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  本文關(guān)鍵詞： 投資組合 貨幣政策 個人理財(cái)產(chǎn)品 加息影響程度　出處：《沈陽大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：從2010年10月份開始至2011年7月份，面對通貨膨脹的壓力，央行進(jìn)行了五次加息。加息使商業(yè)銀行和其它金融機(jī)構(gòu)對中央銀行的借貸成本提高，進(jìn)而迫使市場的利息也進(jìn)行增加，對各個投資領(lǐng)域都會產(chǎn)生影響，個人理財(cái)也應(yīng)該跟隨加息的步調(diào)適當(dāng)調(diào)整。本文通過從宏觀貨幣政策對微觀個人理財(cái)者影響的角度進(jìn)行研究，分析央行加息對個人理財(cái)投資組合的影響，為投資者在加息情況下進(jìn)行合理的資產(chǎn)配置提供決策依據(jù)，并有助于理財(cái)機(jī)構(gòu)為客戶在加息背景下設(shè)計(jì)個人理財(cái)產(chǎn)品，也有利于央行更好的掌握利率調(diào)控對居民理財(cái)?shù)男?yīng)。 通過研究個人理財(cái)?shù)哪繕?biāo)和影響因素，在理論分析加息對個人理財(cái)投資影響的基礎(chǔ)上，發(fā)放調(diào)查問卷，對收集的數(shù)據(jù)進(jìn)行實(shí)證分析。首先分析了加息對個人理財(cái)投資組合的收益、期限、總金額、結(jié)構(gòu)和風(fēng)險(xiǎn)方面的影響，表明加息使大部分投資者的投資組合收益略有增長，期限傾向于中期，，投資總金額傾向于增加，股票風(fēng)險(xiǎn)增大，投資者在組合中傾向于減少股票投資，增加儲蓄和銀行理財(cái)產(chǎn)品；然后通過實(shí)證分析不同的投資組合、不同利率關(guān)注度的投資者、不同收入水平的投資者受加息的影響，證明了“儲蓄+基金+銀行理財(cái)產(chǎn)品”組合模式收益最好，利率關(guān)注程度越高的投資者收益增加的可能性越大，收入水平越高的投資者受加息影響越大；最后用模糊綜合評價(jià)的方法分析了加息對個人理財(cái)投資組合的綜合影響程度，得出央行加息對個人理財(cái)投資組合有一定影響的結(jié)論。 通過理論和實(shí)證分析后，本文提出了個人理財(cái)投資組合如何應(yīng)對央行加息的對策建議：投資者應(yīng)該增加受益于加息的理財(cái)品種、配置對沖利率風(fēng)險(xiǎn)的投資組合、巧妙搭配理財(cái)期限并且要關(guān)注經(jīng)濟(jì)形勢和貨幣政策。整個研究證明了央行加息會對個人理財(cái)投資組合產(chǎn)生影響，投資者應(yīng)該關(guān)注加息并適時對自己的投資組合做出調(diào)整，合理進(jìn)行資產(chǎn)配置。
[Abstract]:From October 2010 to July 2011, the central bank raised interest rates five times in the face of inflationary pressures, which increased the cost of lending to central banks by commercial banks and other financial institutions. In turn, the market interest rate will be forced to increase, which will have an impact on all sectors of investment. Personal finance should also follow the pace of interest rate rise appropriate adjustment. This paper from the perspective of macro-monetary policy on the impact of micro-personal financial managers to analyze the impact of central bank interest rate increase on the portfolio of personal finance. For investors in the case of a reasonable allocation of assets in the case of decision-making basis, and help financial institutions for customers in the context of interest rate increase in the design of personal financial products. It also helps the central bank better grasp the effect of interest rate regulation on financial management of residents. Through the study of personal financial objectives and influencing factors, on the basis of theoretical analysis of the impact of interest rate increase on personal financial investment, a questionnaire was issued. Empirical analysis of the collected data. Firstly, this paper analyzes the impact of interest rate increase on the return, duration, total amount, structure and risk of personal financial investment portfolio. It shows that the interest rate increases the portfolio income of most investors slightly, the term tends to the medium term, the total amount of investment tends to increase, the stock risk increases, and the investors tend to reduce the stock investment in the portfolio. Increasing savings and banking products; Then through empirical analysis of different portfolios, different interest rates of attention of investors, different income levels of investors affected by interest rate increases. It proves that the portfolio model of "savings fund bank wealth management product" has the best return, the higher the interest rate is, the more likely it is to increase the return of investors, and the higher the income level is, the greater the impact of interest rate increase will be on the investors with higher income level. Finally, the paper analyzes the comprehensive influence of raising interest rate on personal financial investment portfolio by fuzzy comprehensive evaluation method, and draws the conclusion that the central bank interest rate increase has certain influence on personal financial management investment portfolio. Through theoretical and empirical analysis, this paper puts forward the personal financial portfolio how to deal with the central bank interest rate rise countermeasures: investors should increase the benefit of interest rate increase in financial products. Allocation of a portfolio to hedge interest rate risk, a clever match of financial management periods and attention to the economic situation and monetary policy. The whole study has proved that central bank interest rate increases have an impact on personal financial portfolios. Investors should focus on raising interest rates and timely adjustment of their portfolios, rational asset allocation.
【學(xué)位授予單位】：沈陽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.48

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