摘要
人民币理财产品的发展,是银行在利率市场化背景下自发性的市场化行为,满足了居民的财富管理和企业的资金需求,并间接加速了存款利率市场化进程。当前理财产品风险总体可控,但存在一定程度的流动性风险和信用违约风险。一方面,在理财产品业务链中,银行的负债主要为通过滚动发行短期理财产品获得的资金,而资产多为中长期贷款。一旦不能继续滚动发展理财产品,则会触发流动性风险;另一方面,理财产品银行将大部分债券类理财产品投放到中低评级的"城投债"资产中,潜在的违约风险不容忽视。未来需要进一步合理完善金融监管制度,强化信息披露、明确各相关方的法律关系,引导银行理财产品市场创新发展。
The launch of RMB wealth management products(WMPs) is a spontaneous market activity of the commercial banks against the background of interest rate liberalization.Those products not only meet the demand of the public to better manage their wealth and that of enterprises for capital,but indirectly help accelerate the pace of savings rate liberalization.Overall,although the risk level of WMPs remains controllable,the potential liquidity and credit default risks should not be ignored.On the one hand,the mismatch risk is noticeable as the banks issue short-term WMPs to collect capital while they offer long-term loans.If the banks failed to continue to secure sources of capital through selling WMPs,it would trigger a liquidity risk.On the other hand,the banks have lent money pooled from sales of bond-type WMPs to support low-rating quasi-municipal bonds,which have serious potential risks.In the future,the authorities should improve the financial regulatory system,strengthen information disclosure,and clarify the legal relationships of relevant parties to properly guide the innovative development of RMB wealth management products market.
出处
《国际经济评论》
CSSCI
北大核心
2013年第3期93-102,6,共10页
International Economic Review
