<span id="be583fa5c5"></span><address id="bf69f9fc79"><style id="bga3b2bacc"></style></address><button id="bl7485a29e"></button>
                        

          • 微博
          • 微信微信二维码

          广东省人民政府首页  >  要闻动态  >  广东要闻

          信托产品刚性兑付制约股市发展

          来源: 南方日报网络版     时间: 2019年04月21日 06:52:17
          【字体: 】

          重庆龙虎和代理平台平台直属招商最高㊖100返9♔诚招代理永久注册网站【QQ 7915171】腾讯分分彩,腾讯5分彩,腾讯10分彩,时时彩龙虎和,意彩彩票代理,意彩官网,意彩平台信托产品刚性兑付制约股市发展

          男生拉横幅为女生过节:你们是不在E盘里的女神 安徽一官员被人贴海报举报 称其拿钱不办事(图) 朱征夫:建议废除嫖宿幼女罪 按强奸罪从重处罚 昆明暴恐事件“七日祭”:送别伤痛 重拾希望 周本顺:河北是京津冀协同发展最大受益者 男子网恋后偷领结婚证 发现岳母是自己姑姑 前瞻:粤京激战天王山 华南虎或凭防守力夺赛点 赵本山开两会用100元手机 称儿女更爱韩剧 韦德暗示对偷腥歉意示爱未婚妻:愿意共享余生 南京市人大常委会主任谈“大屠杀公祭日” 人大代表:人民群众能够理解提高公务员工资 高清:疆莞战关键9秒变闹剧 新疆助教不满暴怒 李宗伟否认退役 欲学林丹“休养生息”备战里约 罗宁:国安今年目标夺冠 本有意引阿国脚级前腰 王岐山参加河南代表团审议

