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.

The interest rate is always treated as the price of capital. It plays a most significant role in a country’s capital management and economic development, which poses a vital effect on capital market and monetary market. Therein, the commercial bank that is the important participants in the financial markets will be affected by the reform of interest rate liberalization. Before that, the deposits and loans rate are determined by the People’s Bank of China. Therefore, the People’s Bank of China has the unique authority to decide the magnitude of deposits and loans rate. Namely, the profitability of commercial Banks is denominated by the People’s Bank of China. As the interest rate liberalization, the profitability of commercial Banks will be inevitably impacted by it. Due to this, this paper tries to explore the operating mechanism between interest rate liberalization and profitability of commercial Banks. additionally, the total return to asset that represents the profitability of commercial banks; the net interest spread is treated as a measurement of interest rate liberalization. both are regarded as dependent variables. Meanwhile, the non-interest income or gross revenues and impaired loans or gross loans are treated as independent variables. In order to make the relation between them more clear, the sixteen representative listed commercial banks are divided into three categories (state-owned commercial banks, share-holding commercial banks and city-owned commercial banks) to conduct an empirical analysis. The findings indicate that 1% decrease in the net interest spread will result in 0.131% decrease in the profitability of state-owned in commercial banks, 0.399% decrease in the profitability of city-owned commercial banks and 0.201% decrease in the profitability of share-holding commercial banks. If the sixteen representative listed commercial banks are treated as a whole, 1% decrease in the net interest spread will lead to 0.246% in the profitability of all commercial banks.