| From the U.S. financial disintermediation. Narrowly speaking, at that time is defined as the maximum interest rates on term deposits under control conditions, when money market interest rates higher than the deposit-taking institutions will pay deposit interest rates, the deposit-taking institutions will deposit funds into money market instruments, a large number of phenomena. Broadly speaking, financial disintermediation refers to the deposit of funds not only direct the flow of high interest rates of assets, but also refers to the demand side of funds directly to bypass the financial intermediaries in the money market by issuing short-term debt instruments."Financial disintermediation" phenomenon first appeared in the late20th century the United States,"Q Ordinance" promulgated by making savings in the commercial banking system out of turn to the financial markets to seek higher investment income, so that commercial bank credit contraction profit decline in the operating commercial banks in difficulties. Japan, France, Italy, Germany, Britain and other Western developed countries have also followed a "financial disintermediation" phenomenon. China’s "financial disintermediation," the emergence of the term is about10years ago, but became involved in the study of financial theory is the recent hot topics in2012. Financial disintermediation is a financial phenomenon, is "out of banks, the traditional "financial intermediation" financing and the form of financial intermediation, but also funds from the bank credit by the intermediary or the media directly to the phenomenon of indirect financing. For my country, although the banking sector is an absolute dominant position and monopoly position, but with China’s continuous development of capital markets and financial innovation continue to improve the bank’s traditional business model will be an unprecedented challenge. However, scholars of the current domestic financial disintermediation of commercial banks to study the impact of focus on interpretation and qualitative analysis of the phenomenon itself, and not the stock market and bond market factors that affect the commercial banks carry out specific analysis, but did not make use of empirical research on financial disintermediation can make quantitative analysis of more specific effects of free media and to take appropriate strategy to deal with this situation, therefore, can not Regulatory authorities and corporate managers to provide a more meaningful policy and operational recommendations. Statistics show that China’s banking sector of its non-interest income accounted for only19percent of total income, while foreign banks in non-interest income ratio of more than35%. Existing assets in the banking sector structure, the credit assets in general accounts for about80%of income in total income margin of90%of the structure, therefore, loans and banks such as fish and water can not be separated, the so-called "financial disintermediation" phenomenon in the banking industry is seen as a serious challenge, once the industry’s attention. In this mode, the commercial bank’s business development and profit growth to a large extent dependent on the size of the expansion of credit assets, the size of the event of credit assets fell, the banks will face a major test. Banking in China’s financial industry in a dominant position is to support and monitor the state’s key industries, as it relates to the national economic security and social stability.Therefore, in the face of growing disintermediation in China’s financial development and the urgent need for further study and evaluation of its impact on the commercial banks of this important reality, and the stock market and bond market factors that affect the commercial banks to carry out research, based on the attempt to explain the theory of financial intermediation through the reality of empirical data to verify the theoretical analysis and practical effect of an objective evaluation and revealed, thus the context of financial disintermediation effects of the capital market of the specific effects of commercial banks, as well as structural optimization of the financial markets, interest rates and capital market-oriented configuration Deep system optimization in China’s commercial banks to choose the path of the role of innovation to make a new theory based on a hypothesis to answer under the system. This article comes mainly from the sample,"2008Statistical Yearbook of China’s financial","China Statistical Yearbook2008" and China’s bond information networks. In this paper, selected from20001month-December2008the balance of deposits, loans, GDP, stock market, the amount of financing, corporate debt issuance, short-term financing bill and the size of the medium-term note issuance, asset-backed securities, such as issue size six indicators of quarterly data. This article will use the vector autoregression(VAR) and impulse response function(IRF) analysis of the stock market and corporate debt, short-term finance certificates, asset securitization financing, such as the size of our traditional business of commercial banks that depositors, the impact of the extent of the loan.This article has four major elements, the first part of the Introduction, namely, Chapter1, this paper introduces the research background, and practical significance, based on topics, research ideas, research methods, the main conclusions, as well as innovation and the lack of paper, etc.. The second part is the research based on theoretical analysis and practical, including Chapter2, Chapter3, Chapter4, first of all, on the role of financial intermediation and related, and based on transaction costs as the core of the traditional theory of financial intermediation, risk management and participation costs as the core of the modern theory of financial intermediation and financial functions of the contemporary stage of the theory of financial intermediation, such as analysis, the theory leads to disintermediation of the financial guidance of the theory of meaning, and scholars from abroad and domestic research results related to two aspects of a comprehensive financial disintermediation on the causes and effects, as defined and described