商业银行理财产品收益率影响因素研究 —

摘要以4家国有大型银行、5家股份制银行和4家城市商业银行2008年12月至2018年8月的月度数据为样本,运用时间序列的门限回归模型,基于监管政策带来的结构变异角度,考察市场利率、产品期限、金融体系流动性和商业银行人民币理财产品收益率之间的协整关系。实证结果表明在过去近10年内,监管政策出台后对商业银行人民币理财产品的收益率产生了短期的抑制效应,但并未产生长期实质性的影响;产品期限、市场利率是理财产品收益率的决定因素,金融体系流动性变化对收益率也产生影响。

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	李娜

关键词：监管政策金融体系流动性商业银行理财产品收益率门限回归模型

Abstract： Taking the monthly data of 4 state-owned large banks, 5 joint-stock banks and 4 city commercial banks from December, 2008 to August 2018 as statistic samples, this paper adopts time series threshold regression model and studies the co-relationship between market interest rate, product maturity, financial system liquidity and rate of return of commercial bank RMB financing products from the perspective of structural variation brought about by regulatory policies. The conclusion shows: in the past decade, regulation policies do have a short-term inhabitation effect on the rate of return of commercial bank RMB financing products, but have no long-term substantial effect. Market rate, product maturity are very important determinants and liquidity of financial system can also influence the rate.

Keywords： Regulation Policy Liquidity of Financial System Commercial Banks Financing Products Rate of Return Threshold Regression Model

收稿日期 2018-06-10; 接受日期 ;

基金资助:国家社会科学基金重大项目(18ZDA065)

作者简介: 李娜(1979—),女,河南郑州人,博士研究生,主要从事投资研究。

引用本文:

李娜.商业银行理财产品收益率影响因素研究 ——基于监管政策变迁视角[J]. 经济经纬, 2019,2: 149-157

LI Na.Research on the Influencing Factors of Rate of Return of Financing Products of Commercial Banks —From the Perspective of Regulatory Policy Changes[J] Economic Survey, 2019,V36(2): 149-157

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2019/V36/I2/149