          (打)(破)(,影)(子)(银)(行)(体)(系)(将)(面)(临)(一)(个)(短)(期)(的)(冲)(击)(。
            □中)(国)(社)(会)(科)(学)(院)(金)(融)(所)(尹)(中)(立)(
            从)(十)(八)(届)(三)(中)(全)(会)(精)(神)(看)(,决)(策)(层)(对)(资)(本)(市)(场)(的)(发)(展)(寄)(予)(厚)(望)(,但)(现)(实)(中)(A股)(市)(场)(表)(现)(却)(难)(令)(人)(满)(意)(。刚)(刚)(过)(去)(的)(2013年)(,全)(球)(主)(要)(股)(市)(都)(创)(新)(高)(,而)(中)(国)(蓝)(筹)(股)(的)(估)(值)(却)(创)(新)(低)(。中)(国)(股)(市)(的)(异)(常)(表)(现)(必)(有)(其)(内)(在)(机)(理)(。笔)(者)(认)(为)(,妨)(碍)(股)(市)(发)(展)(的)(最)(主)(要)(因)(素)(是)(信)(托)(产)(品)(的)(刚)(性)(兑)(付)(潜)(规)(则)(。
            影)(子)(银)(行)(规)(模)(超)(过)(股)(市)(
            如)(果)(将)(时)(间)(拨)(回)(2009年)(,把)(信)(托)(市)(场)(与)(股)(市)(联)(系)(起)(来)(似)(乎)(有)(些)(天)(方)(夜)(谭)(。2009年)(的)(信)(托)(市)(场)(只)(有)(几)(千)(亿)(元)(的)(规)(模)(,而)(当)(时)(的)(股)(市)(市)(值)(近)(30万)(亿)(元)(,二)(者)(完)(全)(不)(是)(一)(个)(等)(量)(级)(。当)(时)(的)(信)(托)(市)(场)(规)(模)(只)(相)(当)(于)(中)(信)(证)(券)(的)(股)(票)(市)(值)(。因)(此)(,2009年)(之)(前)(的)(信)(托)(市)(场)(对)(股)(市)(不)(会)(产)(生)(任)(何)(影)(响)(。而)(2009年)(后)(的)(情)(形)(出)(现)(了)(大)(逆)(转)(,信)(托)(总)(规)(模)(迅)(速)(扩)(张)(,连)(续)(几)(年)(以)(超)(过)(50%以)(上)(的)(速)(度)(增)(长)(,截)(至)(2013年)(底)(的)(规)(模)(已)(经)(超)(过)(了)(10万)(亿)(元)(,已)(经)(相)(当)(于)(股)(市)(总)(市)(值)(的)(一)(半)(,与)(股)(市)(的)(实)(际)(流)(通)(市)(值)(旗)(鼓)(相)(当)(,股)(市)(不)(能)(再)(忽)(视)(信)(托)(的)(存)(在)(。
            与)(信)(托)(市)(场)(类)(似)(的)(还)(有)(银)(行)(的)(各)(种)(理)(财)(产)(品)(市)(场)(等)(“影)(子)(银)(行)(”。根)(据)(有)(关)(权)(威)(部)(门)(的)(数)(据)(,包)(括)(信)(托)(在)(内)(的)(全)(部)(“影)(子)(银)(行)(”融)(资)(规)(模)(已)(经)(达)(到)(30万)(亿)(元)(。“影)(子)(银)(行)(”仅)(经)(过)(5年)(的)(扩)(张)(,其)(规)(模)(已)(经)(超)(过)(了)(股)(市)(。
            从)(2009年)(下)(半)(年)(开)(始)(,包)(括)(信)(托)(在)(内)(的)(各)(类)(影)(子)(银)(行)(迅)(速)(崛)(起)(,而)(股)(市)(却)(一)(蹶)(不)(振)(,由)(直)(观)(感)(觉)(看)(,二)(者)(之)(间)(似)(乎)(存)(在)(“跷)(跷)(板)(”的)(关)(系)(。
            推)(高)(无)(风)(险)(收)(益)(率)(
            从)(金)(融)(资)(产)(定)(价)(的)(内)(在)(逻)(辑)(分)(析)(,信)(托)(及)(其)(他)(影)(子)(银)(行)(的)(快)(速)(膨)(胀)(提)(高)(了)(金)(融)(市)(场)(的)(“无)(风)(险)(收)(益)(率)(”,导)(致)(股)(市)(估)(值)(水)(平)(降)(低)(。正)(常)(状)(态)(下)(,信)(托)(产)(品)(的)(收)(益)(率)(会)(高)(于)(国)(债)(的)(收)(益)(率)(,因)(为)(信)(托)(产)(品)(的)(违)(约)(风)(险)(高)(于)(国)(债)(,如)(果)(我)(们)(把)(国)(债)(收)(益)(率)(作)(为)(无)(风)(险)(收)(益)(率)(,高)(于)(国)(债)(收)(益)(率)(的)(部)(分)(就)(是)(风)(险)(溢)(价)(。