A Reexamination of Economies of Scale in Banking Using a Generalized Functional Form: Note
基于Clark 1984年对1972-77年美国银行样本的研究，指出其计量方法可能存在的问题，并探讨银行业结构变化对规模经济结论的影响，同时利用Clark的方法比较独立银行与多银行控股公司附属银行的规模经济差异。
Using a sample of 1 ,205 unit banks for the years 1972-77, Clark ( 1984) addresses a number of critical issues in ascertaining the nature of the cost function underlying the banking industry. The generalized functional form methodology used by Clark is ideal for empirically analyzing these questions. This paper addresses three issues evolving from Clark's study. First, a number of econometric problems that were not addressed by Clark can arise in the application of the functional form method. Since the findings of Clark have major implications for the question of scale economies in banking, it is important to verify that these findings are not an econometric artifact. Second, and more importantly, the major modifications that have occurred in the structure of the banking industry during the past few years suggest that the corresponding operating parameters may have changed substantially from those in Clark's 1972-77 sample. Finally, previous literature has debated the relative scale economies of independent banks versus multi-bank holding company (MBHC) affiliates. The methodology of Clark provides a unique opportunity to extend previous research on this issue.