利率市场化、非利息收入与银行净息差——兼论分类非利息收入的差异化影响路径

Interest Rate Liberalization,Non-interest Income and Net Interest Margin of Banks--The Different Influence Paths of Classified Non-interest Income

在对做市商模型进行改进的基础上,本文利用2005-2015年我国101家商业银行的非平衡面板数据,采用动态面板系统GMM方法,研究了利率市场化和非利息收入对银行净息差的共同影响。研究结果表明:①总体来看,利率市场化对商业银行的净息差产生了显著的负向影响,其中地方性银行受到的冲击最大,股份制银行次之,国有银行受到的冲击最小;②总体非利息收入和分类非利息收入都对银行净息差产生了显著的负向影响,而且随着利率市场化程度的提高,这种负向影响的效果进一步增强;③分类非利息收入对银行净息差产生影响的路径并不一致,手续费及佣金收入的主效应是"交叉补贴效应",而交易性收入的主效应则是"资源替代效应";④对于国有银行和股份制银行,手续费及佣金收入对其净息差产生了显著的负向影响,但交易性收入对净息差的影响并不显著;⑤对于地方性银行,手续费及佣金收入和交易性收入都对其净息差产生了显著的负向影响。在此基础上,本文分析了产生差异的原因,并进一步向各类商业银行及监管者提出合理化建议。

Based on the improvement of the market maker model,and using the unbalanced panel data of 101 commercial banks from 2005 to 2015 in China,this paper studies the combined impact of interest rate liberalization and non-interest income on net interest margin of banks with the method of dynamic panel GMM.The results show that:1)In general,interest rate liberalization has a significant negative impact on net interest margin of commercial banks.Among them,the impact on local banks is the biggest,and the impact on jointstock banks is the second,while the state-owned banks are the least affected.2)Both non-interest income and classified non-interest income have a significant negative impact on net interest margin of commercial banks.With the increase of the degree of interest rate liberalization,the negative impact is further enhanced.3)Classified non-interest income impacts net interest margin of commercial banks in different paths.The main effect of fees and commissions is"cross subsidy effect",while the main effect of trading income is"resource substitution effect".4)For state-owned banks and joint-stock banks,income from fees and commissions has a significant negative impact on net interest margin,but the impact of trading income on net interest margin is not significant.5)For local banks,income from fees and commissions and trading income both have a significant negative impact on net interest margin.On this basis,this paper analyzes the reasons for the difference and makes reasonable suggestions for all kinds of commercial banks and regulators.