銀行人民幣理財產(chǎn)品收益率定價影響因素和銀行定價權分析
發(fā)布時間：2018-09-19 15:45
【摘要】：隨著我國金融體制深化改革與利率市場化改革的不斷推進,商業(yè)銀行個人理財業(yè)務近年來發(fā)展迅速,目前已經(jīng)成為我國商業(yè)銀行的一項基本業(yè)務,并逐步發(fā)展為居民投資、財富保值增值的重要途徑。然而當前我國理財產(chǎn)品收益率定價機制的不透明,在一定程度上影響了人民幣理財產(chǎn)品市場的規(guī)范化運行與發(fā)展。本文對我國商業(yè)銀行理財產(chǎn)品收益率定價行為進行了研究。 本文突破了以往相關研究的不足與局限性,運用更加準確的數(shù)據(jù)系統(tǒng)地分析了我國商業(yè)銀行保本固定型人民幣理財產(chǎn)品收益率影響因素。本文首先從理論層面把商業(yè)銀行理財產(chǎn)品收益率影響因素分為理財產(chǎn)品特征因素、宏觀經(jīng)濟因素、發(fā)行銀行特征因素三類,探討了各類因素對理財產(chǎn)品收益率的作用機制。創(chuàng)新性地引入企業(yè)市場勢力與經(jīng)濟租金理論,探求銀行理財產(chǎn)品收益率差異是否有可能源自于各發(fā)行銀行市場勢力與定價權的差異。在理論分析的基礎上,本文設計計量回歸模型對理論分析結(jié)果進行驗證與檢驗。 研究結(jié)果表明,委托期、是否全國發(fā)行兩個理財產(chǎn)品特征因素和利率、銀行流動性、新增貸款量、銀行間借貸成本、通貨膨脹率等宏觀經(jīng)濟因素對銀行理財產(chǎn)品的收益率存在顯著影響,但是影響程度因為發(fā)行銀行類型的不同而具有明顯差異。理財產(chǎn)品收益率對同業(yè)拆借利率,特別是對通貨膨脹率的反應不足,說明我國銀行業(yè)存在一定的市場勢力與尋租行為。其中,國有控股銀行的定價能力優(yōu)于全國性股份制銀行,全國性股份制銀行定價能力又優(yōu)于地方性商業(yè)銀行。進一步分析發(fā)現(xiàn),銀行市場地位是導致各銀行間市場勢力差異的主要因素,市場地位高的銀行擁有更大的定價權并獲得更多的經(jīng)濟租金；而銀行聲譽、資源配置效率和創(chuàng)新能力并不能顯著提高銀行的市場勢力與尋租空間。銀行上市的益處在于可以有效降低其融資難度與融資成本,導致上市銀行對理財產(chǎn)品融資渠道的依賴程度降低,進而在理財產(chǎn)品市場上獲得更大的市場勢力。另外,宏觀經(jīng)濟因素對銀行理財產(chǎn)品收益率的影響會受到銀行特質(zhì)性因素的沖擊,銀行是否上市、總資產(chǎn)規(guī)模、市場份額等因素可以通過顯著改變理財產(chǎn)品收益率對存款利率、貨幣存量Mz、銀行間拆借利率、央行貨幣凈投放量等宏觀變量的彈性進一步影響銀行的經(jīng)濟租金水平。 本文研究在學術研究與實際應用兩個維度上均具有重要意義。從學術角度考慮,本文以銀行自主定價的人民幣理財產(chǎn)品為研究對象,對我國商業(yè)銀行市場勢力與尋租行為進行了實證檢驗。從實際應用角度考慮,對銀行理財產(chǎn)品收益率影響因素和銀行尋租能力的詳細解讀,能夠為政府監(jiān)管機構(gòu)規(guī)范銀行個人理財業(yè)務發(fā)展、引導銀行業(yè)改革指明方向,為下一步的金融市場化改革提供參考意見；同時能夠指導民眾更加理性地選擇銀行理財產(chǎn)品。
[Abstract]:With the deepening of the reform of financial system and the reform of interest rate marketization, the personal finance business of commercial banks has developed rapidly in recent years, which has become a basic business of commercial banks in our country, and has gradually developed into residents' investment. An important way to maintain and increase the value of wealth. However, the opacity of the pricing mechanism of the rate of return of financial products in China has affected the standardized operation and development of the RMB financial products market to a certain extent. This paper studies the pricing behavior of financial products return rate in commercial banks in China. This paper breaks through the shortcomings and limitations of previous relevant studies, and systematically analyzes the factors affecting the return rate of fixed RMB financial products of Chinese commercial banks by using more accurate data. In this paper, the factors affecting the financial product yield of commercial banks are divided into three categories: financial product characteristic factor, macro-economic factor and issuing bank characteristic factor, and the mechanism of each kind of factors on the financial product return rate is discussed in this paper. By introducing the theory of enterprise market power and economic rent innovatively, this paper explores whether the difference in the return rate of banking financial products may be due to the difference between market power and pricing power of each issuing bank. On the basis of theoretical analysis, this paper designs an econometric regression model to verify and verify the theoretical analysis results. The results show that, in the entrusted period, whether or not the characteristic factors and interest rates of issuing two financial products in the whole country, bank liquidity, the amount of new loans, the cost of inter-bank lending, Macroeconomic factors, such as inflation rate, have a significant impact on the return rate of bank financial products, but the degree of influence is obviously different from the type of issuing bank. The rate of return of financial products is insufficient to the interbank offered rate, especially to the inflation rate, which indicates that there is a certain market power and rent-seeking behavior in China's banking industry. Among them, the pricing power of state-owned holding banks is superior to that of national joint-stock banks, and the pricing power of national joint-stock banks is superior to that of local commercial banks. Further analysis shows that the market position of banks is the main factor leading to the difference of market power among banks. The banks with high market position have greater pricing power and obtain more economic rent. Resource allocation efficiency and innovation ability can not significantly improve the market power and rent-seeking space of banks. The benefit of bank listing is that it can effectively reduce the difficulty and cost of financing, which leads to the reduction of the degree of dependence of listed banks on the financing channels of financial products, and then obtains greater market power in the market of financial products. In addition, the impact of macroeconomic factors on the rate of return of bank wealth management products will be impacted by the specific factors of the bank. Whether the bank is listed, the size of the total assets, the market share and other factors can significantly change the rate of return of the financial products on the deposit interest rate. The elasticity of the macro-variables such as Mz, inter-bank lending rate and the net amount of money from the central bank further affects the economic rent level of the bank. This paper is of great significance in both academic research and practical application. From the academic point of view, this paper makes an empirical test on the market power and rent-seeking behavior of commercial banks in China, taking the RMB financial products priced independently by banks as the research object. From the perspective of practical application, a detailed interpretation of the factors affecting the rate of return of banking financial products and the ability of banks to seek rent can point out the direction for government regulators to standardize the development of bank personal finance business and guide the reform of the banking industry. At the same time, it can guide people to choose banking financial products more rationally.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.2;F832.3
