我国商业银行存款利率定价与扩散机制研究
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摘要
2012年6月7日晚,中国人民银行发布公布：自6月8日起,将金融机构存款利率浮动区间的上限调整为基准利率的1.1倍。存款利率上限首次得以放开,允许商业银行在浮动区间内自由定价,宣告长期以来我国商业银行存款利率“同价”时代的结束。此次改革为深入研究存款利率定价机制与存款产品创新扩散机制提供了史无前例的数据1。
第一,我国此前对存款利率实行严格管制,所有商业银行均根据央行基准利率支付存款利息。6月8日,在放开存款利率上限当天,我国首次出现了不同商业银行对同种存款支付不同利率的现象。例如,工农中建交五大国有银行活期存款利率为0.44%,相对基准利率上浮10%；1年期定期存款利率为3.5%,相对基准利率上浮7.69%。与此不同的是,南京银行公布的活期存款利率为0.4%,相对基准利率不进行上浮;1年期定期存款利率为3.575%,相对基准利率上浮10%。这就提出了值得我们思考的第一类问题：为什么不同商业银行对同种存款支付不同的利息?是什么因素影响着商业银行存款利率定价决策?
第二,创新是金融机构生存与发展的关键,而大部分金融创新都是围绕利率市场化展开的。利息收入和利息支出直接对银行的盈利产生影响,利息也是客户最为关注的产品要素。美国等发达经历表明,商业银行所提供的众多产品中,存款产品是种类最多、创新最快的一个。同时存款利率也是最核心、调整最频繁的要素。从存款产品设计的角度来看,一旦利率的定价方式和支付方式发生改变,实际上就是创造出新的存款产品。在本文统计的127家银行中,6月8日当天有63家银行采纳存款产品定价的创新2,6月9日有42家银行采纳创新,……,创新在银行间扩散开来,直到最后一家银行(青海银行)于6月21日采纳创新。可以看到,商业银行并不是在同一时点采纳创新,而是有先有后,是一个扩散的过程。直观来看,不同商业银行之间具体特征差异很大(例如规模),这是否导致它们对创新的收益和风险评价不同,从而导致采纳创新的时间不同呢?这就提出了我们所关注的第二类问题：为什么不同商业银行采纳创新的时间有先有后,什么因素影响着创新在银行间的扩散?什么特征的银行会率先采纳创新?
这篇论文希望对以上两类问题能有所问答,并且有其应用价值。就目前国内外文献来看,关于存款利率定价与存款产品创新扩散机制的研究均存在一定不足。国外的研究成果不适用于市场结构高度集中的国内银行业市场,也不适用于存款利率存在上限限制(1.1倍)的特殊情况。国内由于金融管制与数据缺失,这两类问题在实证方面的研究几乎没有展开。
针对现有研究的不足,本文基于对存款产品及其定价机制理论基础的研究,利用Tobit模型克服存款利率上限造成的数据截取问题3,从银行特征和市场环境两个方面来实证研究我国商业银行存款利率定价的影响因素,以回答上述第一类问题。本文以金融创新扩散理论的前沿成果为基础,从商业银行作为创新采纳主体的角度对存款产品创新的扩散机制进行实证研究,以回答上述第二类问题。
本文为什么要将这两类问题放到一篇论文中进行论述?
上述两类问题,实则是一个硬币的两个面。利率市场化后,商业银行可对其存款产品进行自由定价。一方面进行存款“价格”制定的决策,银行自主决定支付利率水平的高低。另一方面是利率调整“时点”的决策。也就是说,当基准利率变化时,某银行是相比其他银行更早的宣布新的利率,还是较晚公布利率(跟随策略)。把这两类问题放到一个大框架下进行研究,便于我们对商业银行存款利率定价的全面认识。
但这两类问题又是相互独立的。“价格”与“时点”的决策是两个过程,影响因素并不相同,所得决策也互不相干。例如,工商银行可以是众多商业银行中最早进行存款利率调整的,但它的定价却很低。有的银行,如恒丰银行也较早进行了调整,但是定价却很高。而部分地方商业银行则较晚进行利率调整,定价也是有低有高。“价格”与“时点”是两个独立决策过程。
需要指出的是,不恰当的定价行为将导致银行失去存款客户或增大经营成本,不恰当的定价时机也会使得银行在存款竞争中处于被动地位。
因此,了解不同银行存款的定价行为、探索存款产品创新扩散等问题对进一步推进我国利率市场化改革、特别是对完善商业银行存款利率定价与扩散机制具有十分重要的理论与实践意义。
本文主要研究成果与实证结论归纳如下：
1.首先根据央行新政公布后我国商业银行存款定价与创新扩散的现实情况,提出全文所关注的问题。阐明了论文选题意义、理论意义与实践意义；提出本文研究的基本思路,包括我国特殊国情下研究的各类约束条件、研究内容、重点和难点以及研究方法；阐述论文框架；最后对本文的创新点进行概括。
2.存款产品及其定价机制的基础理论与文献综述。从存款产品的分类和构成要素讲起,以花旗银行为例介绍美国银行业存款产品定价的特征,并对中美银行存款产品进行比较分析,以便更深入了解此次存款利率市场化背景下的存款产品定价与创新的方向。随后重点分析了存款利率市场化的内涵、现状与制约因素、存款产品的定价机制以及存款利率影响因素。最后是文献综述。
3.存款利率定价影响因素的实证研究。从银行特征和市场环境两个方面实证研究我国商业银行存款利率定价的影响因素。研究结果表明：(1)银行资产规模与存款利率成负相关,大银行相比中小银行支付更低的利率。(2)全国性经营的大银行具有定价优势4,相比地方商业银行支付更低的利率。(3)存款利率与银行中间业务收入占比、盈利能力和不良贷款率负相关。(4)地方商业银行的存款利率与其市场份额负相关,市场份额越大的地方银行有更强的议价能力,支付更低的利率。(5)地方商业银行的存款利率与所在地区市场规模负相关。市场规模是所在市场存款的总量,市场越大银行越游刃有余,获得存款的渠道也更多,利率也就会更低。(6)地方商业银行存款利率与市场集中度无关。这一结论与国外大部分研究不同,本文认为这是由我国银行业高度的市场集中度所造成的。
4.存款产品创新采纳与扩散的理论基础与文献综述。在梳理技术创新和金融创新概念的基础上,对金融创新采纳与扩散的动因进行理论解释,并且最终扩展到对存款产品创新与扩散的分析上。最后是文献综述,总结和归纳了金融创新采纳与扩散的相关模型,作为实证研究的基础。
5.存款产品创新采纳的实证研究。运用2012年6月8日央行放开存款利率上限后,商业银行存款利率定价调整的时序数据,通过生存分析,运用采纳模型对我国商业银行存款产品创新的采纳行为进行实证研究。研究发现：从创新的采纳角度来看：(1)采纳并不存在明显的“规模效应”,即并非资产规模越大银行越早采纳创新；(2)从所有制性质来看,国有银行相比地方性商业银行更早的采纳创新,从一定程度上起到示范和引导作用；(3)盈利能力越强、风险水平越低的优质银行越早采纳创新；(4)对存款依赖程度越高的银行,越早采纳创新。
6.存款产品创新扩散的实证研究。运用BASS模型来实证研究存款产品创新在我国银行业的扩散特点,并分析扩散过程中的外生因素和内生因素的影响,以解释扩散形成的原因,并用外部影响模型对结论进行稳健性检验。研究发现：BASS模型和外部影响模型的实证结果都指出了我国商业银行存款创新的扩散主要受到外部因素的影响,而几乎不受银行间“攀比、跟风”的影响。表明监管当局政策的变化是此次创新扩散的主要原因。
国内外相关研究尚存一定不足,本文希望借此去填补。
在存款利率定价影响因素方面,国内外研究不足之处：(1)前人大量成果都是建立在研究美国银行业的基础上,其收入结构、风险水平、盈利能力和市场环境等因素都与中国大为不同,所得结论不一定适用于中国。(2)从变量选择来看,国外研究主要从市场结构和市场环境两个方面对存款利率影响因素进行实证研究,忽略了银行自身因素的重要性。由于银行财务数据收集难度较大,国内外文献均较少使用银行特征变量数据。(3)由于利率管制,国内还未有商业银行存款利率定价实证方面的研究。此前国内实证文献主要围绕央行基准利率、债券利率、拆借利率等展开,而从微观层面对商业银行存款利率影响因素进行实证研究的几乎没有(因为所有银行都只能执行央行基准利率)。(4)与国外存款利率完全放开不同,现阶段我国存款利率尚有1.1倍上限限制,形成截取数据,采用一般线性回归模型并不适用于中国特有约束条件。
在存款产品创新扩散机制研究方面,国内外文献不足之处：(1)国外关于银行创新扩散的文献主要集中在网络技术的应用(如网上银行、电子银行)、新型证券(如银行间垃圾债券市场)、表外业务等方面,鲜有从存款的角度来研究。多是因为存款产品种类繁多、更新频繁,导致扩散数据较难收集。(2)大部分实证文献创新采纳的主体为客户,如从客户角度研究信用卡在客户间的采纳与扩散,少有将银行自身作为采纳主体来研究。(2)国内外实证文献少有将采纳模型与扩散模型同时运用到一项金融创新扩散的研究中去。(3)国内由于金融管制和数据难以收集,大部分研究仍然处于对金融创新扩散的定性分析和理论分析阶段。
本文的创新之处：