the disintermediation of the financial performance of its main means, and then from government control, technology development, investment and financing businesses and residents of the changes in the environment to illustrate the financial disintermediation causes then the loss of deposits and loans, the proportion of intermediary business growth and increase the difficulty of the three banks point of view of financial disintermediation of commercial banks and thus the basis of the evolution of China’s commercial banking system and financial environment changes at this stage a detailed study of China’s commercial banks function the course of development. First of all, China’s commercial banking system in accordance with the evolution of the four stages of development, corresponding to an analysis of China’s commercial banking and financial functions of the development process; Secondly, the combination of changes in financial conditions at this stage, financial disintermediation direct and indirect financing of the development trend of study at this stage China’s commercial banks to expand the core function of structural optimization and financial functions; Finally, the study of China’s commercial banks in the context of financial disintermediation in other countries is different from the performance of commercial banks-small and medium enterprises have "financial disintermediation," access to bank financial support from the system level, this chapter analyzes the deep-seated reasons, and the corresponding solution.; The third part of the stock market and bond market factors affect the commercial banks and analysis of empirical testing is the core content of papers, including the Chapter5, Chapter6. Through empirical analysis and the use of vector autoregression model (VAR), impulse response function (IRF) concluded that the empirical analysis:With the development of capital markets and the growing diversification of investment instruments in general, continue to accelerate the diversion of savings, more capital flows bypassing financial intermediaries to enter the field of finance capital directly, thereby reducing the commercial banks as the mainstay of traditional intermediaries in the financial system, the importance of; fourth part is the main conclusion of the study, policy recommendations, that is, Chapter7, Chapter8. Take, using the Statistical Yearbook of China’s financial experience data using vector autoregressive model (VAR), impulse response function (IRF), such as statistical analysis methods, assets and liabilities of commercial banks in the securities market size and the relationship between a system to verify. Innovative research can be summarized mainly as follows:Firstly, the perspective of innovation. Looking at the large number of financial disintermediation of the research literature, most of them relatively simple to introduce the origin of financial disintermediation and its impact on commercial banks to carry out a qualitative analysis of the impact, but not the stock market and bond market factors that affect the commercial banks carry out specific analysis. This article first financial disintermediation of commercial banks and functional innovation in combination with organic and in the use of empirical methods based on the securities, bonds, the role of research, trying to open up a new perspective into the context of financial disintermediation of commercial banks in transition ideas. Secondly, the methods of innovation. In the current research literature available on the basic analysis of financial disintermediation, and less financial disintermediation of quantitative analysis, especially in disintermediation of commercial banks to carry out empirical studies of the effect. Therefore, this article will use the vector autoregressive model (VAR), impulse response function (IRF) pass Granger causality test and other modern methods of econometric empirical studies of financial disintermediation quantitative analysis in order to better grasp the financial disintermediation of the specific impact of the commercial banks and to take appropriate strategies to deal with this situation. First of all, the will for the first time the issue of new shares, issue new shares of listed companies, corporate debt, medium-term notes and short-term financing coupons quantitative mode of financing has been the interpretation of the corresponding variable; Secondly, the combination of GDP growth in the law, analysis of our financial disintermediation commercial bank that is the most important business deposits and loans of the impact of these two indicators. Thirdly, the perspective of innovation. Of financial disintermediation of commercial banks under the transition functions of our innovative research, the practice of financial deepening is the way to my research, but also enrich and develop China’s economic and financial theory an extension of China’s financial deepening and financial development, are of great theoretical and practical significance. This article from the current financial disintermediation phenomenon starting to commercial banks to function as a focus on innovation, commercial banks through the analysis of functional innovation in the inherent causes of the formation mechanism, and function of commercial banks in the financial market innovation and range of issues such as structural optimization, an attempt from a new a perfect perspective to explore China’s financial system and deepen the financial markets, the practice of the path.All in all, Financial disintermediation in the background, the commercial banks must conform to the trend of the times, a correct understanding of the current situation, objective analysis, face-to-face, take the initiative to adapt to this trend, take full advantage of financial disintermediation brought about by market opportunities, changing the operating concept changed the mode of operations, develop new core competencies, and promote various aspects of their business to achieve new leaps and bounds. Only in this way will achieve a real sense from the construction of a healthy and competitive banking system objectives. |
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