我国商业银行结构性理财产品设计分析-design and analysis of structured financial products of commercial banks in china.docxVIP

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我国商业银行结构性理财产品设计分析-design and analysis of structured financial products of commercial banks in china.docx

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我国商业银行结构性理财产品设计分析-design and analysis of structured financial products of commercial banks in china

AbstractSinceChinaEverbrightBankintroducedstructuredfinancingbusinessofforeigncurrencyin2004，Chinasbankingindustryusheredindevelopmentofstructuredfinancialproducts.Structuredfinancialproductslinkedfixed-incomesecuritieswithunderlyingassetsbyfinancialderivativecontracts，thehighprofitabilityandflexibilityhasattractedmanyinvestors.ThoughstructuredfinancialproductsstartedlateinChina,itspaceofdevelopmentisastonishing.Thenumberandsizeofissuedproductsgrowedrapidlyinthepastafewyears.Ithasbecomethenewgrowthpointofbankprofit.Withtheincreaseinwealthoftheinhabitants,thetraditionalfinancialproductslikebondsandstockscannotmeettheinvestorsdemandofvalueincreaseofassets.Peoplesfinancialneedsbecomemoreandmorevarious.Thecharacteristicsofstructuredfinancialproductsletitcanbecreatedunlimitedtimesintheoryandhaveahugespacefordevelopment,adifferentproductcanbeproducedeverytime.Intneearly2008,thehighyieldimageofstructuredproductswaschangedbecausesomeproductsgetzeroincomeonmaturityday.Andinvestorsbegantohavearationalviewofsuchproducts.ThemarketofstructuredfinancialproductshasdevelopedrapidlyinChina,butstillnotperfect.Theproblemoflackofinnovationandhomogenizationofproductsisserious.Riskhedgingisdifficultascommercialbanksarelackofsoundinternalcontrolmechanismsandriskmanagementmechanisms.Tosolvesuchvariousproblems,itsimportanttoimprovethelevelofpersonalizedproducts,tostrengthentheriskcontrolcapabilityandproductpricingcapabilityofcommercialbank.Thisthesisoutlinedthebasicconnotationanddevelopmentofstructuredfinancialproducts,classifiedtheproductsondifferentstandards.Thesecondpartresearchedthedesignprinciplesofstructuredfinancialproductsfromthreeaspectslikedesignprocess,designelementsandrisk-returncharacteristics.Thethirdpartresearchedthebasicprinciplesandmodelsoftheproductpricingwhichisthekeyprogessofproductdesign.Thelastpartpointedouttheproblemsinthemarketofstructuralfinancialproducts,andputforwardanumberofdevelopmentproposals.Keywords:Structuredfinancialproductsfixed-incomesecuritiesderivativec