본 연구는 중국상업은행을 대상으로 COVID-19로 인한 위기를 극복하는 과정에 긍정적인 영향 을 미친 변수가 무엇인지를 분석하였다. 이를 위해 분석표본을 대상으로 맘퀴스트지수 (Malmquist index) 생산성 분석을 실시하여 COVID-19 전후 생산성이 모두 양호했던과 모두 불량했던 그룹 으로 구분한 후, 각 그룹별로 패널 (panel) 분석을 수행하여 수익성 결정요인을 비교하였다. 주요 분석결과는 다음과 같다. COVID-19 전후 지속적으로 높은 생산성을 유지한 중국상업은행 은 자산건전성이 높을수록, 수지비율이 낮을수록, 규모가 작을수록 그리고 이자수익이 높을수록 수 익성에 긍정적인 영향을 발휘하여 COVID-19를 극복한 것으로 확인되었다. 이는 두 그룹 간 생산 성변화 차이가 은행의 경영자원 배분과 경영특성에 의한 것임을 시사한다. 향후 중국상업은행은 수 익구조 개선, 비즈니스 모델의 혁신, 디지털전환에 대한 적극 대응을 해나가야만 지속가능한 성장 을 도모할 수 있을 것이다.

This study analyzes what variables had a positive impact on Chinese commercial banks in overcoming the COVID-19 crisis in the context of Chinese commercial banks. To this end, a Malmquist index productivity analysis is conducted on the sample, dividing the sample into groups with good productivity before and after COVID-19 (HH) and groups with bad productivity (LL), and then a panel analysis is conducted on each group to compare the determinants of profitability. The main results of the analysis show that Chinese commercial banks with consistently high productivity before and after COVID-19 have higher asset quality, lower cost to income ratio, smaller size, and higher interest income, which have a positive impact on profitability and overcome COVID-19. This suggests that the difference in productivity change between the two groups is due to the fact that they are not as productive as the others. This suggests that the difference in productivity between the two groups is brought about by the allocation of operating resources and operating characteristics of the banks. In the future, Chinese commercial banks can only seek sustainable growth by actively improving their income structure, revolutionizing their business model, and actively responding to the digital transformation.

Ⅰ. Introduction
Ⅱ. Literature Review
    2.1 The Impact of Financial Crisis on the Performance of Chinese Commercial Banks
    2.2 The Impact of the Financial Crisis on the Governance of Chinese Commercial Banks
Ⅲ. Sample and Methods
    3.1 Sample
    3.2 Methodology
    3.3 Defining Variables
Ⅳ. Empirical analysis
    4.1 Sample Segmentation by Comparison of Productivity Changes
    4.2 Analysis of the determinants of profitability
Ⅴ. Conclusion
References
요 약

• Yixuan Chen(Master, Graduate School of International Studies, Yonsei University) | 진의현
• Jiangruya Hu(Master, Graduate School of International Studies, Yonsei University) | 호강유아
• Bin Zhang(Master, Graduate School of International Studies, Yonsei University) | 장빈
• IL SOOK KWON(Associate Professor, Department of Chinese Business and Economics, Hannam University) | 권일숙 Corresponding author