| In the year of 2005, the China banking regulatory commission issued "The commercial bank personal financing business management interim measures",which marks that the bank financing market development in our country got into right orbit. In the next 10 years bank financial industry has made great strides in development. For bank financial products, the year of 2014 is undoubtedly a tough year. On the one hand, the Internet finance performed as a spoiler in the traditional financing market, launching a variety of financial plans on a new understanding of financing management. On the other hand, many of the policies and regulations promulgated by the China banking regulatory commission continued to standardize the market for bank financial products and meanwhile gave a lot of pressure on the commercial banks. At the same time, the impacts suffered by the bank financing come not only from the Internet financing and the increasingly strict laws and regulations, but also from the other types of investment. As the stock market and housing market recovery, it becomes even harder to keep the money in wealth management products. To see the essence through the phenomena, however, both the increasingly strict laws and regulations and the alternative investments struggling for money are all the embodiment of the gradual improvement of China’s financial markets.Also in 2014, the structured financial products gradually come into people’s eyesight. With the advantages of its structure the structured financial product impresses more and more investors. Although the structured product was brought into China relatively late, but it has developed rapidly and shows enormous potential. In recent years the development of China’s structured financial products show two trends: First, structured products circulation experiences successive incremental. Second, Chinese banks are constantly increase the intensity of the issue of structured products, gradually replacing the foreign Banks which dominate the structured products market in China. According to a survey, the total number of structured financial products issued in China in 2014 doubled the figure in 2013. Due to the complexity of structured financial products design, it is often difficult for the average investors to recognize the product real income and risk characteristics.This article selects a structured financial product, "ZHIYINGBAO", issued by CIB as a case. This product is a one-year floating income structured financial product, whose income links up with the performance of London gold market delivery price. This article will analyze separately from two main aspects, the income distribution and the risk of the product. On the analysis of the income distribution in the process, this article will analyze the product as a whole, leverage the linkage between the overall earnings and the London gold market prices, by modeling the gold history data through the GARCH(1, 1), use the Monte Carlo simulation method to calculate the probability of different income, and examine the product yield characteristics. On the analysis of main risks, this article will focus on three aspects, namely product market risk, liquidity risk, regulatory risk. Finally, based on the above analysis, this article will attempt to put forward some suggestions on how to improve product attraction and competitiveness, specifically from the product positioning, the earnings setting and the liquidity risk three directions to fulfill the product improvement. |
