我国结构性金融产品的发展创新研究
发布时间：2018-10-17 22:34
【摘要】：改革开放以来，中国经济日新月异，综合国力显著提升，国民生活随之改善，对投资工具的需求也越来越旺盛。鉴于当前的经济发展趋势，我国的金融衍生产品市场迫切需要引进新的结构性金融产品。众所周知，全球金融市场的结构性金融产品萌芽于上世纪80年代的美国金融市场，随后，，该产品以其锐不可当之势进入欧洲市场并受到广大投资的竞相追捧。随后，在2002年的九月份，外汇结构性存款业务开始进入中国国内市场，中国光大银行率先在国内推出了此产品，随后国内许多中外资银行增加了外汇结构性存款业务。结构性金融产品是我国金融衍生产品市场业务的一次创新，为投资机构带来新的利润增长点的一种业务。它以其独有的创新、专业、灵活的特点快速发展起来，成为我国理财市场上一颗新星，越来越受到个人投资者和各大商业银行的青睐和追捧。由此可见，针对全球的金融理财市场而言，结构性金融产品是一种重要金融创新工具。对于国外市场，到目前为止，虽然结构性金融产品发展的时间比较长，但是广大学者的研究成果主要集中在如何对该类产品进行定价的实证检验方面的研究上。而国内市场，由于结构性金融产品引入的时间不久，学界对此产品的认识不够充分详细，迄今为止，未能引起学术界的足够重视。这主要是因为中国结构性金融产品推出的时间较短，资本市场不成熟，在流动和设计方面中存在着许多问题。诸如，各种金融衍生产品市场不够健全，产品本身的设计创新水平有限，政府和银行监管制度不完善，从业人员专业性水平不佳等问题将制约其发展。那么，如何更有效率的解决该类问题，将会对我国结构性金融产品的顺利发展起着重要的理论与现实意义。因此，本文针对我国现状，借鉴了国际发展经验，深入研究，以使结构性金融产品能够得到顺利的发展。 针对本文的创新问题，主要有以下三个方面：首先本文立足国内日益增强的金融理财产品需求，以前景光明、设计专业灵活的结构性金融产品为研究对象。收集数据对结构性金融产品在市场中的各个方面的表现进行了系统的总结，并对发现的问题进行全面的原因分析，从多个角度进行了研究和探讨。其次，通过研究国际市场上结构性金融产品的发展（以欧美、亚太两市场），总结经验教训并得出启示。在以上研究的基础上，提出有针对性的、有较强可操作性的发展建议。再则，与传统理财产品研究相比，尽可能的少用复杂公式，利用比较分析等方法，通过数据比较得出结论，研究方法比较独特。 随着我国理财业务蓬勃发展，结构性金融产品以其专业性和灵活性的特点备受关注，已经成为银行新的利润增长点，未来拥有巨大的发展空间。无论从投资者理财需求和银行金融机构的业务创新方面的需求，还是国内外银行金融机构的相互竞争的方面来看，我们都应该对结构性金融产品进行深入探讨一番。因此，本文将系统的介绍结构性金融产品的相关知识，使读者对该领域有一定的理解与认识。着重研究了我国结构性金融产品存在的问题并进行总结和原因分析，同时研究了国际上结构性金融产品的发展状况，借鉴成熟市场的发展经验，使我国在推广结构性金融产品方面得到一些启示。鉴于对以上情况的研究，本文在此给出了针对我国结构性金融产品的发展现状，并相应提出一些适应我国基本国情的发展建议。文章的基本框架是，第一部分是导论，主要从结构性金融产品研究的背景和意义，对国内外结构性金融产品的研究现状进行了综述；第二部分全面系统的描述了结构性金融产品的基础框架；第三部分针对我国结构性金融产品的存在发展状况，细致分析了结构性金融产品发展中存在的常见问题及原因；第四部分借鉴了国外结构性金融产品的发展经验，深入总结了欧美、亚太地区的发展现状，从中获得灵感；第五部分对我国结构性金融的未来发展趋势进行展望并提出针对性的建议，得出结论。
[Abstract]:Since the reform and opening-up, China's economy is changing with each passing day, the overall national strength is remarkably improved, the national life is improved, and the demand for investment tools is also increasing. In view of the current economic development trend, there is an urgent need to introduce new structural financial products in China's financial derivatives market. As is well known, the structural financial products of the global financial markets sprout in the US financial markets of the 1980s, after which the product enters the European market with its sharp momentum and is being pursued by the vast majority of investment. Subsequently, in September 2002, the foreign exchange structured deposit business began to enter China's domestic market. China Everbright Bank took the lead in introducing the product in China, and then many foreign banks in China increased their foreign exchange structure deposit business. Structural financial product is one of the innovation of the market business of financial derivative products in our country, which brings new profit growth point to the investment organization. With its unique innovation, professional and flexible characteristics, it has become a new star in our country's financial market, and has attracted more and more attention from individual investors and big commercial banks. It can be seen that structural financial products are an important financial innovation tool for the global financial management market. So far, although the time of development of structured finance products is relatively long, the research results of many scholars mainly focus on the research on how to price the products. In the domestic market, because of the time of introduction of structural financial products, the awareness of this product is not sufficiently detailed, so far enough attention has not been paid to the academic circles. This is mainly due to the short time of the introduction of structural financial products in China, the immature capital market, and many problems in the aspects of flow and design. For example, the market of various financial derivative products is not perfect, the design innovation level of the product itself is limited, the government and the bank supervision system are not perfect, the professional level of the staff is not good, etc. will restrict its development. So how to solve these problems more efficiently will play an important theoretical and practical significance for the smooth development of our structural financial products. Therefore, in the light of the present situation of our country, this paper draws on the international development experience and deeply studies the international development experience, so that the structural financial products can be developed smoothly. In view of the innovation of this paper, we mainly have the following three aspects: Firstly, based on the domestic and ever-increasing demand