利率政策变动对银行理财产品的效应分析

近年来，为实现宏观经济目标，央行多次通过利率政策变化调节经济。从2010年10月至2011年7月，进行了五次加息；2012年6至7月进行了两次降息，并调整了金融机构存贷款利率浮动区间。加息使理财产品的预期收益率上涨，理财期限缩短。降息则使收益下降，中长期产品投资的价值增加。调整利率浮动区间会推动银行盈利的重心从传统存贷业务转向理财业务等中间业务，推动利率市场化。实证分析上次加息周期对银行理财产品产生的影响对降息周期产生的效应有借鉴意义；理论分析降息的影响则为如何在降息通道中把握好银行理财产品的投资提供有价值的参考。

Effect Analysis of Interest Policy Change on Personal Financing Products

In recent years, central bank has changed the It has raised interest rates five times from October 2010 to interest policy many times to achieve the c objectives July 2011, and cut interest rates two times in June and July 2012 It also adjusted the interest rates floating interval. Interest increasing makes personal financing products reduce the term and improve the revenue. Interest decreasing leads to the opposite effects. The adjustment of rate floating interval promotes the stress on financing business of commercial banks and interest rates liberalization. The empirical effect analysis of interest increasing on personal financing products helps to analyze the effects of interest decreasing, and provides the references of personal financing product investment.