【摘要】：隨著我國金融政策的放開和國民財(cái)富的不斷積累,國內(nèi)理財(cái)產(chǎn)品的發(fā)行和購買呈現(xiàn)出井噴式增長,金融產(chǎn)品創(chuàng)新也層出不窮。其中結(jié)構(gòu)性理財(cái)產(chǎn)品作為一種高風(fēng)險(xiǎn)、高收益的投資品種,立刻在其他產(chǎn)品中脫穎而出,并被眾多追求高回報(bào)的投資者追捧。但是由于結(jié)構(gòu)性理財(cái)產(chǎn)品設(shè)計(jì)不成熟,銀行風(fēng)險(xiǎn)管理的能力不足以及國內(nèi)金融市場(chǎng)的不完善等都加深了其投資風(fēng)險(xiǎn),導(dǎo)致市場(chǎng)上出現(xiàn)的零負(fù)收益的理財(cái)產(chǎn)品基本上都為結(jié)構(gòu)性理財(cái)產(chǎn)品。此外,盡管國內(nèi)結(jié)構(gòu)性理財(cái)產(chǎn)品的發(fā)行數(shù)量和規(guī)模每年都在增長,但是絕大部分的市場(chǎng)份額都被外資銀行占領(lǐng),中資銀行只能獲取極低的市場(chǎng)份額和利潤,產(chǎn)品研發(fā)能力不足是很重要的原因,但同時(shí)營銷服務(wù)上的短板也是不容忽視的原因之一。結(jié)構(gòu)性產(chǎn)品中一般都會(huì)蘊(yùn)含一些較為復(fù)雜的結(jié)構(gòu),若投資者缺乏一定的金融知識(shí),則很難全面地分析出其中蘊(yùn)含的收益和風(fēng)險(xiǎn)。多數(shù)情況下,投資者進(jìn)行投資的時(shí)候,除了要考慮產(chǎn)品本身的風(fēng)險(xiǎn),還會(huì)將投資活動(dòng)中的很多過程風(fēng)險(xiǎn)也考慮在內(nèi),并會(huì)結(jié)合自身的風(fēng)險(xiǎn)偏好、資產(chǎn)流動(dòng)性要求等做出最終的投資決策。投資者的購買過程風(fēng)險(xiǎn)具體包括哪些內(nèi)容、是如何產(chǎn)生的以及對(duì)其購買意愿會(huì)產(chǎn)生什么樣的影響,這都是本文試圖研究的內(nèi)容。本文以結(jié)構(gòu)性理財(cái)產(chǎn)品的購買意愿為研究起點(diǎn),通過構(gòu)建感知風(fēng)險(xiǎn)模型來研究顧客的風(fēng)險(xiǎn)偏好、感知風(fēng)險(xiǎn)以及購買意愿這三者之間的關(guān)系。本文首先對(duì)結(jié)構(gòu)性理財(cái)產(chǎn)品的發(fā)展現(xiàn)狀進(jìn)行了分析,并對(duì)結(jié)構(gòu)性理財(cái)產(chǎn)品的設(shè)計(jì)問題和營銷服務(wù)問題進(jìn)行了深入探討。通過對(duì)銀行的客戶和理財(cái)專家進(jìn)行訪談?wù){(diào)研,總結(jié)出投資者在結(jié)構(gòu)性理財(cái)產(chǎn)品投資中比較擔(dān)心的一些問題,通過對(duì)這些問題進(jìn)行分析和排序,最終得出顧客感知風(fēng)險(xiǎn)的五個(gè)基本維度:產(chǎn)品風(fēng)險(xiǎn)、隱私風(fēng)險(xiǎn)、社會(huì)心理風(fēng)險(xiǎn)、時(shí)間風(fēng)險(xiǎn)和服務(wù)風(fēng)險(xiǎn)。然后以這五個(gè)風(fēng)險(xiǎn)維度為基礎(chǔ),構(gòu)建了結(jié)構(gòu)性理財(cái)產(chǎn)品的感知風(fēng)險(xiǎn)模型,并提出研究假設(shè)。本文采用李克特五點(diǎn)量表對(duì)各變量進(jìn)行測(cè)量,并采用問卷調(diào)研收集數(shù)據(jù)。通過SPSS對(duì)數(shù)據(jù)進(jìn)行分析,結(jié)果顯示,感知風(fēng)險(xiǎn)對(duì)購買意愿有顯著的負(fù)向影響,背景變量中的購買經(jīng)驗(yàn)和收入水平也對(duì)感知風(fēng)險(xiǎn)和購買意愿有一定程度影響。最后本文根據(jù)研究結(jié)論,以降低感知風(fēng)險(xiǎn)為出發(fā)點(diǎn),對(duì)銀行和投資者都提出了相應(yīng)的建議。
[Abstract]:With the opening of China's financial policy and the accumulation of national wealth, the issuance and purchase of domestic financial products show a blowout growth, and the innovation of financial products is emerging in endlessly. Structural wealth management products as a high-risk, high-yield investment products, immediately stand out in other products, and is pursued by many investors pursuing high returns. However, due to the immature design of structured financial management products, the insufficient ability of banks to manage risks and the imperfections of domestic financial markets, all of them have deepened their investment risks. Leading to zero negative returns in the market financial products are basically structured financial products. In addition, although the number and scale of issuance of domestic structured financial products are increasing every year, most of the market share is occupied by foreign banks. Chinese banks can only obtain very low market share and profits. The lack of R & D capability is an important reason, but at the same time, the short board of marketing service is one of the reasons that can not be ignored. Structural products usually contain some complex structures. If investors lack certain financial knowledge, it is difficult to fully analyze the benefits and risks contained in them. In most cases, when investors invest, in addition to taking into account the risks of the product itself, they also take into account many of the process risks in their investment activities, and combine their own risk preferences. Assets liquidity requirements to make the final investment decision. Investors' purchase process risk includes what content, how to produce and what kind of influence on their purchase intention, which is the content of this paper. Based on the purchase intention of structured financial products, this paper studies the relationship among customer's risk preference, perceived risk and purchase intention by constructing a perceived risk model. In this paper, the development status of structured financial products is analyzed, and the design and marketing services of structural financial products are discussed. Through the interview and investigation of bank customers and financial experts, we summarize some problems that investors are worried about in the investment of structured financial products, and through the analysis and ranking of these problems, Finally, five basic dimensions of customer perceived risk are obtained: product risk, privacy risk, psychosocial risk, time risk and service risk. Then, based on the five risk dimensions, the perceived risk model of structured financial products is constructed, and the research hypotheses are put forward. In this paper, we use the Richter five-point scale to measure the variables and collect the data by questionnaire. The data are analyzed by SPSS. The results show that perceived risk has a significant negative effect on purchase intention, and purchase experience and income level in background variable also have some influence on perceived risk and purchase intention to some extent. Finally, based on the conclusion of the study, this paper puts forward corresponding suggestions to banks and investors to reduce perceived risk.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.5

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