在实证研究存款利率定价影响因素上,(1)本文首次使用124家商业银行存款利率微观数据实证研究商业银行存款利率定价影响因素。(2)在变量选择上,不仅包括了市场环境因素,更将银行特征变量因素纳入模型。从银行资产规模、风险状况、收入占比情况、盈利能力、市场份额和市场规模等不同角度来对定价进行解释。(3)根据样本数据特点,本文分别使用Tobit回归和OLS回归进行估计。
在实证研究存款产品创新扩散机制上,(1)本文将银行作为创新采纳主体,同时运用创新的采纳模型和扩散模型实证研究存款产品创新扩散机制。(2)在创新采纳实证研究中,选择生存分析对存款产品创新采纳进行建模,以银行创新采纳的影响因素作为协变量,构建了存款产品创新采纳的风险模型。(3)在创新扩散实证研究中,通过BASS模型和外部影响模型相结合,研究此次存款创新在银行间扩散的驱动因素以及背后的原因。
国内目前还没有文献专门从商业银行存款利率定价行为与扩散机制角度来研究存款利率。
The evening of7June2012, the People's Bank of China from June8to the financial institutions deposit rate floating range limit is adjusted to1.1times the benchmark rate. Deposit interest rate cap for the first time to let go, to allow commercial banks in the floating range of free pricing, came to an end a long time deposit rates of commercial banks," the same price" era. The reform-depth study of the deposit interest rate pricing mechanism and deposit products innovation diffusion mechanism provides unprecedented data.
First, the country had strict controls on deposit rates, all commercial banks have to pay interest on deposits according to the central bank benchmark interest rate. In the June8,2012the same day, for the first time at different prices in different commercial banks deposit with the kind of product differentiation phenomenon:the bank deposit interest rate of0.44%,1-year deposit rate of3.5%, while Bank of Nanjing, respectively,0.4%and3.575%. This raises the first category worth thinking about the question:Why interest rates of different categories of deposits of commercial banks with the kind of high and low? What factors affect the commercial bank deposit rate pricing decisions?
Second, the experience in the United States and other developed countries show that many commercial banks products and services, deposit products is the biggest difference, most innovative and fastest. Deposits from the perspective of product design and innovation, the interest rate is the highest in the core and adjust the frequency factor. Once the implementation of the new rates, in fact, is to design and create a new deposit products. In this statistics127banks,8June day,63bank deposit product innovation adoption, June9has42banks adopt innovative,......, innovation in the interbank spread, until finally a bank (Qinghai Bank) adopted on June21deposit product innovation. This raises the concern of our second problem:why different categories of commercial banks have adopted innovative time after the first, and what factors affect the diffusion of innovation among banks? What are the characteristics of the bank will take the lead in the adoption of innovation?
This paper in the hope that these two problems can vary quiz. The current literature, the research on the deposit rate pricing and product innovation diffusion mechanism deposits are less than certain. Foreign research results do not apply to highly concentrated market structure of the domestic banking market, does not apply to the presence of the deposit interest rate ceiling limit (1.1times). Since domestic financial regulation and missing data, empirical research in these two types of problems barely started.
Under the deposit interest rate market conditions, commercial banks can decide not only the interest rate of its deposit products, while the interest rate adjustment time can also adopt a different strategy. But improper pricing behavior will result in loss of deposit bank customers or increased operating costs, the timing is not appropriate pricing also makes bank deposits in a passive position in the competition.
Therefore, understanding the pricing behavior of different bank deposits, deposit products to explore the issue further promote innovation and diffusion of market-oriented reform of interest rates, especially those with theoretical and practical significance to improve the commercial bank deposit rate pricing and diflusion mechanism.
