我国银行结构性理财产品创新研究
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摘要
随着我国经济的持续快速增长,居民收入不断提高,家庭财富日益增长,如何有效管理积累的财富,以实现保值增值成为众多家庭面临的一大问题。与此同时,各大商业银行看到了理财市场的潜在商机,纷纷推出了形式各异、数量惊人的个人理财产品以适应社会需求,力求以此为契机,扩大中间业务收入。在众多银行理财产品中,结构性理财产品以其组合结构多样性、高收益性吸引了投资者的眼球。
结构性理财产品,即结构性存款,是目前我国商业银行理财市场主流产品之一。它由固定收益证券和衍生合约结合而成。其中的衍生合约包括远期合约、期货合约、期权合约、互换合约,衍生合约的标的资产包括利率、汇率、股价(股指)、商品(指数)、信用等。结构性产品起源于上世纪80年代的美国,但在我国起步较晚。2002年9月,中国光大银行在国内首推外币结构性存款业务。继而,国内众多的中资银行和外资银行都纷纷开展了外汇结构性存款业务,市场发展迅速。
在我国理财市场发展迅速、投资者热情高涨的形势下,结构性理财产品却频频爆发收益危机,这给投资者、发行者和监管部门敲响了警钟。中资银行缺乏设计经验,对市场趋势把握不准确,加上前期不当营销,后期信息披露不完全,这是导致了2008年结构性理财产品“零收益”、“负收益”风波的主要原因。此外,我国结构性理财产品的外部金融环境尚不完善,这也在一定程度上影响了理财市场的健康发展和结构性产品的创新。
本文立足于我国银行结构性理财产品不成熟的现状,重点探讨我国银行结构性理财产品存在的问题,并针对各方面的问题提出相应的对策建议,希望以此推动我国结构性理财产品的创新。围绕这一研究目的,本文以结构性理财产品的基本概念和发展历程为出发点,对产品的设计流程、定价技术进行了系统研究。然后,结合我国结构性理财产品发展现状,分析国内银行结构性产品的种类和特点。在此基础上,从产品设计、营销服务和外部金融环境三个角度,深入挖掘国内结构性理财产品存在的问题。最后,从这三方面探讨推动我国银行结构性理财产品创新的对策建议。本文由五个部分组成。
第一部分为导论,从选题背景出发,揭示出结构性理财产品市场出现的问题。然后从投资者的理财需求、商业银行扩大中间业务收入和金融市场发展三个角度说明本文的研究意义。之后,介绍了国内外相关研究动态以及本文的研究思路和结构。
第二部分首先界定结构性理财产品的基本概念,在此基础上按照挂钩标的、本金有无风险和流动性这三个标准对产品进行分类。接着,系统介绍了结构性产品在美国、台湾和香港地区的发展。之后,本文从结构性理财产品的设计角度,探讨了产品设计要素、设计流程和产品定价问题。
第三部分着重研究我国内地市场上结构性理财产品的现有种类和产品特点。首先简要回顾了结构性理财产品在我国内地的发展概况。然后沿用第二章的分类标准,对国内市场上的现有种类进行具体分析。之后,选取荷兰银行发行的一款挂钩汇率型结构性产品作为实例,深入分析该款产品的特点并从五个方面概括了我国银行结构性理财产品的整体特点。
第四部分是本文的重点部分,笔者从微观和宏观两个角度,对国内结构性理财产品存在的问题进行全方位剖析。微观方面,着重分析商业银行在产品设计、营销服务中存在的问题;宏观方面,主要论述了金融衍生品市场不发达、金融法律法规不完善、金融分业经营模式和金融监管力度不够的问题,并指出这种不完善的金融环境阻碍了结构性理财产品的创新以及理财市场的健康发展。在分析各种问题时,本文由现象到本质,辅以产品实例,从而避免了泛泛而谈,使问题更加贴近实际。
第五部分与第四部分紧密联系,针对第四部分中提出的问题,仍从银行产品设计、营销服务以及外部金融环境角度,探讨我国银行结构性理财产品创新的对策。在提出产品设计方面的对策建议时,根据生命周期理论,将理财周期分为六个阶段,并分析了每一个阶段的理财特点。
As China's economy is growing continually and rapidly, the income level of residents continues to improve. As a result, household wealth is increasing in China. How to effectively manage the wealth has become a major problem of many families. They try to find ways to preserve and increase the value of wealth. Meanwhile, major commercial banks found the potential business opportunities in the financial market. In order to increase intermediary business revenue, they have introduced a large number of various personal financial products to meet the needs of the community. Among those financial products, structured products attract the attention of investors by its diverse portfolio structures and high yield.
Structured products/structured notes are one of the mainstream products of commercial banks in China's financial market. They consist of fixed-income securities and derivative contracts. Derivative contracts include forward, futures, options and swap contracts. The related assets of derivative contracts include interest rates, exchange rates, stock prices, commodities, indexes, credit, etc. Structured products originated in the 80's of last century in the United States, but appeared in China before a few years. China Everbright Bank first launched structural foreign exchange deposits in September 2002. Then, a large number of domestic banks and foreign banks carried out this business.
