The Research Of Financial Disintermediation’s Influence On Commercial Banks Business Performance

With the continuous development of the global economy, various non-bank financial institutions and direct financing market like stocks and bonds have achieved rapid development. The key role of commercial bank played in financing intermediary declines, and financial disintermediation trend forms gradually. This leads to the discussions what is the financial disintermediation, what are the causes and how to measure it, how will the financial disintermediation affect the operating performance of commercial banks, and how to apply to the operating performance of commercial banks, what the measured relationship exist between those, are worthy of in-depth analysis. This article adopts the method of combining normative analysis and empirical analysis, based on the theory of financial intermediary, research the financial disintermediation’s influence on China’s commercial banks operating performance, It’s of great significant to correctly understand the financial disintermediation’s influence on commercial banks operating performance, guide commercial Banks to actively cope with the impact of the financial disintermediation, promote the development.This paper firstly defines relevant core concepts of financial disintermediation and business performance, and interpret the causes of financial disintermediation and the impact on the financial intermediation theoretically, based on the traditional theory of financial intermediation and theory of new financial intermediation; On the basis of statistical analysis on the current situation of the development of commercial banks under the financial disintermediation in China, Systematically expounded the mechanism and pathway that financial disintermediation influences on China’s commercial banks operating performance. Financial disintermediation first acts on commercial banks’ operating performance through business structure, customer structure and income structure those three aspects, then impacts on banks operating performance directly through operating costs,operating income. The effects on commercial banks structure mainly present as follows: corrective effect of commercial banks, the shunting effects of the deposit and lending business and customer,accumulative effect of management risk. Based on the present situation and the theoretical analysis above, by building and calculates financial disintermediation measurement index system in our country,this article analyzes the financial disintermediation trends and characteristics empirically,then chooses business data of 15 commercial banks in 2005-2014 years, sets up panel data model,using random effects test and unit root test; Finally, Based on the financial disintermediation and panel data of commercial banks operating performance panel regression analysis, empirically analyzes the specific direction and size that the financial disintermediation of bank assets and liabilities of financial disintermediation act on commercial banks operating performance of different assets size.The study finds:(1) Financial disintermediation mainly affects the commercial banks operating performance through the business structure of commercial banks, the customer structure and income structure three ways, which leads to impact and promotion two aspects influence 。The effect of financial disintermediation to commercial banks operating performance depends on the size of disintermediation positive effects and negative effects those two forces.(2)China’s financial disintermediation trend forms gradually, the non-financial sector debt disintermediation ratios and asset disintermediation ratios to banks tend to decrease, presenting an uneven state that the degree of bank liabilities disintermediation is higher than that of assets disintermediation.(3) The financial disintermediation has a positive effect on the operating performance of China’s commercial banks,and the positive effect of commercial banks’ asset side disintermediation is greater than the positive effect of the liability side disintermediation.(3) The impact of financial disintermediation on different sizes assets of commercial banks operating performance is also different. With the same disintermediation index, the influence on large banks’ operating performance is more pronounced.And correction effect is greater than that of small and medium-sized commercial banks operating performance. Therefore, China’s commercial banks should attach great importance to the opportunities and challenges brought by financial disintermediation, actively develop intermediary business, strengthen financial innovation and orderly explore mixed mode, adjust the structure of assets and liabilities, establish a comprehensive risk management system.