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论文编号：	8695
作者编号：	2120142909
上传时间：	2016/12/7 13:08:14
中文题目：	招商银行理财产品定价影响因素研究
英文题目：	The Research on the Influence Factors of Financial Products Pricing of China Merchants Bank
指导老师：	侯文华
中文关键字：	商业银行;理财产品;收益率;定价;影响因素
英文关键字：	commercial banks; financial products; expected yield; pricing; influence factors
中文摘要：	随着金融市场的迅速发展，商业银行理财产品已经成为金融市场上炙手可热的投资工具。从商业银行角度来讲，利率市场化带来的存贷利差收窄导致商业银行传统业务利润降低，理财产品发行大大提高了商业银行的中间业务收入。从投资者角度来讲，理财产品稳健的投资风格、较高的预期收益提供了良好的投资途径。理财产品收益率的定价既是商业银行综合考量投资风险、运行成本、营销推广等多方面因素的结果，又是投资者进行投资产品甄别、筛选的重要参考指标。因此了解理财产品收益率如何定价以及定价过程中哪些因素能够对理财产品收益率产生影响，对于商业银行及投资者来说具有十分重要的意义。本文选择国内个人理财业务处于领先地位的股份制商业银行——招商银行进行实证分析，通过“金葵花”理财产品数据筛选，分别从宏观、微观视角探究理财产品收益率定价的影响因素。宏观方面，本文选取存贷基准利率、同业拆借利率、居民消费指数三个宏观经济指标同招商银行理财产品收益率进行对比，发现存贷基准利率限定了理财产品收益的价格区间，且理财产品收益率同存贷基准利率、同业拆借利率的波动同向变化。居民消费价格指数在“负利率”时期对于理财产品收益影响较“正利率”时期更加明显，理财产品收益率同居民消费指数的波动同向变化。微观方面，本文选取产品的投资标的、产品要素及市场竞争因素三个方面进行分析，认为高风险投资标的、保本比例小、委托期限长、银行有提前终止合同权利、理财无质押权利的理财产品定价较高。激烈的同业竞争、潜在进入者的闯入、替代品的出现迫使商业银行进行产品转型并提高收益率以吸引客户、减少流失。与交易对手的谈判地位高、与购买者谈判地位低理财产品收益率定价较高，反之，则定价较低。根据研究结果，本文从商业银行及投资者的角度出发，提出合理化建议：商业银行应该注重产品结构的调整，利用大数据精益产品与服务，将互联网思维运用到产品管理中去。投资者应当理性看待理财产品收益率，学会运用宏观数据、产品要素信息预判产品收益趋势，同时明确理财合同隐秘条款，避免违约损失。
英文摘要：	With the rapid development of financial markets, commercial bank financial products have become one of the most popular investments. From the perspective of commercial banks, interest rate liberalization reduces the loan-deposit spreads, which results in the decrease of traditional business of commercial bank profits. Financial products distribution has greatly increased the commercial bank middle business income. From the perspective of investors, financial product’s low risk investment style and higher expected returns provide a good investment approach. Commercial bank financial products pricing include risk, cost, marketing factors. The expected yield is the important reference for investors in product selection. So the study on how to price financial products and what factors can affect the expected yield is of great significance for commercial banks and investors. This article selects China Merchants Bank to analyze, which is known for its “Sunflower” financial products. Through data analysis, the article explores the influence factors of pricing financial products from macro and micro perspective. In a macro context, key lending and deposit rates, Shanghai Interbank Offered Rate(hereinafter referred to as Shibor)and Consumer Price Index (hereinafter referred to as CPI) have impact on China Merchants Bank financial products expected yield. China’s key lending and deposit rates limit the price range of financial product’s price. The rate of financial product return shows changes in the same direction with China’s key lending and deposit rates, Shibor and CPI. For CPI, in the negative real interest rate environment, the effect is more obvious. Seeing from the micro level，this article selects investment orientation, product elements and market competition to analyze. The commercial bank financial products, which is characterized with high risk，low proportion ensure of principal, long term of entrustment, termination rights for bank, no hypothecation, have high rate of return. Faced with the intense trade competition, the new rival invades and the threats of the substitute, commercial banks are forced to start product transformation and increase return to attract customers. When commercial banks have higher bargaining position to suppliers and lower bargaining position to investors, the financial products expected yield will be high. This article from the perspective of commercial banks and investors, put forward reasonable suggestions: commercial banks should pay more attention to the adjustment of product structure, use big data to promote services and apply internet thinking to product management. Investors should be rational to the financial products expected yield，learn to use the macro data and product elements to forecast return trend, identify financial hidden terms to avoid loss.
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