Research On The Impact Of The New Regulation Of Asset Management On The Yield Of Banks’ Wealth Investment Products

With the advancement of financial disintermediation and interest rate marketization,the state has tightened the supervision of deposit and loan business,and Chinese residents are no longer satisfied with the deposit business with low interest rate.In order to seek their own business development and avoid policy supervision,banks began to develop financial management business.The development of financial products not only solves the wealth management problems of residents and investors,but also opens up new profit channels for banks.In the process of vigorous development and continuous innovation of financial products,there are large risk factors,such as rigid cashing,maturity mismatch and so on.The state has also issued a number of regulatory policies to constantly revise the development direction of financial management business,but it has not fundamentally solved substantive problems.In 2018,the "one bank,two sessions" and the safe jointly issued the guidance on standardizing the asset management business of financial institutions(hereinafter referred to as the "new regulations on asset management"),guided the financial management business of commercial banks to return to the origin of agency financial management,and put forward the requirements for the management of financial products through net worth model.The rigid cashing was completely broken,and the term mismatch no longer exists.Financial services are facing new transformation challenges and entering a new stage of development.The main contents of this thesis are as follows: firstly,this thesis introduces the research background,significance,research ideas and methods,briefly describes the structure of the article,and draws the technical roadmap according to the structure of the article.Secondly,it combs the literature on the impact of the new asset management regulations on the yield of bank financial products and other influencing factors of the yield of bank financial products.Thirdly,it introduces the background and main contents of the new asset management regulations,combs the development process of bank financial products,and finally analyzes the impact of the new asset management regulations on the yield of financial products.Then,combined with the relevant theories and the main contents of the new asset management regulations,this thesis puts forward the assumptions of this thesis.Using the monthly data of 3225 net worth financial products issued by 14 commercial banks from September 2016 to March 2021,this thesis empirically tests the impact of the new asset management regulations on the yield of bank financial products,and further verifies the impact mechanism through the intermediary effect model.The conclusions are as follows:(1)the introduction of new asset management regulations has a significant negative impact on the yield of financial products of commercial banks.By analyzing the heterogeneity of issuers,it is found that the yield of financial products of large state-owned banks and small and medium-sized banks are significantly negatively affected,but small and medium-sized banks are more constrained by the new regulations and policies of asset management;Through the heterogeneity analysis by distinguishing the entrustment period,it is found that the yield of short-term products is more constrained by the new regulations and policies of asset management.(2)The negative impact of the new asset management regulations on the yield of financial products of commercial banks still exists three years after the introduction of the policy,and gradually increased in the first two years and decreased slightly in the third year.(3)Due to the introduction of financial management products with the wrong term of 90 days,it is forbidden for banks to issue financial management products with the wrong term,resulting in the decline of the profit margin of the new financial management products,which will lead to the introduction of the wrong term of distribution of financial management products,resulting in the decline of the profit margin of the new financial management products.(4)The new asset management regulations prohibit rigid cashing and require banks to return principal guaranteed products.The proportion of non principal guaranteed products in the issuance volume becomes higher.Risk averse investors cannot accept the risk and choose other products at their own risk.The management and sales of non principal guaranteed products are more difficult than that of bank financial products.Finally,it gives countermeasures and suggestions from three different angles: commercial banks,investors and regulators.