不确定条件下金融创新产品的开发管理
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摘要
随着竞争全球化加速,金融服务机构之间的界线越来越模糊,金融业自由化、竞争激烈化、技术更新周期短期化、客户需要转换普遍化都促使各金融机构加大金融创新产品开发以保持竞争力,但市场与技术的不确定性使得金融创新产品开发活动存在较大的失败风险。如何在不确定条件下提高开发产品的成功率已成为重要的研究课题,本文也将尝试就此问题展开研究。
首先,作者对金融创新产品的相关概念进行梳理,并分析了国内外的金融创新产品开发实践。研究确定影响金融产品开发成败关键因素是进行有效地开发活动的必要步骤,只有确定关键影响因素才能确立有效的开发战略,本文通过问卷调查获取数据,并进行描述统计与因子分析以提取关键影响变量。
其次,作者尝试设计了满足金融产品属性的开发流程,该流程由结构化开发进程、入口、评估小组及执行小组四个部分构成,其是在总结国内外学者对新服务产品开发流程研究的基础上,充分考虑到了对金融产品开发成败具有关键影响作用的因素,因此具有实现的指导意义。
而后,作者分析了不确定条件下开发流程的开发决策管理,利用实物期权理论对开发与市场化阶段入口选择权进行定价,并进行数理模拟,提出构思筛选、开发阶段、市场化阶段三个关键入口的决策模型为金融机构提高不确定条件下的开发决策效率提供参考。
最后,结合本文国内理财产品开发实际,对本文所设计的开发流程实例分析了信贷转让型信托理财产品的开发管理,并针对国内金融产品创新现状从金融监管、金融市场、金融主体三个层次提出建议。
Increasing global competition makes the lines between financial service sectors blurring. The industry deregulation, the increasing competition, the quickening pace of technological change and rapidly shifting customer needs all are fueling the drive to develop innovative financial products and stay ahead of the competition. But the new products development is at highly failure risk dues to the uncertainty of technology and market. How to increase the probability of success in such development program is an attractive study issue, and the relevant study will be carried out in this paper.
Firstly, we will make clear the conception related to innovative financial products, and then analyze the domestic and abroad development practice. To identify the critical success factors is a vital step during the development program. Unless this job is well done, the development strategy can be formulated effectively. We get the data through questionnaires and determine the critical factors with description statistic and factor analysis.
Secondly, we try to design the development process, which consists of structure development process, gate, review group and realization group, under considering the property of financial products. This process is based on the former researches and would satisfy the critical success factors, therefore, it makes sense to the development program.
Thirdly, we analyze the decision management of development program under uncertainty. We price the options of development\commercialization phase by real option analysis, make mathematic simulation, and put forward decision model for the critical gates at idea screen\ development\ commercialization phase, which is a useful reference to increase the efficiency of deciding under uncertainty.
Finally, we apply this development process to credit asset transfer trust financial products development combined with the domestic financial products market, and then make suggestions for improve the efficiency of domestic financial innovative products development from the views of financial supervision, financial market and financial entities.
首先,作者对金融创新产品的相关概念进行梳理,并分析了国内外的金融创新产品开发实践。研究确定影响金融产品开发成败关键因素是进行有效地开发活动的必要步骤,只有确定关键影响因素才能确立有效的开发战略,本文通过问卷调查获取数据,并进行描述统计与因子分析以提取关键影响变量。
其次,作者尝试设计了满足金融产品属性的开发流程,该流程由结构化开发进程、入口、评估小组及执行小组四个部分构成,其是在总结国内外学者对新服务产品开发流程研究的基础上,充分考虑到了对金融产品开发成败具有关键影响作用的因素,因此具有实现的指导意义。
而后,作者分析了不确定条件下开发流程的开发决策管理,利用实物期权理论对开发与市场化阶段入口选择权进行定价,并进行数理模拟,提出构思筛选、开发阶段、市场化阶段三个关键入口的决策模型为金融机构提高不确定条件下的开发决策效率提供参考。
最后,结合本文国内理财产品开发实际,对本文所设计的开发流程实例分析了信贷转让型信托理财产品的开发管理,并针对国内金融产品创新现状从金融监管、金融市场、金融主体三个层次提出建议。
Increasing global competition makes the lines between financial service sectors blurring. The industry deregulation, the increasing competition, the quickening pace of technological change and rapidly shifting customer needs all are fueling the drive to develop innovative financial products and stay ahead of the competition. But the new products development is at highly failure risk dues to the uncertainty of technology and market. How to increase the probability of success in such development program is an attractive study issue, and the relevant study will be carried out in this paper.
