外资战略投资者对中国商业银行理财产品定价的影响:股权结构是否重要?

Q4 Business, Management and Accounting

Journal of Applied Business Research Pub Date : 2018-02-09 DOI:10.19030/jabr.v34i1.10112

Hong Zhao, Xue-Shu Zhao, Ning Hou

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引用次数: 0

摘要

允许外国战略投资者(FSIs)持有中国银行的少数股权对中国银行业来说非常重要。基于中国221家商业银行2007 - 2015年的数据，本文采用差分法(DID)和倾向得分匹配法(PSM)，从单一产品视角和各银行视角考察了金融服务机构持股对中国银行理财产品定价的影响。此外，我们还进一步研究了银行所有权对上述关系的影响。我们发现金融服务机构的收购在两个层面上都显著提高了理财产品的预期收益率，但在单个产品层面上降低了理财产品收益率的偏差，而在银行层面上没有明显的影响。最后，我们发现外资银行并购的影响取决于中国银行的股权结构。具体而言，金融服务机构收购对理财产品定价的影响对国有银行为正，对城市商业银行为负。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Effects Of Foreign Strategic Investors On Pricing Of Wealth Management Products Of Commercial Banks In China: Does Ownership Structure Matter?

Allowing foreign strategic investors (FSIs) to hold minority stake in Chinese banks is very important for China’s banking. Based on data of 221 commercial banks from 2007 to 2015, we use difference in differences (DID) and propensity score matching (PSM) to investigate the effects of shareholding of FSIs on pricing of wealth management products (WMPs) for banks in China from single product view and every bank view. Besides, we further investigate the effects of bank ownership on above relationship. We find that FSIs’ acquisitions significantly enhance the expected rate of return of WMPs on both levels, however decrease the deviation of return of WMPs on single product level but have no evident effects on bank level. Finally, we find that the impact of acquisitions from foreign banks depend on Chinese banks’ ownership structure. Specifically, the effects of FSIs’ acquisitions on pricing of WMPs are positive for state-owned banks (SOBs), while are negative for city commercial banks.

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来源期刊

Journal of Applied Business Research Business, Management and Accounting-Business and International Management

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Journal of Applied Business Research (JABR) welcomes articles in all areas of applied business and economics research. Both theoretical and applied manuscripts will be considered for publication; however, theoretical manuscripts must provide a clear link to important and interesting business and economics applications. Using a wide range of research methods including statistical analysis, analytical work, case studies, field research, and historical analysis, articles examine significant applied business and economics research questions from a broad range of perspectives. The intention of JABR is to publish papers that significantly contribute to these fields.