不)(知)(道)(从)(什)(么)(时)(候)(开)(始)(,各)(级)(监)(管)(机)(构)(开)(始)(形)(成)(“底)(线)(思)(维)(”,即)(守)(住)(不)(发)(生)(系)(统)(性)(或)(区)(域)(性)(风)(险)(的)(底)(线)(。每)(当)(出)(现)(涉)(及)(金)(额)(较)(大)(的)(金)(融)(违)(约)(行)(为)(,有)(关)(监)(管)(部)(门)(总)(是)(习)(惯)(性)(地)(采)(取)(措)(施)(让)(违)(约)(事)(件)(不)(发)(生)(,有)(的)(甚)(至)(拿)(纳)(税)(人)(的)(资)(金)(来)(填)(补)(债)(务)(窟)(窿)(。按)(照)(此)(监)(管)(思)(维)(,各)(类)(信)(托)(产)(品)(必)(须)(保)(持)(刚)(性)(兑)(付)(。
            无)(违)(约)(的)(信)(托)(市)(场)(扭)(曲)(了)(资)(金)(价)(格)(,导)(致)(了)(资)(源)(错)(配)(。当)(监)(管)(者)(要)(求)(信)(托)(公)(司)(保)(持)(刚)(性)(兑)(付)(,就)(给)(市)(场)(传)(导)(了)(错)(误)(信)(号)(,即)(信)(托)(产)(品)(高)(收)(益)(而)(无)(风)(险)(。当)(信)(托)(规)(模)(很)(小)(的)(时)(候)(,这)(样)(的)(潜)(规)(则)(对)(金)(融)(市)(场)(的)(定)(价)(影)(响)(不)(大)(,但)(信)(托)(规)(模)(已)(经)(超)(过)(10万)(亿)(元)(的)(背)(景)(下)(,信)(托)(产)(品)(的)(刚)(性)(兑)(付)(实)(际)(上)(推)(高)(了)(整)(个)(金)(融)(市)(场)(的)(无)(风)(险)(收)(益)(率)(。在)(2010年)(之)(前)(,我)(国)(10年)(期)(限)(的)(国)(债)(收)(益)(率)(一)(直)(在)(4%以)(下)(,一)(年)(期)(的)(银)(行)(定)(期)(存)(款)(利)(率)(是)(3%,即)(金)(融)(市)(场)(的)(无)(风)(险)(收)(益)(率)(大)(约)(在)(3%-4%左)(右)(。但)(2010年)(后)(信)(托)(产)(品)(和)(银)(行)(理)(财)(产)(品)(大)(规)(模)(扩)(张)(,这)(些)(产)(品)(的)(收)(益)(率)(都)(在)(6%以)(上)(,有)(些)(产)(品)(的)(收)(益)(率)(甚)(至)(常)(超)(过)(10%,因)(为)(它)(们)(都)(存)(在)(刚)(性)(兑)(付)(的)(假)(设)(前)(提)(,使)(得)(该)(收)(益)(率)(成)(为)(市)(场)(的)(无)(风)(险)(收)(益)(率)(。
            对)(金)(融)(市)(场)(冲)(击)(巨)(大)(
            无)(风)(险)(收)(益)(率)(的)(大)(幅)(度)(提)(高)(对)(金)(融)(市)(场)(产)(生)(了)(巨)(大)(的)(冲)(击)(。首)(先)(,债)(券)(市)(场)(收)(益)(率)(提)(高)(,对)(应)(债)(券)(价)(格)(出)(现)(下)(跌)(。2013年)(6月)(份)(之)(后)(中)(国)(各)(种)(债)(券)(的)(收)(益)(率)(迅)(速)(走)(高)(,10年)(期)(国)(债)(的)(收)(益)(率)(提)(高)(了)(100个)(基)(点)(左)(右)(。从)(中)(国)(近)(20年)(的)(历)(史)(看)(,只)(有)(当)(通)(胀)(处)(在)(上)(升)(周)(期)(时)(长)(期)(国)(债)(的)(收)(益)(率)(才)(会)(出)(现)(大)(幅)(度)(上)(扬)(,在)(物)(价)(指)(数)(平)(稳)(的)(状)(态)(下)(出)(现)(债)(券)(收)(益)(率)(跳)(涨)(的)(现)(象)(还)(是)(第)(一)(次)(,直)(接)(因)(素)(就)(是)(信)(托)(产)(品)(的)(大)(量)(发)(行)(及)(其)(刚)(性)(兑)(付)(的)(存)(在)(。
            其)(次)(,股)(票)(市)(场)(估)(值)(不)(断)(创)(新)(低)(。2010年)(以)(来)(,沪)(深)(300指)(标)(股)(的)(估)(值)(持)(续)(下)(跌)(,由)(30多)(倍)(市)(盈)(率)(跌)(到)(2013年)(底)(的)(10倍)(左)(右)(市)(盈)(率)(,银)(行)(股)(的)(估)(值)(从)(2010年)(的)(16倍)(市)(盈)(率)(左)(右)(下)(跌)(到)(2013年)(底)(的)(5倍)(市)(盈)(率)(。估)(值)(不)(断)(创)(新)(低)(的)(直)(接)(原)(因)(当)(然)(是)(资)(金)(流)(出)(,资)(金)(从)(股)(票)(市)(场)(流)(到)(了)(信)(托)(和)(理)(财)(市)(场)(,因)(为)(这)(些)(产)(品)(有)(较)(高)(的)(无)(风)(险)(收)(益)(率)(。
