| On April 27,2018,The People's Bank of China,together with the China Banking Regulatory Commission(“CBRC”),China Securities Regulatory Commission(“CSRC”),China Insurance Regulatory Commission(“CIRC”)and State Administration of Foreign Exchange(“SAFE”),officially issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions".On July 20,the central bank issued a n otice on further clarifying and regulating matters related to the guidance on asset manag ement of financial institutions,which clarified the specific operational issues of financial institutions' asset management in the transitional period.On the same day,the China b anking regulatory commission(circ)issued the "Measures For Supervision and Administ ration of Financial Services of Commercial Banks(Draft)",and formally solicited public opinions.On September 28,the China Banking and Insurance Regulatory Commission(“CBIRC”)officially promulgated the "Regulations on Supervision and Administration o f Financial Services of Commercial Banks ",which had been adopted by the 3rd chairm an meeting of the China banking regulatory commission in 2018,and was officially imp lemented on the same day.Since then,the new regulation of the asset management busi ness had formally entered the implementation stage.The new regulations have had a huge impact on the asset management business,a nd also on the investing behaviors of the investors.The investors have to change the w ay of choosing asset management products which they got used to.The risk-free profit products used to be guaranteed by banks will soon disappear,and the proceeds will be displayed in the form of net worth.An important topic of market concern is how invest ors can do better in investment portfolio and allocation of the assets for the realization of investment objectives.It is undeniable that the company A's idle capital management has achieved good results in the past few years,but the achievements of the company A are mostly obtain ed through regulatory arbitrage.But the original investment strategy has become ineffect ive and needs further adjustment as the new regulation released.This paper will analyz e the investment behavior of Company A on financial products in the past few years,c ombined with the impact of the new regulations of capital management,using the theor y of investment portfolio,study out some suggestions for the optimization of Company A's investment portfolio,so as to strengthen the competitiveness of enterprises,so that enterprises can achieve evergreen development.First of all,this paper introduces and reviews the background of the study and the modern portfolio theory.Secondly,this paper discusses the optimization of the financial portfolio of Compa ny A under the impacts of the new regulation on financial products.Then,this paper carries on the empirical research combining with the actual invest ment target analysis method of Company A,and gives the related optimization suggesti ons.At the end of the article,the full text is summarized,and the direction and train o f thought for further research are put forward.In conclusion,this paper proposes a comprehensive portfolio optimization proposal.The main contributions of this paper are as follows:1.Firstly,this paper analyzes the impact of the new regulations on capital manage ment,and forecasts the transformation of financial products in the future.2.Secondly,this paper analyzes the investment behavior and objectives of corpora te idle capital.3.Thirdly,through empirical research,this paper puts forward some suggestions o n the optimization of the idle capital management portfolio after the new regulations.4.Fourthly,in the process of portfolio management,this paper tries to add portfoli o strategy,risk avoidance strategy,liquidity management and other mechanisms,which i s an extension of the classical portfolio theory. |
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