银行理财定价偏离现象分析及对策研究

发布时间：2018-07-15 17:14

【摘要】：近些年,随着境内人民币贷款利率的完全放开、存款利率的有限制放开,我国利率市场化进程不断深化,曾经以存贷款利差为主营业务的商业银行获利空间逐渐被压缩,商业银行被迫寻求新的盈利模式。在这样的大背景下,理财产品慢慢充当起银行创利排头兵的角色。自从2004年我国发行第一款商业银行理财产品以来,商业银行理财产品的发行数量年均增长率达82%,2013年一年的发行量高达十三万款之多。但随之而来的是,越来越多的理财产品出现收益率达不到预期的情况。本文以理财产品收益率为研究对象,收集了Wind金融终端数据库13万多款理财产品收益率数据。文章先是对银行理财产品定价偏离的根源进行分析,从市场层面、操作层面、管理层面以及监管、行业和文化层面对理财产品定价偏离现象背后的成因进行深入剖析。之后,通过对理财产品预期收益率与真实的到期收益率之间差异的分析,得出差异随经济周期发生变化的时变特征,以及差异尖峰肥尾的统计特征。本文进而对不同种类理财产品产生定价偏离的实例进行实证分析,通过分析,对具体产生偏差的产品挂钩标的的选择、预期收益率的确定等提出了具体优化建议。最后,本文提出了两套有助于减小或解决导致理财产品定价偏差的当前国内银行理财业务种种弊端的方案,一是进入理财产品二级市场,二是对发行人引入全球投资绩效标准体系。并对方案的可行性及方案可能带来的改进之处进行了探讨。造成商业银行理财产品定价偏离现象的原因非常多,市场因素是导致定价偏离的直观原因,银行对产品设计、投向的不合理以及业务管理、人员激励、监管不力、信托文化缺失等是定价偏离背后的深层次原因。商业银行只有通过不断提高自身管理水平、加强市场研判,才能在理财产品定价过程中更加接近真实的理论价格,从而降低定价偏差出现的几率并减少定价偏离的幅度。另外,监管部门及行业自律组织也应适时引入先进的行业惯例,逐步培养优良的信托文化。
[Abstract]:In recent years, with the complete liberalization of RMB loan interest rate in China and the limited liberalization of deposit interest rate, the marketization process of interest rate in our country has been deepened, and the profit space of commercial banks which used to focus on the difference between deposit and loan interest rate has been gradually compressed. Commercial banks are forced to seek new profit models. In this context, financial products slowly act as the vanguard of bank profits. Since the first commercial bank financial products were issued in China in 2004, the average annual growth rate of the issuance of commercial bank financial products has reached 82%, and the circulation volume in 2013 is as high as 130000 models. But then, more and more wealth-management products return less than expected. In this paper, the return rate of financial products is taken as the research object, and the data of return rate of more than 130000 types of financial products in Wind Financial Terminal Database are collected. This paper first analyzes the root causes of pricing deviation of banking financial products from the market level, operational level, management level and supervision, industry and cultural level to analyze the causes behind the phenomenon of financial products pricing deviation. Then, through the analysis of the difference between the expected return rate of financial products and the real return on maturity, the time-varying characteristics of the difference with the economic cycle and the statistical characteristics of the sharp and fat tail of the difference are obtained. This paper then makes an empirical analysis of the pricing deviation of different kinds of financial products. Through the analysis, the paper puts forward some specific optimization suggestions on the choice of product hooks and the determination of expected return rate. Finally, this paper puts forward two solutions which can help to reduce or solve the malpractice of domestic banks' financial management business, one is to enter the secondary market of financial products, and the other is to solve the problems of domestic banks' financial management business, which leads to the deviation of pricing of financial products. Second, to the issuer to introduce the global investment performance standard system. The feasibility of the scheme and its possible improvement are also discussed. There are many reasons for the deviation in pricing of financial products in commercial banks. The market factor is the direct reason for the deviation of pricing, the unreasonable design and investment of products, the management of business, the incentive of personnel and the weak supervision of the bank. Lack of trust culture is the deep reason behind pricing deviation. Only by constantly improving their own management level and strengthening market judgment can commercial banks get closer to the real theoretical price in the process of pricing of financial products thus reducing the probability of pricing deviation and reducing the range of pricing deviation. In addition, regulators and self-discipline organizations should introduce advanced industry practices and gradually cultivate good trust culture.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2

【相似文献】