of financial wealth management products, this paper studies the structural financial products with bright future and flexible design. The collection of data has systematically summarized the performance of structural financial products in all aspects of the market, and analyzed the problems found, and carried out the research from several angles. Second, by studying the development of structural financial products in the international market (in Europe and America, the Asia-Pacific two markets), summarize the lessons and draw lessons Enlightenment. On the basis of the above research, it is pointed out that it has the development of strong operability. It is suggested that, compared with the traditional wealth management product research, as much as possible, the complicated formula is used as much as possible, and the comparison analysis is used to draw the conclusion that the research method is compared with the traditional wealth management product research method. With the vigorous development of our country's wealth management business, the structural financial products have been paid more attention to their professional and flexible characteristics, and have become a new growth point of the bank and have huge future. The development space, whether from the investor's financial needs and the banking financial institution's business innovation demand, or the domestic and foreign bank financial institutions competition, we should all be deep in the structural financial products In this paper, the paper introduces the relevant knowledge of structural financial products, which makes the readers have certain knowledge in this field. This paper focuses on the problems existing in China's structural financial products, sums up and analyzes the reasons, and studies the development situation of the structural financial products in the world, and draws on the development experience of the mature market, so that our country has to promote the structural financial products. In view of the above research, this paper gives the development status of structural financial products in China, and puts forward some suggestions to adapt to our country's basic national conditions. The basic framework of the article is that the first part is an introduction, mainly from the background and significance of the structural financial product research, the research status of the structural financial products at home and abroad is summarized, the second part is the description of the structural financial product systematically. The third part analyzes the common problems and causes in the development of structural financial products. The fifth part looks forward to the future development trend of China's structural finance and puts forward some suggestions.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2
本文编号：2278241
[Abstract]:Since the reform and opening-up, China's economy is changing with each passing day, the overall national strength is remarkably improved, the national life is improved, and the demand for investment tools is also increasing. In view of the current economic development trend, there is an urgent need to introduce new structural financial products in China's financial derivatives market. As is well known, the structural financial products of the global financial markets sprout in the US financial markets of the 1980s, after which the product enters the European market with its sharp momentum and is being pursued by the vast majority of investment. Subsequently, in September 2002, the foreign exchange structured deposit business began to enter China's domestic market. China Everbright Bank took the lead in introducing the product in China, and then many foreign banks in China increased their foreign exchange structure deposit business. Structural financial product is one of the innovation of the market business of financial derivative products in our country, which brings new profit growth point to the investment organization. With its unique innovation, professional and flexible characteristics, it has become a new star in our country's financial market, and has attracted more and more attention from individual investors and big commercial banks. It can be seen that structural financial products are an important financial innovation tool for the global financial management market. So far, although the time of development of structured finance products is relatively long, the research results of many scholars mainly focus on the research on