An Empirical Study On The Factors Affecting The Net Interest Rate Of China 's Listed Commercial Banks Under The Background Of Interest Rate Marketization

Net interest margin is one of the important indicators to measure commercial banks’ profitability. At present,Chinese commercial banks have open up lending rates, completed the loan interest rate marketization. Commercial Banks independently determining the loan rate will affect its net interest margin. Explore listed commercial Banks in China under the background of market-oriented interest rate of net interest margins, and the factors affecting the for commercial Banks to actively cope with some of the impact of interest rate marketization, keep its profitability is of important theoretical and realistic significanceIn this paper, first of all, from the perspective of the theory research and mature market of interest rate marketization development situation in our country, and analyze the influence on our country commercial bank operation and management of interest rate liberalization.Secondly analyzed our country commercial bank net interest margins of three related factors: macroeconomic factors, influence factors, individual factors affecting industry as a whole and Banks and predict various explanatory variables to affect the direction of the net interest margin.Through analysis to identify potential impact index of listed commercial bank net interest margins in China.Finally, empirical analysis is based on net interest margins explained variable, to select indicators for reaction of commercial bank individual characteristics(including credit risk, liquidity risk and capital adequacy ratio, cost income ratio and intermediate business income ratio), reaction of industry status indicators(including the market concentration HHI Hector fender- Hector seaman index, the yield to maturity on the one-year Shibor, five-year, benchmark interest rate differentials, marketization index), reaction of macroeconomic indicators(including the GDP growth rate, inflation rate and growth rate of money supply) as the explained variable.Through Eviews7.2 statistical software, carries on the overall panel data analysis, and then divided into 16 listed commercial Banks and urban state-owned commercial Banks, joint-stock commercial Banks in the two groups, panel data analysis, respectively, to explore Shibor launched in 2006, the explanatory variables impact on net interest margins, at the same time considering the various explanatory variables have time lag, explore the previous explanation variable impact on net interest margins in current situation.Aware by analyzing the results, the explanatory variables of China’s listed state-owned Banks and joint-stock and slight differences in the influence of city commercial Banks, but the overall situation conforms to the theory of expectation.Benchmark interest rate differentials is smaller, the higher the degree of marketization of interest rates, commercial bank’s net interest margin is smaller, the higher the intermediate business income accounted for at the same time.And the higher the default risk and liquidity risk of commercial Banks, is also the lower the net interest margin.And the degree of commercial bank’s own risk preference, market share has net interest margins have positive correlation.Marketization of interest rate for one-year Shibor and 5 of the 10-year Treasury yield fluctuation for the joint-stock Banks and city commercial bank net interest margins have time lag, the previous interest rate fluctuations of current net interest margins have significant positive correlation.In addition to the current GDP of commercial bank’s net interest margin is inversely related, may be caused by the central bank’s policy, the GDP growth rate and the last issue of current net interest margins were positively related, in line with the theoretical expectations.Through theoretical and empirical analysis to our country commercial bank in the process of market-oriented interest rate reform direction of management to draw some inspiration, China’s commercial Banks should improve their management level, actively expand the intermediate business innovative financial products, to deal with after interest rate marketization of the impact of net interest margin narrowed.