我国商业银行理财产品趋同:羊群效应抑或是监管诱导

Commercial Bank Financial Products Convergence: Herding,Tide-induced Phenomenon or Is It Regulated

我国商业银行理财产品趋同是羊群效应、外部监管制度诱导下银行规避行为与企业投资"潮涌现象"共同作用的结果。理财产品趋同对传统银行信用创造机制产生巨大的替代效应,关联交易问题突出,极大地增加了投资风险以及市场系统性风险。监管体制应由机构监管向功能监管过渡,加强宏观审慎监管,控制系统性风险;同时,采取政策引导理财产品差异化。

Financial products of commercial banks in China are the convergence of the herd effect, under the supervision of banks to avoid induction of regulatory and corporate investment, ＂tide phenomenon＂ result of the combination. Expanding financial products to traditional bank credit creation mechanism has a strong substitution effect, convergence is magnified systemic risk in financial markets. Proposed relaxation of interest rate fluctuations, to encourage banks to develop high-end financial products; appropriate financial products to broaden investment channels and strengthen macro-prudential supervision, control systemic risk; at the same time, take policy guidance differentiation of financial product.