经济增长、货币政策与银行理财产品风险溢价  

The Effects of Economic Growth and Monetary Policy on the Risk Premium of Wealth Management Products

作　　者：毛德勇 杜亚斌[1] 李鹏[2] MAO De-yong;DU Ya-bin;LI Peng(School of Economics,Nanjing University,Nanjing 210093,China;School of Economics,Zhengzhou University of Aeronautics,Zhengzhou 450046,China)

机构地区：[1]南京大学经济学院,江苏南京210093 [2]郑州航空工业管理学院经济学院,河南郑州450046

出　　处：《经济问题》2021年第10期46-53,共8页On Economic Problems

基　　金：河南省科技厅软科学项目“助力河南省中小企业高质量发展的科技金融生态圈模式构建研究”(202400410219)。

摘　　要：以2013—2019年我国银行理财产品风险溢价为样本,研究经济增长和货币政策对银行理财产品风险溢价的影响。研究发现,经济增长向好时,理财投资者降低风险补偿收益要求,银行理财产品风险溢价下降;宽松货币政策环境下,商业银行的风险承担意愿增加,银行理财产品风险溢价上升;严格的监管政策会促使商业银行降低风险承担意愿,银行理财产品风险溢价下降;商业银行“刚性兑付”使得融资人违约风险对银行理财产品溢价的影响不显著。最后提出银行理财产品管理机构需加强风险定价管理,建立逆周期风控机制的对策建议。This paper studies the impact of economic growth and monetary policy on the risk premium of Chinese bank wealth management products.Considering a sample of wealth management products risk premium for the 2013 to 2019 period,this study found that when economic growth improves,the risk compensation income required by wealth management investors decreases,and the risk premium of wealth management products declines.On the monetary front,this article found that whenever loose monetary policy is experienced,the willingness for commercial banks to take risks increases,and the risk premium of wealth management products rises;this effect reverses when monetary policy becomes strict.The effect of“rigid redemption”is insignificant to the premium that commercial banks charge for their wealth management products.Based on these results,the paper suggests commercial banks to strengthen risk pricing management and establish counter-cyclical risk control mechanisms.

关 键 词：银行理财产品 风险溢价 经济增长 货币政策 

分 类 号：F830[经济管理—金融学]