Construction And Analysis Of The Yield Curve Of Bank Financial Products

In the past ten years,with the rapid development of China's economy and the rapid growth of personal wealth,people's awareness of maintaining and increasing wealth has been increasing,and the concept of investment and financial management has changed significantly.Bank financial products have gradually become one of the main ways of investment and financial management because of their diversified product characteristics.In the relevant literature of bank financial products,many scholars have made a full study of the factors affecting the yield of bank financial products,and studied the relationship between various macro and micro factors and the yield of financial products.However,due to the short development period of bank financial management business and the difficulty in collecting data samples,the research methods on the yield of bank financial products are generally simple,and the smaller data samples lead to the lower credibility of the results.Therefore,this paper chooses 223398 pieces of RMB closed-end bank financial products issued by non-foreign banks from January 1,2008 to June 30,2018 for individual investors.By introducing a variety of macro and micro factors affecting the the yield of bank financial products,using multiple regression model,partial linear model and other measurement methods,the yield curve is constructed,and its internal mechanism is studied in depth.The conclusion shows that,firstly,there is a stable linear relationship between investment starting point,incremental amount per unit,interest rate level,consumer price index,type of risk grade of bank financial products,money supply and yield on financial products,and there is a relatively robust non-linear relationship between planned fund-raising scale and yield on financial products,with the exception of negative correlation between money supply and other solutions,There was a positive correlation between the explanatory variables.Secondly,different types of issuers and product income types play a very important role in the level of yield on financial products.of bank financial products,The innovation of this paper lies in that,in the model method,this paper breaks the previous practice that scholars generally adopt multiple regression model for empirical research,and innovatively introduces a very important kind of method in semi-parametric model-partial linear model,which extends the linear relationship between influencing factors and the yield of bank financial products to the nonlinear field.It has credibility and reference.