| Along with the progress of society and economy, personal income level is increasing; financial management consciousness and needs are increasing too. Financial product gradually becomes residents'new investment option and commercial banks' new profit growth point. On the demand side, banks' financial product can widen investors'investment channel and also can stable or add their wealth value in the case of inflation. On the supplement side, banks' financial product can promote the transformation of banks'traditional business, increase their intermediary business income, and enhance its competitiveness in the financial market under the background of interest rate marketization and financial disintermediation. But with the rapid development of banks'financial product, its issue scale and specie is increasing quickly, its structure design is more and more complex, some risks and problems begin to exposure. For example, financial disorders such as "attracting deposits in higher interests and lending in a disguised form" disrupt the efficiency of the monetary policy and the normal order of financial market development; that financial products'expected earnings cannot realize on time causes payment and trust crisis; especially the "shadow finance" problem in bank-trust corporative financial products and "Ponzi finance" problem in capital pool financial products. To ensure the healthy development of banks' financial products market and to make full use of financial products as a new type of investment for residents and an important assets management transformation tool for banks, it's necessary to analyze and prevent these risks.In this paper, through reviewing the development of our country's commercial banks' financial product, we find that as the innovation of bank's financial products, bank-trust corporative financial products and capital pool financial products activate the bank's financial market, at the same time their underlying risks have caused regulators' and the publics'extensive concern. Based on the endogenous money theory, we mainly analyze the operation mechanism of the bank-trust corporative financial product and its "shadow finance" nature, and point out its redemption risk and liquidity risk when it operated beyond shadow. Meanwhile we find the characteristics about "deposit financed and loan securitization" of the capital pool financial product are similar to the securitization of the subprime mortgage during the American's subprime crisis. Based on Minsky's financial instability hypothesis, if the bank excessively participated in this capital pool innovation, the whole fiance system will suffer the risk of "Ponzi finance", and the accumulation of large scale risk and the evolution of the venerable finance will be a catastrophic hit to our imperfect financial system.This paper makes bank-trust corporative and capital pool financial product as the example, and the related research conclusions are as follows:Firstly, the nature of bank-trust corporative financial products is "shadow banking". The nature of the bank-trust corporative financial product is trust's and other non-banks' debt, which is the result of bank's asset trusted. The name of "bank financing" actually supplies a virtual security for relevant financial institutes'"shadow bank" management.Secondly, capital pool financial product has the characteristics about "deposit financed and loan securitization". Now the innovation based on securitization in capital pool financial product reflect the "innovation" that banks and other financial institutions expand credit and avoid regulatory, and also borrows expand debt crazily regardless of risks. But the behavior that capital pool financial product transfers the "toxic assets" to investors through securitization is similar to the securitization of the subprime mortgage during the American's subprime crisis. This process seems to reduce risks through financial innovation, in fact it further transfer and concentrate the risks. |
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