我国商业银行中间业务定价问题的统计研究
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摘要
商业银行中间业务定价问题的提出是在金融市场开放和利率管制放松这种国际环境下孕育而生的。我国加入WTO后，市场利率的不断走低迫使银行不得不适应市场变革，由传统业务向各种中间业务转化，其收费价格的制定正成为营销战略组合不可或缺的一部分，逐步融入到供求双方的相互牵制和妥协的市场竞争之中。
本文立足于国内外商业银行发展现状，首先运用统计曲线回归和相关系数方法，以商业银行尤其是已上市银行的现实财务数据，通过对我国市场发展潜力的分析指出中间业务产品总体的收入需求弹性，并借此引出现有收费制度存在的有待解决的问题，着重讨论利率市场化形势下的商业银行如何运用一定的产品自主定价权，并通过政府与银行之间管制与被管制的效率分析，围绕中间业务产品定价的具体实施方案及各种业务性质的不同，对于“政府指导定价”和“市场定价”两种不同机制的适用范围加以界定。
其次，在整体定价模式的指导方针下，结合我国当前特有的金融环境提出商业银行中间业务定价应遵循的基本原则，合理制定定价过程中所要达到的经营意图即目标要求，提出金融产品传统的营销方法及策略，从而确定影响价格的关键因素，并在此基础上对定价方法进行归纳、比较及改进，阐述其固有的局限性和可能运用空间。
文章最后重点将实证分析与理论研究紧密结合，通过选取国内几家上市股份制银行及其存在业务联系的关系企业自挂牌日起至业务发生时止的历史数据，对银行卡和贷款担保两种不同特征性质的中间业务产品进行探讨，分别用成本加成法和现代金融工程理论来判断现有价格的制定是否合理。着重引入具有非线性收益方式的期权定价方法，对担保类中间业务的或有要求权进行估值，并在此基础上提出应如何对目前的收费现状做出相应的改进。
The pricing problem of intermediate banking business has been put forward in the international environment, which has the character of opening financial market and the relaxation about interest rate restriction. After our country joins WTO, continuously decreasing of market rate forces banks to meet the market transform, which is coming from traditional business to various intermediate business. The decision of its charge price is becoming an important part of strategic combination in market sales, and blending into the competition in which supply and demand dealers divert and compromise each other.
This paper is firstly established in the present development of domestic and international commercial banks. Making use of the statistical curve regression and correlation coefficient methods, the author points out the demand elasticity of intermediate product and forecasts our market potence by the banks' statistical data, especially the banks of coming into the market. Drawing forth the existent problems in the charge institution, the paper discusses the domestic commercial banks how to act on one's own price right on certain product. Revolving around various business natures and different implement scheme, it analyses the banks' efficiency that had been regulated by government and fixes the limit in applied areas under two different mechanics of " government guidance price " and " market price ".
Secondly, combining our peculiar financial environment it puts forward the basic principles of price system, the goals, traditional sales strategy and methods of financial products under the guidance policy of overall price pattern, then determines the crucial factors that affects price. On this basis, we induce, compare, improve the price methods and elaborate their inherent limitation.
Finally, the author connects theory studies with demonstration analysis. By selecting the historical data about domestic share-holding commercial banks and their related enterprises, the paper discusses the differential pricing characters of credit card and loan ensurance. It uses add-to-cost and financial engineering method to judge the reasonability of establishing existence price. Here, especially introducing nonlinear profit quality of the option price model to the paper, the author assesses the option value in loan ensurance business, and suggests how to make corresponding improvement for present pricing system.
