Research On The Pricing Rules Of China’s Financing-related Collective Money Trust Products

This paper have study the pricing rules and the effect to expected return rate of China’s financing-related collective money trust products. Firstly, the author build pricing function of the trustor based on the theory of risk compensation and build the pricing function of trustee based on the theory of the actual trust pay of trustee. Through simultaneous the pricing function of the trustor and the trustee’s pricing function, thus build the pricing model of China’s financing-related collective money trust products. Secondly, the author first divided factors affecting the expected return rate on China’s collective money trust products into macroeconomic factors and trust products’ characteristics and then analyzes the effect to expected return rate on China’s financingrelated collective money trust products cause from the factor on the basis of pricing model. Finally, the author collects China’s financing-related collective money trust products from 2008 to 2015 as the research sample build a multiple regression model and analyzes the empirical results.According to theoretical analysis and empirical results of this paper we can get the following conclusion: five factors including the period of the trust products, the trust scale, investment field in real estate, using a structured product design, the one-year deposit interest rate and the equity investment as a way of capital operation have a positive relationship with expected return rate on China’s financing-related collective money trust products, and financial M2 growth rate over the same period of last year and investment in basic industries have a negative relationship with expected return rate on China’s financing-related collective money trust products.