Abstract: By applying the non-radial DEA method under natural disposability and managerial disposability based on the management strategy, this study measures the operational efficiency and risk efficiency of China’s 16 listed banks during the period of 2005-2012 respectively. The results show that there exist significant differences between the“four big”state-owned banks and the joint-stock banks in their operational efficiency and risk efficiency. The operational efficiency of the joint-stock banks is significantly higher than that of the“four big”state-owned banks while the risk efficiency of them is significantly lower than that of the“four big”state-owned banks. The operational efficiency of the joint-stock banks and the“four big”state-owned banks has not been impacted by the more stringent financial regulation after the financial crisis. After the financial crisis, the more stringent financial regulation has no impact on the risk performance of joint-stock banks, while the risk performance of the “four big” state-owned banks has been crippled.

Key words: natural disposability; managerial disposability; non-radial DEA ; listed banks