银行特许权对贷款价格的影响研究:兼论我国商业银行的议价能力  

The impact of bank's franchise on loan price:With an estimation about bargaining power of China's commercial bank

作　　者：魏琪[1] 曾胜[1] 

机构地区：[1]重庆工商大学财政金融学院,重庆400067

出　　处：《管理工程学报》2017年第4期101-108,共8页Journal of Industrial Engineering and Engineering Management

基　　金：教育部人文社会科学研究规划基金资助项目(13YJA630018)

摘　　要：本文建立讨价还价博弈模型分析银行特许权对贷款价格谈判的影响,并采用双边随机边界模型和2005-2013年我国104家商业银行的数据,测度银行的议价能力大小及其对贷款价格的影响程度。研究发现:(1)特许权使银行具有更低谈判成本,表现出较强的议价能力,并使谈判达成较高的交易价格;(2)凭借特许权形成的垄断和经营优势,银行能获取近3倍于企业的剩余,并使贷款成交价格高出公允价格约0.70%;(3)样本期借贷双方的议价能力均未呈现出与银行业市场结构相一致的变化规律,银行业市场化改革没有显著改变借贷方在价格谈判中的不对称地位。研究表明,降低企业融资成本需要持续优化银行业市场结构,进一步改善银行治理结构,并着力提升企业的议价能力。With the deepening of the banking liberalization and market-oriented reform of interest rate controls, it would be an inevitable trend for banks and enterprises to determine the loan price by negotiation, so the role of the bargaining power in the loan pricing process will become more prominent. However, the existing literature mostly discussed the issue of loan pricing by focus on the product attribute of loan and the financial intermediary attribute of banks which ignored the properties of general merchandise of loans, so we barely knew the loan pricing mechanism form the perspective of market player’s bargaining power, especially the bargaining power which came from bank’s franchise and its impacts on loan price. This is neither conducive for us to understand the process of capital pricing correctly, nor comprehensive understanding the role of bank’s franchise in loan pricing. This paper established a bargaining game model to analyze the formation mechanism of loan pricing with the market trend, and influences of bank’s franchise on the loan prices negotiation. Based on this, this paper did an empirical study on the determinants of loan pricing by using two-tier stochastic frontier model and the data of 104 China’s commercial bank from 2005 to 2013, measured commercial bank’s bargaining power and its impact degree on loan prices. The study found： Firstly, franchise brought banks monopoly and operational superiority, which made banks have lower negotiation cost and stronger bargaining power, so as to get a strong position in the loan price negotiation to make the negotiation reach a higher transaction price; Secondly, beside the benchmark interest rate, loan cost, credit risk, the market structure of banking and the level of inflation were the major factors to determine the price of the loan. And the barging between the lender and borrower could lead to loan price fluctuation. Thirdly, although interest rate control limited the bargaining space of loan price, with monopoly power and business advan

关 键 词：银行特许权 议价能力 贷款价格 双边随机边界模型 

分 类 号：C812[社会学—统计学]