利率市场化进程中理财产品市场化定价实证研究-金融学专业论文.docxVIP

I I 摘 要 近些年，我国理财产品市场实现了井喷式的发展，其产品规模与门类不断扩 大，并且仍然有着较强的发展势头。由于理财产品本身具有存款替代品的特性， 它的发展符合《金融业发展和改革“十二五”规划》中提及的通过放开替代性金 融产品价格推进利率市场化的要求。因而，探究目前的理财产品定价是否具有市 场化特征对相关政策的制定是十分必要的。 本文从总结分析我国理财产品的发展状况入手，对现有银行理财产品进行界 定，包括按照理财产品的类别依次分析其发行数量的时间特征、所发行产品的期 限特征、分类数据之间的比较结果以及与基准利率之间的数量关系等，以梳理我 国理财产品的现状及发展原因。之后，对各类银行理财产品与 Shibor 利率的关 系进行实证研究，以验证商业银行理财产品收益率与 Shibor 利率之间是否具有 传导关系，从而探究我国银行理财产品的收益率定价是否具备市场化特征，能否 为推进我国存款利率的市场化提供过渡渠道。 关键词：利率市场化，理财产品，市场化定价 II II Abstract In recent years, China’s Licai products have achieved great popularity. The scale and categories have been enlarged and enriched, and this kind of product still has strong momentum of development. As Licai product can be the alternative to general bank deposit, its development meets the needs to open the pricing system of alternative financial products to promote interest rate liberalization. Thus, it is necessary to explore whether current pricing of Licai products has market features. This paper first summarizes the development of Chinas Licai products. The analysis include the timing features about the issue amount of Licai products; the period features of issued Licai products; the comparison between different kinds of data and the relationship between the return rate of Licai products and the benchmark interest rate. After that, an empirical study considers the relationship between various types of Licai products and Shibor rate, in order to verify whether Shibor rate has conducting function on the yield rates of Licai products. So we can explore whether the pricing of our Licai products has the characteristics of the market-based pricing and whether they have can be transitional channels to our interest rate liberalization. Keywords：Interest rate liberalization，Licai product，Market-based Pricing PAGE PAGE IV 目录 第一章 绪论1 1.1 选题背景及研究意义1 1.1.1 选题背景1 1.1.2 研究意义1 1.2 相关研究文献综述2 1.2.1 国外文献回顾2 1.2.2 国内文献回顾3 1.3 研究思路与框架4 1.4 研究的创新与不足5 第二章 我国的商业银行理财产品 7 2.1 理财产品的范畴与分类7 2.2 我国的商业银行理财产品现状8 2.3 我国商业银