中文摘要：

本文以2011-2012年A股上市银行发行的15922款理财产品为样本，通过理论分析和实证模型，研究监管政策对银行理财产品收益率的引导作用。研究发现，资本充足监管与产品收益率正相关；而销售监管政策的实施显著降低了期限在3个月以内、保本型和披露投资方向的理财产品的收益率，同时显著提高了期限在3个月以上、非保本型和未披露投资方向的理财产品的收益率。这表明销售监管政策对不同产品运作方式的银行理财产品收益的引导作用存在显著差异。

英文摘要：

With a cover of 15922 samples of Chinese A-share listed bank financial products released from 2011 to 2012, the paper analyzes the regulation policies＇ guiding effect on their realized returns. The paper finds the capital adequacy ratio regulation has a positive effect on the realized returns while the selling regulation policies can significantly reduce the returns of products in no-more-than-3-month term, break-even type and with disclosed information, and on the contrary they can increase the returns of products in more-than-3-month term, non-break-even type and without disclosed information. It means that the lead role of selling regulation policies is different for different bank financial products＇ return with different operational modes.