Based on the theory of deposit products and their pricing mechanism analysis, the use of data interception Tobit model to overcome the problems caused by the deposit interest rate cap, from the bank and market environment characterized by two aspects of the empirical study of factors affecting the pricing of commercial bank deposit rates, in order to answer the first class of problems. In this paper, the results of cutting-edge financial innovation diffusion theory is based on empirical research from the perspective of a commercial bank deposit product innovation adoption and diffusion mechanisms, in order to answer the second class of problems
The main research work and conclusions are summarized as follows
1. Theoretical research foundation deposit products and pricing mechanisms. Deposits from the classification of products and components talk, pricing analysis focused on deposit products. Review of relevant literature, a detailed analysis of the factors affecting the pricing of deposit rates, the theoretical basis for empirical research deposit pricing
2.Empirical Investigation of the deposit interest rate pricing impact. From the bank characteristics and market environment factors empirical study of Chinese commercial bank deposit interest rate pricing aspects. The results showed that:(1) different sizes, different ownership structure of the bank's deposits have different pricing strategies;(2) the larger national banks and asset pricing has the advantage of local banks;(3) with the bank deposit rate floating range intermediate business income, profitability, non-performing loans accounted for a negative correlation;(4) local bank deposit rate floating range also with the market share, market size negatively correlated, regardless ofthe degree of market concentration
3.Deposit product innovation adoption and diffusion theory analysis. In combing technological innovation and financial innovation based on the concept of financial innovation and the adoption and diffusion of the result of the dynamic theory of explanation, and eventually extended to product innovation and diffusion of deposit analysis. After the relevant literature review, review and summarize the relevant financial innovation adoption and diffusion model as the basis for empirical research below
4.An Empirical Study of the deposit product innovation adoption. Use of8June2012ceiling on deposit rates after the central bank let commercial banks deposit rate pricing adjustments of timing data through survival analysis, the use of the model adopted by China's commercial banks deposit product innovation adoption and diffusion of empirical research. The study found:From the point of view of the adoption of innovation.(1) there is no apparent adoption of the "scale effect", that is, not the larger bank assets sooner adoption of innovation;(2) from the point of view of ownership, compared to state-owned banks local commercial banks earlier adoption of innovation, serve as a model to some extent;(3) the stronger profitability, the lower the risk level of the earlier adoption of innovative high-quality banks;(4) higher dependence on bank deposits the sooner the adoption of innovation
5.Empirical research. Deposit product innovation diffusion. BASS model to empirical research using product innovation diffusion characteristics of deposits in our banking industry, and the effect of the diffusion process of exogenous factors and endogenous factors to explain the reasons for the formation of the diffusion and use of external influence on the conclusions of the robustness of the model test. The study found:empirical results BASS model and external influences have pointed out that the model of the diffusion of innovative commercial banks mainly affected by external factors. Almost without affecting the inter-bank" competition, me too". Changes in the regulatory authorities indicate the main reason for this policy is innovation diffusion
The innovation of this paper:
Surviving literature certainly inadequate. Pricing research interest in the deposit, one from the variable selection point of view, study abroad, mainly from two types of market structure and market environment factors that influence the empirical analysis of deposit interest rates, the relative neglect of the importance of the bank's own characteristics. Second, the study of literature are small banks accounted for the absolute number of U.S. banking, market structure and its state-owned banks dominate the Chinese are very different, the conclusions do not necessarily apply to China. Third, due to the lack of previous interest rate controls and data, domestic empirical research literature mainly targeted macro-rate (base rate) and has achieved market-oriented pricing rates (such as interbank interest rates), and empirical analysis of the commercial bank deposit rate is almost no (because all banks are Bank of niche precision can only be performed). Fourth, due to the difficulty of bank financial data collected empirical analysis with macroeconomic variables and more, but with the microscopic characteristics of the data and the bank is less variable. Five from model selection and estimation methods, the foreign general linear regression model and OLS estimation, this does not apply to China's unique national conditions (1.1times the upper limit).
In innovation diffusion mechanism of deposit products, foreign literature telephone banking, ATM, sheet business such as innovation diffusion and more research is less innovation diffusion deposit products, and more from the customer's point of view to analyze the proliferation of financial product innovation. Since domestic financial regulation and data availability, most of the literature is still in the qualitative analysis and theoretical analysis stage, there is no literature will adopt the model and the diffusion model simultaneously applied to the study of financial innovation diffusion go. In this paper, the past is different from other studies:
Empirical research on the impact of deposit rate pricing factors,(1) This is the first use of the micro-empirical analysis combining data pricing affect commercial bank deposit rates after June8,2012the interest rate adjustment factor.(2) In selecting the explanatory variables, combined with national conditions into account bank characteristic variables and market environment variables, including the structure of bank income, profitability, risk factors and market conditions and market structure and other factors.(3) In the model selection and estimation methods, based on the characteristics of the sample data, this paper using the Tobit regression and OLS regression estimates.
Empirical research on innovation diffusion mechanism deposit products,(1) the use of empirical research paper also deposit product innovation diffusion model and mechanism innovation diffusion model was adopted.(2) the adoption of innovative empirical research, select the survival analysis of deposit products innovation diffusion and performance modeling. Bank to innovation diffusion factors as covariates, the risk model was constructed deposit product innovation diffusion.(3) In the empirical study of innovation diffusion through BASS model and external influences model combining the analysis of the reasons for the drivers of innovation in the inter-bank deposits as well as behind the spread.(4) There is no domestic deposit rate pricing specializing in literature from the perspective of commercial bank deposit rate pricing behavior and diffusion mechanism.
第一,我国此前对存款利率实行严格管制,所有商业银行均根据央行基准利率支付存款利息。6月8日,在放开存款利率上限当天,我国首次出现了不同商业银行对同种存款支付不同利率的现象。例如,工农中建交五大国有银行活期存款利率为0.44%,相对基准利率上浮10%；1年期定期存款利率为3.5%,相对基准利率上浮7.69%。与此不同的是,南京银行公布的活期存款利率为0.4%,相对基准利率不进行上浮;1年期定期存款利率为3.575%,相对基准利率上浮10%。这就提出了值得我们思考的第一类问题：为什么不同商业银行对同种存款支付不同的利息?是什么因素影响着商业银行存款利率定价决策?
第二,创新是金融机构生存与发展的关键,而大部分金融创新都是围绕利率市场化展开的。利息收入和利息支出直接对银行的盈利产生影响,利息也是客户最为关注的产品要素。美国等发达经历表明,商业银行所提供的众多产品中,存款产品是种类最多、创新最快的一个。同时存款利率也是最核心、调整最频繁的要素。从存款产品设计的角度来看,一旦利率的定价方式和支付方式发生改变,实际上就是创造出新的存款产品。在本文统计的127家银行中,6月8日当天有63家银行采纳存款产品定价的创新2,6月9日有42家银行采纳创新,……,创新在银行间扩散开来,直到最后一家银行(青海银行)于6月21日采纳创新。可以看到,商业银行并不是在同一时点采纳创新,而是有先有后,是一个扩散的过程。直观来看,不同商业银行之间具体特征差异很大(例如规模),这是否导致它们对创新的收益和风险评价不同,从而导致采纳创新的时间不同呢?这就提出了我们所关注的第二类问题：为什么不同商业银行采纳创新的时间有先有后,什么因素影响着创新在银行间的扩散?什么特征的银行会率先采纳创新?
