利率市场化对商业银行理财产品的影响研究.docxVIP

摘要 前些年，我国银行理财产品的发展之所以如此之快，是因为银行理财产品作为表外业务，成为商业银行规避利率管制的有效途径。理财产品的快速发展及其竞争性利率定价机制又反过来推进了利率市场化改革。近年来，随着利率管制的逐渐放开，商业银行获得了高度的经营自主权和利率定价权，理财产品定价更加趋于合理。本文试图研究利率市场化和我国银行理财产品发展的互动关系，以便为理财产品未来的健康持续发展做好准备，及时调整理财产品的经营策略来适应利率的新变化。 本文回顾了 30多年利率市场化改革的进程及我国理财产品的发展历程，分析了利率市场化对理财产品发行量、期限、投资标的和收益率水平等方面的影响。 本文重点分析了利率市场化改革对银行理财产品定价的影响，笔者收集了近4年银行理财产品的收益率数据、SHIBOR利率和基准利率水平，使用回归模型检验了利率市场化对商业银行理财产品定价的影响，得出的结论是：现阶段，理财产品的定价受市场利率指标影响较大，受利率约束指标影响较小，银行理财产品的定价由SHIBOR利率决定。这说明在利率的市场化作用下，我国银行理财产品已经拥有了利率的市场化定价权。 本文提出了利率市场化改革背景下银行理财业务的发展对策建议，例如提升商业银行理财产品市场化定价能力、加快理财产品的创新速度、加强对理财产品的信息披露、加强央行和商业银行对风险的监管等。 关键词：利率市场化 理财产品 金融创新 ABSTRACT In past years, the finance products developed so fast in China because they are theoff-balance sheet business, which can allow a commercial bank to evade interest ratecontrol. The development of finance products and its interest rate pricing mechanism, inturn, promote the interest rate liberalization of deposit and lending. In recent years, withthe liberalization of interest rate control, commercial bank obtains a high degree ofoperational and pricing autonomy, thus financial products9 pricing is more reasonable. This thesis tries to study the interaction between interest rate liberalization anddevelopment of finance products in order to prepare for the future development offinance products, and adjust the finance product business strategy timely to adapt to thenew changes of interest rate. This thesis reviews the 30 years9 process of interest rate liberalization and thedevelopment of finance products in China, analyzes the influence of interest rateliberalization on finance products in the issued scale, the term structure, the investmentdirection, the level of return on finance products and other aspects. This thesis analyzes the impact of interest rate liberalization on pricing of bankfinance products. The author collects recent four-year bank finance product yield data,Shanghai Interbank Offered Rate and the benchmark interest rates, uses regre