银行成立基金公司对理财产品收益率的影响研究——兼论基金公司与理财公司的协同发展

Research on the Impact of the Establishment of Fund Companies by Banks on WMP Earning Rate——On the Coordinated Development of Fund Company and Wealth Management Company

在综合化经营背景下,银行设立基金公司具有协同效应和替代效应,进而影响母行理财产品收益率。本文运用2004-2018年229家银行的面板数据,采用双重差分模型考察银行成立基金公司对理财产品收益率的影响。研究发现,成立基金公司对银行理财产品收益率的影响为正,替换变量、剔除特殊年份或银行后,结果依然稳健。采用倾向得分匹配克服样本选择性偏差,并通过了平行趋势检验。非保本理财产品比例提升是基金公司影响理财产品收益率的重要途径。未来发展基金公司和理财子公司将成为银行综合化经营的重要内容,本文研究对如何实现二者的协同发展具有借鉴意义。

In the context of comprehensive operation,the establishment of fund companies by banks can give play to synergy and substitution effects,and then affect the Wealth Management Products(WMP)earning rate.Based on the panel data of 229 banks from 2004 to 2018,this paper uses DID model to study the impact of fund companies on banks WMP earning rate.The result is that the impact of the establishment of fund companies by banks on WMP earning rate is positive.After replacing variables and excluding special years or banks,the results are still robust.Propensity Score Matching is used to overcome the sample selectivity deviation,and the parallel trend test is passed.Increasing the non-breakeven WMP is an important way for fund companies to affect the yield of WMP.In the future,the development of fund companies and wealth management company will become an important part of the comprehensive operation.This paper has reference significance on how to realize the coordinated development.