            从)(2012年)(开)(始)(,就)(不)(断)(有)(市)(场)(人)(士)(建)(议)(扩)(大)(保)(险)(和)(社)(保)(资)(金)(投)(资)(股)(市)(的)(比)(例)(,希)(望)(以)(此)(来)(刺)(激)(股)(市)(。从)(数)(据)(看)(,截)(至)(2013年)(底)(保)(险)(资)(金)(投)(资)(权)(益)(类)(资)(产)(的)(比)(例)(上)(限)(是)(25%,而)(实)(际)(投)(资)(比)(例)(只)(有)(10%左)(右)(,可)(见)(保)(险)(资)(金)(对)(股)(市)(并)(不)(感)(兴)(趣)(,希)(望)(通)(过)(扩)(大)(保)(险)(资)(金)(入)(市)(比)(例)(来)(刺)(激)(股)(价)(的)(确)(属)(于)(“单)(相)(思)(”。当)(信)(托)(和)(银)(行)(的)(理)(财)(产)(品)(收)(益)(率)(达)(到)(10%的)(时)(候)((并)(且)(无)(违)(约)(风)(险)(),保)(险)(资)(金)(为)(什)(么)(要)(买)(股)(票)(?
            中)(国)(股)(市)(的)(估)(值)(曾)(经)(在)(1993年)(至)(1994年)(达)(到)(过)(10倍)(市)(盈)(率)(左)(右)(的)(情)(况)(,当)(时)(恰)(逢)(严)(重)(通)(货)(膨)(胀)(,物)(价)(涨)(幅)(超)(过)(20%,当)(时)(的)(银)(行)(一)(年)(期)(存)(款)(的)(利)(率)(超)(过)(10%。而)(当)(前)(并)(无)(严)(重)(通)(货)(膨)(胀)(,CPI增)(幅)(只)(有)(3%左)(右)(,银)(行)(的)(一)(年)(期)(定)(期)(存)(款)(利)(率)(只)(有)(3%,而)(股)(市)(估)(值)(水)(平)(却)(创)(历)(史)(新)(低)(,反)(常)(的)(现)(象)(背)(后)(是)(信)(托)(和)(理)(财)(产)(品)(的)(刚)(性)(兑)(付)(抬)(高)(了)(市)(场)(无)(风)(险)(收)(益)(率)(。
            可)(见)(,信)(托)(的)(刚)(性)(兑)(付)(是)(导)(致)(债)(券)(市)(场)(和)(股)(票)(市)(场)(熊)(市)(的)(罪)(魁)(祸)(首)(,只)(要)(让)(信)(托)(产)(品)(出)(现)(违)(约)(,则)(刚)(性)(兑)(付)(的)(预)(期)(破)(灭)(,信)(托)(或)(债)(券)(的)(“风)(险)(溢)(价)(”将)(自)(动)(上)(升)(,市)(场)(的)(“无)(风)(险)(收)(益)(率)(”会)(迅)(速)(下)(降)(,而)(股)(票)(市)(场)(估)(值)(会)(很)(快)(得)(到)(修)(正)(。
            监)(管)(部)(门)(的)(两)(难)(选)(择)(
            上)(述)(分)(析)(并)(非)(仅)(仅)(是)(笔)(者)(的)(逻)(辑)(推)(导)(,现)(实)(中)(上)(述)(逻)(辑)(已)(经)(得)(到)(验)(证)(。2014年)(1月)(底)(,中)(诚)(信)(托)(的)(30亿)(元)(矿)(业)(信)(托)(产)(品)(到)(期)(,在)(多)(方)(努)(力)(下)(,最)(终)(没)(有)(出)(现)(完)(全)(违)(约)((投)(资)(者)(可)(以)(获)(得)(本)(金)(),但)(投)(资)(者)(也)(付)(出)(了)(一)(定)(代)(价)(,投)(资)(者)(不)(能)(获)(得)(预)(期)(的)(收)(益)(。尽)(管)(这)(样)(的)(处)(理)(结)(果)(还)(没)(有)(完)(全)(打)(破)(刚)(性)(兑)(付)(潜)(规)(则)(,但)(至)(少)(使)(得)(刚)(性)(兑)(付)(预)(期)(部)(分)(被)(打)(破)(,按)(照)(资)(产)(定)(价)(的)(逻)(辑)(来)(分)(析)(的)(话)(,此)(举)(降)(低)(了)(市)(场)(的)(“无)(风)(险)(收)(益)(率)(”,对)(股)(市)(属)(于)(重)(大)(利)(好)(。春)(节)(期)(间)(,由)(于)(美)(国)(货)(币)(政)(策)(调)(整)(的)(影)(响)(,各)(国)(股)(市)(都)(出)(现)(了)(10%左)(右)(的)(下)(跌)(,而)(我)(国)(股)(市)(在)(春)(节)(后)(开)(盘)(却)(出)(现)(上)(涨)(。笔)(者)(认)(为)(,中)(国)(股)(市)(在)(马)(年)(首)(日)(逆)(国)(际)(市)(场)(收)(红)(盘)(的)(最)(主)(要)(原)(因)(是)(中)(诚)(信)(托)(30亿)(元)(信)(托)(产)(品)(的)(处)(理)(方)(式)(。
