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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
