非利息收入、收入多元化与银行绩效——基于中国银行业的动态面板GMM估计
Non-interest Income, Diversification and Bank Performance Based on Chinese Banking with GMM/DPD Technique

基于我国2003-2016年商业银行数据，使用动态面板模型的GMM估计，检验我国商业银行提高非利息收入占比，寻求收入多元化是否改善银行绩效。研究发现：非利息收入占比提高并不等同收入多元化程度提升，两者对商业银行绩效影响并不一致。商业银行多元化程度提升能够显著改善银行绩效，稳定银行收益，改善风险调整回报。但非利息收入占比提高则与银行绩效负相关。看似矛盾的结论实质是非利息收入的双刃属性导致的“直接敞口效应”“多元化效应”和“冲销效应”综合作用的结果。从非利息收入构成来看，手续费和佣金净收入与银行绩效显著正相关，但其它非利息收入则与银行绩效指标负相关。
Based on data from Chinese listing commercial banks for the period 2003-2016, this paper applies GMM/DPD technique to examine whether the shift towards income diversification has improved the performance of commercial banks. These results indicate that the increase in non-interest income do not has the same influence on performance of banks as that of income diversification. The increase in income diversification has been associated with a strong increase in performance, income stability and risk-adjusted performance. But the share of non-interest income has negative influence on bank performance. These paradoxical results show the double-edged nature of the trend towards non-interest income and the net impact of "direct exposure effect", "indirect diversification", and offset effect. Taking into account the components of non-interest income, the share of net commissions income has a positive and statistically significant influence on bank performance, but the share of other non-interest income has negative influence.