發(fā)布時(shí)間：2018-07-05 03:24

  本文選題：結(jié)構(gòu)型理財(cái)產(chǎn)品 + 預(yù)期收益率�。� 參考：《南京農(nóng)業(yè)大學(xué)》2015年碩士論文

【摘要】：隨著中國(guó)經(jīng)濟(jì)的快速發(fā)展,國(guó)民生產(chǎn)總值的穩(wěn)步提高,居民收入水平的急劇增長(zhǎng),人們開(kāi)始關(guān)注財(cái)富管理。越來(lái)越多的投資者不再僅限于銀行存款轉(zhuǎn)而投向多元化的金融資產(chǎn)。銀行理財(cái)產(chǎn)品以其穩(wěn)健的投資風(fēng)格、廣泛的投資領(lǐng)域和較高的收益率,受到了大眾投資者的青睞。結(jié)構(gòu)型理財(cái)產(chǎn)品作為一種新型的金融理財(cái)產(chǎn)品,在近兩年得到飛速發(fā)展,商業(yè)銀行紛紛推出結(jié)構(gòu)型理財(cái)產(chǎn)品,但是投資者對(duì)其了解甚少,主要根據(jù)預(yù)期收益率進(jìn)行產(chǎn)品選擇,同時(shí)銀行也主要根據(jù)預(yù)期收益率進(jìn)行宣傳。因而本文通過(guò)研究結(jié)構(gòu)型理財(cái)產(chǎn)品預(yù)期收益率的影響因素及其影響程度能很好的為投資者提供理論和數(shù)據(jù)支持,幫助投資者更好的進(jìn)行產(chǎn)品選擇。本文通過(guò)對(duì)個(gè)人理財(cái)業(yè)務(wù)的研究深入到對(duì)銀行結(jié)構(gòu)型理財(cái)產(chǎn)品的研究。首先從國(guó)內(nèi)外學(xué)者的研究著手,對(duì)相關(guān)理論進(jìn)行了回顧;其次對(duì)商業(yè)銀行理財(cái)產(chǎn)品進(jìn)行相關(guān)研究,從產(chǎn)品概念界定、理財(cái)產(chǎn)品分類到理財(cái)產(chǎn)品發(fā)展現(xiàn)狀分析;然后對(duì)銀行理財(cái)產(chǎn)品收益率影響因素進(jìn)行理論分析,以結(jié)構(gòu)型理財(cái)產(chǎn)品為研究對(duì)象,從宏觀因素和微觀因素深入展開(kāi)分析;最后通過(guò)實(shí)證分析來(lái)驗(yàn)證。本文以2013年至2014年發(fā)行的結(jié)構(gòu)型理財(cái)產(chǎn)品為樣本,根據(jù)產(chǎn)品信息的完整程度,共選取了 894款產(chǎn)品為研究對(duì)象,建立回歸模型。通過(guò)相關(guān)性分析、因子分析及回歸分析,得到以下結(jié)論:市場(chǎng)利率和結(jié)構(gòu)型產(chǎn)品預(yù)期收益率成正比,而綜合A股市場(chǎng)回報(bào)率和預(yù)期收益率之間成反比;從產(chǎn)品本身可以得出,掛鉤標(biāo)的對(duì)預(yù)期收益率的影響最大,掛鉤標(biāo)的主要為利率、黃金、外匯、股指,預(yù)期收益率逐漸提高;結(jié)構(gòu)型理財(cái)產(chǎn)品的預(yù)期收益率隨流動(dòng)性增加而減小,有質(zhì)押性的產(chǎn)品收益率要低于沒(méi)有質(zhì)押性的;外匯風(fēng)險(xiǎn)、保本類型、收益類型以及管理期限等均對(duì)結(jié)構(gòu)型理財(cái)產(chǎn)品的預(yù)期收益率有一定的影響;至于不同性質(zhì)銀行發(fā)行的理財(cái)產(chǎn)品以及理財(cái)起始資金大小對(duì)預(yù)期收益率沒(méi)有顯著影響。通過(guò)理論與實(shí)證分析,得出影響商業(yè)銀行結(jié)構(gòu)型理財(cái)產(chǎn)品預(yù)期收益率的主要因素,為投資者的投資決策提供了參考意見(jiàn)。投資者選擇產(chǎn)品進(jìn)行投資時(shí)不能只注意預(yù)期收益率,更要了解產(chǎn)品的設(shè)計(jì)類型,結(jié)合自身對(duì)流動(dòng)性資金的需求以及風(fēng)險(xiǎn)承受能力選擇合適的產(chǎn)品進(jìn)行投資。
[Abstract]:With the rapid development of Chinese economy, the steady increase of gross national product and the rapid increase of residents' income, people begin to pay attention to wealth management. A growing number of investors are no longer limited to bank deposits and switch to diversified financial assets. Bank wealth management products are favored by the masses of investors for their sound investment style, wide investment field and high yield. As a new type of financial management products, structural financial products have been developed rapidly in the past two years. Commercial banks have introduced structured financial products one after another, but investors know little about them and mainly choose products according to the expected rate of return. At the same time, the banks also mainly based on the expected return on publicity. Therefore, through the study of the expected rate of return of structured financial products and the impact of factors and the degree of influence for investors to provide good theoretical and data support, to help investors better choice of products. Through the research of personal finance business, this paper goes deep into the research of bank structured financial products. Firstly, it reviews the relevant theories from the research of domestic and foreign scholars. Secondly, it studies the financial products of commercial banks, from the definition of product concept, the classification of financial products to the analysis of the current situation of financial products development. Then the paper makes a theoretical analysis of the factors affecting the return rate of banking financial products, taking structured financial products as the research object, and carries out in-depth analysis from macro factors and micro factors; finally, it is verified by empirical analysis. Based on the structural financial products issued from 2013 to 2014, according to the integrity of the product information, a total of 894 products were selected as the research object, and a regression model was established. Through correlation analysis, factor analysis and regression analysis, the following conclusions are obtained: the market interest rate is directly proportional to the expected rate of return of structural products, while the return rate of comprehensive A-share market is inversely proportional to the expected rate of return; The hooks have the greatest influence on the expected return rate. The main hooks are interest rate, gold, foreign exchange, stock index and expected return rate. The expected return rate of structured financial products decreases with the increase of liquidity. The yield of the pledged product is lower than that of the one without the pledge, the foreign exchange risk, the type of capital preservation, the type of income and the management period all have certain influence on the expected rate of return of the structured financial products. As for the financial products issued by different banks and the size of the initial wealth management funds, there is no significant effect on the expected return. Through theoretical and empirical analysis, this paper draws the main factors that affect the expected rate of return of structured financial products of commercial banks, and provides a reference for investors to make investment decisions. Investors should not only pay attention to the expected rate of return, but also know the design type of the product, and choose the right product to invest with their own demand for liquidity funds and risk bearing ability.
【學(xué)位授予單位】：南京農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.2

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1 俞漪;商業(yè)銀行結(jié)構(gòu)型理財(cái)產(chǎn)品收益率研究[D];南京農(nóng)業(yè)大學(xué);2015年

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本文編號(hào)：2098708