银行卡产业定价机制研究及政策建议

银行卡产业具有典型的网络经济和双边市场的特征。交换费定价是银行卡产业中最重要的定价,可以作为调节双边市场的可控变量,实现银行卡产业交叉网络外部性和使用外部性的内部化。我国银行卡产业交换费的定价没有考虑商户细分、交易量规模和借记卡、信用卡的差别定价因素,不利于银行卡产业的发展,因此亟需进行改革。本文对银行卡产业的定价机制进行了剖析,并针对我国银行卡产业定价存在的问题,提出了具有可操作性的政策建议。     

支付工具支付量和金额分布特征下的网络外部性分析

尽管电子支付工具的发展大大降低了支付成本,但这并不意味着传统支付工具的消失,其主要原因除了用户间的网络外部性外,还包括由支付工具成本结构差异导致的不同支付工具偏向不同支付金额范围。对此,结合葡萄牙和澳大利亚调查研究相关数据分析支付工具支付量与支付金额分布特征,并将支付工具由于成本结构差异所导致的支付分布差异与支付工具市场用户间网络外部性相联系,总结出符合支付工具市场网络外部性特征的表达方式。研究将前期支付工具双边市场研究和支付工具成本收益结构研究相结合,所提出的支付工具网络外部性更能反映支付工具市场特征,在有助于我们理解市场的同时,也是对关于支付工具网络外部性研究的补充和完善。     

三网融合背景下有线电视网络的业务竞争定价研究

三网融合后,有线电视网络已由区域垄断视频业务转变为与电信运营商在融合业务范围内开展寡头竞争。本文通过对三网融合背景下有线电视网络的视频、语音和数据业务竞争进行建模分析得到各类业务均衡价格与双侧用户的交叉网络外部性、同侧用户的网络外部性、用户需求价格弹性和运营成本等要素的性态关联,从而为各类业务定价作指导。     

三网融合背景下有线电视网络的业务竞争定价研究

三网融合后,有线电视网络已由区域垄断视频业务转变为与电信运营商在融合业务范围内开展寡头竞争。本文通过对三网融合背景下有线电视网络的视频、语音和数据业务竞争进行建模分析得到各类业务均衡价格与双侧用户的交叉网络外部性、同侧用户的网络外部性、用户需求价格弹性和运营成本等要素的性态关联,从而为各类业务定价作指导。     

网络视角下人民币国际化的收益分析

本文回顾了国内外学者对货币国际化的成本收益分析和机制解释的相关研究,利用美元的经验数据检验了货币国际化可计量收益与货币国际化程度之间可能存在的二次函数关系,并由此类比具有网络外部性的商品需求,从网络外部性角度分析了货币国际化进程中可能存在的收益为负的情况,从而为人民币国际化进程和路径选择提供一些思考。     

私人银行从何盈利

正从理论上来看,私人银行业务具备双边市场的典型特征:一边是有服务需求的私人银行客户,另一边是向私人银行客户提供服务的供给方,而且供需双方均具有很强的网络外部性。鉴于私人银行业务的产品开放和客户开放性,这表明从实操层面来看私人银行业务是典型的双边市场业务。事实上,任何具有网络外部性的市场均可定义为双边市场。手续费和管理费两种模式是目前     

国内银行卡市场的寡头博弈

由于规模经济和网络外部性能够降低平均成本,各个银行卡发行机构近年来都一直在努力地增加发卡数量,并鼓励用户更多地使用银行卡。目前,银联和那些较大的外资品牌已经占据了银行卡市场的绝大部分市场份额。银行卡市场形成了寡头竞争的局面。此时,政府给予民族品牌的扶持政策是必要的,这既可以视为维护中国金融稳定与安全的需要,也可以看作政府享受网络外部性的一种支付方式。     

双寡头竞争平台的商业模式选择研究

通过建立模型,并将负的组内网络外部性和正的组间网络外部性引入到模型中,研究双寡头竞争平台的商业模式选择。研究结果表明,当消费者给商家带来的正组间网络外部性效应与商家带给消费者的正组间网络外部性效应二者之间的差距足够大时,两个平台均会选择双边市场模式;而当二者之间的差距异常小时,两个平台将选择单边市场模式;但是当二者之间的差距介于中间水平时,其结果就主要取决于平台产品或服务的差异化程度以及商家之间负的组内网络外部性强度。     

