资管新规下商业银行理财业务的转型研究

Research on the Transformation of Commercial Banks’Wealth Management Business under New Asset Management Regulations

自2004年光大银行推出第一款银行人民币理财产品以来,中国银行业理财业务进入了快速发展的黄金时代。然而,商业银行通过对理财业务模式的不当创新使理财业务脱离了资管业务的本源。其业务运行过程中对监管政策的规避以实现监管套利更是给整个金融系统乃至实体经济埋下了巨大的风险隐患。在此背景下,资管新规及其配套细则相继出台。本文首先对资管新规出台的必要性以及资管新规对商业银行理财业务的约束进行了深入分析,然后结合统计数据分析了资管新规落地之后对商业银行理财业务的具体影响,并从理财业务的投资端、运行管理端与营销端三个方面为商业银行理财业务的转型提出相应的对策。

Since CHINA EVERBRIGHT BANK launched its first RMB financial management product in 2004,China's banking financial management business has entered a golden age of rapid development.However,commercial banks have divorced the fi nancial management business from the origin of the asset management business by improperly innovating the fi nancial management business model.The evasion of regulatory policies in the course of its business operations to achieve regulatory arbitrage has laid huge risks for the entire financial system and even the real economy.Under such circumstances,new asset management regulations and supporting rules have been issued one after another.This article firstly analyzes the necessity of new asset management regulations and the restrictions on commercial banks’financial management business,and then analyzes the specifi c impacts of the new asset management regulations on commercial banks’financial management business based on statistical data.At last,it proposes corresponding countermeasures for the transformation of commercial banks'financial management business from three aspects:investment side,operating management side and marketing side of financial management business.