我国存款利率市场化的制约因素及突破渠道——基于银行理财产品市场化定价的实证分析

通过回顾我国利率市场化的进程及梳理现有研究文献,发现当前我国存款利率市场化的主要障碍在宏观经济金融和银行经营管理两方面,而近年来飞速发展的银行理财产品市场为突破这种困局提供了契机和方向。通过对保证收益类银行理财产品与shibor利率关系的实证研究,得出保证收益类理财产品收益率同shibor利率之间具有对称的双向传导关系,从而可以证实我国银行理财产品是一种收益率市场化定价的存款替代性金融产品,为当前存款利率的市场化提供了一种过渡渠道。

Through reviewing the process of interest rate liberalization in China and combing the existing research literature, this paper believes that the main obstacles in liberalization of deposit rate in China are macroeconomic and banking management, while the rapid development of banks＇ financial products in recent years has provided the opportunity and direction to resolve these dilemmas. The empirical researches on the relation between Shibor and income-guaranteed financial products conclude that Shibor and income-guaranteed financial products have a symmetric bidirectional propagation relationship, which can confirm that the financial product of our country is a kind of deposit-alternative financial products with market pricing of returns and provide a transition channel for liberalization of deposit rate.