资管新规下私人银行业务的转型研究——以兴业银行为例 摘要 伴随着我国经济的腾飞，中国高净值人群数量正在不断增加，该群体的可投资金 融资产规模也正在急速扩大，这样的时代背景催生了中国的私人银行业务。经历十余 年的发展，目前的中国私人银行行业已初具规模，并且前景广阔。国有制商业银行和 股份制商业银行均已成立自己的私人银行部门，各家银行在组织模式和内部管理上或 许存在差异，但业务模式大同小异。 当前国内私人银行正处在业务发展的初级阶段，各家银行都在不断试错并相互借 鉴，业务模式大同小异，主要以产品销售为核心，以产品价格为主要竞争点，通过发 行标准化的高收益理财产品来批量占领市场份额，达到规模化发展的目标。这样的模 式适合需要抢占市场份额的发展初期，但是各家机构的产品和服务同质化严重，并不 利于长期发展。 2018年4月，中国人民银行联合几大主要监管机构发布了资管新规，新规对商 业银行最大的影响是禁止资金池模式运作的理财产品体系，并要求所有理财产品实行 净值化管理。这将对商业银行现有的业务模式造成冲击，过往依赖高收益理财产品获 取客户的私人银行业务更是首当其冲。资管新规的发布既是挑战在此背景之下国内私 人银行业务亟待转型。 本论文的研究重点是以兴业银行为例，通过分析兴业银行私人银行实际经营情况 和梳理资管新规的监管内容，研究资管新规对私人银行业务的影响，为私人银行业务 在资管新规下的转型发展提供一定的参考依据。 文章首先通过查阅文献对国内外商业银行私人银行业务的起源和发展进行了归 纳整理，并概述了全球私人银行业务的发展现状；然后以兴业银行为例，通过对其私 人银行业务当前经营情况和核心业务数据的分析，指出兴业银行私人银行业务在资管 新规发布后受到的具体影响以及在发展上存在的问题；接下来对资管新规系列文件进 行了系统性梳理，总结了资管新规对商业银行资产管理业务带来的影响以及这样的影 响将如何波及到私人银行业务的发展；最后，结合兴业银行案例的分析结果和资管新 规的影响因素，提出针对国内私人银行业务的转型建议。 文章分为六个部分。第一章引言介绍本文研究的背景和目的，整理归纳了中国私 人财富管理市场当前的广阔前景、国内私人银行的发展现状、资管新规系列文件的正 式发布等背景情况，并通过文献综述介绍了国内外私人银行业务的研究现状和发展趋 势，最后介绍了本文的研究内容和研究方法。第二章内容通过对业务指标和业务模式 等内容的分析和概括，全面、深入地介绍了国内外私人银行业务的发展现状。第三章 摘要 以兴业银行私人银行的实际经营现状为例，剖析了目前国内私人银行业务在发展中出 现的诸多问题。第四章是对资管新规系列文件的详细梳理，介绍了资管新规的出台背 景、主要监管内容和对商业银行资产管理业务的影响，以及相关影响对私人银行业务 将造成的冲击。第五章内容结合兴业银行案例分析和当前国内外发展经验，对在资管 新规背景下的国内私人银行业务转型进行了思考。第六章是本文内容的总结，最终得 出结论并提出建议。 本文经研究发现，尚处发展初级阶段的国内私人银行业务在业务模式、客户质量、 产品体系、人力资源和科技应用等多个方面均存在着问题，与国际先进私人银行业务 相比存在较大差距。在当前资管新规即将落地的背景下，国内私人银行业务应当抓住 契机转变业务发展模式，推动业务发展进入高质量发展的新阶段。 关键词： 私人银行业务， 资管新规， 转型， 兴业银行 ABSTRACT Research on the transformation of private banking business under The New Regulations on Asset Management—Taking Industrial Bank as an example ABSTRACT With the rapid development of China's economy, the number of high net worth people in China is increasing rapidly, and the scale of the group's investable financial assets is also expanding rapidly. This era background has given birth to private banking business in China. After more than ten-years development, China's private banking industry has begun to take shape and has broad prospects. Both state-owned commercial banks and joint-stock commercial banks have established their own private banking departments. There may be differences in the organizational model and internal management of each bank, but the business model is very similar. At present, the domestic private banking business is on the primary stage of development. Every bank is struggling through trying to make mistakes and learning from each other. The business model is almost similar and slightly different. It mainly focuses on product sales, takes product price as the main competitive point, and issues standardized high-income financial products to occupy market share in batches, so as to achieve the goal of large-scale development. Such a model is suitable for the early stage of development that needs to seize market share, but the product and service homogeneity of each organization is serious, which is not conducive to long-term development. In April 2018, the people's Bank of China, together with several major regulatory agencies, issued The New Regulations on Asset Management. The biggest impact of this new regulation on commercial banks is that financial product systems under the operation of capital pool mode are all forbidden, and that all financial products need to implement the net value management. This will have an impact on the existing business model of commercial banks, especially on the private banking business that relied on High-yield financial products to obtain customers. In this context, the domestic private banking business needs to be transformed. The focus of this paper is to take industrial bank as an example, by analyzing the actual operation of private banking of Industrial Bank and reviewing the regulatory content of The New Regulations on Asset Management, to study the impact of the new regulations ABSTRACT on private banking business, and provide a certain reference for the transformation and development of private banking business under the new regulations. Firstly, this paper summarizes the origin and development of private banking business of commercial banks at home and abroad, and summarizes the development status of global private banking business. Secondly, taking Industrial Bank as an example, through the analysis of the current operation and core business data of its private banking business, the paper points out the problems existing in the development of private banking business of Industrial Bank. Then, it systematically reviews the series of documents of The New Regulations on Asset Management, summarizes the impact of the new regulations on asset management business of commercial banks and how such impact will affect private banking business. Finally, combining the analysis results of the case of Industrial Bank and the influence factors of the new regulations, it puts forward the transformation suggestions for domestic private banking business. The paper is divided into six parts. The first chapter introduces the background and purpose of this study. It summarizes the background of this paper such as the current broad prospects of China's private wealth management market, the development status of domestic private banks, the official release of The New Regulations on Asset Management and so on, and introduces the research status and development trend of domestic and foreign private banking business through literature review, and finally introduces the content and research methods of this paper. The second chapter introduces the development of private banking at home and abroad comprehensively and deeply through the analysis and summary of business indicators and models. The third chapter takes the actual operation situation of Industrial Bank as an example to analyze many problems in the development of domestic private banking business. The fourth chapter is a detailed review of the series of documents of The New Regulations on Asset Management. It introduces the background of its issuing, the main regulatory content and the impact on the asset management business of commercial banks, as well as the impact on the private banking business. The fifth chapter combines the case analysis of Industrial Bank and the current development experience at home and abroad to think about the transformation of domestic private banking business under The New Regulations on Asset Management. The sixth chapter is the summary this paper, and finally comes to the conclusion and puts forward suggestions. This paper finds that the domestic private banking business, which is still in the primary stage of development, has problems in busines