| At present,according to the experience of developed countries,the development of intermediary business represented by wealth management products has become the trend of traditional banking reform and development,and has become a key point for commercial banks to obtain profits.In April 2018,the relevant state departments jointly issued new regulations on capital management,encouraged foreign financial institutions to enter,and broke a series of measures such as rigid redemption.First,it is beneficial to China’s commercial banks to learn from the mature experience of foreign banks,and further expand China’s banking industry.The degree of openness is to improve the market operation mechanism of wealth management products and promote the healthy and stable operation of financial institutions in China.At the same time,with the acceleration of China’s economic development,investors’ investment awareness has increased,and the demand for wealth management has increased.The interest rate mark process has continued to advance,and the deposit and loan spreads have further narrowed.Commercial banks have made unprecedented decisions on the pricing of wealth management products.Right,but due to the current development of personal wealth management business,there are still some imperfect systems,the market is not standardized,the pricing of income is not balanced,and the reasons for the rise and fall are uncertain.The development of the wealth management products market still needs to be improved.Therefore,studying the influencing factors affecting the profit rate of personal wealth management products of commercial banks,objectively evaluating the degree of influence and mechanism of action,is of great significance to commercial banks and investors in designing and purchasing wealth management products.This paper combs and draws on the research results and practical experience of domestic and foreign financial product yields.Based on investment portfolio theory,life cycle theory,financial innovation theory and yield evaluation method,this paper summarizes the development status of wealth management products and The course adopts a combination of qualitative analysis and quantitative analysis,and based on relevant data of wealth management products of the top 16 listed commercial banks in China from 2008 to 2018,from external macroeconomics,financial markets,policies and regulations,and individuals.The investment product,investment structure and bank attributes of wealth management products analyze the sample characteristics of the factors affecting the profit rate of personal wealth management products of commercial banks.The multiple linear regression model is used to analyze the factors affecting the expected rate of return of commercial banks and their effects.Targeted policy recommendations were proposed from three levels: government,commercial banks and investors.Through empirical analysis,the main conclusions are as follows:(1)The investment target is stocks,commodities,futures,non-guaranteed floating type,and the expected yield of RMB wealth management products issued by state-owned banks is higher;(2)National macroeconomic overall The development level and the introduction of new regulations on asset management have also had a significant impact on the expected rate of return on wealth management products.Based on these conclusions,it is proposed to establish and improve the government dynamic supervision system,continuously improve the pricing and marketing mechanism of commercial bank wealth management products,and improve investors’ financial literacy and other countermeasures. |
