Abstract: In this paper,on the basis of reasonable definition of the input and output indicators of policy-based banks,a comprehensive and systematic comparative analysis of 2000-2014 total factor productivity of three China's policy-based banks.In conclusion,the productivity of our policy-based banks overall is low, it needs to further enhance efficiency and social benefits.Secondly,factors affecting the total factor productivity of China's policy-based banks through macro and micro perspective,we found that the factors which affect the total factor productivity of each bank is different,so our China's policy-based banks should take a bank a policy.Based on this,put forward suggestions of the reform and development of policy-based banks.

Key words: total factor productivity, Malmquist Index, technological progress, influencing factors