【正文】 .........................................................7（一）資產(chǎn)池理財模式產(chǎn)生的環(huán)境................................................................................7（二）對于商業(yè)銀行經(jīng)營的重要意義............................................................................7三、商業(yè)銀行資產(chǎn)池理財產(chǎn)品運(yùn)作模式剖析........................................................................8（一）投資化存款............................................................................................................8（二）證券化貸款............................................................................................................8四、分析商業(yè)銀行資產(chǎn)池金融理財產(chǎn)品的風(fēng)險管理............................................................9（一）風(fēng)險管理原則......................................................................................................10（二）市場風(fēng)險..............................................................................................................10（三）流動風(fēng)險..............................................................................................................10（四）信用風(fēng)險..............................................................................................................11（五）政策的風(fēng)險..........................................................................................................12五、國內(nèi)商業(yè)銀行資產(chǎn)池理財產(chǎn)品在未來的發(fā)展建議......................................................13（一）組織結(jié)構(gòu)..............................................................................................................13（二）操作模式..............................................................................................................13（三）風(fēng)險管理..............................................................................................................13（四）產(chǎn)品營銷..............................................................................................................14 結(jié)論..........................................................................................................................................15 辭謝..........................................................................................................錯誤！未定義書簽。參考文獻(xiàn)..................................................................................................................................17引證文獻(xiàn)..................................................................................................................................18摘要在世界銀行產(chǎn)業(yè)經(jīng)營轉(zhuǎn)型的大環(huán)境下，國內(nèi)商業(yè)銀行理財業(yè)務(wù)的運(yùn)作模式也發(fā)生了重大改變,基于資產(chǎn)池類理金融品為主的理財產(chǎn)品運(yùn)作模式已經(jīng)作為各銀行中間業(yè)務(wù)營業(yè)收入的新增長點(diǎn)。本文主要針對商業(yè)銀行資產(chǎn)池類理財產(chǎn)品在內(nèi)涵、產(chǎn)生背景、現(xiàn)狀及其運(yùn)作模式上進(jìn)行邏輯分析，在金融脫媒大背景下,推出資產(chǎn)池類理財產(chǎn)品實(shí)際上是國內(nèi)利率市場和金融市場的重要步驟，展現(xiàn)了存款投資化與貸款證券化的特點(diǎn)。對目前的資產(chǎn)池進(jìn)行了深入分析，主要分析存在于操作風(fēng)險和控制措施，并對國內(nèi)商業(yè)銀行的資產(chǎn)池等金融產(chǎn)品的未來方向，提出指導(dǎo)意見。關(guān)鍵詞: 商業(yè)銀行；風(fēng)險控制；資產(chǎn)池ABSTRACT In the background of the global banking business transformation, the mode of operation of mercial bank financing business in China has undergone a major change, financial products operation mode to asset pool kind of financial products has bee the bank39。s intermediate business ine of new growth paper mainly aims at the pool of assets of mercial bank financial products in the connotation, status and its mode of operation on the background, logical analysis, in the background of financial disintermediation, launch the asset pool kind of financial products is actually important steps of the domestic interest rates and financial market, embodies the characteristics of Securitization of loans and savings indepth analysis of the risk and control measures of the asset pool operation in the presence of the main, and the domestic mercial bank asset pool kind of financial products in the future development direction put forward Words: Commercial bank。risk control。asset pool一、前言（一）銀行資產(chǎn)池金融理財產(chǎn)品內(nèi)涵資產(chǎn)池金融產(chǎn)品，主要指區(qū)別于相對傳統(tǒng)的“一對一”的理財產(chǎn)品，以商業(yè)債券、資產(chǎn)回購、信托融資計劃、同業(yè)存放等多樣化投資的整體性資產(chǎn)包統(tǒng)一運(yùn)用資金，通過連續(xù)發(fā)售不同期限的理財產(chǎn)品不間斷性的募集資金．保持理財資金運(yùn)用平衡和理財資金來源主要是通過動態(tài)管理模式實(shí)現(xiàn)，并且從銀行理財產(chǎn)品中獲取收益的營銷運(yùn)作模式。（二）銀行資產(chǎn)池金融理財產(chǎn)品特點(diǎn)就商業(yè)銀行的運(yùn)作實(shí)踐角度來看．資產(chǎn)池類金融產(chǎn)品具有“集合運(yùn)作、滾動發(fā)售、分離定價、期限錯配”的特點(diǎn)。集合運(yùn)作1集合運(yùn)作是指將同一資產(chǎn)池銷售的不同理財產(chǎn)品所募集的資金進(jìn)行集中管理，應(yīng)用統(tǒng)一的與標(biāo)的資產(chǎn)的投資資產(chǎn)池的類型范圍符合構(gòu)成一個集合資產(chǎn)包，該資產(chǎn)包的運(yùn)作收益是作為確定各種理財產(chǎn)品相關(guān)收益的唯一來源。在可供出售的相同資產(chǎn)池不同金融產(chǎn)品不單對應(yīng)于各自的資金投資方向。通過一系列的集合運(yùn)作，可以使固定收益資產(chǎn)和信貸資產(chǎn)池之間的金融產(chǎn)品，股本衍生工具和其他資產(chǎn)類別的資產(chǎn)都充分有效的進(jìn)行資產(chǎn)擺布，避免任一投向某類資產(chǎn)后所產(chǎn)生的明顯波動，可以運(yùn)用分散化投資，更有效得降低資產(chǎn)組合帶來的整體風(fēng)險。滾動發(fā)售滾動發(fā)售主要是指為了保證理財資金募集的穩(wěn)固性與連續(xù)性，持續(xù)發(fā)售金融理財產(chǎn)品和到期繼發(fā)金融理財產(chǎn)品。分離定價分離定價主要是指相同資產(chǎn)池銷售的不同理財產(chǎn)品的相關(guān)收益水平，一般情況實(shí)際 [J].中國外資,2010(12)8收益不與此款理財產(chǎn)品續(xù)存期內(nèi)集合資產(chǎn)包直接掛鉤，而是根據(jù)集合資產(chǎn)包預(yù)期的到期收益率分離定價。這是一個基于實(shí)際使用的資金決定金融產(chǎn)品的價格這樣的資金收入來源，傳統(tǒng)的金融產(chǎn)品，可以充分發(fā)揮銀行的資產(chǎn)，以提高效率和價格的能力擺布市場的競爭。期限錯配2期限錯配主要是指在固定的時間內(nèi)資產(chǎn)池類金融理財產(chǎn)品的資金來源者(即發(fā)售理財產(chǎn)品)，和資金處理方(即集合性資產(chǎn)包)的時間并不一定全相同，資金處理方時間期限長于或者短于資金來源者?？梢孕纬梢粋€更大的規(guī)模優(yōu)勢，并通過更靈活的流動性管理積淀相對比較大比例的進(jìn)行資金期