| 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 problemsThe main research work and conclusions are summarized as follows1. 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 pricing2.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 concentration3.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 below4.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 innovation5.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 diffusionThe 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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