基于网络外部性理论视角的人民币国际化机制探讨

网络外部性理论本质上是一种货币替代理论。从网络外部性理论的角度,人民币国际化机制可归纳为协同机制、货币转换机制以及支撑机制三种。协同机制和货币转换机制构成人民币国际化的内在动力,支撑机制为人民币国际化提供外在支撑。随着人民币在贸易、投资和外汇储备中的扩大使用,人民币国际化将发挥正网络外部性效应。     

投资项目风险、外部性与投资资本内部定价

从业绩评价角度,以委托代理理论作为分析工具,研究投资项目风险、外部性对投资资本内部定价的影响。研究结论表明:投资资本的最优内部"价格"与用于决策的企业资本成本一般不同,投资项目风险、外部性对其有重要影响;当平均投资收益率等于边际投资收益率时,只有投资项目风险对投资资本内部定价有影响;投资失败的赔偿制相比有限责任制,会减弱投资项目风险和外部性对投资资本"定价"的影响。这一研究为正确地制定投资资本的内部价格和合理地评价投资业绩提供了理论基础。     

商业银行与客户价值互换——提升商业银行创值能力的有效途径

随着企业边界的扩大，商业银行的可用资源已经扩展到经营的上游和下游世界。商业银行与客户之间的关系从利益对立方正逐步向利益共同体转变。商业银行只有。为客户创造了价值，客户才会对银行贡献价值。客户的价值贡献能力已经成为商业银行创值活动的主要影响因素；实现商业银行与客户在价值创造活动中的共赢，是提升商业银行创值能力、更新管理理念、培养核心竞争能力的必然选择。     

Establishing bank–corporate relationships and building competitive advantages

This article investigates how banks build competitive advantage through relationship banking. Using a grounded theory approach, 29 interviews were conducted with relationship managers and corporate banking directors in 21 case banks from 2004 to 2008. Grounded theory models were developed to illustrate the value creation process in relationship banking. It was found that long-term bank–corporate relationships were established through trust-based personal communications. In the case, banks customer information and knowledge advantages were created. Risk-adjusted returns on assets were used to measure customer relationship performance, and relationship managers were rewarded accordingly. The interviewees thought that bank performance could be improved by managing customer credit risk and identifying cross-selling opportunities. This study starts to open up the ‘black box’ of how banks create shareholder value through relationship banking, provides a picture of relationship banking as a social phenomenon, and supplies some theoretical and managerial implications. The article also links the literature relevant to relationship banking from different disciplines. This is a new way of looking at the relationship banking phenomenon and relevant literature in an integrated manner.     

An empirical investigation of the relative effect of trust and switching costs on service loyalty in the UK retail banking industry

The crisis in the UK financial services industry has led to retail banking customers treating transactions with growing scepticism. Retail banks are having to work very hard to regain customer trust. Despite recent research in marketing that acknowledges the importance of service loyalty to service firms, studies that have examined the relative effects of trust and the different types of switching costs on attitudinal and behavioural loyalty are scant. Therefore this article aims to build a model to examine the strength of the relationships between these constructs. Using survey data collected from a convenience sample of 290 retail banking customers in the United Kingdom, the article reveals that the main drivers of attitudinal loyalty are trust and relational switching costs. In contrast, the main drivers of behavioural loyalty are trust, relational switching costs and attitudinal loyalty. Interestingly, financial and procedural switching costs exert no significant effect on either attitudinal or behavioural loyalty. Trust and relational switching costs exert a stronger effect on attitudinal than behavioural loyalty.     

Quantifying equilibrium network externalities in the ACH banking industry

We seek to determine the causes and magnitudes of network externalities for the automated clearing house (ACH) electronic payments system. We construct an equilibrium model of customer and bank adoption of ACH. We structurally estimate the parameters of the model using an indirect inference procedure and panel data. The parameters are identified from exogenous variation in the adoption decisions of banks based outside the network and other factors. We find that most of the impediment to ACH adoption is from large customer fixed costs of adoption. Policies to provide moderate subsidies to customers and larger subsidies to banks for ACH adoption could increase welfare significantly.     

