资管新规下理财子公司对商业银行经营稳定性的影响

Influence of Financial Subsidiaries on Commercial Banks’Operation Stability under the New Wealth Management Business Regulation

资管新规的出台拉开了资产管理领域改革的序幕,其中商业银行理财业务受到强烈冲击,理财子公司应运而生。由于商业银行与其对应的理财子公司之间联系紧密,因此银行理财业务转型可能会带来潜在风险。研究覆盖2017年第二季度至2022年第二季度的银行理财市场,借助Z指标对资管新规背景下银行理财业务转型程度对商业银行经营稳定性影响展开实证研究,发现两者存在负相关关系。由此,对中国资管行业和银行理财市场展开积极展望并提出建议。

The issue of new wealth management business regulation kicked off the reform of asset management,and commercial banks were strongly impacted.Therefore,financial subsidiaries emerged.Due to the close relationship between commercial banks and their financial subsi-diaries,the transformation of financial services may bring some potential risks.The market of bank financial products from the second quarter of 2017 to the second quarter of 2022 is studied.With Z index,an empirical study is conducted on the impact of the transformation degree of financial services of banks on the operation stability of commercial banks under the background of new wealth management business regulation.It is found that they are negatively correlated.Therefore,the future of China’s wealth management industry and bank finance market is looked forward and some advice is put forward.