这篇论文希望对以上两类问题能有所问答,并且有其应用价值。就目前国内外文献来看,关于存款利率定价与存款产品创新扩散机制的研究均存在一定不足。国外的研究成果不适用于市场结构高度集中的国内银行业市场,也不适用于存款利率存在上限限制(1.1倍)的特殊情况。国内由于金融管制与数据缺失,这两类问题在实证方面的研究几乎没有展开。
针对现有研究的不足,本文基于对存款产品及其定价机制理论基础的研究,利用Tobit模型克服存款利率上限造成的数据截取问题3,从银行特征和市场环境两个方面来实证研究我国商业银行存款利率定价的影响因素,以回答上述第一类问题。本文以金融创新扩散理论的前沿成果为基础,从商业银行作为创新采纳主体的角度对存款产品创新的扩散机制进行实证研究,以回答上述第二类问题。
本文为什么要将这两类问题放到一篇论文中进行论述?
上述两类问题,实则是一个硬币的两个面。利率市场化后,商业银行可对其存款产品进行自由定价。一方面进行存款“价格”制定的决策,银行自主决定支付利率水平的高低。另一方面是利率调整“时点”的决策。也就是说,当基准利率变化时,某银行是相比其他银行更早的宣布新的利率,还是较晚公布利率(跟随策略)。把这两类问题放到一个大框架下进行研究,便于我们对商业银行存款利率定价的全面认识。
但这两类问题又是相互独立的。“价格”与“时点”的决策是两个过程,影响因素并不相同,所得决策也互不相干。例如,工商银行可以是众多商业银行中最早进行存款利率调整的,但它的定价却很低。有的银行,如恒丰银行也较早进行了调整,但是定价却很高。而部分地方商业银行则较晚进行利率调整,定价也是有低有高。“价格”与“时点”是两个独立决策过程。
需要指出的是,不恰当的定价行为将导致银行失去存款客户或增大经营成本,不恰当的定价时机也会使得银行在存款竞争中处于被动地位。
因此,了解不同银行存款的定价行为、探索存款产品创新扩散等问题对进一步推进我国利率市场化改革、特别是对完善商业银行存款利率定价与扩散机制具有十分重要的理论与实践意义。
本文主要研究成果与实证结论归纳如下：
1.首先根据央行新政公布后我国商业银行存款定价与创新扩散的现实情况,提出全文所关注的问题。阐明了论文选题意义、理论意义与实践意义；提出本文研究的基本思路,包括我国特殊国情下研究的各类约束条件、研究内容、重点和难点以及研究方法；阐述论文框架；最后对本文的创新点进行概括。
2.存款产品及其定价机制的基础理论与文献综述。从存款产品的分类和构成要素讲起,以花旗银行为例介绍美国银行业存款产品定价的特征,并对中美银行存款产品进行比较分析,以便更深入了解此次存款利率市场化背景下的存款产品定价与创新的方向。随后重点分析了存款利率市场化的内涵、现状与制约因素、存款产品的定价机制以及存款利率影响因素。最后是文献综述。
3.存款利率定价影响因素的实证研究。从银行特征和市场环境两个方面实证研究我国商业银行存款利率定价的影响因素。研究结果表明：(1)银行资产规模与存款利率成负相关,大银行相比中小银行支付更低的利率。(2)全国性经营的大银行具有定价优势4,相比地方商业银行支付更低的利率。(3)存款利率与银行中间业务收入占比、盈利能力和不良贷款率负相关。(4)地方商业银行的存款利率与其市场份额负相关,市场份额越大的地方银行有更强的议价能力,支付更低的利率。(5)地方商业银行的存款利率与所在地区市场规模负相关。市场规模是所在市场存款的总量,市场越大银行越游刃有余,获得存款的渠道也更多,利率也就会更低。(6)地方商业银行存款利率与市场集中度无关。这一结论与国外大部分研究不同,本文认为这是由我国银行业高度的市场集中度所造成的。
4.存款产品创新采纳与扩散的理论基础与文献综述。在梳理技术创新和金融创新概念的基础上,对金融创新采纳与扩散的动因进行理论解释,并且最终扩展到对存款产品创新与扩散的分析上。最后是文献综述,总结和归纳了金融创新采纳与扩散的相关模型,作为实证研究的基础。
5.存款产品创新采纳的实证研究。运用2012年6月8日央行放开存款利率上限后,商业银行存款利率定价调整的时序数据,通过生存分析,运用采纳模型对我国商业银行存款产品创新的采纳行为进行实证研究。研究发现：从创新的采纳角度来看：(1)采纳并不存在明显的“规模效应”,即并非资产规模越大银行越早采纳创新；(2)从所有制性质来看,国有银行相比地方性商业银行更早的采纳创新,从一定程度上起到示范和引导作用；(3)盈利能力越强、风险水平越低的优质银行越早采纳创新；(4)对存款依赖程度越高的银行,越早采纳创新。
6.存款产品创新扩散的实证研究。运用BASS模型来实证研究存款产品创新在我国银行业的扩散特点,并分析扩散过程中的外生因素和内生因素的影响,以解释扩散形成的原因,并用外部影响模型对结论进行稳健性检验。研究发现：BASS模型和外部影响模型的实证结果都指出了我国商业银行存款创新的扩散主要受到外部因素的影响,而几乎不受银行间“攀比、跟风”的影响。表明监管当局政策的变化是此次创新扩散的主要原因。
国内外相关研究尚存一定不足,本文希望借此去填补。
在存款利率定价影响因素方面,国内外研究不足之处：(1)前人大量成果都是建立在研究美国银行业的基础上,其收入结构、风险水平、盈利能力和市场环境等因素都与中国大为不同,所得结论不一定适用于中国。(2)从变量选择来看,国外研究主要从市场结构和市场环境两个方面对存款利率影响因素进行实证研究,忽略了银行自身因素的重要性。由于银行财务数据收集难度较大,国内外文献均较少使用银行特征变量数据。(3)由于利率管制,国内还未有商业银行存款利率定价实证方面的研究。此前国内实证文献主要围绕央行基准利率、债券利率、拆借利率等展开,而从微观层面对商业银行存款利率影响因素进行实证研究的几乎没有(因为所有银行都只能执行央行基准利率)。(4)与国外存款利率完全放开不同,现阶段我国存款利率尚有1.1倍上限限制,形成截取数据,采用一般线性回归模型并不适用于中国特有约束条件。
在存款产品创新扩散机制研究方面,国内外文献不足之处：(1)国外关于银行创新扩散的文献主要集中在网络技术的应用(如网上银行、电子银行)、新型证券(如银行间垃圾债券市场)、表外业务等方面,鲜有从存款的角度来研究。多是因为存款产品种类繁多、更新频繁,导致扩散数据较难收集。(2)大部分实证文献创新采纳的主体为客户,如从客户角度研究信用卡在客户间的采纳与扩散,少有将银行自身作为采纳主体来研究。(2)国内外实证文献少有将采纳模型与扩散模型同时运用到一项金融创新扩散的研究中去。(3)国内由于金融管制和数据难以收集,大部分研究仍然处于对金融创新扩散的定性分析和理论分析阶段。
本文的创新之处：
在实证研究存款利率定价影响因素上,(1)本文首次使用124家商业银行存款利率微观数据实证研究商业银行存款利率定价影响因素。(2)在变量选择上,不仅包括了市场环境因素,更将银行特征变量因素纳入模型。从银行资产规模、风险状况、收入占比情况、盈利能力、市场份额和市场规模等不同角度来对定价进行解释。(3)根据样本数据特点,本文分别使用Tobit回归和OLS回归进行估计。
在实证研究存款产品创新扩散机制上,(1)本文将银行作为创新采纳主体,同时运用创新的采纳模型和扩散模型实证研究存款产品创新扩散机制。(2)在创新采纳实证研究中,选择生存分析对存款产品创新采纳进行建模,以银行创新采纳的影响因素作为协变量,构建了存款产品创新采纳的风险模型。(3)在创新扩散实证研究中,通过BASS模型和外部影响模型相结合,研究此次存款创新在银行间扩散的驱动因素以及背后的原因。
国内目前还没有文献专门从商业银行存款利率定价行为与扩散机制角度来研究存款利率。
The evening of7June2012, the People's Bank of China from June8to the financial institutions deposit rate floating range limit is adjusted to1.1times the benchmark rate. Deposit interest rate cap for the first time to let go, to allow commercial banks in the floating range of free pricing, came to an end a long time deposit rates of commercial banks," the same price" era. The reform-depth study of the deposit interest rate pricing mechanism and deposit products innovation diffusion mechanism provides unprecedented data.
First, the country had strict controls on deposit rates, all commercial banks have to pay interest on deposits according to the central bank benchmark interest rate. In the June8,2012the same day, for the first time at different prices in different commercial banks deposit with the kind of product differentiation phenomenon:the bank deposit interest rate of0.44%,1-year deposit rate of3.5%, while Bank of Nanjing, respectively,0.4%and3.575%. This raises the first category worth thinking about the question:Why interest rates of different categories of deposits of commercial banks with the kind of high and low? What factors affect the commercial bank deposit rate pricing decisions?
Second, the experience in the United States and other developed countries show that many commercial banks products and services, deposit products is the biggest difference, most innovative and fastest. Deposits from the perspective of product design and innovation, the interest rate is the highest in the core and adjust the frequency factor. Once the implementation of the new rates, in fact, is to design and create a new deposit products. In this statistics127banks,8June day,63bank deposit product innovation adoption, June9has42banks adopt innovative,......, innovation in the interbank spread, until finally a bank (Qinghai Bank) adopted on June21deposit product innovation. This raises the concern of our second problem:why different categories of commercial banks have adopted innovative time after the first, and what factors affect the diffusion of innovation among banks? What are the characteristics of the bank will take the lead in the adoption of innovation?
This paper in the hope that these two problems can vary quiz. The current literature, the research on the deposit rate pricing and product innovation diffusion mechanism deposits are less than certain. Foreign research results do not apply to highly concentrated market structure of the domestic banking market, does not apply to the presence of the deposit interest rate ceiling limit (1.1times). Since domestic financial regulation and missing data, empirical research in these two types of problems barely started.
