Case Study Of The "Qianyuan-Win To Win "Structured Financial Product

After ten years of development of commercial bank financial products,they issued an increasing scale,their species are more abundant,showing a diversified trend.With the deepening of reform of China's financial system and the interest rate marketization,commercial banks rely on traditional deposit and loan spreads survival bonus system is gradually disappear,they are facing more and more external competitive pressure.The rapid development of the Internet creates a variety of financial planning which rely on the Internet,financial market investment for investors is increasing;on the other hand,regulators continue to introduce relevant policies and manage financial market severely.These factors impact the development of financial products of commercial banks,also contributed to the continuous improvement of it.Since structured financial products into the Chinese market,they have an rapid development speed and unlimited potential.Structured financial products through the combination of fixed income products and financial derivatives to meet the diversity of investor risk appetite and investment needs,also increased the bank's intermediate business income.In this paper,firstly,according to the nature of structured financial products,according to the subject of the subject,the degree of risk and liquidity,also introduces the development of structured financial products in China.There are some problems in them,such as too much focus on the hook,product design risk awareness weakly and low capital utilization.These problems reduce the attractiveness of products to investors,also it is bad for the healthy development of Chinese financial market.This paper selects the case for an non-guaranteed floating income structured financial products,it is issued by China Construction Bank in June 2016.The product is linked to the gold futures brunt contract in Shanghai futures exchange,it issues bullish and bearish two different direction of the product simultaneously,it pays attentions to the investors who are more familiar with the price of gold and has full consideration to meet the expectations of investors on the price of gold.This product belongs to the net type products,it has a certain representation and meet the future development trend of financial products.The product structure is clear,the relationship between the subject and the income is distinct,through the analysis of specific products can understand of deficiencies,in order to propose some specific suggestions for the improvement of the structured financial products.This paper analyzes the product from two angles of profit and risk.First,it analyzes the product yield and modeles the historical price of gold.Time-series is used to predict the probability of different benefits,combined with the structural characteristics of this product revenue analysis.Secondly,this paper pays attention to the main risk of the product,combined with the current development of structured financial products and analyzes its market risk,credit risk,liquidity risk,etc.Based on the analysis results,we find the product positioning lack of targeted,it did not play the real advantage of structured financial products,also lack of competitivenessa and its closed operation leads to lower liquidity.Finally,combined with the current problems in the development of structured financial products,this paper puts forward some improvement suggestions from the three perspectives of product structure,liquidity and risk control.