【摘要】：自中國(guó)光大銀行在2004年首推外幣結(jié)構(gòu)型理財(cái)業(yè)務(wù)以后，我國(guó)銀行業(yè)迎來(lái)了結(jié)構(gòu)性理財(cái)產(chǎn)品的發(fā)展。結(jié)構(gòu)性理財(cái)產(chǎn)品通過(guò)金融衍生合約將固定收益證券和掛鉤標(biāo)的資產(chǎn)聯(lián)系在一起，其高收益性和設(shè)計(jì)上的靈活性吸引了眾多投資者。 銀行結(jié)構(gòu)性理財(cái)產(chǎn)品在我國(guó)雖起步較晚，但發(fā)展速度驚人，短短幾年的時(shí)間里，發(fā)行數(shù)量和規(guī)模都得到了迅猛增長(zhǎng)，已然成為銀行新的利潤(rùn)增長(zhǎng)點(diǎn)。隨著居民財(cái)富的增加，投資者出現(xiàn)了多樣化的理財(cái)需求，傳統(tǒng)的債券、股票等理財(cái)產(chǎn)品已不能滿足投資者的資產(chǎn)保值增值需求。結(jié)構(gòu)性理財(cái)產(chǎn)品的結(jié)構(gòu)特點(diǎn)表明該類產(chǎn)品具有很大的設(shè)計(jì)空間，在理論上可以創(chuàng)造無(wú)數(shù)個(gè)不同的結(jié)構(gòu)性產(chǎn)品，未來(lái)?yè)碛芯薮蟮陌l(fā)展空間。 2008年年初不斷出現(xiàn)的結(jié)構(gòu)性理財(cái)產(chǎn)品零收益事件改變了其一直以來(lái)的高收益率形象，也使得投資者開始理性看待該類產(chǎn)品。我國(guó)的結(jié)構(gòu)性理財(cái)產(chǎn)品市場(chǎng)雖然發(fā)展迅速但并不完善，產(chǎn)品缺少創(chuàng)新，，同質(zhì)化問(wèn)題嚴(yán)重。商業(yè)銀行內(nèi)部沒(méi)有完善的內(nèi)部控制和風(fēng)險(xiǎn)管理機(jī)制，難以通過(guò)各種市場(chǎng)交易對(duì)沖產(chǎn)品風(fēng)險(xiǎn)。解決各種問(wèn)題的關(guān)鍵在于提高產(chǎn)品的個(gè)性化水平、加強(qiáng)商業(yè)銀行的風(fēng)險(xiǎn)控制能力和產(chǎn)品定價(jià)能力。 本文在對(duì)結(jié)構(gòu)性理財(cái)產(chǎn)品基本內(nèi)涵和發(fā)展?fàn)顩r進(jìn)行概述的基礎(chǔ)上，按照不同標(biāo)準(zhǔn)對(duì)產(chǎn)品進(jìn)行了分類。第二部分從設(shè)計(jì)流程、設(shè)計(jì)要素以及風(fēng)險(xiǎn)收益特征等方面分析了結(jié)構(gòu)性理財(cái)產(chǎn)品的設(shè)計(jì)原理。第三部分針對(duì)產(chǎn)品設(shè)計(jì)中產(chǎn)品定價(jià)這一關(guān)鍵環(huán)節(jié)，研究了產(chǎn)品定價(jià)的基本原理和模型。最后，指出我國(guó)結(jié)構(gòu)性理財(cái)產(chǎn)品市場(chǎng)上存在的問(wèn)題，有針對(duì)性地提出一些發(fā)展建議。
[Abstract]:Since Everbright Bank of China first launched the foreign currency structured financial management business in 2004, China's banking industry has ushered in the development of structured financial products. Structured wealth management products link fixed income securities to underlying assets through financial derivatives contracts, and their high profitability and design flexibility have attracted a large number of investors. Although the bank's structural financial products started late in our country, the development rate is amazing. In a few short years, the quantity and scale of issuance have been increasing rapidly, which has become the new profit growth point of banks. With the increase of residents' wealth, investors have diversified financial needs. Traditional financial products such as bonds, stocks and other financial products can no longer meet the needs of investors to maintain and increase the value of assets. The structural characteristics of structured financial products show that this kind of products have a lot of design space, and can create countless different structural products in theory. There is great room for development in the future. The recurring zero return events of structured wealth management products in early 2008 have changed its image of high yield and made investors start to view these products rationally. Although the market of structured financial products in China is developing rapidly, it is not perfect, the product lacks innovation, and the homogeneity problem is serious. There is no perfect internal control and risk management mechanism in commercial banks, so it is difficult to hedge product risk through various market transactions. The key to solve all kinds of problems lies in improving the individuation level of products and strengthening the risk control ability and product pricing ability of commercial banks. On the basis of summarizing the basic connotation and development of structured financial products, this paper classifies the products according to different standards. The second part analyzes the design principle of structured financial products from the aspects of design process, design elements and risk and income characteristics. In the third part, the basic principle and model of product pricing are studied according to the key link of product pricing. Finally, the paper points out the problems existing in the market of structured financial products in China, and puts forward some suggestions for development.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.33

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 庹波;匯豐銀行“匯聚中華”結(jié)構(gòu)性理財(cái)產(chǎn)品收益風(fēng)險(xiǎn)分析[D];蘭州大學(xué);2013年

本文編號(hào)：2129572