Under the deposit interest rate market conditions, commercial banks can decide not only the interest rate of its deposit products, while the interest rate adjustment time can also adopt a different strategy. But improper pricing behavior will result in loss of deposit bank customers or increased operating costs, the timing is not appropriate pricing also makes bank deposits in a passive position in the competition.
Therefore, understanding the pricing behavior of different bank deposits, deposit products to explore the issue further promote innovation and diffusion of market-oriented reform of interest rates, especially those with theoretical and practical significance to improve the commercial bank deposit rate pricing and diflusion mechanism.
Based on the theory of deposit products and their pricing mechanism analysis, the use of data interception Tobit model to overcome the problems caused by the deposit interest rate cap, from the bank and market environment characterized by two aspects of the empirical study of factors affecting the pricing of commercial bank deposit rates, in order to answer the first class of problems. In this paper, the results of cutting-edge financial innovation diffusion theory is based on empirical research from the perspective of a commercial bank deposit product innovation adoption and diffusion mechanisms, in order to answer the second class of problems
The main research work and conclusions are summarized as follows
1. Theoretical research foundation deposit products and pricing mechanisms. Deposits from the classification of products and components talk, pricing analysis focused on deposit products. Review of relevant literature, a detailed analysis of the factors affecting the pricing of deposit rates, the theoretical basis for empirical research deposit pricing
2.Empirical Investigation of the deposit interest rate pricing impact. From the bank characteristics and market environment factors empirical study of Chinese commercial bank deposit interest rate pricing aspects. The results showed that:(1) different sizes, different ownership structure of the bank's deposits have different pricing strategies;(2) the larger national banks and asset pricing has the advantage of local banks;(3) with the bank deposit rate floating range intermediate business income, profitability, non-performing loans accounted for a negative correlation;(4) local bank deposit rate floating range also with the market share, market size negatively correlated, regardless ofthe degree of market concentration
3.Deposit product innovation adoption and diffusion theory analysis. In combing technological innovation and financial innovation based on the concept of financial innovation and the adoption and diffusion of the result of the dynamic theory of explanation, and eventually extended to product innovation and diffusion of deposit analysis. After the relevant literature review, review and summarize the relevant financial innovation adoption and diffusion model as the basis for empirical research below
4.An Empirical Study of the deposit product innovation adoption. Use of8June2012ceiling on deposit rates after the central bank let commercial banks deposit rate pricing adjustments of timing data through survival analysis, the use of the model adopted by China's commercial banks deposit product innovation adoption and diffusion of empirical research. The study found:From the point of view of the adoption of innovation.(1) there is no apparent adoption of the "scale effect", that is, not the larger bank assets sooner adoption of innovation;(2) from the point of view of ownership, compared to state-owned banks local commercial banks earlier adoption of innovation, serve as a model to some extent;(3) the stronger profitability, the lower the risk level of the earlier adoption of innovative high-quality banks;(4) higher dependence on bank deposits the sooner the adoption of innovation
5.Empirical research. Deposit product innovation diffusion. BASS model to empirical research using product innovation diffusion characteristics of deposits in our banking industry, and the effect of the diffusion process of exogenous factors and endogenous factors to explain the reasons for the formation of the diffusion and use of external influence on the conclusions of the robustness of the model test. The study found:empirical results BASS model and external influences have pointed out that the model of the diffusion of innovative commercial banks mainly affected by external factors. Almost without affecting the inter-bank" competition, me too". Changes in the regulatory authorities indicate the main reason for this policy is innovation diffusion
The innovation of this paper:
Surviving literature certainly inadequate. Pricing research interest in the deposit, one from the variable selection point of view, study abroad, mainly from two types of market structure and market environment factors that influence the empirical analysis of deposit interest rates, the relative neglect of the importance of the bank's own characteristics. Second, the study of literature are small banks accounted for the absolute number of U.S. banking, market structure and its state-owned banks dominate the Chinese are very different, the conclusions do not necessarily apply to China. Third, due to the lack of previous interest rate controls and data, domestic empirical research literature mainly targeted macro-rate (base rate) and has achieved market-oriented pricing rates (such as interbank interest rates), and empirical analysis of the commercial bank deposit rate is almost no (because all banks are Bank of niche precision can only be performed). Fourth, due to the difficulty of bank financial data collected empirical analysis with macroeconomic variables and more, but with the microscopic characteristics of the data and the bank is less variable. Five from model selection and estimation methods, the foreign general linear regression model and OLS estimation, this does not apply to China's unique national conditions (1.1times the upper limit).
