心理因素、交易环境变化与结构性产品风险测度:一个研究综述

随着互联网金融的兴起,先前的交易环境已由线下交易为主逐步转变为基于线上平台的交易,金融产品市场呈现出与众不同的新特征。结构性产品繁荣发展的背后蕴藏着极大风险,风险测度与管理研究对结构性产品市场发展具有重要意义。研究表明,心理因素对投资者信念和预期产生重要影响,并且交易环境变化可以加剧投资者心理偏差,进而使其产生非理性的投资决策和行为。本文在梳理国内外有关结构性产品供需研究、心理偏差与投资者情绪等个体心理因素、交易环境变化以及风险测度理论与方法文献的基础上提出:面向互联网金融服务平台的结构性产品风险测度研究应将外部交易环境变化和内部心理偏差因素共同加以考虑,以有效地实现新环境下复杂金融产品市场的风险评估和管理。

Psychological Factors,Transaction Environment Change and Risk Measurement of Structured Products: A Review of Research

With the rise of Internet finance, transaction environment has changed from offline counter to online platforms and the market of financial products has presented distinctive new features. Structured products have been more and more complex and developing rapidly, but there is a large risk behind their prosperity. Risk measurement and management are of crucial importance for the further development of structured product market. Studies have shown that psychological factors have an important impact on investors' beliefs and expectations. Moreover, transaction environment change can intensify investors' psychological biases and then lead them to irrational investment decisions and behaviors. This paper reviews the important literature related to demand and supply sides of structured products, individual psychological factors, transaction environment change, and risk measure theories and methods. Based on the existing research, it is proposed that further studies on the risk measurement of structured products on the Internet financial service platforms should take the transaction environment change and psychological factors into account, which helps to most effectively realize the risk assessment and management of the complex financial product market in the new Internet era.