银行理财产品开发影响因素的实证分析

his paper provides an empirical research on what determines the scope and depth of commercial bank’s financial product developments. The results provide strong supports for the existences of the efficient effect, replacement effect and the X-inefficiency, together with the importance of the R&D and loan experiences accumulation. Besides, while the kinds of the financial products developed by a bank decreases in the counterpart of its competitor with smaller scale, the averaged yield to maturity of these products is decreasing in the kinds and the averaged maturity of this competitor’s products. Policy suggestions to promote the financial innovations by the commercial banks are accordingly made finally.