流动性需求与金融产品策略性设计——基于银行理财产品募集期的分析

Liquidity Demand and Wealth Management Products Design Strategy——Empirical Analysis Based on the Fund-Raising Period of Wealth Management Products

基于2015—2019年发行的3—6个月理财产品数据,本文实证检验流动性需求对金融产品设计的影响。研究发现,流动性紧缩时,银行会缩短理财产品募集期,降低投资者的投资成本;在银行竞争程度较高的地区以及银行流动性考核时点,理财产品的募集期也显著缩短;发行自国有大型银行、起投金额较低以及保证收益类型的理财产品募集期受市场流动性影响较弱。进一步研究发现,较长的募集期并没有得到收益补偿,募集期对理财产品的实际收益率有负向影响。

Using the 3-6 months’ wealth management products data issued from 2015 to 2018, we investigate the effect of liquidity demand on wealth management products design. We find that when liquidity is tight, banks will shorten the fund-raising period of wealth management products. In areas where banks are highly competitive and at the time of bank liquidity assessment, the fund-raising period is also significantly shortened. Further research demonstrates that longer fund-raising period is not compensated by product return, and the fund-raising period has a negative impact on the real return rate of wealth management products.