基于风险-收益理论的财富管理产品评价体系研究

Research on the Evaluation System of Wealth Management Products based on Risk-Return Theory

21世纪初财富管理产品及相关业务在我国迅速崛起,但因各种产品的发行主体、发行方式和监管模式的差异,以及资本市场有效程度低、相关法律制度缺陷等,对其综合评价异常困难。针对国内已发行的财富管理产品,本文从投资人关心的评价要素出发,按层次分析法(AHP)构建初步评价指标体系,设计了便于识别的风险收益综合指标RUP,运用实证方法构建了风险影响下的收益波动模型和基于套利定价理论(APT)的风险收益模型,旨在为综合评价产品风险及产品定价提供理论参考。

At the beginning of the 21st Century, wealth management products and their related services have been rising rapidly in China .However , it′s difficult to evaluate WMP comprehensively because of the diversity of the issuer , issuing way and supervision mode , as well as the ineffectiveness of capital market and the imperfect legal system .Starting from the evaluating factors that investors care about most , the paper makes a preliminary construction of the evaluation index system according to the Analytic Hierarchy Process and designs easily -recognized risk-return indexes RUP for domes-tic WMPs that have been issued .Meanwhile , on the use of empirical analysis , a model of return-fluctuation under the influence of risk and a model of risk -return guided by APT are attended , in order to provide an academic reference for comprehensive risk evaluation and pricing of other WMPs .