中文摘要：

笔者基于资产组合理论,构建出能够代表集合信托产品与银行理财产品理论定价水平的收益率市场线,并对集合信托产品和银行理财产品的市场定价效率进行了评估与比较。研究结果表明：我国无风险收益率和流动性风险的变化是集合信托产品定价的基础,流动性风险对集合信托产品定价的影响最为强烈;集合信托产品定价中的效率损失相对较小,定价效率要高于银行理财产品;市场风险的提高虽能降低集合信托产品的定价效率,但整体影响程度有限,说明集合信托产品在定价中不存在明显约束;集合信托产品收益率能够真实反映国内实体经济的融资成本与负担,可以充当我国利率市场化进程中的标准利率。

英文摘要：

This paper constructs the yield market line which can reflect the pricing level of the collection of trust products and the bank financial products based on the portfolio theory, and evaluates and compares the market pricing efficiency of the collection of trust products and the bank financial products, the impact of liquidity risk on the colletion of trust products is most mtense ; The efficiency loss of pricing in the collection trust of products is relatively small, and the market pricing efficiency is higher than the bank financial prod- ucts. The increase of domestic market risks can reduce, the pricing efficiency of the collection of trust prod- ucts, but the overall influence is very limited, which shows that the pricing of the collection of trust products does not exist obvious constraints. The collection of trust products yields reflect domestic economic entity of financing cost and burden, and can be used as the standard interest rate in the process of marketization of interest rate in china