[Abstract]:With the deepening of the reform of financial system and the reform of interest rate marketization, the personal finance business of commercial banks has developed rapidly in recent years, which has become a basic business of commercial banks in our country, and has gradually developed into residents' investment. An important way to maintain and increase the value of wealth. However, the opacity of the pricing mechanism of the rate of return of financial products in China has affected the standardized operation and development of the RMB financial products market to a certain extent. This paper studies the pricing behavior of financial products return rate in commercial banks in China. This paper breaks through the shortcomings and limitations of previous relevant studies, and systematically analyzes the factors affecting the return rate of fixed RMB financial products of Chinese commercial banks by using more accurate data. In this paper, the factors affecting the financial product yield of commercial banks are divided into three categories: financial product characteristic factor, macro-economic factor and issuing bank characteristic factor, and the mechanism of each kind of factors on the financial product return rate is discussed in this paper. By introducing the theory of enterprise market power and economic rent innovatively, this paper explores whether the difference in the return rate of banking financial products may be due to the difference between market power and pricing power of each issuing bank. On the basis of theoretical analysis, this paper designs an econometric regression model to verify and verify the theoretical analysis results. The results show that, in the entrusted period, whether or not the characteristic factors and interest rates of issuing two financial products in the whole country, bank liquidity, the amount of new loans, the cost of inter-bank lending, Macroeconomic factors, such as inflation rate, have a significant impact on the return rate of bank financial products, but the degree of influence is obviously different from the type of issuing bank. The rate of return of financial products is insufficient to the interbank offered rate, especially to the inflation rate, which indicates that there is a certain market power and rent-seeking behavior in China's banking industry. Among them, the pricing power of state-owned holding banks is superior to that of national joint-stock banks, and the pricing power of national joint-stock banks is superior to that of local commercial banks. Further analysis shows that the market position of banks is the main factor leading to the difference of market power among banks. The banks with high market position have greater pricing power and obtain more economic rent. Resource allocation efficiency and innovation ability can not significantly improve the market power and rent-seeking space of banks. The benefit of bank listing is that it can effectively reduce the difficulty and cost of financing, which leads to the reduction of the degree of dependence of listed banks on the financing channels of financial products, and then obtains greater market power in the market of financial products. In addition, the impact of macroeconomic factors on the rate of return of bank wealth management products will be impacted by the specific factors of the bank. Whether the bank is listed, the size of the total assets, the market share and other factors can significantly change the rate of return of the financial products on the deposit interest rate. The elasticity of the macro-variables such as Mz, inter-bank lending rate and the net amount of money from the central bank further affects the economic rent level of the bank. This paper is of great significance in both academic research and practical application. From the academic point of view, this paper makes an empirical test on the market power and rent-seeking behavior of commercial banks in China, taking the RMB financial products priced independently by banks as the research object. From the perspective of practical application, a detailed interpretation of the factors affecting the rate of return of banking financial products and the ability of banks to seek rent can point out the direction for government regulators to standardize the development of bank personal finance business and guide the reform of the banking industry. At the same time, it can guide people to choose banking financial products more rationally.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.2;F832.3
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