理财产品发展、利率市场化与银行风险承担问题研究

Abstract

理财产品市场持续发展,已对我国金融特别是银行方面产生了不可忽视的影响。与此同时,利率市场化进程也在不断推进中。然而,针对这两者对银行经营特别是对银行风险承担影响的研究还十分缺乏。有鉴于此,本文利用2005-2015年100家商业银行面板数据进行研究表明:(1)理财产品的利益搜寻效应对银行风险承担具有负向影响,增强了货币政策立场造成的影响;(2)利率市场化推进将通过促进银行竞争、赋予银行更多风险承担机会方式对银行风险承担产生正向影响,且增强了货币政策立场造成的影响;(3)利率市场化的推进会削弱理财产品对银行风险承担的作用,而货币政策立场收紧则强化了理财产品的影响,而这三种因素的共同作用对银行风险承担有着正向的影响。

Continued development of the financial products market,has a considerable degree of impact on China＇s financial. At the same time,the interest rate liberalization is constantly advancing in the process.However,there ＇s still lack of researches of the effects that how do financial product and interest rate liberalization influence bank industry,especially of bank risk-taking. This paper will use the panel data of China＇s 100 commercial banks in 2005-2014,and comprehensively analyze the impact of financial products and interest rate liberalization on the risk of China＇s banks. Drawing the conclusions：（ 1） the search-for-yield effect of financial products has a significant negative impact on bank risk,and strengthen the effect of monetary policy stance;（ 2） the interest rate liberalization positively impact bank risk taking by promoting bank competition,expansion chance to take risk,and thus enhance the effect of monetary policy stance;（ 3） impact that financial products affect risk-taking of bank will be weaken by interest rate liberalization, and strengthened if monetary policy stance become loose. The joint effect of three factors will be positive to risk-taking of bank.