Research On The Impact Of Third Party Payment On The Net Inerest Margins Of Commercial Banks

With the completion of interest rate marketization reform and the breakthrough of Internet technology,commercial banks not only face the impact of competition from other banks in the same industry and the "capital"disintermediation of shadow banking,also are impacted by the "technical"disintermediation of emerging financial formats represented by third-party payments.After the third-party payment companies are formally included in the scope of supervision and enter the payment settlement field,how to deal with the impact of this has become the most direct problem commercial banks face.To research on third party payments and net interest margins of commercial banks,pay attention to the unique connotation of the net interest spread of commercial banks in the Chinese institutional environment,deepen the basic path analysis of the third-party payment affecting the net interest margins of commercial banks has both theoretical and practical significance.Compared with traditional commercial banks,the third-party payment platform has the outstanding features of convenience,innovation,long tail and bilateral market,and then forms obvious comparative advantages in related business areas.Based on this,this paper firstly conducts a general qualitative analysis of the impact of third-party payment on commercial banks from a theoretical perspective,and explores the status and mechanism of competition between third-party payment platforms and commercial banks in traditional business,intermediary business,and customer resources;then based on the competition between Internet finance and traditional financial industry,and the full sample and time-phase regression of the 16 listed RMB common stock commercial banks in China from 2011 to 2017,an empirical study on the relationship between the two was conducted.The research conducted a general analysis of the impact path by introducing research perspectives such as industrial integration and transaction costs,and expanded the dealer model of Ho and Saunders to construct a research model on the impact of third-party payment on the net interest margins of commercial banks,and empirically analyzes the relationship between the two.Finally,this paper found there is a significant correlation between third-party payment and commercial bank net interest margins,and this relationship has a phased nature.In the early stage of the development of third-party payment,the financial market business is complemented by third-party platforms.That is,the development of third-party payment has consolidated the position of financial intermediary.The service targets of third-party payment are mainly concentrated in small and medium-sized customer groups such as consumer groups and small and micro enterprise merchants.Third-party payment provides services such as payment settlement,credit loans,etc.to meet the small and frequent financial needs for the financial business shortcomings of commercial banks,and formed a good complement.At the maturity stage,third-party payment has led to"technical" financial disintermediation,which is characterized by the substitution of financial intermediaries.This is mainly because Internet tools allow third-party payment to have strong information integration capabilities to reduce information asymmetry,transaction costs.In addition to the maturity and innovation of the third-party payment business model and the accumulation of user scale,the gradual improvement of the market mechanism has formed the Walras general equilibrium without the financial intermediation in the equilibrium theory.