| With the rapid development of China’s economy and the increasing concept of investors’ financial management,the demand of residents for financial products is increasing.In order to adapt to this change,domestic commercial banks continue to launch personal financial products,enriching the number and types of personal financial products,which has become a new profit growth point for commercial banks.In April 2018,the people’s Bank of China issued new regulations to encourage the entry of foreign-funded legal person financial institutions,which is conducive to the learning of foreign advanced experience by domestic financial institutions and the healthy and sustainable development of domestic financial market.With the continuous promotion of interest rate marketization process,the interest margin between deposits and loans is further reduced,which is an opportunity for the development of personal financial services of commercial banks.However,at present,there are still some problems in the development of personal financial services,such as imperfect system,nonstandard market,unbalanced rate of return pricing,unclear reasons for the rise and fall,which make the development effect of financial products market still to be improved.Therefore,it is of great significance for commercial banks and investors to design and purchase financial products to study the influencing factors of personal financial product yield and to objectively evaluate the degree and direction of its influence.This paper reviews and draws on the research results and practical experience of financial product yield of commercial banks at home and abroad,and analyzes the current situation and development process of domestic personal financial product under the guidance of portfolio theory and life cycle theory,theoretically analyzes the influencing factors of personal financial product yield of commercial banks in China,including macro influencing factors and internal design factors,and selects 422 relatively representative financial products issued by 11 commercial banks from the beginning of 2005 to the end of2018 for empirical analysis,constructed the time regression model of external factors and cross-section regression model of internal factors.determined the relationship and influence degree of each influencing factor and yield.Finally,according to the conclusion of empirical analysis,the paper puts forward some countermeasures and suggestions for commercial banks,investors and regulators.Through empirical analysis,the main conclusions are as follows:(1)The expected rate of return of financial products is mainly affected by external macro factors,and the internal design factors of financial products are less than external macro factors.(2)The most important external factor affecting the expected return of financial products is the level of economic development.(3)The most important internal factor affecting the expected return of financial products is the credit rating of banks.(4)The influencing factors that are positively related to the expected rate of return of financial products are economicdevelopment level,inflation level,interest rate,Shanghai Composite Index,bank credit level,commission period and starting purchase amount;The influencing factors that are negatively related to the expected return of financial products are money supply and termination right;the expected return of principal guaranteed financial products is lower than that of non principal guaranteed financial products;the return of floating income financial products is lower than that of fixed income financial products. |
