Research On The Influencing Factors Of Rate Of Return Of Non-breakeven RMB Financial Products Of Commercial Banks In China

In the early stage of the development of bank financial services,principal guaranteed financial products have been occupying a large market scale.However,policies such as "new regulations on asset management in 2018" and "new regulations on financial management" have been introduced in succession,which prohibit banks from continuing to issue principal guaranteed income financial products,and announce that all banks principal guaranteed financial products will be completely cancelled by the end of 2020.Non-breakeven financial products are also recognized by more and more investors because of their advantages such as wider investment targets,more flexible investment cycle,more diversified investment income and more comprehensive investment direction.Therefore,as the supply end of non-breakeven financial products,commercial banks should scientifically forecast the return rate of non-breakeven financial products,subdivide and combine all kinds of micro factors that affect the return rate of non-breakeven financial products,and develop innovative financial products,which will become the key for commercial banks to win the market.In this paper,the return of non-breakeven RMB financial products of commercial banks in China is taken as the research object.Based on the actual data of its return and relevant micro factors,the impact of liquidity,return and risk factors on the return of non-breakeven RMB financial products of commercial banks is empirically analyzed and compared,in order to analyze the impact of various factors on the return of this type of financial products Based on this,the paper puts forward more targeted suggestions for the financial management business transformation of China's commercial banks.In terms of theory,the paper reviews the domestic and foreign theoretical research basis,summarizes the development status and related issues of domestic financial market and non-guaranteed financial services,and summarizes the specific factors that have obvious effect on the return of non-guaranteed RMB financial products through theoretical analysis.In terms of empirical analysis,the paper takes 2718 non-guaranteed RMB financial products and 2031 guaranteed RMB financial products issued by 16 listed commercial banks in China from Sep 2017 to Oct 2019 as samples,takes expected return rate of products as dependent variables,product investment period,startingpurchase amount,fund pool operation mode,risk level,comprehensive financial management ability of banks,number of scenario analysis of return rate and issuing bank Taking the bank deposit rate as an independent variable,this paper constructs a cross-sectional regression model between the return of non-breakeven RMB financial products of commercial banks and various factors.Through parameter estimation,VIF-test,White-test and Python structured text extraction(PDF Miner)and other empirical methods,it is concluded that the scenario analysis number has the greatest impact on the yield of the product,while the impact of the initial purchase amount is weak;this paper also uses the measurement method to obtain the effect of various factors on the yield of the breakeven RMB financial products,and then uses the GLS test to find out that the scenario analysis number of the yield has a special effect on the yield of the non-breakeven RMB financial products Impact: compared with the principal guaranteed products,the product investment period,risk level,and the comprehensive financial management ability of commercial banks have a greater impact on the return of the non-breakeven RMB financial products;the impact of the starting purchase amount of products and the deposit rate of issuing banks on the return is relatively weak.Finally,this paper makes a summary of the empirical conclusions,and puts forward policy recommendations on the development of non-breakeven RMB financial products and the balance of various business development of commercial banks.