分类号密级公开
UDC 编号20223550059
硕士学位论文
（专业学位）
面向老年群体的短期黄金挂钩型
结构性理财产品设计
申请人姓名王晓凤
导师姓名及职称姚海祥，教授
专业学位类别金融硕士
专业学位领域金融
培养单位金融学院
学位授予单位广东外语外贸大学
2024年5月25日
分类号密级公开
UDC 编号20223550059
广东外语外贸大学硕士学位论文
（专业学位）
面向老年群体的短期黄金挂钩型
结构性理财产品设计
Design of Short-Term Gold-Linked Structured Financial Products
Targeting the Elderly Population
申请人姓名王晓凤
导师姓名及职称姚海祥，教授
专业学位类别金融硕士
专业学位领域金融
论文提交日期2024年5月25日
论文答辩日期2024年5月16日
答辩委员会张浩教授朱民武
张林副教授
学位授予单位：广东外语外贸大学
摘要
在正式步入人口老龄化的20年以来，我国的人口老龄化问题日渐严重，老
龄化进程加快，老年群体承受的日渐增大的养老压力也加大了其理财需求，这也
就意味着对老年投资群体投资的理财产品，无论是产品的自身设计，还是产品所
拥有的衍生服务，都提出了更高的要求。而在当前的商业银行理财产品市场中，
以老年群体为主要服务对象、以针对老年群体需求为主设计的理财产品较少，商
业银行常常更愿意服务高净值人群而忽视了虽投资金额有限但体量庞大的老年
投资者。若商业银行能够在发现我国当前的人口老龄化趋势中，及时致力于研究
针对该群体需求设计的理财产品，为各金融机构挖掘潜在商机，并抢占先机地创
新养老产品服务，或可在养老金融市场中“拔得头筹”。
基于既能满足大部分老年投资群体的养老理财需求，又能提升老年投资者的
服务体验，并结合当前黄金价格持续上涨、预期未来金价稳中有升的背景，针对
老年投资群体，本文决定设计一款名为“鑫顺保”的结构性理财产品。该产品与
黄金市场挂钩，其主要特点在于，适合看好黄金现货市场，认为黄金现货在未来
有良好预期的投资群体。若市场不如预期，即预测错误的情况下，使投资损失处
于一个可控状态；当与所预期的结果相同时，投资者将获得与产品设计相应的浮
动收益。不仅如此，为提升投资者的理财体验，在本产品的设计过程中为进一步
保障投资者权益还加入保险投资，由于产品以面向老年投资群体为主，因此在保
险险种的选择上应充分考虑老年群体：当黄金市场行情达到甚至超出预期时，产
品将为投资者投资购买一个意外险，实现理财与服务的结合，使投资者的资金与
权益都得到保障，这也是本文所设计的产品的特色之处。
在设计前，本文基于对国内外结构性理财产品设计相关的研究分析，以及所
设计的产品的主要服务对象——老年群体当前的消费特征和需求分析，在本文设
计结构性理财产品时，将产品主要服务群体的特殊性作为重要考虑因素，始终以
设计出对老年群体具有针对性的结构性理财产品为目标。在产品设计过程中，用
现金流贴现模型定价其固定收益部分，浮动收益部分则用蒙特卡洛模拟定价。为
了保证本文设计的结构性理财产品的可行性，本文还通过对产品风险类型分析、
产品VaR 值的测算以及相关参数的敏感性分析。不仅如此，本文还将所设计的产
品对比市面上已有的同类型结构性理财产品，从而分析产品的优劣势，并根据产
品的特点针对性地提出产品的营销策略。
关键词：老年群体；结构性理财产品；鑫顺保；蒙特卡洛模拟
I
Abstract
In the past two decades,as China's population has entered an era of aging,the
issue of population aging has become increasingly severe.The aging process is
accelerating.The elderly population is facing an escalating demand for financial
products to manage their retirement,given the increasing burden of retirement
expenses.This implies a higher expectation for both the design and subsequent
services of retirement financial products.In the current market for financial products
offered by commercial banks,there is a scarcity of investment products primarily
designed for and targeting the elderly demographic,despite being a significant
segment of the marketmercial banks often prefer to serve high-net-worth
individuals,neglecting the substantial number of elderly investors with limited
investment amounts.If commercial banks can timely devote themselves to
researching and designing wealth management products tailored to the needs of the
current population aging trend in China,explore potential business opportunities for
various financial institutions,and seize the opportunity to innovate elderly care
product services,they may have the potential to "take the lead"in the elderly care
financial market.
This article introduces a design concept for a structured financial product named
"Xinshun Bao,"tailored for the elderly investment community to meet their
retirement financial needs.The design aims to enhance the service experience for
elderly investors.Capitalizing on the current upward trend and anticipated stability of
gold prices,the product is linked to physical gold.Key features of "Xinshun Bao"
include its suitability for investors who have a positive outlook on the gold market.In
the event of market deviations from expectations,ensuring that investment losses are
kept within a manageable range;correspondingly,when market outcomes align with
expectations,investors receive variable returns commensurate with the product's
design.Moreover,to enhance investors'financial experiences,insurance investments
are incorporated into the product's design to further safeguard investor rights.Given
that the product primarily targets elderly investors,insurance selections should
adequately consider this demographic.In instances where the gold market performs as
expected or even exceeds predictions,the product provides investors with accidental
insurance coverage,merging financial management with service provision to ensure
the protection of both capital and interests.This integrated approach distinguishes the
product design outlined in this article.
II
Before the design phase,this paper conducted research and analysis on the
design of structured financial products both domestically and internationally.
Additionally,it considered the current consumption characteristics and needs of the
primary target audience,the elderly population.Throughout the design process,the
specificity of the elderly demographic was a crucial factor,with the constant goal of
creating a structured financial product tailored for this group.The pricing of
derivative contracts for the fixed-income and floating-income components was carried
out using cash flow discount models and Monte Carlo simulation methods.To ensure
the feasibility of the structured retirement financial product proposed in this paper,a
thorough analysis of risk types,calculation of product Value at Risk (VaR),and
sensitivity analysis of relevant parameters were performed.Not only that,this article
also compares the designed product with similar structured wealth management
products on the market,analyzes the advantages and disadvantages of the product,
and proposes targeted marketing strategies based on the characteristics of the product.
Key words:Elderly population;Structured financial products;Xinshun Bao;Monte
Carlo simulation
III