how to price the products. In the domestic market, because of the time of introduction of structural financial products, the awareness of this product is not sufficiently detailed, so far enough attention has not been paid to the academic circles. This is mainly due to the short time of the introduction of structural financial products in China, the immature capital market, and many problems in the aspects of flow and design. For example, the market of various financial derivative products is not perfect, the design innovation level of the product itself is limited, the government and the bank supervision system are not perfect, the professional level of the staff is not good, etc. will restrict its development. So how to solve these problems more efficiently will play an important theoretical and practical significance for the smooth development of our structural financial products. Therefore, in the light of the present situation of our country, this paper draws on the international development experience and deeply studies the international development experience, so that the structural financial products can be developed smoothly. In view of the innovation of this paper, we mainly have the following three aspects: Firstly, based on the domestic and ever-increasing demand of financial wealth management products, this paper studies the structural financial products with bright future and flexible design. The collection of data has systematically summarized the performance of structural financial products in all aspects of the market, and analyzed the problems found, and carried out the research from several angles. Second, by studying the development of structural financial products in the international market (in Europe and America, the Asia-Pacific two markets), summarize the lessons and draw lessons Enlightenment. On the basis of the above research, it is pointed out that it has the development of strong operability. It is suggested that, compared with the traditional wealth management product research, as much as possible, the complicated formula is used as much as possible, and the comparison analysis is used to draw the conclusion that the research method is compared with the traditional wealth management product research method. With the vigorous development of our country's wealth management business, the structural financial products have been paid more attention to their professional and flexible characteristics, and have become a new growth point of the bank and have huge future. The development space, whether from the investor's financial needs and the banking financial institution's business innovation demand, or the domestic and foreign bank financial institutions competition, we should all be deep in the structural financial products In this paper, the paper introduces the relevant knowledge of structural financial products, which makes the readers have certain knowledge in this field. This paper focuses on the problems existing in China's structural financial products, sums up and analyzes the reasons, and studies the development situation of the structural financial products in the world, and draws on the development experience of the mature market, so that our country has to promote the structural financial products. In view of the above research, this paper gives the development status of structural financial products in China, and puts forward some suggestions to adapt to our country's basic national conditions. The basic framework of the article is that the first part is an introduction, mainly from the background and significance of the structural financial product research, the research status of the structural financial products at home and abroad is summarized, the second part is the description of the structural financial product systematically. The third part analyzes the common problems and causes in the development of structural financial products. The fifth part looks forward to the future development trend of China's structural finance and puts forward some suggestions.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2
【共引文献】
相关硕士学位论文 前8条
1 孙德华;我国商业银行个人理财业务研究[D];河北大学;2013年
2 李燕飞;我国商业银行个人理财服务质量影响因素研究[D];西北农林科技大学;2013年
3 周昕xY;银行结构化理财产品定价分析[D];清华大学;2013年
4 谭婧然;我国商业银行人民币理财产品收益率影响因素研究[D];中国海洋大学;2013年
5 黄钊钊;银行理财产品收益率与实体经济景气程度相关性研究[D];厦门大学;2014年
6 吴盈盈;国内结构性理财产品定价及收益研究[D];首都经济贸易大学;2014年
7 张必成;我国商业银行结构化理财产品设计研究[D];内蒙古大学;2014年
8 韩萌;基于VaR的结构性理财产品市场风险管理研究[D];广东财经大学;2013年
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