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1、学位论文原创性声明声明：本人所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。尽我所知，除文中已经注明引用的内容外，本论文不含任何其他个人或集体已经发表或撰写过的作品成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担。论文作者签名：日期：年 月 日学位论文版权使用授权书本人完全了解云南财经大学有关保留、使用学位论文的规定，即：学校有权保留并向国家有关部门或机构送交论文和论文电子版，允许学位论文被查阅或借阅；学校可以公布学位论文的全部或部分内容，可以采用影印、缩印或其它复制手段保存、汇编、发表学位论文；授权学校将学位
2、论文的全文或部分内容编入、提供有关数据库进行检索。（保密的学位论文在解密后遵循此规定）论文作者签名：导师签名：日期：年 月 日日期：年 月 日摘要摘要随着我国商业银行理财产品业务规模不断扩大、种类不断创新丰富，购买商业银行理财产品已经成为我国居民重要的不可或缺的投资理财方式，也是我国专业化集合投资理财的重要组成。近几年随着金融创新的推进、投资者风险收益偏好的变化以及经济金融环境的改变，我国商业银行理财产品出现了何种与以往不同的变化？此外，近几年多家银行的多款理财产品出现零收益甚至负收益，这不仅给投资者带来经济损失而且也严重损害了商业银行声誉，那么，究竟有哪些因素影响着银行理财产品收益，它们又如
3、何影响的呢？这都是需要进行深入研究的问题。本文首先对国外相关经典理论及国内近期相关研究文献进行了梳理，在此基础上，介绍了商业银行理财产品的相关概念，并分析了不同要素对理财产品风险收益的影响；随后，本文对 2009 至 2012 年发行的外币理财产品及人民币理财产品按不同要素分别进行了详细的数理统计分析，并总结出趋势变化。其次，本文从风险性和流动性及商业银行综合理财能力三个方面分别分析了其对理财产品收益的影响。接着，本文运用计量经济学方法，以我国商业银行理财产品为对象建立模型对影响其实际收益的因素进行了实证分析，并对实证结果进行了说明和分析。最后在对全文进行总结基础上分别针对商业银行及客户投资者
4、提出建议。通过研究，本文得到以下结论：（1）金融危机以后，随着经济金融市场环境及对商业银行理财产品业务监管环境的改变，人民币和外币理财产品的要素特征也发生了不同变化，主要表现在委托存续期限趋短、投资基础资产转变等方面；（2）银行理财产品的实际年化收益率与同期固定存款利率、存续期限、信托业务模式、非保本及浮动型收益存在正相关，与外汇、基础资产风险、信托及 QDII 以外的其他投资业务模式（主要指银行直接投资业务模式）负相关，此外还与银行综合理财能力也存在显著相关。关键词：理财产品；实际收益；影响因素；实证分析IAbstractAbstractIn recent years, with the c
5、onstant innovation of financial products and thecontinuous expansion of Chinese banking financial business, commercial bankingfinancial products has been indispensible to domestic residents and a major part ofChinese professional collective investment instruments. As the promotion of financialinnova
6、tion, the changes in the investors appetite for risks rewarding，the economicand financial environment, whats the trend of the banking financial products inrecent years? Besides, zero or even negative actual returns occurs to varieties offinancial products of several commercial banks, it causes not o
7、nly economic losses toinvestors, but also reputation damage to the commercial banks, so which factors andhow do they affect the actual return? All these problems require us to explore andanalyze in depth.In this paper, we firstly summarize foreign classic theories and domestic latelyresearch on pers
8、onal finance. On the basis of it, we introduce the concept of bankingfinancial business and categorize the banking financial products by different elements.Afterward, by analyzing and comparing the basic items of bank financial products ingreat detail, we get the trends between 2009 and 2012. Subseq
9、uently, we focus on theanalyses of the factors which affect the yield to maturity of the banking financialproducts: the risk, the liquidity and the banks comprehensive financial ability. Basedon the theoretical analysis above, we apply positive analysis to the collected marketdata and also analyze t
10、he empirical results. Finally, in conclusion, on the foundationof the whole paper, we deliver series of recommendations for the commercial banksand the investors respectively.Through the research, we obtain the following conclusions: (1) Since 2009, asthe macroeconomic environment has been undergoin
11、g profound changes, thesupervision of financial products business of commercial banks has been maturing,the RMB and foreign currency financial products has also been changed mainly in thefollowing aspects: the transition of the underlying assets, the maturity tending to beshorter and something like
12、that;(2)The actual annual rate of return is positivecorrelated with the interest rate and maturity, while having negative correlation withunderlying assets risk, foreign currency and other investment mode except for trustIIAbstractand QDII; the principal non-guaranteed or the floating profit financi
13、al products havehigher actual annual rate of return than ones with the same other elements; furthermore, the comprehensive financial ability of the bank also affects significantly theactual annual rate.Key Words: financial products, actual return, affect factors, empiricalanalysisIII目录目 录第 1 章 绪论 . 11.1 选题背景 .11.2 选题研究意义 .31.3 文献综述 .41.3.1 国外经典理论回顾 .
