| Since 2002,China’s commercial Banks have successively carried out financial services,In 2004,China Everbright Bank designed and issued the first RMB financial products,which pioneered RMB financial management.After that,RMB wealth management business developed rapidly.By the end of 2017,the continued existence of financial products reached 29.54 trillion yuan,while the new deposits of financial institutions in that year were only 15.52 trillion yuan,showing an obvious trend of deposit substitution.Bank financial services have played an active role in enriching the supply of financial products,meeting the needs of investors for fund allocation,and promoting interest rate liberalization.However,some problems have emerged in the rapid development,such as irregular business operation and insufficient information disclosure,which have had an important impact on bank operation and even financial stability.There are also some reports about the default of financial products in the market,such as the fake financial products of China Min Sheng Bank in 2017.In this regard,China’s regulators have always attached great importance to and constantly improved the risk and supervision of banking financial services.In recent years,a series of major regulatory provisions have been issued and implemented.For example,in November 2017,the people’s bank of China,together with the China banking regulatory commission and the China insurance regulatory commission,issued the "guidance on regulating the asset management business of financial institutions",and in September 2018,the China banking regulatory commission officially issued the "measures on the supervision and administration of financial management business of commercial Banks",these policies will bring significant change to bank financing business.There have been a lot of studies on bank risk taking,but there are few studies on the relationship between the development of financial products and the level of bank risk taking.In this context,this paper innovatively combines the development of financial products with the risk bearing level of China’s listed commercial Banks,hoping to further enrich this theory through research.Firstly,this paper introduces the research background and significance of the paper,sorts out relevant domestic and foreign literatures,provides theoretical basis for the paper,and summarizes the innovation points and deficiencies of the paper.Secondly,it summarizes the development status,existing problems,main risks and regulatory policies of China’s financial products,so that readers can have a clearer understanding of China’s financial products,thirdly,the paper introduces the traditional monetary policy transmission channel theory to introduce new channels for bank risk taking,and conducts a theoretical analysis on the relationship between the development of financial products and the risk-taking level of China’s listed Banks,so as to provide theoretical basis for empirical analysis.Fourthly,taking the panel data of 18 listed commercial Banks in China from 2006 to 2012 as samples,adopting systematic GMM method to conduct empirical research on theoretical hypotheses,and enhances the validity of empirical results through robustness test.The results show that the bank risk bearing channels of China’s monetary policy exist,and there is a negative correlation between them.The level of risk bearing of commercial Banks is continuous,and the level of risk bearing of commercial Banks in the current period will be affected by the past period.Financial product development to the level of risk exposures of listed commercial Banks in China,expected rate of return financial products with the benchmark one-year deposit interest rate differentials value,the greater the wealth management products at the end of the remaining balance and financial institutions that year the new deposit ratio,the greater the commercial bank’s risk bearing level is higher,has significantly positive correlation between them.Finally,according to the conclusion,the paper puts forward corresponding Suggestions for the development of China’s monetary policy and financial products.In terms of monetary policy,it mainly includes flexible open market operation,improving macro-prudential policy framework,giving full play to the guiding role of window and credit policy structure.In terms of the development of financial products,it mainly includes that the financial services should be transformed into active management and the whole market investment capacity should be established.To net product transformation,improve the product system;Product marketing focuses on differentiation and collaboration;Cultivate talent team,improve promotion and salary mechanism;Make clear the strategic positioning of the company. |