When China's financial market developed rapidly and investors have great enthusiasm for investment, proceeds crisis broke out in the structured products market. This sounded the alarm for investors, issuers and regulatory authorities. Structured products' zero/negative proceeds is due to Chinese banks' lack of design experience, inaccurately judging market trends, improper pre-marketing and incomplete disclosure of information. In addition, our structured products' external financial environment is still not perfect, which has to a certain extent affected the healthy development of financial market and the innovation of structured products.
Based on immature status of banks' structured products in china, this paper focused on problems of banks' structured products, and tried to put forward corresponding countermeasures and suggestions in hopes of promoting the innovation of China' s structured products. According to this purpose, the paper began with the basic concepts, the development, design process and pricing technology of structured products. Then, combined with the development of structured products in China, analyzed the types and features of domestic banks' structured products. On this basis, the paper did research on the problems of structured products in China from three angles. That was product design, marketing services and external financial environment. Finally, the paper proposed corresponding countermeasures and suggestions from the above three angles. This paper included five parts.
The first part was introduction. After introducing the background of this paper, the writer indicated the significance of this paper from the needs of investors, expansion of commercial banks' intermediary business revenue and the development of the financial markets. Then, the writer introduced relevant studies at home and abroad, together with the ideas and structures of the paper.
The second part firstly defined the basic concepts of structured products. Then, the writer classified structured product by three criteria which are related assets, safety of principal and liquidity. Next, the writer introduced structured products in the United States, Taiwan and Hong Kong. At last, from the aspect of product design, the writer explored the elements of product design, design process and pricing.
The third part focused on the existing types and features of structured products in mainland of China. First, the writer gave a brief review of development for the structured products in mainland. And then follow the classification criteria of Chapter II, the paper analyzed the existing types of structured products in the domestic market. Then, taking an exchange rate linked product issued by ABN AMRO as example, the paper analyzed the characteristics of products and summarized the overall structural characteristics of banks' structured products.
The fourth part was the focus of this paper. Both from micro and macro perspectives, the writer did all-round analysis of structured products in mainland. At the micro aspect, the paper focused on the problems of product design, marketing and services of commercial banks; at the macro aspect, the paper stressed undeveloped derivatives market, unsound financial laws and regulations, the financial sub-industry business model and lack of financial supervision, which hampered the innovation of structured products, as well as the healthy development of financial markets.
The fifth part was closely connected with the fourth part. For the issues raised in the fourth part, the writer explored countermeasures and suggestions for banking product innovation in mainland from the three aspects (product design, marketing and services) , as well as external financial environment. In this part, according to the Life Cycle Theory, the writer divided financial management cycle into six stages and analyzed the features of every stage.
结构性理财产品,即结构性存款,是目前我国商业银行理财市场主流产品之一。它由固定收益证券和衍生合约结合而成。其中的衍生合约包括远期合约、期货合约、期权合约、互换合约,衍生合约的标的资产包括利率、汇率、股价(股指)、商品(指数)、信用等。结构性产品起源于上世纪80年代的美国,但在我国起步较晚。2002年9月,中国光大银行在国内首推外币结构性存款业务。继而,国内众多的中资银行和外资银行都纷纷开展了外汇结构性存款业务,市场发展迅速。
在我国理财市场发展迅速、投资者热情高涨的形势下,结构性理财产品却频频爆发收益危机,这给投资者、发行者和监管部门敲响了警钟。中资银行缺乏设计经验,对市场趋势把握不准确,加上前期不当营销,后期信息披露不完全,这是导致了2008年结构性理财产品“零收益”、“负收益”风波的主要原因。此外,我国结构性理财产品的外部金融环境尚不完善,这也在一定程度上影响了理财市场的健康发展和结构性产品的创新。
本文立足于我国银行结构性理财产品不成熟的现状,重点探讨我国银行结构性理财产品存在的问题,并针对各方面的问题提出相应的对策建议,希望以此推动我国结构性理财产品的创新。围绕这一研究目的,本文以结构性理财产品的基本概念和发展历程为出发点,对产品的设计流程、定价技术进行了系统研究。然后,结合我国结构性理财产品发展现状,分析国内银行结构性产品的种类和特点。在此基础上,从产品设计、营销服务和外部金融环境三个角度,深入挖掘国内结构性理财产品存在的问题。最后,从这三方面探讨推动我国银行结构性理财产品创新的对策建议。本文由五个部分组成。
第一部分为导论,从选题背景出发,揭示出结构性理财产品市场出现的问题。然后从投资者的理财需求、商业银行扩大中间业务收入和金融市场发展三个角度说明本文的研究意义。之后,介绍了国内外相关研究动态以及本文的研究思路和结构。
第二部分首先界定结构性理财产品的基本概念,在此基础上按照挂钩标的、本金有无风险和流动性这三个标准对产品进行分类。接着,系统介绍了结构性产品在美国、台湾和香港地区的发展。之后,本文从结构性理财产品的设计角度,探讨了产品设计要素、设计流程和产品定价问题。
第三部分着重研究我国内地市场上结构性理财产品的现有种类和产品特点。首先简要回顾了结构性理财产品在我国内地的发展概况。然后沿用第二章的分类标准,对国内市场上的现有种类进行具体分析。之后,选取荷兰银行发行的一款挂钩汇率型结构性产品作为实例,深入分析该款产品的特点并从五个方面概括了我国银行结构性理财产品的整体特点。
第四部分是本文的重点部分,笔者从微观和宏观两个角度,对国内结构性理财产品存在的问题进行全方位剖析。微观方面,着重分析商业银行在产品设计、营销服务中存在的问题;宏观方面,主要论述了金融衍生品市场不发达、金融法律法规不完善、金融分业经营模式和金融监管力度不够的问题,并指出这种不完善的金融环境阻碍了结构性理财产品的创新以及理财市场的健康发展。在分析各种问题时,本文由现象到本质,辅以产品实例,从而避免了泛泛而谈,使问题更加贴近实际。
第五部分与第四部分紧密联系,针对第四部分中提出的问题,仍从银行产品设计、营销服务以及外部金融环境角度,探讨我国银行结构性理财产品创新的对策。在提出产品设计方面的对策建议时,根据生命周期理论,将理财周期分为六个阶段,并分析了每一个阶段的理财特点。
