我国渐进式存款利率市场化对居民储蓄的影响-以银行理财产品为例

The Impact of China's Deposit Interest Rate Liberalization on Household Savings:a Research Based on Wealth Management Products

本文收集了2007~2014年我国银行理财产品的信息,将其归类整理后形成31个省份的年度面板数据,在控制住一些重要变量后考察了银行理财产品的收益率对居民储蓄的影响。实证结果表明:银行理财产品收益率与居民储蓄之间存在显著的负向关系,并且期限越短的产品负向关系越显著。结合我国银行理财产品主要以货币市场为定价参照的事实,可以得出如下结论:我国的存款利率市场化是以银行理财产品为形式、以货币市场为载体逐步推进的。

This paper collects various banks＇ wealth management products information, establishes a panel data model of 31 provinces from 2007 to 2014, and studies the impact of return rate of wealth management products on residents＇ savings with control of some important variables. The empirical results show that, there is a significant negative rela- tionship between the return rate of wealth management products and residents＇ savings, and the shorter the products＇ maturity, the more significant the negative relation- ship. With the fact that the pricing of most of wealth management products is done by refer- ence to money market instruments, we can draw the following conclusion： the reform in deposit interest rate liberalization is promoted progressively through the market of wealth management products.