银行人民币理财产品收益率定价影响因素和银行定价权分析
发布时间：2018-09-19 15:45
【摘要】：随着我国金融体制深化改革与利率市场化改革的不断推进,商业银行个人理财业务近年来发展迅速,目前已经成为我国商业银行的一项基本业务,并逐步发展为居民投资、财富保值增值的重要途径。然而当前我国理财产品收益率定价机制的不透明,在一定程度上影响了人民币理财产品市场的规范化运行与发展。本文对我国商业银行理财产品收益率定价行为进行了研究。 本文突破了以往相关研究的不足与局限性,运用更加准确的数据系统地分析了我国商业银行保本固定型人民币理财产品收益率影响因素。本文首先从理论层面把商业银行理财产品收益率影响因素分为理财产品特征因素、宏观经济因素、发行银行特征因素三类,探讨了各类因素对理财产品收益率的作用机制。创新性地引入企业市场势力与经济租金理论,探求银行理财产品收益率差异是否有可能源自于各发行银行市场势力与定价权的差异。在理论分析的基础上,本文设计计量回归模型对理论分析结果进行验证与检验。 研究结果表明,委托期、是否全国发行两个理财产品特征因素和利率、银行流动性、新增贷款量、银行间借贷成本、通货膨胀率等宏观经济因素对银行理财产品的收益率存在显著影响,但是影响程度因为发行银行类型的不同而具有明显差异。理财产品收益率对同业拆借利率,特别是对通货膨胀率的反应不足,说明我国银行业存在一定的市场势力与寻租行为。其中,国有控股银行的定价能力优于全国性股份制银行,全国性股份制银行定价能力又优于地方性商业银行。进一步分析发现,银行市场地位是导致各银行间市场势力差异的主要因素,市场地位高的银行拥有更大的定价权并获得更多的经济租金；而银行声誉、资源配置效率和创新能力并不能显著提高银行的市场势力与寻租空间。银行上市的益处在于可以有效降低其融资难度与融资成本,导致上市银行对理财产品融资渠道的依赖程度降低,进而在理财产品市场上获得更大的市场势力。另外,宏观经济因素对银行理财产品收益率的影响会受到银行特质性因素的冲击,银行是否上市、总资产规模、市场份额等因素可以通过显著改变理财产品收益率对存款利率、货币存量Mz、银行间拆借利率、央行货币净投放量等宏观变量的弹性进一步影响银行的经济租金水平。 本文研究在学术研究与实际应用两个维度上均具有重要意义。从学术角度考虑,本文以银行自主定价的人民币理财产品为研究对象,对我国商业银行市场势力与寻租行为进行了实证检验。从实际应用角度考虑,对银行理财产品收益率影响因素和银行寻租能力的详细解读,能够为政府监管机构规范银行个人理财业务发展、引导银行业改革指明方向,为下一步的金融市场化改革提供参考意见；同时能够指导民众更加理性地选择银行理财产品。
[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.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：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.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2;F832.3
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