Research On The Pricing Problem Of Industrial And Commercial Bank Of China "ICBC Wealth" Wealth Management Products

Today,commercial bank wealth management products are developing rapidly,which has a significant impact on both banks and non-bank financial institutions.On April 27,2018,with the introduction of the new regulations on capital management,the investment philosophy has changed from "trusted by people,financial management of generations" to "sellers are responsible,buyers are self-sufficient",and the pricing mechanism for commercial banks'wealth management products will gradually perfect.In the pricing of some wealth management products,due to the fierce competition,banks often price the wealth management products issued by the Bank after comparing with other peers'wealth management products for the purpose of maintaining or competing for customers,that is,extensive pricing.the way.In the past,commercial banks provided a large number of wealth management businesses with insurance coverage as a selling point.After the new regulations proposed to break the rigid redemption,wealth management products will no longer promise to protect the principal income.In this context,the pricing of wealth management products has become the focus of attention of banks and investors.An open and transparent pricing method will guide investors to make the right investment,and a reasonable and effective pricing mechanism will help to establish an orderly wealth management product market.The Industrial and Commercial Bank of China has long been committed to the professional construction of"ICBC Wealth",and the "ICBC Wealth" wealth management products are asset portfolio investment wealth management products.In practical applications,the pricing mechanism is opaque,that is,there is an extensive pricing problem,which makes it difficult for investors to distinguish whether the pricing of wealth management products is reasonable,and whether the benefits and risks of wealth management products match.This is mainly because the "ICBC Wealth" wealth management products have no reasonable pricing mechanism on the one hand,and the risk rating of wealth management products is too "formal" on the other hand.This paper draws on the relevant pricing theory and chooses the multi-factor model to empirically analyze the pricing of"ICBC Fortune" portfolio investment financial products.First,the factors affecting the pricing of wealth management products are introduced.At present,the interest rate referenced by China's wealth management products is the interbank offered rate.This paper returns the wealth management products with different investment terms and the corresponding investment term shibor,and finds that the corresponding investment term shibor can better explain the profitability of wealth management products.Therefore,this paper selects the corresponding investment term shibor value as the reference interest rate for the pricing of wealth management products.Secondly,the selected sample data is subjected to full sample and subsample regression,and the full sample and subsample regression results are similar.The results show that the influencing factors have a correlation with the yield of wealth management products,and then a theoretical price curve is simulated.The regression equation has passed the statistical test and is consistent with the facts.Finally,through the regression results,the theoretical price of the ICBC Wealth wealth management products of ICBC is calculated.According to the theoretical price and the actual price,the error is within 5%,and the pricing of"ICBC Wealth" wealth management products is more reasonable.