商业银行结构型理财产品收益率研究

发布时间：2018-07-05 03:24

本文选题：结构型理财产品 + 预期收益率　；参考：《南京农业大学》2015年硕士论文

【摘要】：随着中国经济的快速发展,国民生产总值的稳步提高,居民收入水平的急剧增长,人们开始关注财富管理。越来越多的投资者不再仅限于银行存款转而投向多元化的金融资产。银行理财产品以其稳健的投资风格、广泛的投资领域和较高的收益率,受到了大众投资者的青睐。结构型理财产品作为一种新型的金融理财产品,在近两年得到飞速发展,商业银行纷纷推出结构型理财产品,但是投资者对其了解甚少,主要根据预期收益率进行产品选择,同时银行也主要根据预期收益率进行宣传。因而本文通过研究结构型理财产品预期收益率的影响因素及其影响程度能很好的为投资者提供理论和数据支持,帮助投资者更好的进行产品选择。本文通过对个人理财业务的研究深入到对银行结构型理财产品的研究。首先从国内外学者的研究着手,对相关理论进行了回顾;其次对商业银行理财产品进行相关研究,从产品概念界定、理财产品分类到理财产品发展现状分析;然后对银行理财产品收益率影响因素进行理论分析,以结构型理财产品为研究对象,从宏观因素和微观因素深入展开分析;最后通过实证分析来验证。本文以2013年至2014年发行的结构型理财产品为样本,根据产品信息的完整程度,共选取了 894款产品为研究对象,建立回归模型。通过相关性分析、因子分析及回归分析,得到以下结论:市场利率和结构型产品预期收益率成正比,而综合A股市场回报率和预期收益率之间成反比;从产品本身可以得出,挂钩标的对预期收益率的影响最大,挂钩标的主要为利率、黄金、外汇、股指,预期收益率逐渐提高;结构型理财产品的预期收益率随流动性增加而减小,有质押性的产品收益率要低于没有质押性的;外汇风险、保本类型、收益类型以及管理期限等均对结构型理财产品的预期收益率有一定的影响;至于不同性质银行发行的理财产品以及理财起始资金大小对预期收益率没有显著影响。通过理论与实证分析,得出影响商业银行结构型理财产品预期收益率的主要因素,为投资者的投资决策提供了参考意见。投资者选择产品进行投资时不能只注意预期收益率,更要了解产品的设计类型,结合自身对流动性资金的需求以及风险承受能力选择合适的产品进行投资。
[Abstract]:With the rapid development of Chinese economy, the steady increase of gross national product and the rapid increase of residents' income, people begin to pay attention to wealth management. A growing number of investors are no longer limited to bank deposits and switch to diversified financial assets. Bank wealth management products are favored by the masses of investors for their sound investment style, wide investment field and high yield. As a new type of financial management products, structural financial products have been developed rapidly in the past two years. Commercial banks have introduced structured financial products one after another, but investors know little about them and mainly choose products according to the expected rate of return. At the same time, the banks also mainly based on the expected return on publicity. Therefore, through the study of the expected rate of return of structured financial products and the impact of factors and the degree of influence for investors to provide good theoretical and data support, to help investors better choice of products. Through the research of personal finance business, this paper goes deep into the research of bank structured financial products. Firstly, it reviews the relevant theories from the research of domestic and foreign scholars. Secondly, it studies the financial products of commercial banks, from the definition of product concept, the classification of financial products to the analysis of the current situation of financial products development. Then the paper makes a theoretical analysis of the factors affecting the return rate of banking financial products, taking structured financial products as the research object, and carries out in-depth analysis from macro factors and micro factors; finally, it is verified by empirical analysis. Based on the structural financial products issued from 2013 to 2014, according to the integrity of the product information, a total of 894 products were selected as the research object, and a regression model was established. Through correlation analysis, factor analysis and regression analysis, the following conclusions are obtained: the market interest rate is directly proportional to the expected rate of return of structural products, while the return rate of comprehensive A-share market is inversely proportional to the expected rate of return; The hooks have the greatest influence on the expected return rate. The main hooks are interest rate, gold, foreign exchange, stock index and expected return rate. The expected return rate of structured financial products decreases with the increase of liquidity. The yield of the pledged product is lower than that of the one without the pledge, the foreign exchange risk, the type of capital preservation, the type of income and the management period all have certain influence on the expected rate of return of the structured financial products. As for the financial products issued by different banks and the size of the initial wealth management funds, there is no significant effect on the expected return. Through theoretical and empirical analysis, this paper draws the main factors that affect the expected rate of return of structured financial products of commercial banks, and provides a reference for investors to make investment decisions. Investors should not only pay attention to the expected rate of return, but also know the design type of the product, and choose the right product to invest with their own demand for liquidity funds and risk bearing ability.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.2

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