of China’s stock market has gradually improved,and the two-way opening has also gradually improved.During this development process,repeated banking crises have made people pay more and more attention to the efficiency and risk.In this context,the relationship between capital market opening and bank operating efficiency has become a topic of profound significance and needs to be explored.First of all,this paper compares the degree of capital market openness at the statutory level and the de facto level,and finds that China’s capital market is gradually opening up to the outside world at the regulatory level,but the actual degree of openness of the capital market has decreased.Therefore,a more reasonable standard is selected as the core explanatory variable of this paper.At the same time,construct a new commercial bank operating efficiency index as the core explained variable of this paper.From this,an empirical model was built using a two-way fixed effects model and cluster robust standard errors.The empirical results show that the expansion of the actual openness of the capital market can improve the operating efficiency of banks.Specifically,it has a positive impact on financial intermediary capabilities and financial service capabilities,but it will also increase bank risk-taking.Secondly,in the heterogeneity analysis part,this paper divides the sample individuals into state-owned banks and non-state-owned banks,and finds that the expansion of capital market openness has a stronger positive impact on the comprehensive efficiency and financial intermediary capabilities of state-owned banks.State-owned banks also take less risk in the process of opening up the capital market.Non-stateowned banks have achieved greater financial service capabilities in the process of opening up the capital market.Finally,this paper introduces information quality disclosure requirements as an adjustment variable,and finds that the implementation of more effective information disclosure quality requirements can enhance the effect of capital market opening on banks’ comprehensive efficiency and financial intermediary capabilities.The inspirations drawn from the above research results are as follows: First,China has initially met the prerequisites for opening up.The current account has been fully opened.Expanding the opening of the capital market is the only way for development,and we must firmly open up gradually.Add new impetus to the development of China’s banking and financial industries.Second,it is necessary to consolidate the market position of state-owned banks,while encouraging non-state-owned banks to participate in rational market competition.Third,improving the quality requirements of information disclosure in the capital market and reducing information asymmetry can expand the industry benefits of capital market opening.Finally,due to the overlapping jurisdictions of China’s financial regulatory agencies,it is necessary to open up horizontal and vertical information sharing among regulatory agencies and establish a more complete regulatory agency cooperation mechanism.