银行理财产品定价的实证研究——从利率市场化的视角被引量：29

An Empirical Study on the Pricing of Banking Financial Products:From a Perspective of Interest Rate Liberalization

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摘要银行理财产品是我国近年来最活跃的金融创新,凭借高收益率分流了大量存款。本文以2008年1月到2011年6月期间商业银行发放的投资方向为信贷资产和票据资产的理财产品为样本,对决定理财产品定价的因素进行了实证分析。结果表明,银行理财产品收益率突破了现行的存款利率管理政策,并且多数银行理财产品的定价体现了市场因素。在此基础上,论文分析了理财产品发展对利率市场化改革的推动作用。 Banking financing product is an active financial innovation in recent years. It attracts a large amount of deposit with its high yield. Using the sample of banking financing products issued from the January of 2008 to the June of 2011, this paper analyzes the pricing of this product. The results show that the return rate of banking financing product has broken the regulated interest rate, and its pricing is determined partially by financial market. Based on the results, this paper discusses the role of this product in the process of interest rate liberalization in China.

作者祝红梅

机构地区中国人民银行金融研究所

出处《投资研究》北大核心 2012年第9期151-156,共6页 Review of Investment Studies

关键词理财产品定价利率市场化 Banking Financing Product, Pricing, Interest Rate Liberalization

分类号 F832.2 [经济管理—金融学]

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