理财产品对银行股票影响研究  

Research on the Impact of Financial Products on Bank Stocks

作　　者：刘雪静[1] 张永杰[1] 刘秀坤 Liu Xuejing;Zhang Yongjie;Liu Xiukun(College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《甘肃科学学报》2021年第1期147-152,共6页Journal of Gansu Sciences

基　　金：天津市教委社会科学重大项目“互联网金融创新与风险管理研究”(2016JWZD08)。

摘　　要：发行理财产品作为上市银行重要的揽储方式,对银行收益以及股价有着重要影响。为了研究发行理财产品对银行股票的影响,以2004—2018年我国29家上市银行的非平衡面板数据作为研究样本,采用多元回归分析的方法检验了理财产品发行量对银行股票收益率及成交量的影响。研究结果表明,我国银行理财产品发行数量与银行个股收益率之间无明显相关性,而与股票成交量显著正相关。自《商业银行理财业务监督管理办法》发布以来,理财产品的发行量与银行个股的收益率呈现显著的正相关关系,且对股票成交量的影响效果更加显著,也说明在银行理财产品单独管理的模式下,银行会自发用自身收益来偿还违约的理财产品,从而对银行收益产生影响。As an important way of storing funds in listed banks,the issuance of financial products has an important impact on bank income and stock prices.In order to study the influence of issuing financial products on bank stocks,the correlations between the issuance of financial products and the bank stock returns and its volume are analyzed by using multiple regression method,and the non-balanced panel data of 29 listed banks in China from 2004 to 2018 are considered as the research sample.The research results show that in the long time,there is no significant correlation between the number of issued bank financial products and the bank stock returns,but it is significantly positively correlated with the stock volume.Since the issuance of the"Regulations on the Supervision and Management of Commercial Banks'Financial Management Business",the number of financial management products issued has a significant positive correlation with stock returns,and the effect on stock trading volume is more significant.It shows that under the separate management method of bank financial management products,banks are obliged to use the proceeds to repay the default financial management products,which will have an impact on the bank's earnings.

关 键 词：理财产品 银行股票 收益率 成交量 

分 类 号：F832.21[经济管理—金融学]