中国银行“中银智荟”理财产品定价分析

Financial product pricing analysis of “BOC Chi Hui” in Bank of China

针对中国银行"中银智荟"理财产品的定价问题,通过建立关于商业银行理财产品定价问题的多因素模型,对该产品定价问题进行实证分析。通过全样本回归和子样本回归,得到样本内预测和样本外预测的结果基本相同,经过比较,认为模型的构建和估计具有稳健性。研究结果表明,产品是否保本、是否是固定收益、发行主体的经营风险状况、产品的发行时长、委托期限和起购金额是影响商业银行理财产品定价的主要影响因素,从而得出"中银智荟"理财产品的定价总体合理,短期理财产品定价比较精准,长期理财产品定价较为保守的结论。

Through the establishment of multi factor model about the pricing of financial products of commercial banks, the empirical analysis of the pricing of the product is conducted in order to analyze the financial products pricing problem of ＂BOC Chi Hui＂ in Bank of China.Through the full sample regression and the sub-sample regression, the results of intra-sample and out-of-sample prediction are basically the same. After comparison, it is believed the construction and estimation of the model are robust. The results show that whether the product is guaranteed, whether it is fixed income, the operating risk of the issuer, the length of the product, the duration of the commission and the amount of the purchase price are the main factors influencing the pricing of commercial bank financial products. It is concluded that ＂BOC Chi Hui＂ financial product pricing is overall reasonable, short-term financial products pricing is more accurate, long-term financial products pricing is more conservative.