Research On The Impact Of New Asset Management Regulations On Systematic Risks Of Banking Wealth Management Products Market

After the financial crisis in 2008,the global economy has recovered,and China's economy has developed vigorously after adjustment and transformation,but at the same time,it has accumulated many risks,including financial systemic risks.Since the first quarterly report of China 's 2017 Systemic Financial Risks was published,the Party Central Committee has put forward three major tasks for China 's future economic and financial work,“strengthening financial supervision "Preventing financial risks" has become one of the basic themes of China's financial work.This article starts from the bank's wealth management product market,and studies the motive,purpose and risks of its regulatory arbitrage,and the corresponding regulatory measures of the "New Asset Management Regulations".First,it is determined that China's shadow banking is mainly concentrated in the banking wealth management product market.Due to the division of supervision,the financial industry has diverged.The banking industry has a capital advantage but not enough investment channels,and other financial institutions have the advantage of investment scope.Therefore,institutions cooperate to carry out regulatory arbitrage business.In terms of means,bank wealth management products mainly avoid risks through the operations of rigid payment,fund pooling and borrowing channels.The "New Asset Management Regulations" mainly supervise these three areas.Secondly,in terms of systemic risk measurement,mainstream measurement methods include CoVaR method,SRISK method,SES method,Sharpley value,CCA method,etc.The CoVaR method,SRISK method,SES method Sharpe value,and CCA method are concerned with financial indicators and capital shortages of financial institutions.The absorption rate indicator pays more attention to the market's return rate and is more suitable for the wealth management product market.The results of the systematic risk index measurement in this paper are good,and the data is in good accordance with the real market situation.There is a close match between the "money shortage" event in 2013 and the stock market disaster event in 2015.The data shows that the absorption rate has risen slightly since the release of the "New Asset Management Regulations" in April 2018 but has subsequently remained stable.In empirical terms,this article believes that the restrictions on the operation of bank wealth management products in the "New Asset Management Regulations" mainly include rigid payment,capital pools and multiple layers of nesting.These measures will affect the bank 's asset-liability ratio,that is,the leverage ratio.The capital adequacy ratio is the operating strategy,and the interbank lending rate SHIBOR is the market capital price.Therefore,this paper selects the absorption rate as the explanatory variable.The bank's asset-liability ratio and capital adequacy ratio are the alternative variables of the "New Asset Management Regulations".As the explanatory variable,the overnight SHIBOR is also used as the explanatory variable.The empirical results show that the bank 's asset-liability ratio and capital adequacy ratio have an impact on the absorption rate,and the absorption rate has an effect on SHIBOR.An increase in the asset-liability ratio will lead to an increase in the absorption rate,an increase in the capital adequacy ratio will result in a decrease in the absorption rate,and an increase in the absorption rate will lead to an increase in SHIBOR.The "New Asset Management Regulations" can reduce the leverage ratio of banks and allow banks to conduct more stable management through restrictions on wealth management products,that is,reduce the asset-liability ratio and increase the capital adequacy ratio,thereby reducing systemic risks.Therefore,the "New Asset Management Regulations" reduce the systemic risks of the bank's wealth management products market by affecting the bank's asset-liability ratio and capital adequacy ratio.Finally,this article gives policy recommendations.The supervisory authorities and the market communicate effectively to prevent the risk of supervision itself.The supervisory authorities should solve the reasons for the risks,not just restrict the risky behaviors,and strengthen the construction of macro-prudential supervision,aiming at the capital adequacy ratio and assets of banks The debt ratio is regulated.