大资管时代银行理财投资运作与收益研究

发布时间：2018-03-07 23:00

本文选题：银行理财　切入点：投资方向　出处：《华侨大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着2012年资产管理政策的放开,大资管时代如约而至,自此我国的资产管理行业迎来了一轮业务创新的浪潮,资产管理行业以前所未有的速度迅猛发展。而我国社会也经过改革开放30多年的不断发展,经济实力跃居世界前列,个人和家庭收入均大幅提高,更多个人和家庭也因此能够追随大资管时代。经过大资管时代近五年的洗礼,以银行理财为代表的资产管理业务爆发式增长,目前银行理财余额接近30万亿,规模非常庞大。银行理财作为大资管时代理财的主力军,在市场中起着举足重要的作用,对其进行研究是非常有意义的。本文在大资管时代背景下首先对银行理财相关概念、理论与文献综述等进行分析;然后对银行理财投资方向和运作模式进行剖析,投资方向主要有债权投资(包括票据投资和信贷资产投资)、证券投资(包括股票投资和债券投资)和其他投资等,这些运作模式主要包括银信合作模式、资金池-资产池模式和对一模式等;接下来通过最优尺度回归和神经网络方法对收益的影响因素进行研究,并对结果进行对比分析;接着对银行理财的投资方向和运作模式对收益的影响进行分析,还通过主成分分析方法建立了综合评价函数来综合评价银行理财产品;最后选取了招行融赢银河3号理财对其投资运作进行了案例分析。本文经实证研究得到了影响收益的因素的重要性,通过最优尺度回归得到收益的影响因素的重要性依次为:收益类型、银行类型、运作模式、投资方向、发行对象、超额收益记为管理费和发行区域;由神经网络分析得出银行理财收益的影响因素的重要性依次为投资方向、运作模式、发行对象、收益类型、银行类型、超额收益记为管理费和发行区域;两种方法特别是神经网络方法得到重点研究的投资方向和运作模式对收益的影响是非常显著的,并得到其具体影响收益的结果。此外从理财收益综合评价排名前500拥有数量和综合表现高于所有理财产品均值的比例两个方面可以得到综合表现外资银行最优,农村商业银行最差;通过招商银行融赢银河3号理财产品案例分析得到伞形信托结构化理财产品投向股市具有较大风险,银行和银监部门需要对银行理财投资运作进行总结和分析,及时发现问题,对银行理财业务加强监管。
[Abstract]:With the release of 2012 asset management policy, come to the era of large information management, since China's asset management industry ushered in a round of business innovation, the asset management industry with hitherto unknown speed rapid development of our society. And also after the reform and opening up 30 years of continuous development, the economic strength among the forefront of the world, personal and family the income increased sharply, more individuals and families are therefore able to follow large information management era. After a large information management era of nearly five years of baptism, the financial asset management business as the representative of the explosive growth, the bank financial balance of nearly 30 trillion, the scale is very large. As the financial information management in the main financial times the very important role in the market, the research is very meaningful. In this era of big information management under the background of the first concepts of financial theory, and The literature review are analyzed; then the financial investment direction and operation mode are analyzed, the main direction of investment with debt investment (including investment bills and credit asset investment), securities investment (including stock investment and bonds investment and other investments), the operation mode mainly includes the bank letter of cooperation mode, the mode of capital asset pool a pool - and of a model; then through optimal scale regression and neural network method to study the influencing factors of the income, and the results were analyzed; then it analyzes the influence of investment direction and mode of operation of the financial revenue, but also by the principal component analysis method to establish the comprehensive evaluation function to evaluate the bank financial products; and finally selects the Milky Way CMB financial win No. 3 financial on the investment operation of the case study. The empirical research has been affected by income The importance is followed by optimal scaling regression to obtain the importance of the influence factors of income: the issue of income type, bank type, mode of operation, the direction of investment object, excess income recorded as management fees and distribution area; analysis of financial importance of the influence of income factors in the investment direction, mode of operation, issue income, type, type of bank by the neural network, the excess return as management fees and distribution area; two methods especially neural network methods influence the investment direction and focus on the mode of operation of income is very significant, and the specific impact of income results. In addition from the comprehensive evaluation of financial income of the top 500 the quantity and the comprehensive performance is higher than that of the two aspects of all financial products mean the proportion of foreign banks can get the optimal comprehensive performance, commercial banks in rural areas through the worst; China Merchants Bank Financial win the Milky Way No. 3 financial products get umbrella trust case analysis of structured financial products to invest in the stock market there is a higher risk of bank and the banking sector needs of financial investment operation were summarized and analyzed, found problems in a timely manner to the banking business to strengthen supervision.

【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.2

【参考文献】