信贷资金约束下外资银行独立进入及网点投资

Foreign bank's greenfield entrance under capital constraint and branch investment

外资银行网点少吸收的存款不足,这导致其贷款受到资金约束.基于此,论文建立资金约束下的信贷竞争模型和网点序贯投资的实物期权模型,研究银行网点数对竞争的影响以及考察外资银行网点投资的特征.结果表明:1)银行网点投资加剧竞争,这导致银行网点投资的边际利润下降,削弱了银行利润上升趋势;2)竞争对手网点较多时银行网点投资的边际利润较少,但大的市场规模和高质量的信贷市场质量会缓解上述影响;3)外资银行期权价值等于未来网点投资期权价值的总和,投资新网点时,部分期权价值转化为利润流价值;4)网点投资边际利润小时转化为利润流的期权价值小,由于网点投资边际利润逐渐下降,银行投资难度逐渐增加.

Foreign banks suffer from branch shortage which makes their deposits not enough to support loans. Prom that perspective, this paper establishes a credit competition model under fund constraints determined by branch quantities in order to study how banks＇ branch quantities affects competition, and further builds real option model about branch sequential investments to explore the characteristics of foreign banks＇ new branch investment. The conclusions are： 1） Branch investment intensifies competition which makes marginal profit after one more branch investment decreases and then impairs the tendency of profit increase; 2） Competitor＇s more branches contributes negatively to bank＇s profit and marginal profit, however, this negative influence is weakened by large credit market scale and high credit quality; 3） Foreign bank＇s real option value equals to the summation of all investment options＇ values, and some option value is transferred to bank＇s profit stream when investment happens; 4） When the marginal profit of branch investment is lower, the value transferred is smaller, and as the marginal profit is decreasing gradually, it＇s harder to invest more branches.