外来的和尚会念经?——基于中外资商业银行理财产品绩效的分析

›› 2016, Vol. 28 ›› Issue (3): 106-115.

外来的和尚会念经?——基于中外资商业银行理财产品绩效的分析

朱宏泉¹, 巩菲², 谢晓红¹, 郑佳梅¹

1. 西南交通大学经济管理学院, 成都 610031;
2. 渣打银行(中国)有限公司, 成都 610000

收稿日期:2013-12-24 出版日期:2016-03-28 发布日期:2016-03-31
作者简介:朱宏泉,西南交通大学经济管理学院教授,博士生导师,博士;巩菲,渣打银行(中国)有限公司中小企业部客户部客户经理,硕士;谢晓红,西南交通大学经济管理学院硕士研究生;郑佳梅,西南交通大学经济管理学院硕士研究生。
基金资助:
国家自然科学基金项目(71171170;71273040;71473206);高等学校博士学科点专项科研基金(20120184110021)。

Are Foreigners Smarter? Evidence from Investment Products' Returns of Foreign and Domestic Commercial Banks in China

Zhu Hongquan¹, Gong Fei², Xie Xiaohong¹, Zheng Jiamei¹

1. School of Economics and Management, Southwest Jiaotong University, Chengdu 610031;
2. Standard Chartered Bank(China) Limited Chengdu Branch, Chengdu 610000

Received:2013-12-24 Online:2016-03-28 Published:2016-03-31

摘要/Abstract

摘要：

伴随着我国金融市场的开放,银行理财产品在近年得到了快速发展,理财产品的绩效成为投资者关注的对象。本文以我国银行理财产品市场上80家中、外资商业银行2004-2011年间发行的1万多只非固定收益理财产品为研究对象,探讨产品的绩效及其影响因素。结果表明,总体上外资银行理财产品的收益高于中资银行、外币理财产品的收益高于人民币理财产品的收益;在所有理财产品中,外资银行发行的外币理财产品的收益最高;理财产品的特性、投资对象、投资模式和市场环境也会对其收益产生显著影响。

关键词: 商业银行, 币种, 理财产品, 绩效

Abstract:

With the development of financial globalization and the increasing competition of Chinese banking industry, many international banks have entered the Chinese investment product market. Based on the investment products of 80 commercial banks, this paper compares the performance of domestic bank investment products with that of foreign bank investment products and explores determinants of the products' performance. The results indicate that, in China, the return of foreign bank investment products is higher than that of domestic bank investment products; the return of foreign currency investment products is higher than that of RMB investment products; the return of foreign currency investment products is the highest among all products. Furthermore, we find that product design, portfolio selection and market environment are significantly related to the performance of investment products, and the foreign currency investment products issued from foreign banks often have the highest return. Furthermore, we find that product features, investment targets, investment modes and market environment are significantly related to the performance of investment products.

Key words: commercial banks, currency, investment products, performance

朱宏泉, 巩菲, 谢晓红, 郑佳梅. 外来的和尚会念经?——基于中外资商业银行理财产品绩效的分析[J]. , 2016, 28(3): 106-115.

Zhu Hongquan, Gong Fei, Xie Xiaohong, Zheng Jiamei. Are Foreigners Smarter? Evidence from Investment Products' Returns of Foreign and Domestic Commercial Banks in China[J]. , 2016, 28(3): 106-115.

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