The Impact of Bank Consolidation on Commercial Borrower Welfare

We estimate the impact of bank merger announcements on borrowers' stock prices for publicly traded Norwegian firms. Borrowers of target banks lose about 0.8% in equity value, while borrowers of acquiring banks earn positive abnormal returns, suggesting that borrower welfare is influenced by a strategic focus favoring acquiring borrowers. Bank mergers lead to higher relationship exit rates among borrowers of target banks. Larger merger‐induced increases in relationship termination rates are associated with less negative abnormal returns, suggesting that firms with low switching costs switch banks, while similar firms with high switching costs are locked into their current relationship.     

Inter-store externalities and space allocation in shopping centers

This article analyzes the problem of optimal space allocation in shopping centers in the presence of inter-store externalities. In the model, a given store's sales depend on its own space as well as on the space allocated to other stores in the center. The given stores' own sales rise as other stores grow in size because the shopping center is then more attractive to customers. Taking this externality into account, the developer allocates space to the various stores to maximize the shopping center's profit, which equals total rent minus operating costs. The solution to this problem is analyzed under a number of different behavioral assumptions.     

Allocation,externalities, and building value

Externalities generally are viewed as impacting land values rather than building values. Yet when locational obsolescence is attributed to externalities, the implication is that externalities impact primarily on building values. The presence of negative externalities generally does not determine whether a building suffers from locational obsolescence; the more general cause is a misallocation of land. At the market allocation, there is no locational obsolescence even in the presence of an externality, while at the optimal allocation only an externality can produce locational obsolescence. Because locational obsolescence can exist without externalities, an externality is not a necessary condition for locational obsolescence. Because an externality can be present without accompanying locational obsolescence, an externality also is not a sufficient condition for the existence of locational obsolescence.     

Diversification of geographic risk in retail bank networks: evidence from bank expansion after the Riegle‐Neal Act

The 1994 Riegle‐Neal Act (RN) removed restrictions on branch‐network expansion for banks in the United States. An important motivation was to facilitate geographic risk diversification (GRD). Using a factor model to measure banks' geographic risk, we show that RN expanded GRD possibilities in small states, but only some large banks took advantage. Using our measure of geographic risk and an empirical model of branch‐network choice, we identify preferences toward GRD separately from other factors possibly limiting network expansion. Counterfactuals show that risk negatively affected bank value but was counterbalanced by economies of density/scale, reallocation/merging costs, and local market power concerns.     

Modelling the economic value of credit rating systems

In this paper we develop a model of the economic value of credit rating systems. Increasing international competition and changes in the regulatory framework driven by the Basel Committee on Banking Supervision (Basel II) called forth incentives for banks to improve their credit rating systems. An improvement of the statistical power of a rating system decreases the potential effects of adverse selection, and, combined with meeting several qualitative standards, decreases the amount of regulatory capital requirements. As a consequence, many banks have to make investment decisions where they have to consider the costs and the potential benefits of improving their rating systems. In our model the quality of a rating system depends on several parameters such as the accuracy of forecasting individual default probabilities and the rating class structure. We measure effects of adverse selection in a competitive one-period framework by parameterizing customer elasticity. Capital requirements are obtained by applying the current framework released by the Basel Committee on Banking Supervision. Results of a numerical analysis indicate that improving a rating system with low accuracy to medium accuracy can increase the annual rate of return on a portfolio by 30–40 bp. This effect is even stronger for banks operating in markets with high customer elasticity and high loss rates. Compared to the estimated implementation costs banks could have a strong incentive to invest in their rating systems. The potential of reduced capital requirements on the portfolio return is rather weak compared to the effect of adverse selection.     

Customer value exchange

This paper discusses the state of the US banking industry — its challenges and some of the common shortcomings of their current strategies — and presents compelling reasons why banks must re-formulate new strategies for growth and profitability focused on the customer. It proposes a framework, called the customer value exchange (CVE), as a potential solution that would enable banks to develop effective strategies tailored to their customers’ specific needs and perceptions of value, which are the drivers for profitability. This framework is organised into capabilities, which are explained in this paper. A sample process for how these capabilities are applied is provided with an emphasis on an iterative, dynamic refinement process. The iterative approach includes strategy, people, process, analyses and information that companies can integrate to yield higher value and exchange with the banks’ customers. The paper also presents a real company case study. This framework can be utilised by academics and industry practitioners of customer relationship programmes alike.