商业银行理财产品收益的影响因素分析

发布时间：2018-04-26 00:31

本文选题：商业银行 + 币种　；参考：《西南交通大学》2014年硕士论文

【摘要】：随着我国金融市场的开放,近年来银行理财产品得到了快速发展。据统计2012年银行理财产品发行规模突破20万亿元,而同期基金等产品的规模只有其十分之一,表明银行理财产品已经成为居民投资、理财的“必备品种”。伴随着理财产品规模的快速发展,近年来理财产品市场不断滋生的乱象已对我国金融市场和金融机构健康、稳定运行产生了潜在的影响。但人们对理财产品的风险、收益及其影响因素的认识与研究,却十分有限。 2004年以来,随着监管政策的逐步放开以及国力的逐渐增强,国民财富持续增长,商业银行开始涉足理财产品的发行,理财产品的发行量成倍上升。2007年人民币理财产品的发行量首次超过美元,人民币成为最大的投资币种；而另一方面,我国金融市场上,中、外资商业银行竞争激烈,二者的经营模式和产品具有各自的优势和显著的差异性。因此,在商业银行理财产品样式种类和发行数量都日益增多的背景下,人民币与外币理财产品、中资银行与外资银行理财产品收益和风险是否存在差异成为投资者与市场监管者高度关注的话题。本文基于以上情况探讨和研究了影响我国商业银行理财产品收益的因素。文章在梳理我国商业银行理财产品市场以及个人理财业务的发展进程和阐述我国发展个人理财业务的必要性的基础上,通过研究国内银行理财产品市场上80家中、外资商业银行2004～2011年间发行的所有11020支理财产品,发现了总体上外资银行理财产品的收益高于中资银行、外币理财产品的收益高于人民币理财产品的收益,在所有理财产品中,外资银行发行的外币理财产品收益最高。另外,理财产品的特性(如：委托起始金额、委托期、保本比例)、理财产品的投资模式(如：投资品种、业务模式、挂钩标的)、理财产品发行时的市场环境因素(如：预计收益率(上限))等因素均对理财产品收益有显著影响。最后,本文针对实证分析结果对投资者提出了相应的投资建议。本文将研究范围扩展到在华中资银行和外资银行发行的人民币和外币理财产品,研究范围广,样本量大,拓展了理财产品收益研究的视角和范围,同时也能够为市场上理财产品的投资者的投资行为提供参考和意见。
[Abstract]:With the opening of China's financial market, banking financial products have developed rapidly in recent years. According to statistics, the issuing scale of banking financial products exceeded 20 trillion yuan in 2012, while the scale of funds and other products in the same period was only 1/10, indicating that bank financial management products have become "necessary products" for residents' investment and financial management. With the rapid development of financial products scale, the chaos of financial products market has had a potential impact on the healthy and stable operation of financial markets and financial institutions in China in recent years. However, people's understanding and research on the risk, income and influencing factors of financial products are very limited. Since 2004, with the gradual liberalization of regulatory policies and the gradual enhancement of national strength, the national wealth has continued to grow, and commercial banks have begun to dabble in the issuance of financial products. The issuance of financial products doubled. In 2007, the issuance of RMB financial products exceeded the US dollar for the first time, and the RMB became the largest investment currency. On the other hand, in China's financial market, the competition between Chinese and foreign commercial banks was fierce. The two business models and products have their own advantages and significant differences. Therefore, against the background of the increasing variety and number of financial products issued by commercial banks, RMB and foreign currency financial products, Whether there are differences in the return and risk of wealth management products between Chinese and foreign banks has become a topic of great concern between investors and market regulators. Based on the above situation, this paper discusses and studies the factors that affect the financial product income of commercial banks in China. On the basis of combing the development process of commercial bank's financial product market and personal finance business and expounding the necessity of developing personal financial management business in our country, the article studies 80 domestic banks' financial products market. All 11020 financial products issued by foreign commercial banks between 2004 and 2011 have found that, in general, the income of financial products of foreign banks is higher than that of Chinese banks, and the income of foreign currency financial products is higher than that of RMB financial products. Of all the financial products, Foreign banks issue the highest return on foreign currency wealth management products. In addition, the characteristics of financial products (such as the initial amount of money entrusted, the principal period, capital preservation ratio, the investment model of financial products (such as: investment varieties, business models, etc.), The market environment factors such as expected return rate (upper limit) and so on have significant influence on the financial product income. Finally, this paper puts forward the corresponding investment suggestions to the investors according to the results of empirical analysis. This paper extends the scope of research to RMB and foreign currency financial products issued by Chinese banks and foreign banks in China. The research scope is wide and the sample size is large, which expands the perspective and scope of income research of financial products. At the same time, it can also provide reference and advice for the investors of financial products in the market.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2

【参考文献】