            按)(照)(上)(述)(思)(路)(推)(理)(,如)(果)(让)(中)(诚)(信)(托)(的)(信)(托)(产)(品)(彻)(底)(违)(约)(,则)(市)(场)(的)(无)(风)(险)(收)(益)(率)(会)(降)(低)(更)(多)(,股)(市)(会)(得)(到)(更)(积)(极)(的)(响)(应)(。但)(彻)(底)(违)(约)(的)(闸)(门)(一)(旦)(打)(开)(,影)(子)(银)(行)(体)(系)(的)(系)(统)(性)(风)(险)(可)(能)(无)(法)(控)(制)(。根)(据)(有)(关)(方)(面)(的)(分)(析)(,中)(国)(的)(信)(托)(产)(品)(和)(各)(类)(理)(财)(产)(品)(的)(总)(规)(模)(大)(约)(有)(30万)(亿)(元)(人)(民)(币)(,这)(些)(所)(谓)(的)(“影)(子)(银)(行)(”的)(主)(要)(融)(资)(对)(象)(是)(房)(地)(产)(市)(场)(和)(地)(方)(政)(府)(的)(融)(资)(平)(台)(。这)(些)(融)(资)(项)(目)(需)(要)(后)(续)(源)(源)(不)(断)(的)(资)(金)(补)(充)(才)(能)(维)(持)(资)(金)(链)(的)(正)(常)(周)(转)(,一)(旦)(信)(托)(产)(品)(的)(刚)(性)(兑)(付)(不)(再)(成)(立)(,则)(新)(发)(行)(信)(托)(将)(受)(阻)(,系)(统)(性)(风)(险)(可)(能)(会)(引)(爆)(。
            因)(此)(,政)(策)(导)(向)(如)(何)(取)(决)(于)(监)(管)(部)(门)(的)(选)(择)(,如)(果)(选)(择)(把)(风)(险)(继)(续)(掩)(盖)(起)(来)(,则)(继)(续)(让)(信)(托)(市)(场)(存)(在)(刚)(性)(兑)(付)(的)(潜)(规)(则)(,市)(场)(的)(无)(风)(险)(收)(益)(率)(继)(续)(保)(持)(高)(位)(,整)(个)(经)(济)(仍)(然)(在)(高)(资)(金)(成)(本)(的)(背)(景)(下)(艰)(难)(运)(行)(,股)(市)(和)(债)(市)(都)(不)(会)(有)(好)(的)(表)(现)(;假)(如)(让)(市)(场)(风)(险)(释)(放)(,则)(股)(市)(的)(短)(期)(市)(场)(风)(险)(较)(大)(,上)(证)(综)(指)(创)(2009年)(以)(来)(的)(新)(低)(也)(是)(有)(可)(能)(的)(,但)(好)(处)(是)(市)(场)(的)(无)(风)(险)(收)(益)(率)(大)(幅)(度)(降)(低)(,企)(业)(的)(经)(营)(成)(本)(下)(降)(,上)(市)(公)(司)(盈)(利)(将)(出)(现)(好)(转)(,股)(票)(估)(值)(将)(提)(升)(。
            看)(来)(,决)(策)(者)(要)(面)(临)(一)(个)(两)(难)(选)(择)(:如)(果)(选)(择)(让)(信)(托)(等)(影)(子)(银)(行)(体)(系)(继)(续)(膨)(胀)(,则)(资)(本)(市)(场)(无)(法)(发)(展)(壮)(大)(;如)(果)(要)(发)(展)(资)(本)(市)(场)(,实)(现)(扩)(大)(直)(接)(融)(资)(比)(重)(的)(目)(标)(,则)(刚)(性)(兑)(付)(的)(潜)(规)(则)(必)(须)(打)(破)(,影)(子)(银)(行)(体)(系)(将)(面)(临)(一)(个)(短)(期)(的)(冲)(击)(。
            对)(于)(投)(资)(者)(而)(言)(,应)(该)(等)(待)(决)(策)(者)(的)(选)(择)(确)(定)(后)(再)(做)(定)(夺)(。等)(待)(信)(托)(产)(品)(违)(约)(事)(件)(发)(生)(后)(对)(股)(票)(市)(场)(产)(生)(的)(短)(期)(冲)(击)(,而)(后)(将)(出)(现)(一)(个)(较)(好)(的)(股)(市)(投)(资)(机)(会)(。点)(击)(进)(入)(【股)(友)(会)(】参)(与)(讨)(论)(
          )