本文立足于国内外商业银行发展现状，首先运用统计曲线回归和相关系数方法，以商业银行尤其是已上市银行的现实财务数据，通过对我国市场发展潜力的分析指出中间业务产品总体的收入需求弹性，并借此引出现有收费制度存在的有待解决的问题，着重讨论利率市场化形势下的商业银行如何运用一定的产品自主定价权，并通过政府与银行之间管制与被管制的效率分析，围绕中间业务产品定价的具体实施方案及各种业务性质的不同，对于“政府指导定价”和“市场定价”两种不同机制的适用范围加以界定。
其次，在整体定价模式的指导方针下，结合我国当前特有的金融环境提出商业银行中间业务定价应遵循的基本原则，合理制定定价过程中所要达到的经营意图即目标要求，提出金融产品传统的营销方法及策略，从而确定影响价格的关键因素，并在此基础上对定价方法进行归纳、比较及改进，阐述其固有的局限性和可能运用空间。
文章最后重点将实证分析与理论研究紧密结合，通过选取国内几家上市股份制银行及其存在业务联系的关系企业自挂牌日起至业务发生时止的历史数据，对银行卡和贷款担保两种不同特征性质的中间业务产品进行探讨，分别用成本加成法和现代金融工程理论来判断现有价格的制定是否合理。着重引入具有非线性收益方式的期权定价方法，对担保类中间业务的或有要求权进行估值，并在此基础上提出应如何对目前的收费现状做出相应的改进。
The pricing problem of intermediate banking business has been put forward in the international environment, which has the character of opening financial market and the relaxation about interest rate restriction. After our country joins WTO, continuously decreasing of market rate forces banks to meet the market transform, which is coming from traditional business to various intermediate business. The decision of its charge price is becoming an important part of strategic combination in market sales, and blending into the competition in which supply and demand dealers divert and compromise each other.
This paper is firstly established in the present development of domestic and international commercial banks. Making use of the statistical curve regression and correlation coefficient methods, the author points out the demand elasticity of intermediate product and forecasts our market potence by the banks' statistical data, especially the banks of coming into the market. Drawing forth the existent problems in the charge institution, the paper discusses the domestic commercial banks how to act on one's own price right on certain product. Revolving around various business natures and different implement scheme, it analyses the banks' efficiency that had been regulated by government and fixes the limit in applied areas under two different mechanics of " government guidance price " and " market price ".
Secondly, combining our peculiar financial environment it puts forward the basic principles of price system, the goals, traditional sales strategy and methods of financial products under the guidance policy of overall price pattern, then determines the crucial factors that affects price. On this basis, we induce, compare, improve the price methods and elaborate their inherent limitation.
Finally, the author connects theory studies with demonstration analysis. By selecting the historical data about domestic share-holding commercial banks and their related enterprises, the paper discusses the differential pricing characters of credit card and loan ensurance. It uses add-to-cost and financial engineering method to judge the reasonability of establishing existence price. Here, especially introducing nonlinear profit quality of the option price model to the paper, the author assesses the option value in loan ensurance business, and suggests how to make corresponding improvement for present pricing system.
