Research On The Netization Transformation Of Wealth Management Products Of E City Commercial Banks Under The New Asset Management Regulations

The net value transformation of financial products is the mainly direction of financial management business of commercial banks.In recent years,the interest rate of bank deposit is relatively low,and ordinary investors are actively looking for reliable investment opportunities.The net value financial products of commercial banks are favored by the majority of financial investors and managers because of their advantages such as flexible structure,high income and less risk compared with stock funds and other products.The Guidance on Regulating the Asset Management Business of Financial Institutions was issued and implemented by the People's Bank of China,the China Banking Regulatory Commission,the China Securities Regulatory Commission and the State Administration of Foreign Exchange on April27,2018.The guidance is simply referred to as the new asset management regulation.The new regulations require all banks to return to the source when selling and operating financial products.In other words,the investment behavior of banks is only an investment made by proxy clients,and the investors should bear the risks brought by the investment,and the banks will only charge the processing fees.Although the net-worth financial products that meet the new capital management regulations have been promoted and sold in various banks,and the development progress of the net-worth transformation of commercial banks' financial products has been fully promoted by the regulatory authorities,the degree of the net-worth transformation of financial products is still relatively slow due to the overall influence of various factors.Based on the above research background,this paper analyzes the status quo of E-City commercial banks from the perspective of new asset management regulations,and focuses on the issue of net value transformation of financial products of e city commercial banks.Through the design of customer survey questionnaire on investment preference of net value financial products,characteristics of horizontal and vertical comparison of net value financial products,and pricing of net value financialproducts through relevant models,the net worth transformation is completed I hope that it can bring reference to the transformation of commercial banks in other cities.The main conclusions of this paper are as followsFirst of all,it briefly describes the current situation of E City Commercial Bank's financial services under the new capital management regulations.Its financial services have developed rapidly,with the amount of financial investment assets increasing year by year,and the customer income gradually increasing.In the financial market,the circulation and income are relatively dominant.This paper analyzes the problems existing in the net value transformation of E-City commercial banks,such as the high risk of investors,the low proportion of the growth of net value products,and the lack of unified standards for product valuation.Secondly,we design a survey questionnaire on the investment preference of net worth financial products.By summarizing the sample characteristics,we find that most customers expect to invest in short-term investment within one year;the minimum expected purchase amount is less than 50000 yuan;they are more willing to accept the investment with controllable risk;financial customers will combine with themselves when they are clear that high income is accompanied by high risk Risk tolerance,appropriate choice;customers' acceptance of net worth financial products is in the general level;the satisfaction of existing products is generally evaluated.At present,E-City commercial banks have a general risk tolerance and have a certain understanding of this kind of products.When designing products in the future,we should base on the new rules of asset management and design net value products more in line with customers' needs to optimize the net value transformation.Thirdly,through the horizontal comparison of the differences between the existing net value financial products of large commercial banks and the net value financial products of city commercial banks,it is found that in terms of subscription threshold,E Qianyuan and H select products have the following characteristics: the upper limit of E Qianyuan products is 50 billion copies,the lower limit is 30 million copies,and the scale of H selected products is 2 billion.Valuation method: E Qian Yuan adopts the method of amortization cost;H selects the bond valuation method.Product fee: E Qianyuan collects sales fee,management fee,custody fee,operation service fee and performance reward;H type of selected product fee: product fixed management fee,product floating management fee,product sales service fee,custody of product trustee.Through the vertical and horizontal comparison,it is found that the outstanding advantages of the net value financial products of E-City commercial banks are: the net value products are more in line with the requirements of the new asset management regulations,breaking the rigid cashing advantage and the net value of valuation accounting.Finally,this paper makes an empirical study and analysis of the relationship between the pricing of net wealth management products and the independent variables such as the yield to maturity of medium and medium bonds,reverse repo rate,bill direct discount rate and Shanghai Composite Index.The results show that the relationship between product pricing and treasury bond yield is the most close,and treasury bond yield has the greatest impact on pricing.In the process of transition pricing,the pricing of net value products can be adjusted according to the change range of treasury bond yield.For the above research conclusions,this paper puts forward the transformation path and suggestions of net value financial products.That is,enhance customer awareness of products,product design and pricing to achieve differentiated positioning requirements;product transformation needs to choose a scientific way of pricing and valuation.Through the exploration,it is expected to provide a way out for the transformation of commercial banks' financial products,so as to realize the continuous development of the financial industry.