顾客感知风险对结构性理财产品购买意愿的影响研究

发布时间：2018-12-20 21:19

【摘要】：随着我国金融政策的放开和国民财富的不断积累,国内理财产品的发行和购买呈现出井喷式增长,金融产品创新也层出不穷。其中结构性理财产品作为一种高风险、高收益的投资品种,立刻在其他产品中脱颖而出,并被众多追求高回报的投资者追捧。但是由于结构性理财产品设计不成熟,银行风险管理的能力不足以及国内金融市场的不完善等都加深了其投资风险,导致市场上出现的零负收益的理财产品基本上都为结构性理财产品。此外,尽管国内结构性理财产品的发行数量和规模每年都在增长,但是绝大部分的市场份额都被外资银行占领,中资银行只能获取极低的市场份额和利润,产品研发能力不足是很重要的原因,但同时营销服务上的短板也是不容忽视的原因之一。结构性产品中一般都会蕴含一些较为复杂的结构,若投资者缺乏一定的金融知识,则很难全面地分析出其中蕴含的收益和风险。多数情况下,投资者进行投资的时候,除了要考虑产品本身的风险,还会将投资活动中的很多过程风险也考虑在内,并会结合自身的风险偏好、资产流动性要求等做出最终的投资决策。投资者的购买过程风险具体包括哪些内容、是如何产生的以及对其购买意愿会产生什么样的影响,这都是本文试图研究的内容。本文以结构性理财产品的购买意愿为研究起点,通过构建感知风险模型来研究顾客的风险偏好、感知风险以及购买意愿这三者之间的关系。本文首先对结构性理财产品的发展现状进行了分析,并对结构性理财产品的设计问题和营销服务问题进行了深入探讨。通过对银行的客户和理财专家进行访谈调研,总结出投资者在结构性理财产品投资中比较担心的一些问题,通过对这些问题进行分析和排序,最终得出顾客感知风险的五个基本维度:产品风险、隐私风险、社会心理风险、时间风险和服务风险。然后以这五个风险维度为基础,构建了结构性理财产品的感知风险模型,并提出研究假设。本文采用李克特五点量表对各变量进行测量,并采用问卷调研收集数据。通过SPSS对数据进行分析,结果显示,感知风险对购买意愿有显著的负向影响,背景变量中的购买经验和收入水平也对感知风险和购买意愿有一定程度影响。最后本文根据研究结论,以降低感知风险为出发点,对银行和投资者都提出了相应的建议。
[Abstract]:With the opening of China's financial policy and the accumulation of national wealth, the issuance and purchase of domestic financial products show a blowout growth, and the innovation of financial products is emerging in endlessly. Structural wealth management products as a high-risk, high-yield investment products, immediately stand out in other products, and is pursued by many investors pursuing high returns. However, due to the immature design of structured financial management products, the insufficient ability of banks to manage risks and the imperfections of domestic financial markets, all of them have deepened their investment risks. Leading to zero negative returns in the market financial products are basically structured financial products. In addition, although the number and scale of issuance of domestic structured financial products are increasing every year, most of the market share is occupied by foreign banks. Chinese banks can only obtain very low market share and profits. The lack of R & D capability is an important reason, but at the same time, the short board of marketing service is one of the reasons that can not be ignored. Structural products usually contain some complex structures. If investors lack certain financial knowledge, it is difficult to fully analyze the benefits and risks contained in them. In most cases, when investors invest, in addition to taking into account the risks of the product itself, they also take into account many of the process risks in their investment activities, and combine their own risk preferences. Assets liquidity requirements to make the final investment decision. Investors' purchase process risk includes what content, how to produce and what kind of influence on their purchase intention, which is the content of this paper. Based on the purchase intention of structured financial products, this paper studies the relationship among customer's risk preference, perceived risk and purchase intention by constructing a perceived risk model. In this paper, the development status of structured financial products is analyzed, and the design and marketing services of structural financial products are discussed. Through the interview and investigation of bank customers and financial experts, we summarize some problems that investors are worried about in the investment of structured financial products, and through the analysis and ranking of these problems, Finally, five basic dimensions of customer perceived risk are obtained: product risk, privacy risk, psychosocial risk, time risk and service risk. Then, based on the five risk dimensions, the perceived risk model of structured financial products is constructed, and the research hypotheses are put forward. In this paper, we use the Richter five-point scale to measure the variables and collect the data by questionnaire. The data are analyzed by SPSS. The results show that perceived risk has a significant negative effect on purchase intention, and purchase experience and income level in background variable also have some influence on perceived risk and purchase intention to some extent. Finally, based on the conclusion of the study, this paper puts forward corresponding suggestions to banks and investors to reduce perceived risk.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.5

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