联系我们

论文查询结果	返回搜索

论文编号：	356
作者编号：	052092
上传时间：	2008/1/5 14:15:02
中文题目：	中国商业银行开展金融衍生产品业
英文题目：	Research on China Commercial B
指导老师：	肖沂
中文关键字：	金融衍生产品市场 推进次序 中
英文关键字：	Financial Derivatives Market/
中文摘要：	随着我国金融改革进程的加快，国内市场各方对金融衍生产品的需求日益迫切，国内商业银行经营环境不断变化，银行竞争日趋激烈，2006年12月中国加入WTO的五年过渡期结束了，外资银行的加入更加剧了市场竞争。首先，随着我国外汇账户管理政策不断放松及人民币汇率弹性增强，自2005年7月21日人民币汇改以来，人民币兑美元汇率一路高歌猛进，人民币兑美元汇率不断创出新高。金融机构、企业和居民个人持有的大量外汇金融资产面临的风险敞口头寸十分巨大，利用外汇衍生产品防范汇率风险、实现资产保值已成为市场各方迫切需求。其次，利率方面，在经历了8次降息以后，2004到2007年央行又连续7次加息，我国利率市场化改革进程不断加快，利率波动的频率和幅度将逐步提高，利率的期限结构也更复杂，客户必然对利率衍生产品需求逐步扩大。发展金融衍生产品业务已成为我国商业银行加快金融创新、规避金融风险的战略性选择。本文在回顾我国商业银行开展金融衍生业务历程的基础上总结了初期的失败原因，结合当今的金融衍生产品业务现状找出发展金融衍生产品的制约因素以及中国金融衍生产品市场发展的特殊性及障碍。并认为由于行业竞争进一步加剧，金融监管当局对表内业务的监管不断地加强，国内商业银行传统业务利润率已大大缩水，盈利空间不断被挤压。客观上要求商业银行必须突破传统业务的局限，将业务重点逐渐转向技术含量高、附加值高的表外业务。目前，表外业务已成为金融机构的主要利润来源和竞争焦点，许多外资银行已瞄准了中国的金融衍生品市场，中资银行如果不尽快拓宽业务范围，发展金融衍生业务，将会逐步丧失市场竞争力，使自身的生存状况更加艰难。然后总结和借鉴了各国金融衍生产品的发展过程，探讨开发和建立中国特色的金融衍生产品市场， 并试提出推动我国商业银行发展金融衍生业务的战略构想。认为应尽快培育适于金融衍生业务发展的外部环境，加快汇率、利率市场化。完善市场风险监管法律制度，转变监管理念。建议金融衍生产品的推出应循序渐进，发展金融衍生产品交易应科学地安排顺序，坚持由简单到复杂、从低级到高级、从低风险到高风险的总体原则来进行。还要加强内控建设，提高风险管理能力。因为金融衍生品市场是风险性极高的市场，控制风险是商业银行开展金融衍生品业务活动的关键所在。开发或引进金融衍生产品的定价系统及国际上成熟的衍生产品电子交易系统，加强专业人才储备和培养，以提高我国商业银行为了更进一步提升金融衍生品的核心竞争力。
英文摘要：	With our finance innovation are deepening and expediting, requirements from all related parties of domestic market for financial derivatives are increasing. Because domestic commercial bank’s operating environment is changing frequently and market competition is increasingly acute. Furthermore, effective December 2006, with the five-year grace period for protecting China after joined WTO is finished, foreign invested banks began to enter into our domestic market, it even worse the competition. At first, as our control policies on foreign currencies account are continually loosen and flexibility of CNY exchange rate is boost up. Since July 21, 2005, exchange rate renovation effective, exchange rate of CNY vs. USD is keeping to create new high record. Financial institution and enterprise, as well as residents are facing high risk as holding huge USD cash, all parties urge to employ financial derivatives to prevent and hedge exchange rate risk. Secondly, with regard to Interest rate, after a chain of cutting interest for eight times, from 2004 to 2007, PBOC starts to continually raise interest. Our government decides to accelerate interest renovation’s step, with frequency and extent of interest fluctuations are increasing heighten, interest’s period becomes more complexity, absolutely lead to client’s demands for interest related derivative are significantly expanding. Development of financial derivative is already being a strategic choice for expediting financial innovation and evading financial risk. The essay starts from reviewing the history of China on developing financial derivatives and summarize failure reasons. Integrated with current situation, the essay endeavors to find obstacles which are restricting financial derivatives market development in China. And I think that owing to market competition is increasingly acute, government continually heighten control on businesses in balance sheet, profit earned from traditional banking service is obviously shrank due to margin is extruded. Objectively request our domestic commercial bank to break the obstacles for merely dealing with traditional transactions, gradually move key point of business to off balance sheet business that needs high technology but high value. More and more finance institutions begin to focus on off balance sheet business because it contributes huge profit to banks. Currently, many foreign invested banks begin to aim at China financial derivatives market, if domestic commercial banks still not expand its business scope to develop financial derivatives, they will be deemed to lose the market and make themselves have more difficulties for living in the market. After reviewing other countries’ developing history of financial derivatives, we summarized valuable experiences for further discussion on developing and establishing Chinese character’s financial derivatives market, and try to design and set up a vision to motivate domestic commercial bank to develop financial derivatives. Recommend cultivating proper environment as soon as possible, which is deemed to be suitable for developing financial derivatives market, includes exchange rate and interest rate renovation, consummate regulations and laws on controlling market risk and change ideas on supervision and administration. Suggest releasing financial derivatives products step by step, developing business should be in scientific order, insisting stable principle to develop financial derivatives, i.e. simplification to complexity, junior to superior, low risk to high risk. And emphasizing to enhance internal control and improving ability to manage market risk because financial derivatives are always with extremely high risk. Hence, controlling risk becomes a gut issue for domestic commercial banks when develop financial derivatives. In order to heighten our core competition on product, we should devise or import advanced product pricing system and matured electronic trading system which is prevailing in international market and foster professional talents.
查看全文：	预览  下载(下载需要进行登录)