摘要
金融业激烈的竞争和商业银行业务的加速转型使得商业银行越来越重视理财业务,而中国金融市场的日益开放和日渐丰富的金融产品使得商业银行更有充足的资源去开发新的理财产品。在所有的理财产品中,最灵活、最个性化、最能满足投资者风险收益等各种偏好的正是结构性存款产品。所谓结构性存款是无风险的固定收益投资与金融衍生交易(主要是期权交易)相结合的投资产品,作为一种比较复杂的金融产品,其定价、运作模式、收益、风险控制都有很多值得研究的地方。本文从结构性存款的概念和分类出发,分析了结构性存款诞生发展的背景和原因,通过对结构性存款定价的研究解释了商业银行结构性存款的运作模式,并从投资者和商业银行两个角度来分析其面对结构性存款时的不同的风险收益情况,得出这一风险和收益是不对称的结论,最后就商业银行如何改进结构性存款的设计和风险控制以及监管层的监管方法的改进提出了政策建议。
Commercial banks begin to pay more attention on the wealth management business because of the financial completion and the need to change the business models. The gradual opening of China banking market and more modern financial tools make commercial banks innovate and develop more new wealth management products better. Structured Deposit is the most flexible, individual product which can fulfill the customers' need based on their own risk and revenue requirements. Structured Deposit, namely is the bundling investment product which contains both riskless fixed income investment and derivatives tools. As a complex and popular investment product, Structured Deposit contains a lot of key points such as pricing, operation, margins and risk control. This essay begins with the comprehensive understanding and classification of Structured Deposit, analyzes the background and pricing of Structured Deposit. Also, this essay explains the operation model of Structured Deposit, addresses the different risk and revenue concurred by the banks and the investors. This essay concludes that the risk and revenue concurred by the banks and the investors is not comparable and equal based on the above research. In the end, this essay proposes some steps which both the banks and the regulator should take to enhance the product designing and risk control.
引文
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1数据来源：中国银行业监督管理委员会《2009年银行业年报》
5数据来源：国家统计局2009年统计报告