通存通兑的利益分配机制与最优费率

Benefit Distribution Mechanism of Universal Depositand Withdraw and Optimal Toll Rate

旨在提高金融运作效率和增进银行业竞争的惠民业务——跨行通存通兑一经央行推出,便受到市场的冷遇,陷入困境。大型国有商业银行高额的手续费将消费者阻挡在外,导致通存通兑业务的名存实亡。因此,建立合理的利益分配机制使各商业银行积极推动该业务已迫在眉睫。本文正是在这样的背景下引入了"交换费"这样一种利益转移分配机制。研究表明,这种机制有效促进了不同规模银行间通存通兑业务的市场竞争,降低了通存通兑业务的价格门槛。而且,最优的交换费率充分体现了通存通兑利益转移支付机制以覆盖代理行成本、不损害开户行利益的"双赢"理念,并极大改善了社会总福利。文章结论将有助于解决当前我国通存通兑的困境,并为央行制定合理且合适的交换费率提供了参考。

Once after the interbank universal deposit and withdraw operation, which aimed at increasing the financial effi ciency and the banking competition,was put into practice by China＇s Central Bank,it encountered a cold response from the mar ket, and then fell into a dilemmas. Therefore,the establishment of a benefit distribution mechanism which could encourage the commercial banks to promote the operation consciously is urgently needed. Under this background,this paper introduced such a benefit distribution mechanism called ＂interchange fee＂. We found that such a mechanism could increase the competition on this interbank operation between the banks of different sizes, and thus it could lower the price of this operation. Moreover, the optimal interchange-fee based on this mechanism reflected the conception of covering the cost of correspondent bank but simul taneously maintaining the interest of the bank of deposit, so it increased the social welfare significantly at last. The conclusions of this paper will contribute to the solution of the dilemmas of this operation in our country, and provide a reference to the estab lishment of an appropriate interchangefee by the Central Bank.