In innovation diffusion mechanism of deposit products, foreign literature telephone banking, ATM, sheet business such as innovation diffusion and more research is less innovation diffusion deposit products, and more from the customer's point of view to analyze the proliferation of financial product innovation. Since domestic financial regulation and data availability, most of the literature is still in the qualitative analysis and theoretical analysis stage, there is no literature will adopt the model and the diffusion model simultaneously applied to the study of financial innovation diffusion go. In this paper, the past is different from other studies:
Empirical research on the impact of deposit rate pricing factors,(1) This is the first use of the micro-empirical analysis combining data pricing affect commercial bank deposit rates after June8,2012the interest rate adjustment factor.(2) In selecting the explanatory variables, combined with national conditions into account bank characteristic variables and market environment variables, including the structure of bank income, profitability, risk factors and market conditions and market structure and other factors.(3) In the model selection and estimation methods, based on the characteristics of the sample data, this paper using the Tobit regression and OLS regression estimates.
Empirical research on innovation diffusion mechanism deposit products,(1) the use of empirical research paper also deposit product innovation diffusion model and mechanism innovation diffusion model was adopted.(2) the adoption of innovative empirical research, select the survival analysis of deposit products innovation diffusion and performance modeling. Bank to innovation diffusion factors as covariates, the risk model was constructed deposit product innovation diffusion.(3) In the empirical study of innovation diffusion through BASS model and external influences model combining the analysis of the reasons for the drivers of innovation in the inter-bank deposits as well as behind the spread.(4) There is no domestic deposit rate pricing specializing in literature from the perspective of commercial bank deposit rate pricing behavior and diffusion mechanism.
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11.刘康兵、申朴和李达,2003：利率与通货膨胀：一个费雪效应的经验分析[J],《财经研究》,第2期。
12.陈晓杰、黄志刚和陈国宏,2007：人民币利率波动的实证分析[J],《广东金融学院学报》,第4期。
13.薛丽、税雪和周阳,2012：我国存款利率影响因素实证分析：以1990-2010年度数据为例[J], 《现代营销(学苑版)》,第3期。
14.陈岱孙和厉以宁,1991：国际金融学说史[M],中国金融出版社。
15.王宗润,2004：金融产品创新的路径分析[D],中南大学博士学位论文。
16.符习安,2005：对我国商业银行金融产品创新的思考[J],《金融理论与实践》,第5期。
17.中国银行业监督管理委员会,2006：《商业银行金融创新指引》。
18.杜晓琳,2006：基于网络外部性的银行业技术创新扩散研究[D],大连理工大学硕士研究生论文。
19.唐珺,2005：金融创新的采纳与扩散：以银行卡为例[D],暨南大学硕士研究生论文。
20.王仁祥,宋阳,王若波,2001：金融创新扩散机理研究[D],《武汉理工大学学报(信息与管理工程版)》,第1期,P84-86。
21.王仁祥,喻平,2002：论金融创新的扩散机理[J],《经济评论》,第1期。
22.王仁祥,喻平,2003：我国与西方金融创新动因之比较[J],《武汉理工大学学报(社会科学版)》,第3期。
23.李春燕,俞乔,2006：网络金融创新产品的市场扩散——针对银行卡产品的实证研究[J],《金融研究》,第3期。
24.庄新田、黄玮强,2009：基于消费者网络的金融创新扩散研究[J],《管理科学学报》,第3期。
25.鲍丹,2008：金融创新的协同机制及实现过程[J],《财经问题研究》,第1期。
26.张桥云等,2010：《中国银行业存款产品设计创新研究》,中国金融出版社。
27. Berger AN, Hannan T H.The Price-Concentration Relationship in Banking[J].Review of Economics and Statistics,1989,71(2):291-299.
28. Berger A N.The profit-structure relationship in banking-tests of market-power and efficient-structure hypotheses[J].Journal of Money,Credit,and Banking,1995,27(2): 404-431.
29. Biehl A R. The Extent of the Market for Retail Banking Deposits[J].The Antitrust Bulletin, 2002,47:91-106.
30. Brewer E,Jackson W E.A note on the'risk-adjusted'price-concentration relationship in banking[J] Journal of Banking and Finance,2006,30(3):1041-1054.
31. Calem P,Carlino G A.The concentration/conduct relationship in bank deposit markets[J]. Review of Economics and Statistics,1991,73(2):268-276.
32. Hannan T H,Prager R A.The competitive implications of multimarket bank branching[J] Journal of Banking and Finance,2004,28(8):1889-1914.
33. Hannan T H.Retail deposit fees and multimarket banking[J]. Journal of Banking and Finance,2006,30(9):2561-2578.
34. Hannan T H, Prager R A.Multimarket bank pricing:An empirical investigation of deposit interest rates[J].Journal of Banking and Finance,2006,58(3):256-272.
35. Jackson W E.The price-concentration relationship in banking:A comment[J].Review of Economics and Statistics,1992,74(2):373-376.
