证券公司柜台市场产品设计与发展趋势

The Elements and Trend of OTC Products Offered by China Securities Broker and Dealers

本文结合国内证券公司柜台市场产品近期的发展动向,细致梳理了产品开发、创设的要素,考察了各类产品的分类与其收益-风险特征,并实证分析了各证券公司柜台市场产品的特征和归类。本文认为产品的设计开发应当挖掘并满足投资者的风险偏好与惯性偏见等特征要素,着力于对产品不同收益特征的定价。最后,本文分析并展望了证券公司柜台市场产品发展所面临的机遇与挑战。

Concerned with recent developments of broker and dealer over-the-counter（OTC） products, this thesis presents a detailed classification and characteristic analysis of R＆D elements of products. By examining return-risk profiles of various products, this thesis concludes that the design and development of OTC products should capture investors＇ risk preference and behavioral bias, and makes pricing on products＇ different return characteristics. Finally, this thesis addresses prospects and challenges of OTC products.