我国商业银行结构性理财产品设计研究
发布时间：2018-07-17 07:20
【摘要】：自中国光大银行在2004年首推外币结构型理财业务以后，我国银行业迎来了结构性理财产品的发展。结构性理财产品通过金融衍生合约将固定收益证券和挂钩标的资产联系在一起，其高收益性和设计上的灵活性吸引了众多投资者。 银行结构性理财产品在我国虽起步较晚，但发展速度惊人，短短几年的时间里，发行数量和规模都得到了迅猛增长，已然成为银行新的利润增长点。随着居民财富的增加，投资者出现了多样化的理财需求，传统的债券、股票等理财产品已不能满足投资者的资产保值增值需求。结构性理财产品的结构特点表明该类产品具有很大的设计空间，在理论上可以创造无数个不同的结构性产品，未来拥有巨大的发展空间。 2008年年初不断出现的结构性理财产品零收益事件改变了其一直以来的高收益率形象，也使得投资者开始理性看待该类产品。我国的结构性理财产品市场虽然发展迅速但并不完善，产品缺少创新，，同质化问题严重。商业银行内部没有完善的内部控制和风险管理机制，难以通过各种市场交易对冲产品风险。解决各种问题的关键在于提高产品的个性化水平、加强商业银行的风险控制能力和产品定价能力。 本文在对结构性理财产品基本内涵和发展状况进行概述的基础上，按照不同标准对产品进行了分类。第二部分从设计流程、设计要素以及风险收益特征等方面分析了结构性理财产品的设计原理。第三部分针对产品设计中产品定价这一关键环节，研究了产品定价的基本原理和模型。最后，指出我国结构性理财产品市场上存在的问题，有针对性地提出一些发展建议。
[Abstract]:Since Everbright Bank of China first launched the foreign currency structured financial management business in 2004, China's banking industry has ushered in the development of structured financial products. Structured wealth management products link fixed income securities to underlying assets through financial derivatives contracts, and their high profitability and design flexibility have attracted a large number of investors. Although the bank's structural financial products started late in our country, the development rate is amazing. In a few short years, the quantity and scale of issuance have been increasing rapidly, which has become the new profit growth point of banks. With the increase of residents' wealth, investors have diversified financial needs. Traditional financial products such as bonds, stocks and other financial products can no longer meet the needs of investors to maintain and increase the value of assets. The structural characteristics of structured financial products show that this kind of products have a lot of design space, and can create countless different structural products in theory. There is great room for development in the future. The recurring zero return events of structured wealth management products in early 2008 have changed its image of high yield and made investors start to view these products rationally. Although the market of structured financial products in China is developing rapidly, it is not perfect, the product lacks innovation, and the homogeneity problem is serious. There is no perfect internal control and risk management mechanism in commercial banks, so it is difficult to hedge product risk through various market transactions. The key to solve all kinds of problems lies in improving the individuation level of products and strengthening the risk control ability and product pricing ability of commercial banks. On the basis of summarizing the basic connotation and development of structured financial products, this paper classifies the products according to different standards. The second part analyzes the design principle of structured financial products from the aspects of design process, design elements and risk and income characteristics. In the third part, the basic principle and model of product pricing are studied according to the key link of product pricing. Finally, the paper points out the problems existing in the market of structured financial products in China, and puts forward some suggestions for development.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.33
本文编号：2129572
[Abstract]:Since Everbright Bank of China first launched the foreign currency structured financial management business in 2004, China's banking industry has ushered in the development of structured financial products. Structured wealth management products link fixed income securities to underlying assets through financial derivatives contracts, and their high profitability and design flexibility have attracted a large number of investors. Although the bank's structural financial products started late in our country, the development rate is amazing. In a few short years, the quantity and scale of issuance have been increasing rapidly, which has become the new profit growth point of banks. With the increase of residents' wealth, investors have diversified financial needs. Traditional financial products such as bonds, stocks and other financial products can no longer meet the needs of investors to maintain and increase the value of assets. The structural characteristics of structured financial products show that this kind of products have a lot of design space, and can create countless different structural products in theory. There is great room for development in the future. The recurring zero return events of structured wealth management products in early 2008 have changed its image of high yield and made investors start to view these products rationally. Although the market of structured financial products in China is developing rapidly, it is not perfect, the product lacks innovation, and the homogeneity problem is serious. There is no perfect internal control and risk management mechanism in commercial banks, so it is difficult to hedge product risk through various market transactions. The key to solve all kinds of problems lies in improving the individuation level of products and strengthening the risk control ability and product pricing ability of commercial banks. On the basis of summarizing the basic connotation and development of structured financial products, this paper classifies the products according to different standards. The second part analyzes the design principle of structured financial products from the aspects of design process, design elements and risk and income characteristics. In the third part, the basic principle and model of product pricing are studied according to the key link of product pricing. Finally, the paper points out the problems existing in the market of structured financial products in China, and puts forward some suggestions for development.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.33
【引证文献】
相关硕士学位论文 前1条
1 庹波;汇丰银行“汇聚中华”结构性理财产品收益风险分析[D];兰州大学;2013年
本文编号：2129572
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