| Under the background of interest rate liberalization,commercial banks’ profit margins are compressed,and investment banking business turns to be a growth point regarding the profit.Research on investment banking business has practical significance for improving business performance.After the reform and opening up,domestic scholars’ research on investment banks has increased,but less research has been done on investment banking business structure diversification.This paper uses the panel data of China’s A-share commercial banks from 2010 to 2021 to study the impact of investment banking business structure diversification on operating performance.The sample data were analyzed using Rumelt’s model to conduct regression analysis.The influence coefficient of commercial bank’ investment banking business structure diversification on commercial bank’ business performance is significantly positive from the regression analysis;the proportion of debt interest income,agency income,and asset management income proportion coefficients are significantly positive,and the proportion of consulting income is not significant,indicating that the proportion of debt interest income,agency income,and asset management income has a significant positive impact on operating performance,while the proportion of consulting income has no significant impact on the improvement of operating performance.Between traditional and emerging business.the impact of emerging investment banking business on operating performance is significantly higher than that of traditional investment banking business.For further analysis,this paper considers the impact of other factors on business performance.Firstly,the influence of external objective factors.During the stage of financial crisis,the China-US trade war,and the outbreak of the epidemic,the diversification of investment banking business structure has a significant positive effect on business performance,and it is not disturbed by external factors.Secondly,the impact of different types of banks.The diversification of investment banking business structure has a significant positive impact on the operating performance of state-owned,joint-stock,and city commercial banks,with the smallest impact on state-owned banks,followed by jointstock banks,and the largest by city commercial banks.Thirdly,the jointing effect of traditional and emerging businesses with different types of banks.The impact of traditional business on joint-stock and city commercial banks is higher than that of state-owned banks,and the impact of emerging business on city commercial banks and state-owned banks is higher than that of joint-stock banks.Fourthly,consider the heterogeneity of banks.Adding the bank size dummy variable R as the adjustment item,the goodness of fit is further improved,and the bank size has a negative effect on the income generation of the diversification level of the business structure.Finally,after robustness testing and endogeneity testing,the reliability of the empirical results is ensured.This paper expands the research on the impact of investment banking business structure diversification on business performance of commercial banks,discusses the impact of investment banking business structure diversification on business performance from multiple dimensions,and puts forward suggestions on how to optimize investment banking business structure for Chinese commercial banks,which will help realize the diversified strategic transformation of investment banks and improve business performance and market competitiveness. |
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