中国理财产品的发展及其监管
文章摘要：国内所谓的理财产品是过去十年间金融体制改革、管制放松和自由化背景下的时代产物。它们与传统金融产品相比，更习惯性地被冠以财富管理功能的名义，实质上则充当了中国金融体制改革通道。这些产品的金融特性(风险、收益、流动性等特征)不同于传统的存贷款产品。但是，就履行的投资或融资功能而言，它们却实实在在地构成了存款或贷款的替代品。新生金融工具对传统工具所构成的资产替代性已经严重冲击了中央银行的货币信贷政策，同时也对既有的金融监管政策带来了麻烦。放开... 展开
Abstract:The so-called wealth management products in China are the creature and instruments of the financial reform. Their financial characteristics seem to be quite different from traditional saving and loan, but in the perspective of financial functions, they are substitutes to the later. They regulatory authorities have not made strict definition of the products yet. However, they have brought shocks to the present financial system in China... 展开
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