Research On The Net Value Transformation Of Wealth Management Products Of State-owned Commercial Bank

With the end of 2021,the rectification transition period of the Guidance on Regulating the Asset Management Business of Financial Institutions ended.China’s banking asset management business will comprehensively move into the era of "net worth".China’s banking asset management business has developed rapidly since the millennium.In the past two decades,the business has developed from small to big,from new business to mature development.And now it has gradually become an asset management business with Chinese characteristics that have a close relationship with the majority of residents and enterprises.By the end of 2021,the balance of China’s banking asset management products had reached 29 trillion yuan.Banking asset management product has become the largest scale of China’s asset management industry.At the same time,the banking asset management business has accumulated a considerable number of problems in the process of rapid development.For a long time,the main product type of bank financial management in China is expected return.The rate of return and risk of expected return financial products are separated.The mismatch between the distribution of income and risk between investors and bank financial institutions has led to the long-term accumulation of risk in the bank,resulting in the debate that bank financial management is a shadow bank.Therefore,the bank’s financial management business must rectify the source and complete the net worth transformation of bank financial productsThis paper takes the net worth transformation of financial products of state-owned commercial banks as the research object,discusses the net worth transformation of financial products of banks from the aspects of development history,theoretical overview,international experience,transformation status and problems,and empirical analysis,and puts forward policy recommendations for financial companies and regulators of state-owned commercial banks by combining the general rules with China’s reality.This paper consists of seven chapters.The first chapter is the introduction,which mainly introduces the background and significance of this topic,research ideas and logical framework,and research methods.The new idea of this paper is to take the yield and risk of bank financial products as the starting point,take the asset side factors of products into consideration for the impact of yield,and discuss the impact of net worth transformation on bank financial products.The second chapter is the basic theory and literature review of bank financial products,which mainly carries out theoretical analysis from modern portfolio theory,financial intermediary and transaction cost theory,financial repression and interest rate marketization theory,regulatory game and regulatory arbitrage theory,and carries out literature sorting and review from the perspective of yield and risk influencing factors of bank financial products.To sum up,it is believed that the yield of bank financial products is the result of the balance between income and risk,bank financial products can reduce transaction costs,the financial and regulatory environment has promoted the net worth transformation of bank financial products,and the analysis of factors affecting the yield and risk of bank financial products needs to be strengthened.The third chapter is the international experience of net worth management of financial products.It mainly analyzes the management overview of international net worth financial products and the main practices of managing net worth financial products,and draws relevant inspiration: China’s banking financial institutions should adhere to the direction of differentiated development,explore ways to form products with stable income and risk,and pay attention to product design and sales links,At the same time,China’s bank pension financing market has broad development space.The fourth chapter is about the current situation of the net worth transformation of financial products of state-owned commercial banks and the characteristics of income risks before and after the transformation.It mainly combs the development context of financial products of banks,analyzes the necessity of the net worth transformation of financial products of state-owned commercial banks,the current situation of the net worth transformation of financial products of state-owned commercial banks,and the corresponding measures taken by the regulatory authorities to promote the net worth transformation of financial products of banks.Finally,it analyzes the income and risk characteristics of financial products of state-owned commercial banks before and after the net value transformation.The fifth chapter is the empirical analysis of the impact of the net worth transformation on the return rate of financial products of state-owned commercial banks.First,it puts forward the hypothesis about the influencing factors of the return rate of net worth financial products,and mainly takes the return rate of financial products of six state-owned commercial banks and their financial companies as the dependent variable,and the asset side related factors that affect the return rate of financial products of banks as the independent variable,The impulse response and variance decomposition analysis in VAR model analysis are used to study the change of the impact of net worth transformation on the return rate of financial products of state-owned commercial banks.The conclusion of empirical analysis is that after the net worth transformation of bank financial products,the management of bank financial products has gradually changed from the short term model before the transformation,which is mainly invested in the bond market and is greatly affected by the level of market interest rates,to the long term,large category asset allocation model after the transformation,fixed income investment bottoming,and equity investment striving for higher returns.The sixth chapter is the empirical analysis of the impact of the net worth transformation on the risk level of financial products of state-owned commercial banks.Taking the yield data of state-owned commercial banks and their financial companies before and after the net worth transformation as variables,the historical simulation method is used to study the Va R value changes of the yield before and after the net worth transformation,so as to draw the conclusion that the risk level of financial products of state-owned commercial banks after the net worth transformation becomes larger.The seventh chapter is the countermeasures and suggestions,mainly based on the previous qualitative and quantitative research results,to put forward countermeasures and suggestions for the state-owned commercial bank financing companies and regulatory agencies.It is believed that the financial management companies of stateowned commercial banks should continue to use the identity of financial management companies to isolate risks;Enhance the ability to allocate large categories of assets;Enhance risk control capability;Vigorously develop pension financing business;Expand the channels of product consignment;Adhere to the path of characteristic development.Regulators should further improve the information disclosure and custody accounting system,clarify the policies related to pension financing,and strengthen investor education and appropriateness management.