引文
[1] Peter S. Rose.Commercial Bank Management.4th Edition.New York:McGraw-Hill Companies, Inc.,1999,385-393
[2] Finnerty J.Financial Engineering in Corporate Finance.An Overview,Financial Management, 1988:143 -220
[3] Lawrance Galitz.Financial Engineering.London:Pitman Publishing, 1994,189-251
[4] 黄建峰．利率市场化与商业银行利率管理．北京：机械工业出版社，2001，130-179
[5] 张有义．试析商业银行中间业务产品定价．新金融，2001(11)：28-29
[6] 林桦，潘平子．金融产品营销．北京：中国时代经济出版社，2002，182-260
[7] 贝政新，谭寅生，万解秋．现代商业银行中间业务运作与创新．上海：复旦大学出版社，2000，251-290
[8] 宋瑞敏．国外商业银行中间业务发展及其对我国的启示．理论月刊，2001(3)：24-25
[9] 胡章宏．欧洲商业银行中间业务的发展变化及其启示．国际金融研究，2001(12)：39-42
[10] 刘园．商业银行表外业务及风险管理．北京：对外经济贸易大学出版社，2000，323-351
[11] 何自云．商业银行的边界：经济功能与制定成本．北京：中国金融出版社，2003，69-74
[12] John H.Boyd,Mark Gertler.Are Banks Dead?Or Are Reports Greatly Exaggerated?.http://papers.nber.org, 1995
[13] 连平．二十一世纪商业银行中间业务——机遇、策略、管理与实物．北京：中国金融出版社，2003，78-166
[14] 马丁·迈耶．大银行家．何自云．海南：海南出版社，2000，380-383
[15] Robert S.Pindyck,Daniel L.Rubinfeld.Econometric Models and Economic Forecasts.New York:McGraw-Hill Companies,Inc., 1998,141 - 149
[16] 黎和贵，唐俐．理性看待银行服务收费．海南金融，2004(1)：37-39
[17] 王树慧．商业银行服务产品定价探讨．海南金融，2004(1)：34-36
[18] 董红海．我国商业银行中间业务定价权探讨．金融理论与实践，2004(1)：22-23
[19] Rasmusen,Eric.Game and Information:An Introduction to Game Theory. Cambridge: Blackwell Publisher, 1994,99-111
[20] 柯武刚，史漫飞．制度经济学：社会秩序与公共政策．北京：商务印书馆，2000，155-158
[21] 苏素．公用事业政府直接管制定价的效率分析．重庆大学学报，2002(11)：9-11
[22] 樊晡生，夏立平．金融商品营销全书．北京：中国大百科全书出版社，1995，156-192
[23] 潘英丽．西方商业银行服务收费定价策略及其演变．现代商业银行，2002(10)：37-39
[24] 王珂英，刘颖．我国商业银行中间业务产品的定价研究．统计信息论坛，2003(6)：61-63
[25] 夏露．西方银行定价策略初探．新金融，1999(12)：28-29
[26] 李苏波．国际贸易融资定价问题探讨．现代商业银行导刊，2002(3)：48-50
[27] 高小勇．对服务产品定价方法与调价策略的思考．山西财经大学学报，2001(12)：93
[28] 田晓军．银行再造．上海：上海财经大学出版社，2002，130-154
[29] OZ SHY, JUHA TARKKA.The Market for Electronic Cash Cards.Journal of Money, Credit,and Banking, 2002(5) :300-313
[30] 马春峰．商业银行信用卡业务运作．北京：中国财政经济出版社，1998，170-183
[31] Farrel Jr.,Reinhart W.J.Portfolio Management:Theory and application. 2th Edition.New York: McGraw-Hill Companies.Inc., 1997,210-307
[32] 刘忠燕，娄树本．商业银行经营管理学．北京：中国金融出版社，2002，107-124
[33] Robin Cooper, Robert S.Kaplan.The Design of Cost Management Systems:Text and Cases.New Jersey:Prentice Hall, 1999,97-245
[34] 程宇清，王文．谈商业银行保证业务产品定价．现代商业银行导刊，2002(8)：45-47
[35] Jan K.Brueckner.Mortgage Default with Asymmetric Information. Journal of Real Estate Finance and Economics,2000:251-274
[36] 许祥秦．金融产品设计研究．北京：中国社会科学出版社，2002，176-190
[37] Max G. Ansbacher.The New Options Market.New York:John Wiley&Sons,Inc., 2000,195-250