36. Park K,Pennacchi G.Harming depositors and helping borrowers:The disparate impact of bank consolidation[J].Review of Financial Studies,2009,22(1):1-40.
37. Rhoades S A,Burke J.Economic and political foundations of Section 7 enforcement in the 1980's[J].The Antitrust Bulletin,1990,35:373-446.
38. Rosen R J.Banking Market Conditions and Deposit Interest Rates [J]. Journal of Banking and Finance,2007,31(12):3862-3884.
39. Diamond, Douglas W., Dybvig, Philip H.1983,Bank Runs, Deposit Insurance, and Liquidity[J].Journal of Political Economy, Vol.91, No.3:401-419.
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42. Charles Kahn,George Pennacchi,Ben Sopranzetti,1999,Bank Deposit Rate Clustering: Theory and Empirical Evidence[J].The Journal of Finance, Vol.54, No.6.
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45. Davis,R.G.,Korobow,L.,1987,The pricing of consumer deposit products-the non-rate dimensions[J],FRBNY Quarterly Review, Winter:14-18.
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50. Mansfield,E.,1961,Technical change and the rate of imitation[J],Econome1rica,29 (4):741-766.
51. BASS,F.M.,1969,A new product growth for model consumer durables[J],Management Science,15(5):215-227.
52. Akhavein.J.W.S.Frame and L.J.White,2005,The Diffusion of Financial Innovations:An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations [J], Journal of Business,78(2),pp.577-596.
53. Liberatore.M.J.and D.Breem,1997,Adoption and Implementation of Digital-Imaging Technology in the Banking and Insurance Industries[J],IEEE Transactions On Engineering Management,44(4),pp.367-377.
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59. A.P. Villamil(1991), "Demand deposit contracts, suspension of convertibility, and optimal financial intermediation", Economy Theory(1):277-288.
60. Allen and Gale(1988),"Optimal security design", The Review of Financial Studies,Fall,Vol.l.
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64. Bhattacharyya, S,and V Nanda(2000),"Client discretion, switching costs, and financial innovation",Review of Financial Studies 13 (4):1101-1127.
65. Boot, A, and A Thakor(1997), "Banking scope and financial innovation", Review of Financial Studies,10(4).
66. Burik, Paul P.(1982),"The Design of Deposit Contracts:An Application of the Economic Theory of Agency", PhD.Paper,Northwestern University.
67. Fischer Black and Myron Scholes(1974), "From Theory to a New Financial Product", The Journal of Finance, Vol.29(2):399-412.
68. Carrow, K A,(1999), "Evidence of early-mover advantages in underwriting spreads", Journal of Financial Services Research,15(1):37-55.
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70. Cooper, R.G.(1999),"Product.Leadership,Creating and Launching Superior New Products", Perseus Books.
71. Courchane, M., Nickerson, D., & Sullivan, R.(2002), "Investment in internet banking as a real option:theory and tests", Journal of Multinational Financial Management(12):347-363.
72. David B. Humphrey(2004),"Replacement of cash by cards in U.S. consumer payments, Journal of Economics and Business"(56)211-225.
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2.陈悦慧、张桥云,2013：存款利率定价行为差异与扩散机制研究最新进展[J],《西南金融》,第8期。
3.张桥云、陈跃军,2009：中国银行业存款产品设计存在的问题与改进建议[J],《金融论坛》,第6期。
4.王国松,2001：中国的利率管制与利率市场化[J],《经济研究》,第6期。
5.王国松,2009：人民币存款利率市场化改革的制度性的障碍分析[J],《当代经济管理》,第6期。
6.李扬,2003：中国利率市场化：做了什么,要做什么?[J],《国际金融研究》,第9期。
7.盛方富,2013：我国存款利率市场化的制约因素及突破渠道[J],《企业经济》,第5期。
8.王爱俭和林楠,2007：人民币名义汇率与利率的互动关系研究[J],《经济研究》,第10期。
9.潘松、魏先华、张敏、宋洋和陈敏,2009：银行间支付流与同业拆借利率之关系的实证研究[J],《金融研究》,第1期。
10.尹志锋、耿丛,2010：我国中期票据发行利率的影响因素与实证分析[J],《河南社会科学》,第1期。
11.刘康兵、申朴和李达,2003：利率与通货膨胀：一个费雪效应的经验分析[J],《财经研究》,第2期。
12.陈晓杰、黄志刚和陈国宏,2007：人民币利率波动的实证分析[J],《广东金融学院学报》,第4期。
13.薛丽、税雪和周阳,2012：我国存款利率影响因素实证分析：以1990-2010年度数据为例[J], 《现代营销(学苑版)》,第3期。
14.陈岱孙和厉以宁,1991：国际金融学说史[M],中国金融出版社。
15.王宗润,2004：金融产品创新的路径分析[D],中南大学博士学位论文。
16.符习安,2005：对我国商业银行金融产品创新的思考[J],《金融理论与实践》,第5期。
17.中国银行业监督管理委员会,2006：《商业银行金融创新指引》。
18.杜晓琳,2006：基于网络外部性的银行业技术创新扩散研究[D],大连理工大学硕士研究生论文。
19.唐珺,2005：金融创新的采纳与扩散：以银行卡为例[D],暨南大学硕士研究生论文。
20.王仁祥,宋阳,王若波,2001：金融创新扩散机理研究[D],《武汉理工大学学报(信息与管理工程版)》,第1期,P84-86。
21.王仁祥,喻平,2002：论金融创新的扩散机理[J],《经济评论》,第1期。
22.王仁祥,喻平,2003：我国与西方金融创新动因之比较[J],《武汉理工大学学报(社会科学版)》,第3期。
23.李春燕,俞乔,2006：网络金融创新产品的市场扩散——针对银行卡产品的实证研究[J],《金融研究》,第3期。
24.庄新田、黄玮强,2009：基于消费者网络的金融创新扩散研究[J],《管理科学学报》,第3期。
25.鲍丹,2008：金融创新的协同机制及实现过程[J],《财经问题研究》,第1期。
26.张桥云等,2010：《中国银行业存款产品设计创新研究》,中国金融出版社。
27. Berger AN, Hannan T H.The Price-Concentration Relationship in Banking[J].Review of Economics and Statistics,1989,71(2):291-299.
28. Berger A N.The profit-structure relationship in banking-tests of market-power and efficient-structure hypotheses[J].Journal of Money,Credit,and Banking,1995,27(2): 404-431.
29. Biehl A R. The Extent of the Market for Retail Banking Deposits[J].The Antitrust Bulletin, 2002,47:91-106.
30. Brewer E,Jackson W E.A note on the'risk-adjusted'price-concentration relationship in banking[J] Journal of Banking and Finance,2006,30(3):1041-1054.
