CAJ | 학술논문

网点是银行销售理财产品的主要渠道，网点的规模不仅直接影响着银行在理财产品市场的份额和收入，还通过风险行为影响着理财产品市场的竞争策略与格局。本文以权益类理财产品为研究对象，建立了银行间基于网点的理财产品竞争模型，通过竞争均衡的比较静态分析，发现理财产品的预期收益率受不同发行主体自身网点规模的影响，网点规模小的银行倾向于采取更激进的竞争策略，提供收益率更高的理财产品，以扩展自己的生存空间，即存在收益率溢价现象。然而，小规模银行的风险行为对竞争格局的影响有限，而大规模银行的行为却影响显著，即，理财产品所投资标的资产的风险水平对竞争的影响程度也同样受制于银行的网点规模。本文的分析和结论为我国银行理财产品市场的现状特征提供了理论解释。
망점시은행소수리재산품적주요거도，망점적규모불부직접영향착은행재리재산품시장적빈액화수입，환통과풍험행위영향착리재산품시장적경쟁책략여격국。본문이권익류리재산품위연구대상，건립료은행간기우망점적리재산품경쟁모형，통과경쟁균형적비교정태분석，발현리재산품적예기수익솔수불동발행주체자신망점규모적영향，망점규모소적은행경향우채취경격진적경쟁책략，제공수익솔경고적리재산품，이확전자기적생존공간，즉존재수익솔일개현상。연이，소규모은행적풍험행위대경쟁격국적영향유한，이대규모은행적행위각영향현저，즉，리재산품소투자표적자산적풍험수평대경쟁적영향정도야동양수제우은행적망점규모。본문적분석화결론위아국은행리재산품시장적현상특정제공료이론해석。
Branches are banks’ main channel to sell their wealth management products.Branch scale not only di-rectly affects banks’ market share and income, but also influences banks’ strategies and competitive structure of market through banks’ risk-taking behaviors.This paper considers the wealth management products of equities and establishes a competition model among banks’ branches.Through comparative static analysis of the equilib-rium, this paper finds that banks’ branch scale affects its expected yield of wealth management product and that the bank with small branch scale is inclined to adopt more radical competitive strategy ( higher expected yield) to expand its living space, i.e.there exists a phenomenon of yield premium.However, the risk-taking behavior of the bank with small branch scale has a limited influence on competition, while the behavior of the bank with large branch scale has a notable influence, that is.banks’ branch scales affect the degree of competition influ-enced by the risk of underlying asset in wealth management products.The analysis and conclusions of this paper can bring some theoretical explanations to the current development and characteristics in Chinese wealth manage-ment market.