我国信托产品预期收益率影响因素分析

我国信托产品预期收益率影响因素分析

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时间:2019-01-31

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1、AbstractTHEANALYSISOFINFLUENCEFACTORSFORTHEEXPECTEDRATEOFRETURNOFTHETRUSTPRODUCTSINCHINAABSTRACTThetrustindustryofChinasufferedareallylongslowandweakprocessinnearlyeveryaspectinthepastover30years,duetothebusinessorientationandoperationmechanismbackward.However,anewm

2、otivationanddevelopmentofthetrustindustrywascomingwiththenew"TwoRules".Accordingtothelatestdata,China'strustindustryexperiencedarapidgrowthwithassetssizeincreasedfrom7.47trillionYuanin2012to10.91trillionYuanattheendof2013,increasingratereachedto46%.Thus,trustindustr

3、ybecomestobethesecondplaceinfinancialserviceindustrythatovertheinsuranceindustryandonlyafterbankingindustry.Tobuilditspositioninthefinancialbusiness,therearetwoapproacheswhicharenecessaryforatrustcompany.Oneisthedesignofitstrustproductsmustownrealattractiontoinvesto

4、rsinthefinancialmarket;theotheroneisthesellingpriceofproductscanbringgoodprofitsforthecompany.Baseonthesetwoessentialadvantages,makingtheexpectedrateofreturnbecomestothemainfactorforthedevelopmentofthetrustcompanyandthetrustproductslaunching.Theaimforthispaperistoan

5、alysisandstudytheexpectedrateofreturnofthetrustproductsinChinasoastogivethesupporttothedevelopmentforthetrustcompany.Andthemainstudytargetsarethepoliticaltrustandrealestatetrust.Thispapersummarizesageneralruleforfinancialproductpricingfromtwoclassicaltheories,Capita

6、lAssetsPricingModel(CAPM)andArbitragePricingModel(APT).Atthemeanwhile,combiningwiththecharacteristicsoftrustproductandparticularityofChina’strustindustry,factorsoftrustproductspricingaredividedintoI万方数据Abstractendogenousonesandexogenousones.Baseonstudiesallabove,thi

7、spaperbuildsabasicmodelofChina’scollectivefinancingtrustproductpricing.Fortrustproductswithdifferentcapitalinvestments,thispapertakesallcollectivefinancingproductsissuedfromJanuary,2008toDecember,2013asstudyobjectsandregressionsofthosedataarerunwithOrdinaryLeast-Squ

8、ares(OLS)inlinearregressionandPanelDataModelrespectively,whichleadstothefollowingresults:generallyspeaking,returnsoftrustproductsarepositi

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