| In recent years,commercial banks hope that through the introduction of financial products to achieve the purpose of testing the interest rates liberalization,as well as bank financial products relative to the time deposit has a higher income and thus by the customer's hot pursuit.Which makes the financial products in China's development speed,such as wild fire Liaoyuan like the rapid.The development of financial products conform to the trend of market and history,and the commercial banks'competition for financial products has become a microcosm of the fierce competition of the banking industry.However,whether the banking financial institutions to launch financial products is to promote the competitiveness of the banking or weaken the competition;If it promote the degree of competition in the banking sector,then the specific is in what areas to promote competition,which is a very worthy of discussion.First of all,this paper summarizes the characteristics and significance of the financial products of commercial banks on the basis of combing the academic achievements of financial products both at home and abroad,and elaborates the present situation of the development of financial products in China.Secondly,this paper discusses the impact of financial products on the competition degree of the banking industry from the aspects of interbank interest rate and the concentration index of the banking industry.This is because the interbank interest rate is better to play the role of the benchmark interest rate of the money market,can be used as the degree of interest rate marketization of the agency indicators,and the higher the degree of interest rate market,the more intense competition in the banking industry.Therefore,this paper starts with the interest rate liberalzation of financial products to explore the impact of banking competition.Using the VAR model to analyze the relationship between financial products and interbank interest rates,the following conclusions are drawn:In the short term,the increase of the financial scale of financial institutions will play a certain role in the increase of the interbank interest rate.In the long run,the increase in the balance of funds at financial assets at the end of the month is a positive impact on the interbank 3-month interbank interest rate increase.In addition,before October 2015,due to the deposit rate has not yet fully liberalized,the issue of financial products for major commercial banks have a certain pricing power.Therefore,financial products to promote the process of China's interest rate market,from the perspective of interest rate market,financial products to promote the competitiveness of the banking sector.And then discusses the impact of financial products on the concentration index of the banking industry.This paper establishes the concentration measurement model.In order to ensure that the regression results are more accurate and avoid the problem of heteroskedasticity and endogeneity,after the OLS,WLS and GMM regression tests,the following conclusions are drawn:The expansion of financial products will make the bank asset concentration and bank loan concentration are reduced,indicating that commercial banks to promote financial products will promote the banking sector assets and loan competition.The increase in the size of financial products will reduce the concentration of bank deposits,thus promoting the degree of competition in the banking sector.The size of financial products and the concentration of bank deposits on the public,the bank on the public demand deposits are 1%level of significant negative correlation,indicating that the increase in the size of financial products will reduce the bank deposits and bank deposits on the public Concentration level,which in these two aspects to promote the bank competition.Finally,according to the research results,this paper puts forward the corresponding policy suggestions from the angle of how commercial banks should improve their competitiveness. |
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