As China's economy is growing continually and rapidly, the income level of residents continues to improve. As a result, household wealth is increasing in China. How to effectively manage the wealth has become a major problem of many families. They try to find ways to preserve and increase the value of wealth. Meanwhile, major commercial banks found the potential business opportunities in the financial market. In order to increase intermediary business revenue, they have introduced a large number of various personal financial products to meet the needs of the community. Among those financial products, structured products attract the attention of investors by its diverse portfolio structures and high yield.
Structured products/structured notes are one of the mainstream products of commercial banks in China's financial market. They consist of fixed-income securities and derivative contracts. Derivative contracts include forward, futures, options and swap contracts. The related assets of derivative contracts include interest rates, exchange rates, stock prices, commodities, indexes, credit, etc. Structured products originated in the 80's of last century in the United States, but appeared in China before a few years. China Everbright Bank first launched structural foreign exchange deposits in September 2002. Then, a large number of domestic banks and foreign banks carried out this business.
When China's financial market developed rapidly and investors have great enthusiasm for investment, proceeds crisis broke out in the structured products market. This sounded the alarm for investors, issuers and regulatory authorities. Structured products' zero/negative proceeds is due to Chinese banks' lack of design experience, inaccurately judging market trends, improper pre-marketing and incomplete disclosure of information. In addition, our structured products' external financial environment is still not perfect, which has to a certain extent affected the healthy development of financial market and the innovation of structured products.
Based on immature status of banks' structured products in china, this paper focused on problems of banks' structured products, and tried to put forward corresponding countermeasures and suggestions in hopes of promoting the innovation of China' s structured products. According to this purpose, the paper began with the basic concepts, the development, design process and pricing technology of structured products. Then, combined with the development of structured products in China, analyzed the types and features of domestic banks' structured products. On this basis, the paper did research on the problems of structured products in China from three angles. That was product design, marketing services and external financial environment. Finally, the paper proposed corresponding countermeasures and suggestions from the above three angles. This paper included five parts.
The first part was introduction. After introducing the background of this paper, the writer indicated the significance of this paper from the needs of investors, expansion of commercial banks' intermediary business revenue and the development of the financial markets. Then, the writer introduced relevant studies at home and abroad, together with the ideas and structures of the paper.
The second part firstly defined the basic concepts of structured products. Then, the writer classified structured product by three criteria which are related assets, safety of principal and liquidity. Next, the writer introduced structured products in the United States, Taiwan and Hong Kong. At last, from the aspect of product design, the writer explored the elements of product design, design process and pricing.
The third part focused on the existing types and features of structured products in mainland of China. First, the writer gave a brief review of development for the structured products in mainland. And then follow the classification criteria of Chapter II, the paper analyzed the existing types of structured products in the domestic market. Then, taking an exchange rate linked product issued by ABN AMRO as example, the paper analyzed the characteristics of products and summarized the overall structural characteristics of banks' structured products.
The fourth part was the focus of this paper. Both from micro and macro perspectives, the writer did all-round analysis of structured products in mainland. At the micro aspect, the paper focused on the problems of product design, marketing and services of commercial banks; at the macro aspect, the paper stressed undeveloped derivatives market, unsound financial laws and regulations, the financial sub-industry business model and lack of financial supervision, which hampered the innovation of structured products, as well as the healthy development of financial markets.
The fifth part was closely connected with the fourth part. For the issues raised in the fourth part, the writer explored countermeasures and suggestions for banking product innovation in mainland from the three aspects (product design, marketing and services) , as well as external financial environment. In this part, according to the Life Cycle Theory, the writer divided financial management cycle into six stages and analyzed the features of every stage.
引文
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