理财产品与利率市场化效率研究

本文运用SPSS逐步回归法做计量模型分析了储蓄存款转为理财产品的转化率,并理论剖析了理财产品的特征及其对存款替代效应的影响因素。研究得出结论:理财投资对储蓄存款的替代效应较大,对金融机构绕过存款利率上限管制、推进利率市场化进程具有重要意义。作为主导利率市场化改革的人民银行,应规范理财产品业务运营管理,加快推进市场化产品的研发和推广,在政策透明的前提下推动金融深化。

Research on the Financial Products and their Influence on Interest Rate Liberalization

In this essay,an econometrical analysis is conducted to calculate the percentage of savings deposit converted to financial products investment using stepwise regression method on SPSS.The essay also discusses theoretically the characteristics of financing products and the influencing factors on the substitution effect of financing products for savings deposit.Finally,it is concluded that the financing products have a strong substitution effect on savings deposit and are of great significance for the financial institutions to circumvent the deposit interest rate caps and push forward the process of interest rate liberalization. Consequently,the People’ s Bank of China,which guides China’ s reform towards market-driven interest rates,shall without any doubt regulate the financing products market and speed up the research,development and popularization of investment vehicles embedded with market-driven interest rates.Such efforts are expected to promote financial deepening on the premise of transparent policies.