31. Calem P,Carlino G A.The concentration/conduct relationship in bank deposit markets[J]. Review of Economics and Statistics,1991,73(2):268-276.
32. Hannan T H,Prager R A.The competitive implications of multimarket bank branching[J] Journal of Banking and Finance,2004,28(8):1889-1914.
33. Hannan T H.Retail deposit fees and multimarket banking[J]. Journal of Banking and Finance,2006,30(9):2561-2578.
34. Hannan T H, Prager R A.Multimarket bank pricing:An empirical investigation of deposit interest rates[J].Journal of Banking and Finance,2006,58(3):256-272.
35. Jackson W E.The price-concentration relationship in banking:A comment[J].Review of Economics and Statistics,1992,74(2):373-376.
36. Park K,Pennacchi G.Harming depositors and helping borrowers:The disparate impact of bank consolidation[J].Review of Financial Studies,2009,22(1):1-40.
37. Rhoades S A,Burke J.Economic and political foundations of Section 7 enforcement in the 1980's[J].The Antitrust Bulletin,1990,35:373-446.
38. Rosen R J.Banking Market Conditions and Deposit Interest Rates [J]. Journal of Banking and Finance,2007,31(12):3862-3884.
39. Diamond, Douglas W., Dybvig, Philip H.1983,Bank Runs, Deposit Insurance, and Liquidity[J].Journal of Political Economy, Vol.91, No.3:401-419.
40. Ping Lin,1996,Banking, Incentive Constraints, and Demand Deposit Contracts with Nonlinear Returns[J].Economic Theory,8:27-39.
41. L.Biff Motley,1983,Pricing Deposit Services[M].Bankers Publishing Company.
42. Charles Kahn,George Pennacchi,Ben Sopranzetti,1999,Bank Deposit Rate Clustering: Theory and Empirical Evidence[J].The Journal of Finance, Vol.54, No.6.
43. Neumark,Dvid,Steven S.Sharpe,1992,Market structure and the nature of price rigidity:evidence from the market for consumer deposits[J].Quarterly Journal of Economincs.
44. James H. Gilkeson, Gary E. Porter, Stanley D. Smith,2000,The impact of the early withdrawal option on time deposit pricing[J].The Quarterly Review of Economics and Finance,40:107-120.
45. Davis,R.G.,Korobow,L.,1987,The pricing of consumer deposit products-the non-rate dimensions[J],FRBNY Quarterly Review, Winter:14-18.
46. Heffernan,S.A.,1992,A computation of interest equivalences for nonprice characteristics of bank products[J].Journal of Money, Credit, and Banking,2:162-172.
47. Bruce C. Cohen,1970,Deposit Demand and the Pricing of Demand Deposits[J].The Quarterly Journal of Economics, Vol.84, No.3.
48. Douglas W. Mitchell,1988,Explicit Interest and Demand Deposit Service Charges: Comment[J]. Journal of Money, Credit and Banking, Vol.20,No.2:270-274.
49. Peter Tufano,2003,Handbook of the Economics of Finance[M], Edited by G M Constantinides, M Harris and R Stulz, Chapter 6 Financial Innonation,1099-1131.
50. Mansfield,E.,1961,Technical change and the rate of imitation[J],Econome1rica,29 (4):741-766.
51. BASS,F.M.,1969,A new product growth for model consumer durables[J],Management Science,15(5):215-227.
52. Akhavein.J.W.S.Frame and L.J.White,2005,The Diffusion of Financial Innovations:An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations [J], Journal of Business,78(2),pp.577-596.
53. Liberatore.M.J.and D.Breem,1997,Adoption and Implementation of Digital-Imaging Technology in the Banking and Insurance Industries[J],IEEE Transactions On Engineering Management,44(4),pp.367-377.
54. Hannan.T.H and J.M. McDowell,1984,The determinants of technology adoption:the case of the banking firm[J],RAND Journal of Economics,15(3),pp.328-335.
55. Molyneux.P and N.Shamroukh,1996, Diffusion of Financial Innovations:The Case of Junk Bonds and Note Issuance Facilities[J],Journal of Money,Credit and Banking, 28(3),pp.502-522.
56. Funga.M.K and A.C.S.Cheng,2004,Diffusion of off-balance-sheet financial innovations: Information complementarity and market competition[J], Pacific-Basin Finance Journal,12,pp.525-540.
57. Jagtiani.J,Saunders.A and Udell.G,1995,The effect of bank capital requirements on bank off-balance sheet financial innovations[J],Journal of Banking and Finance,19,pp.647-658.
58. Adel M. Aladwani(2001), "Online banking:a field study of drivers, development challenges, and expectations", International Journal of Information Management (21):213-225.
59. A.P. Villamil(1991), "Demand deposit contracts, suspension of convertibility, and optimal financial intermediation", Economy Theory(1):277-288.
60. Allen and Gale(1988),"Optimal security design", The Review of Financial Studies,Fall,Vol.l.
61. Allen&Winton,1995,"Corprate Financial Structure,Incentives and Optimal Contracting",R.Jarrow et at.,Handbooks in OR&MS,Vol.9.
62. Arnoud W.A. Boot(2011),"Banking at the crossroads:How to deal with marketability and complexity? "Review of Development Finance (1):167-183.
63. Bernanke, B.(2007),"Regulation and Financial Innovation". Speech to the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference, Sea Island, Georgia, May 15, http://www.federalreserve.gov/newsevents/speech/bernanke20070515a.htm.
64. Bhattacharyya, S,and V Nanda(2000),"Client discretion, switching costs, and financial innovation",Review of Financial Studies 13 (4):1101-1127.
65. Boot, A, and A Thakor(1997), "Banking scope and financial innovation", Review of Financial Studies,10(4).
66. Burik, Paul P.(1982),"The Design of Deposit Contracts:An Application of the Economic Theory of Agency", PhD.Paper,Northwestern University.
67. Fischer Black and Myron Scholes(1974), "From Theory to a New Financial Product", The Journal of Finance, Vol.29(2):399-412.
68. Carrow, K A,(1999), "Evidence of early-mover advantages in underwriting spreads", Journal of Financial Services Research,15(1):37-55.
69. Christopher L. Whaling(1996),'Technological Innovation and the U.S.Banking industry:Innovation in the U.S. Retail and Wholesale Banking Sectors". Technology In Society, Vol.18(4):477-501.
70. Cooper, R.G.(1999),"Product.Leadership,Creating and Launching Superior New Products", Perseus Books.
71. Courchane, M., Nickerson, D., & Sullivan, R.(2002), "Investment in internet banking as a real option:theory and tests", Journal of Multinational Financial Management(12):347-363.
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