[38] 郁洪良．金融期权与实物期权——比较和应用．上海：上海财经大学出版社，2003，229-246
[39] 刘颖．有关担保及类似或有中间业务定价问题的思考．财经理论与实践，已接受，待发表，文章编号043069
[40] 姬毅．基于期权理论的贷款担保风险定价．投资与证券，2002(10)：140-144
[41] 宋逢明．金融工程原理：无套利均衡分析理论．北京：清华大学出版社，1999，156-162
[2] Finnerty J.Financial Engineering in Corporate Finance.An Overview,Financial Management, 1988:143 -220
[3] Lawrance Galitz.Financial Engineering.London:Pitman Publishing, 1994,189-251
[4] 黄建峰．利率市场化与商业银行利率管理．北京：机械工业出版社，2001，130-179
[5] 张有义．试析商业银行中间业务产品定价．新金融，2001(11)：28-29
[6] 林桦，潘平子．金融产品营销．北京：中国时代经济出版社，2002，182-260
[7] 贝政新，谭寅生，万解秋．现代商业银行中间业务运作与创新．上海：复旦大学出版社，2000，251-290
[8] 宋瑞敏．国外商业银行中间业务发展及其对我国的启示．理论月刊，2001(3)：24-25
[9] 胡章宏．欧洲商业银行中间业务的发展变化及其启示．国际金融研究，2001(12)：39-42
[10] 刘园．商业银行表外业务及风险管理．北京：对外经济贸易大学出版社，2000，323-351
[11] 何自云．商业银行的边界：经济功能与制定成本．北京：中国金融出版社，2003，69-74
[12] John H.Boyd,Mark Gertler.Are Banks Dead?Or Are Reports Greatly Exaggerated?.http://papers.nber.org, 1995
[13] 连平．二十一世纪商业银行中间业务——机遇、策略、管理与实物．北京：中国金融出版社，2003，78-166
[14] 马丁·迈耶．大银行家．何自云．海南：海南出版社，2000，380-383
[15] Robert S.Pindyck,Daniel L.Rubinfeld.Econometric Models and Economic Forecasts.New York:McGraw-Hill Companies,Inc., 1998,141 - 149
[16] 黎和贵，唐俐．理性看待银行服务收费．海南金融，2004(1)：37-39
[17] 王树慧．商业银行服务产品定价探讨．海南金融，2004(1)：34-36
[18] 董红海．我国商业银行中间业务定价权探讨．金融理论与实践，2004(1)：22-23
[19] Rasmusen,Eric.Game and Information:An Introduction to Game Theory. Cambridge: Blackwell Publisher, 1994,99-111
[20] 柯武刚，史漫飞．制度经济学：社会秩序与公共政策．北京：商务印书馆，2000，155-158
[21] 苏素．公用事业政府直接管制定价的效率分析．重庆大学学报，2002(11)：9-11
[22] 樊晡生，夏立平．金融商品营销全书．北京：中国大百科全书出版社，1995，156-192
[23] 潘英丽．西方商业银行服务收费定价策略及其演变．现代商业银行，2002(10)：37-39
[24] 王珂英，刘颖．我国商业银行中间业务产品的定价研究．统计信息论坛，2003(6)：61-63
[25] 夏露．西方银行定价策略初探．新金融，1999(12)：28-29
[26] 李苏波．国际贸易融资定价问题探讨．现代商业银行导刊，2002(3)：48-50
[27] 高小勇．对服务产品定价方法与调价策略的思考．山西财经大学学报，2001(12)：93
[28] 田晓军．银行再造．上海：上海财经大学出版社，2002，130-154
[29] OZ SHY, JUHA TARKKA.The Market for Electronic Cash Cards.Journal of Money, Credit,and Banking, 2002(5) :300-313
[30] 马春峰．商业银行信用卡业务运作．北京：中国财政经济出版社，1998，170-183
[31] Farrel Jr.,Reinhart W.J.Portfolio Management:Theory and application. 2th Edition.New York: McGraw-Hill Companies.Inc., 1997,210-307
[32] 刘忠燕，娄树本．商业银行经营管理学．北京：中国金融出版社，2002，107-124
[33] Robin Cooper, Robert S.Kaplan.The Design of Cost Management Systems:Text and Cases.New Jersey:Prentice Hall, 1999,97-245
[34] 程宇清，王文．谈商业银行保证业务产品定价．现代商业银行导刊，2002(8)：45-47
[35] Jan K.Brueckner.Mortgage Default with Asymmetric Information. Journal of Real Estate Finance and Economics,2000:251-274
[36] 许祥秦．金融产品设计研究．北京：中国社会科学出版社，2002，176-190
[37] Max G. Ansbacher.The New Options Market.New York:John Wiley&Sons,Inc., 2000,195-250
[38] 郁洪良．金融期权与实物期权——比较和应用．上海：上海财经大学出版社，2003，229-246
[39] 刘颖．有关担保及类似或有中间业务定价问题的思考．财经理论与实践，已接受，待发表，文章编号043069
[40] 姬毅．基于期权理论的贷款担保风险定价．投资与证券，2002(10)：140-144
[41] 宋逢明．金融工程原理：无套利均衡分析理论．北京：清华大学出版社，1999，156-162