Firstly, we will make clear the conception related to innovative financial products, and then analyze the domestic and abroad development practice. To identify the critical success factors is a vital step during the development program. Unless this job is well done, the development strategy can be formulated effectively. We get the data through questionnaires and determine the critical factors with description statistic and factor analysis.
Secondly, we try to design the development process, which consists of structure development process, gate, review group and realization group, under considering the property of financial products. This process is based on the former researches and would satisfy the critical success factors, therefore, it makes sense to the development program.
Thirdly, we analyze the decision management of development program under uncertainty. We price the options of development\commercialization phase by real option analysis, make mathematic simulation, and put forward decision model for the critical gates at idea screen\ development\ commercialization phase, which is a useful reference to increase the efficiency of deciding under uncertainty.
Finally, we apply this development process to credit asset transfer trust financial products development combined with the domestic financial products market, and then make suggestions for improve the efficiency of domestic financial innovative products development from the views of financial supervision, financial market and financial entities.
引文
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[1]Cooper,R.G.&Edgett,S.J.Critical success factor for new financial services[J].Marketing Management,1996,5(3):26
[1]罗伯特 G 库伯.新产品开发流程管理[M].北京:机械工业出版社,2003:131
[2]详见:Cooper,R.G.Third-Generation New Product Processes[J].Journal of product Innovation Management,1994,11:314
[1]Akamavi,R.K.A research agenda for investigation of product Iinnovation in the financial service sector[J].Journal of Services Marketing,2005,19(6):359-378
[2]Allen,F.& Gale,D.optimal security design[J],Review of Financial Studies,1988,1(3):229-263
[3]Anderson,R.Wo & Harris,C.J.:A model of innovation with application to new financial products[J].Oxford Economic Papers.New Series,1986,(38):203-218
[4]Anthony,M.T.& McKay,J.From experience:balancing the product development process:achieving product and cycle time excellence in high technology industries[J].Journal of Product Innovation Management,1992,(9):140-147
[5]Avlontitis,G.J.,Papastathopoulou,P.G.& Gounaris,S.P.An empirically-based typology of product of product innovativeness for new financial service:success and failure scenarios.Journal of Product Innovation and Management,2001,18(05):324-342
[6]Avlonitis,G.J.& Papastathopoulou,P.Marketing communications and product performance:innovative vs non-innovative new retail financial products[J].The International Journal of Bank Marketing,2000,18(1):27-47
[7]Badr,H.Problems in concurrent new product development:an in-dept comparative study of three companies[J].Integrated Manufacturing Systems,2003,14(3):191-207
[8]Bettz(u|¨)ge,M.O.& Hens,T.An evolutionary approach to financial innovation[J].The Review of Economic Studies,2001,68(3):493-522
[9]Edvardsson,B.& Gustavsson,B.Quality in the work environment:a prerequisite for success in new service development[J].Managing Service Quality,2003,13(2):148-163
[10]Bolle,N.P.B.Real options and product life cycles[J].Management Science,1999,(45):670-684
[11]Chang,J.R.,Hung,M.W.& Tsai,F.T.Valuation of intellectual property:A real option apprOach[J].Journal of Intellectual capital,2005,6(.3):339-356
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