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论文编号：	3084
作者编号：	2120092476
上传时间：	2011/5/23 22:44:41
中文题目：	构造投资组合对冲银行职工收入风险的实证研究
英文题目：	Empirical Research On Constructing Portfolios To Hedge The Income Risk Of Bank Employees
指导老师：	齐岳
中文关键字：	银行职工 收入风险 投资组合
英文关键字：	Bank employee Income risk Investment portfolio
中文摘要：	在 21世纪里，人才将是各个行业中企业之间的重要竞争资源，因此，薪酬制度已经成为现代商业银行管理的一个重要组成部分，形成了对企业内部人员有效的激励和约束。薪酬制度的设计直接关系到员工的生活水平，有效的调节了员工的工作积极性与主动性。随着我国金融对外开放的不断扩大，要在激烈的行业竞争中立于不败之地，必须提高商业银行职工的满意度，吸引保留并激励优秀的金融人才，以提高商业银行的综合竞争力，使商业银行能够在经济全球化的大背景下生存并发展 。 由于金融业属于资金密集型、人才密集型行业，虽然高薪酬，但是相对同样高风险，因此，人们对于银行业职工的收入关注一直颇多。银行职工的职工工资随着激励机制的发展，已经呈现出绩效工资比重增高，基本工资、岗位工资比重下降的现象。这样职工的工资收入便与银行业绩之间形成关系，这起到约束与激励作用。 但是，一个普通银行职工面临的实际问题也相应产生了，就是银行业的发展与经济增长速度、宏观经济政策有着密切关系，因此银行业绩存在着与宏观政策面相关的一方面，存在着一定波动性，这便导致银行业的职工收入存在一定波动性。随着理财在人们生活中越来越普及，人们开始希望通过进行证券投资规避收入风险。本文将试图从投资组合管理的角度，研究合适的投资建议，使得银行职工对冲收入风险。 本论文研究思路遵循发现问题、分析问题、解决问题的原则，从银行业发展、银行职工的收入问题入手，在分析银行职工收入结构的基础上，探讨所发现的银行职工的薪酬主要构成，找出了现在银行职工关心的实际问题，并通过分析，确定了进一步研究分析的必要性与意义。进而分析了上市商业银行证券与证券市场大盘之间的相关性、中证行业指数与证券市场大盘的相关性、上市商业银行中员工工资与银行绩效的相关性、上市商业银行业绩与银行股票表现的关系，这将形成一个一步步分析问题、解决问题的思路。 最终利用马克维茨的现代投资组合理论为银行职工构造风险投资组合使其工资收入与其他投资组成的组合风对冲，达到稳定财富、对冲风险的效果。
英文摘要：	In 21century, in various industries the personnel resources will be an important competition among enterprises. Therefore, pay system has become an important part of a modern commercial bank management system. Pay system design is directly related to the living standards of employees, effective regulation of enthusiasm and initiation of the staff. With the continuous expansion of China's financial opening-up to the fierce competition in an invincible position, we need to improve employee satisfaction with commercial banks to attract, retain and motivate outstanding financial professionals to improve the comprehensive competitiveness of commercial banks, in order to enable commercial banks to the economic globalization in the context of survival. As the financial industry is capital-intensive and personnel-intensive industry, while with the high pay, but relatively with the same high risk, so people have been concerned about the much revenue in the banking. With the development of incentive mechanism, it has led to increase in the proportion of performance pay and the decrease in the proportion of basic salary, post wages. This will improve the relationship between the performance of banks and staff wages, which play the role of constraints and incentives. However, the practical problem of a bank employee is created. That is, because of the relationship between the development of the banking sector and economic growth, macroeconomic policy leading to the existence of bank performance associated with the surface of macro-policy on the one hand, there is a certain volatility, which income of workers has led to the banking industry there is some certain volatility. With the financial management is becoming increasingly popular in people's lives, people began to want to avoid income risk through investments in securities. This paper will attempt to use portfolio management method to hedge income risk of bank employees. This thesis follows the idea of discovering, analyzing and solving problems of principle. It begins with the analysis of development of bank industry, the bank's revenue problem which employees face to, the analysis of bank employees on the basis of the revenue structure, the pay of the main components found in banks. Bank employees are now identified the practical problems of concern. And further analysis is of great necessity and significance. And it further analyzes of correlation between the listed commercial banking and the market, the sector and the market, the salary of the bank employee and the bank performance, the bank performance and the bank stock performance. This will form a step by step analysis of the problem. I use Markowitz's modern portfolio theory, to make a portfolio combined with the salary income and other investment to hedge the income risk, to achieve wealth stability and risk reduction effect.
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