          相关文章

          版权所有:南方新闻网 粤ICP备05070829 网站标识码4400000131
          主办:南方新闻网 协办:广东省经济和信息化委员会 承办:南方新闻网
          建议使用1024×768分辨率 IE7.0以上版本浏览器
          绾按璁惧|涓按鍥炴敹璁惧|瓒呯函姘磋澶噟宸ヤ笟搴熸按澶勭悊|楂樼函姘磋澶?鍗椾含鐟滈摠绾按绉戞妧鏈夐檺鍏徃

              <span id="be583fa5c5"></span><address id="bf69f9fc79"><style id="bga3b2bacc"></style></address><button id="bl7485a29e"></button>
                                

                  鍏徃浠嬬粛

                  鍏充簬鍗椾含鐟滈摠鐜繚鎶€鏈湁闄愬叕鍙?/h2>

                      鍗椾含鐟滈摠鐜繚鎶€鏈湁闄愬叕鍙?/strong>鏄富瑕佷粠浜嬶細楗敤姘村噣鍖栥€佸伐涓氱函姘磋澶囥€佸疄楠屽垎鏋愯秴绾按鍣ㄣ€佸惊鐜按澶勭悊銆佹薄姘村鐞嗗拰鐗圭娴撶缉鍜屽垎绂昏缃瓑姘村鐞嗘妧鏈殑寮€鍙戝拰搴旂敤鐨勬皯钀ユ妧鏈瀷鐜繚浼佷笟銆傛嫢鏈変竴鏀瀛愪氦鎹㈣啘鎶€鏈€佹満姊拌璁″拰鍒堕€犮€佹按浣撶幆澧冨伐绋嬨€佺數姘旇嚜鍔ㄥ寲鎺у埗銆佹按璐ㄥ垎鏋愮瓑鍚勬柟闈笓涓氫汉鎵嶉槦浼嶏紝鏈潃鏈嶅姟绀句細锛屽疄鈥?/p> +

                  浜у搧涓績
                  鏂伴椈涓績
                  鍦ㄧ嚎鐣欒█
                  鍙嬫儏閾炬帴 / FRIEND LINK
                  鍗椾含鐟滈摠鐜繚鎶€鏈湁闄愬叕鍙? title= 鍗椾含鐟滈摠鐜繚鎶€鏈湁闄愬叕鍙?nbsp;   澶囨鍙凤細鑻廔CP澶?7034235鍙?1    閭欢锛?92230405@qq.com
                  鐢佃瘽锛?25-57358618    浼犵湡锛?25-57358618
                  鍦板潃锛氬崡浜競楂樻烦鍘胯寘灞辫矾33鍙?br>鎶€鏈敮鎸侊細   
                  鈻?br>杩斿洖椤堕儴
                  鏈嶅姟鐑嚎
                  025-57358618