中美财富管理对比分析及期货在财富管理中的作用

Comparative Analysis of China-US Wealth Management and Research on the Role of Futures in Wealth Management

随着我国国内生产总值高速增长,社会财富快速积累,我国财富管理需求不断增加,国内财富管理市场亟需提升和发展。文章系统梳理中美财富管理市场现状,分析我国财富管理市场存在的问题,进一步采用股票、债券、期货指数等构建投资组合,绘制有效前沿进行实证分析,研究期货对投资组合的风险收益的作用。最后,依据研究内容提出三点政策建议:完善期货市场的监管机制、丰富期货等金融衍生品的种类和放松机构投资者使用衍生品的政策限制。

With the rapid growth of China’s GDP and the rapid accumulation of social wealth, the wealth management needs are increasing and China’s wealth management market needs to be developed. This paper analyzes the current situation of wealth management in China and the United States and summarizes the problems existing in China’s wealth management market. In addition, this paper uses bond index, stock index and futures index to build investment portfolios and draws effective frontiers for empirical analysis to study the role of futures on the risk-return of portfolios. Based on the above research, this paper proposes three suggestions: improving the regulatory mechanism of the future market, increasing the types of financial derivatives, and relaxing the policy restrictions on the use of derivatives by institutional investors.