Analysis Of Factors Influencing The Yield Rate Of Fixed Income Net-value-based Wealth Management Products Of Wealth Management Subsidiaries

The transition period for the new asset management regulations came to a close in 2021.During the period,each bank was required to implement a transformation toward net-value-based investment and wealth management by the end of the year.The net-value-based bank investment and wealth management product is not only a good way to do away with rigid payment,reveal product risks and satisfy the national regulation,but also can match the economic risks shouldered by investors to the benefits,reflecting the sole responsibility for investors’ own profit and losses in terms of asset management products.The implementation of new asset management regulations is a strategic and developmental practice to prevent,control and resolve major risks,and also the key to protecting and supporting a harmonious economic society and social stability.Wealth management subsidiaries,as a core link of banks to transform their investment and wealth management,have been growing up into the principal workforce of the bank investment and wealth management market.All of the products are issued based on their net value by wealth management subsidiaries.The net value of such wealth management products has ups and downs,and finally,the yield is uncertain.This will enable investors to have a better understanding of“Let the Buyer Beware”.As the risks and benefits depend on the wealth management products investment target and product type,investors will attach greater importance to the direction of investment and wealth management products.Efficient and steady operation of investment and wealth management products mainly requires catchall thinking of competitive economy in macro-market,the trend of management policy,the actual development of liquidity factors,commodity comparison among counterparts and operation of assets,as well as the implementation of comprehensive pricing regulation of investment and wealth management products.Net-value-based wealth management products are classified into four types,including fixed-income products,equity products,commodity or financial derivative products,and hybrid products,by investment targets.The major trend in net-value-based investment and wealth management is fixed-income products,according to the situation analysis published by wealth management subsidiaries.In this thesis,based on the studies and analysis of the principles of net-value-based fixed-income wealth management products issued by wealth management subsidiaries,the author studies and analyzes the factors influencing the yield rate both internally and externally by taking the yield rate of net-value-based investment and wealth management as an explained variable,and the product risk rating,term and mode of operation and M2 growth rate,Shibor,CPI,PPI,10-year treasury bond yield and Shanghai securities composite index as explanatory variables,and creates a standard multivariate mathematical linear regression model for empirical analysis to explain the features of current yield rate of net-value-based wealth management products in all respects,offer advice for transformation of net-value-based wealth management products to wealth management subsidiaries and regulatory authorities,and also point out the direction for investors to identify and screen proper wealth management products.The innovativeness of this thesis is that all of the data selected herein comes from the net-value-based wealth management products issued by wealth management subsidiaries,excluding those issued before the new asset management regulations came into effect.Insufficient sample size is the only deficiency of the experiment.There are only a limited number of net-value-based wealth management products,as the wealth management subsidiary was first established in June 2019,just three years ago;besides,the experimental data are unstable under the impact of various factors,such as the global economic deterioration due to the COVID-19,thus the empirical analysis results may be affected.As the regulatory policy and the competitive environment of the trading market are changing,the factors influencing the yield rate of net-value-based wealth management products may also change.It is important to see things and make analyses by taking a dynamic view to keep updating the empirical test methods and results.