The Impact Of Information Disclosure On The Issue Of Financial Products

Based on the financial products market information disclosure of the status quo of objective analysis and understanding of the bank financial product information disclosure based on the research progress of collected data were quantified, in order to more intuitive and scientific understanding our country bank financial products, the actual income rate information disclosure cost and the size of the offering (market share) that issue of financial products. To explore whether for investors, the real return rate of the reaction performance of financial products is an important indicator of information disclosed in a timely manner, making the financial products more attractive, so that the issue of scale than the yield of information disclosure is not timely financial products issued on a much larger scale. And on this basis, to explore whether banks can strengthen the disclosure of related information to enhance market competitiveness, increase market share.In recent years, China's per capita income has increased, as well as public awareness of financial enhancement, bank financial products customer base has been a "blowout" growth. On this basis, each bank issued a variety of financial products, in the bank's operating income and its share of revenues accounted for an increasingly large proportion, and there is an upward trend, bank financial products in the types of financial products and the size of the market reached new scale. This also indicates the status of Bank profit model in the core with the bank financial products rising. Major banks pay more attention to the importance of financial products in the process of competition, but also continue to explore ways to increase market share of financial products. But in the process of development, there are a lot of problems, such as information disclosure, disclosure of local time lag, vague, deliberately weakening risk etc.. The actual rate of return financial products to disclose, but there is a lack of timeliness, even not to disclose the phenomenon. The current situation of information disclosure for issuers is beneficial? If the full information disclosure can reduce the cost of bank financial products or increase the issue size?In this paper, through the analysis of the factors to influence financial products revenue rate, the collected variables including issuing bank's credit level, investment products, business model, commission period, is expected to yield limit, proportion of capital preservation, capped benefits rate, annual yield rate, issue, issuing scale and distribution area etc.. At the same time, the corresponding stage of the current collection time, the people's Bank of Chinese website for three months, half a year, three years, five years of the people's Bank of China announced the corresponding period of the benchmark interest rate and money supply M2. Among the factors that affect the yield of financial products, set a specific variable:information disclosure variables. It is defined as the ratio of the actual yield of the financial products of the same Issuer on a month to maturity. This ratio is high, so the bank to disclose the financial product information degree is higher. We expect that the disclosure of the proportion and the rate of return is negatively related, and the issue is positively related to the scale of.In this paper, based on January 1,2014 to September 30,2015 issued financial products data, analysis of the financial products contain a variety of investment, expected rate of return lower, information disclosure, issue size (market share), issue, distribution area, proportion of guaranteed, commission period, such as more than 10 variables, and on this basis, variables and the series before a period of financial products, the actual income rate information disclosure variable multiple regression model was established after a period of financial products scale with these financial product information disclosure,. Model derived and in certain other circumstances, financial products yields information disclosure are positively correlated with the cost of the financial products and the financial product yield information disclosed more fully, the issue of the cost of subsequent financial products will be reduced. This is because, the disclosure of the actual income and timely disclosure of the actual income of financial products, for investors, more information, then investors believe that the risk and non disclosure or not timely disclosure of financial products, obtain more information, increase the information symmetry, because of lower risk, tend to invest in timely disclosure of income financial products, then disclosure sufficient and timely financial products will attract more capital, the larger issue size, or said to lower financing costs, namely real return rate is low. This is also due to the results of information symmetry.Finally, the paper puts forward suggestions to strengthen the transparency of financial products market information. Suggestions are put forward on the supervision of financial products and financial products. For issuers, importance should be attached to the timeliness of financial product information release and complete; and for the regulators should strengthen financial product information disclosure regulation, the Chinese market financial products to the direction of the development of more standardized.