發(fā)布時(shí)間：2018-08-20 07:30

【摘要】：自二十一世紀(jì)以來(lái)，金融產(chǎn)品創(chuàng)新的浪潮席卷著整個(gè)國(guó)內(nèi)銀行業(yè)，各商業(yè)銀行爭(zhēng)相從傳統(tǒng)的存貸款業(yè)務(wù)模式轉(zhuǎn)變?yōu)橘Y產(chǎn)、負(fù)債和中間業(yè)務(wù)三足鼎立的業(yè)務(wù)模式，并踴躍推出新型創(chuàng)新產(chǎn)品以提升自身的市場(chǎng)競(jìng)爭(zhēng)力。 金融創(chuàng)新具有兩面性，，它既有風(fēng)險(xiǎn)防范功能，同時(shí)也會(huì)創(chuàng)造出新的潛在風(fēng)險(xiǎn)。即便多數(shù)銀行內(nèi)部已建成較龐大且復(fù)雜的風(fēng)險(xiǎn)管控體系，但產(chǎn)品創(chuàng)新帶來(lái)的新風(fēng)險(xiǎn)就如同新型網(wǎng)絡(luò)病毒，需要更高技術(shù)含量、更新型的殺毒軟件方能控制。引進(jìn)國(guó)外金融創(chuàng)新的背后是否也學(xué)會(huì)了風(fēng)險(xiǎn)的定價(jià)和管控技術(shù)？產(chǎn)品創(chuàng)新伴隨而來(lái)的潛在風(fēng)險(xiǎn)與它初衷要規(guī)避的風(fēng)險(xiǎn)之間，誰(shuí)起著決定性的作用？我國(guó)商業(yè)銀行金融產(chǎn)品創(chuàng)新與銀行風(fēng)險(xiǎn)之間有何種關(guān)系？到目前為止這些都尚未為人知曉。 在理論部分，本論文從實(shí)際情況出發(fā)，在現(xiàn)有理論基礎(chǔ)上界定了金融產(chǎn)品創(chuàng)新的概念和范圍，同時(shí)，借助CAPM模型中的貝塔系數(shù)衡量銀行投資風(fēng)險(xiǎn)，作為銀行整體風(fēng)險(xiǎn)的替代變量。繼而，本論文基于委托代理、風(fēng)險(xiǎn)中介等理論基礎(chǔ)，深入分析了銀行產(chǎn)品創(chuàng)新中風(fēng)險(xiǎn)再創(chuàng)造的原因，并提出了本文的核心假設(shè)：我國(guó)商業(yè)銀行的金融產(chǎn)品創(chuàng)新加大了銀行的整體風(fēng)險(xiǎn)。 在實(shí)證部分，本文分別選用“中間類業(yè)務(wù)產(chǎn)品創(chuàng)新度”和“金融產(chǎn)品創(chuàng)新度”作為衡量銀行金融產(chǎn)品創(chuàng)新水平的指標(biāo)，利用面板模型回歸分析，結(jié)果一致地證實(shí)了理論部分所提出的假設(shè)：商業(yè)銀行的金融產(chǎn)品創(chuàng)新水平與銀行的整體風(fēng)險(xiǎn)之間存在顯著的正向相關(guān)性。在此基礎(chǔ)上，提出本文觀點(diǎn)：國(guó)內(nèi)商業(yè)銀行的產(chǎn)品創(chuàng)新發(fā)展仍處于初級(jí)階段，創(chuàng)新過(guò)程中的風(fēng)險(xiǎn)定價(jià)和風(fēng)險(xiǎn)管控能力不足。 在結(jié)論部分，本論文針對(duì)國(guó)內(nèi)商業(yè)銀行和銀監(jiān)會(huì)提出一些微薄的建議：應(yīng)充分重視隱藏在金融創(chuàng)新背后的潛在風(fēng)險(xiǎn)問(wèn)題，在學(xué)習(xí)國(guó)外產(chǎn)品創(chuàng)新技術(shù)的同時(shí)要重點(diǎn)提升創(chuàng)新過(guò)程風(fēng)險(xiǎn)管控的能力，避免創(chuàng)新熱潮帶給銀行過(guò)多不穩(wěn)定因素。
[Abstract]:Since the 21 century, the wave of financial product innovation has swept the entire domestic banking industry, and commercial banks have changed from the traditional deposit and loan business model to a three-pronged business model of assets, liabilities and intermediate business. And actively launched new innovative products to enhance their own market competitiveness. Financial innovation has two sides, it not only has risk prevention function, but also creates new potential risk. Even if most banks have larger and more complex risk management systems in place, the new risks from product innovation are like new web viruses, requiring more technology and newer antivirus software to control. Is the introduction of foreign financial innovation behind the learning of risk pricing and control technology? Who plays a decisive role between the potential risks associated with product innovation and the risks it intended to avoid? What is the relationship between financial product innovation and bank risk in China's commercial banks? So far none of this has been known. In the theoretical part, this paper defines the concept and scope of financial product innovation on the basis of existing theories, and measures the risk of bank investment by using Beta coefficient in CAPM model. As an alternative variable of the bank's overall risk. Then, based on the theory of principal-agent and risk intermediation, this paper deeply analyzes the reasons of risk re-creation in the innovation of bank products. At the same time, the paper puts forward the core hypothesis: the innovation of financial products of Chinese commercial banks increases the overall risk of banks. In the empirical part, we choose the "innovation degree of intermediate business products" and "innovation degree of financial products" as indicators to measure the innovation level of bank financial products, and use panel model regression analysis. The results are consistent with the hypothesis proposed in the theoretical part: there is a significant positive correlation between the level of financial product innovation of commercial banks and the overall risk of banks. On this basis, this paper points out that the product innovation development of domestic commercial banks is still in the primary stage, and the risk pricing and risk control ability in the process of innovation is insufficient. In the conclusion part, this paper puts forward some modest suggestions for domestic commercial banks and CBRC: we should pay more attention to the potential risks hidden behind financial innovation. While learning foreign product innovation technology, we should focus on enhancing the ability of risk management in innovation process to avoid excessive instability factors brought by innovation boom.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.33

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本文編號(hào)：2192875