自 2004 年 7 月光大银行发行第一只面向个人客户的理财产品开始，购买银 行理财产品逐渐发展成为老百姓主流的银行理财方式，在社会经济的投融资活动 中发挥着越来越重要的作用，产品种类也从单一的固定收益类扩充到净值型、非 标投资类、权益类和另类商品类。然而，与风险同质的银行储蓄等保本保收益产 品不同，不同种类银行理财产品的风险差异很大，高的预期收益则意味着高的风 险，所以，风险等级划分和客户适当性管理显得尤为重要。 鉴于此，监管机构自 2005 年至今相继出台一系列监管文件以加强对商业银 行理财业务的监督管理。然而，这一系列文件无论是对银行理财业务的宏观影响， 还是对理财产品、经营模式、风险管理、理财人员的具体要求，都带来了极大的 挑战。对此，银行应如何有效履行政策监督，缓释监管新规带来的冲击？如何实 现投资者理性认识理财产品，克服产品同质化和提升理财人员业务素质？如何实 现银行业理财业务良性发展、银行自身收益稳步增长的统一？这一系列围绕“银 行理财业务发展策略优化”的研究也由此拉开帷幕。本文围绕“银行理财业务发 展策略优化”这一核心，从银行理财业务与监管新规的适应性出发，以 PD 银行 为例来阐述监管新规对银行理财业务发展的优势、劣势、机遇与挑战等方面进行 分析，并运用业务层战略方法，在促进银行理财业务发展符合监管新规要求的同 时，探究 PD 银行理财业务优化的发展策略。 论文以“背景阐述—提出问题—分析问题—解决问题”为主线，从以下几方 面做出相应论述：首先，阐释选题背景，并梳理与选题相关的研究成果和前沿观 点。一方面，理清银行理财业务迅猛发展背后暴露出的投资运作风险源流，推导 出“监管新规”对于商业银行理财业务健康发展的必要性、针对性，以及由此对 银行理财业务发展带来的冲击；另一方面，综述国内外研究成果，分析、借鉴海 外银行发展的成熟经验，并结合学界对于商业银行理财业务改革创新提出的宝贵 意见，规范、总结监管新规项下商业银行理财业务优化、改革、发展的出路。其 次，具体分析 PD 银行理财业务存在的多层嵌套、资金池运作、投资范围、刚性 兑付等方面问题，并对照监管新规，分析 PD 银行在理财产品净值化、理财业务II 表外化、投资业务专业化等方面面临的挑战。再次，通过对 PD 银行理财业务内 外部环境的剖析，明晰了 PD 银行在业内业绩排名、信用评级、全球业务、电子 渠道等方面的优势，产品同质化、创新能力及竞争力欠缺等短板，以及对机遇和 威胁要素的把握，依托 SWOT 矩阵分析，提出 PD 银行理财业务发展方向和措 施的提升理路。最后，对 PD 银行理财业务发展策略作出优化设计。基于 PD 银 行理财业务发展实际，从产品风险防范、理财人员专业能力提升、投资者理念培 养等方面切入，运用业务层战略方式做出与不同投资经验客户群相匹配的“风险 ——收益”模型，以期强化资金端的投资者适当性管理，提高理财人员的资产配 置能力。同时，针对理财产品风险防范、投研能力提升、理财子公司设立、理财 人员专业能力培养、考核体系优化及投资者教育强化等方面做出理财业务优化的 策略，达到产品合规化、人员专业化、投资者理性化的发展目标，以适应“监管 新规”。 关键词：PD 银行；理财业务；监管新规；刚性兑付III Abstract Since July 2004, the first financial product for individual customers was issued by the large banks, and the purchase of bank financial products has gradually become the mainstream bank financial management method of the common people. It plays an increasingly important role in the social and economic investment and financing activities. The product categories have also expanded from single fixed income to net value, non-standard investment, equity and other commodities. However, different from the same risk products such as bank savings, the risks of different types of bank financial products are very different, and high expected return means high risk. Therefore, risk classification and customer suitability management are particularly important. In view of this, regulators have issued a series of regulatory documents since 2005 to strengthen the supervision and management of financial services of commercial banks. However, this series of documents not only bring great challenges to the macro impact of bank financial services, but also to the specific requirements of financial products, business models, risk management and financial personnel. In this regard, how should banks effectively implement policy supervision and mitigate the impact of the new regulation? How to realize investors' rational understanding of financial products, overcome product homogeneity and improve the quality of financial personnel? How to realize the unification of sound development of financial management business and steady growth of bank's own income? This series of research around the "optimization of bank financial management business development strategy" also started. This paper focuses on the core of "optimization of the development strategy of bank financial management business", starting from the adaptability of bank financial management business and the new regulatory rules, taking PD bank as an example, analyzes the advantages, disadvantages, opportunities and challenges of the new regulatory rules on the development of bank financialIV management business, and uses the business level strategic method to promote the development of bank financial management business in line with the requirements of the new regulation This paper explores the development strategy of PD bank financing business optimization. Based on the main line of "background elaboration - raising problems - analyzing problems - solving problems", this paper makes corresponding discussions from the following aspects: firstly, it explains the background of the topic selection, and combs the research results and frontier viewpoints related to the topic selection. On the one hand, it clarifies the source of investment operation risks exposed behind the rapid development of bank financial management business, and deduces the necessity and pertinence of "new regulatory regulations" for the healthy development of financial management business of commercial banks, as well as the impact on the development of bank financial management business; on the other hand, it summarizes the research results at home and abroad, analyzes and draws lessons from the mature experience of overseas banks In accordance with the valuable opinions put forward by academic circles on the reform and innovation of financial management business of commercial banks, standardize and summarize the way out for the optimization, reform and development of financial management business of commercial banks under the new regulatory regulations. Secondly, this paper analyzes the problems of multi-layer nesting, fund pool operation, investment scope, rigid cashing and other aspects of PD bank's financial management business, and analyzes the challenges PD bank faces in the aspects of net value of financial products, externalization of financial management business and specialization of investment business. Thirdly, through the analysis of the internal and external environment of PD bank's financing business, the advantages of PD bank in the industry performance ranking, credit rating, global business, electronic channel, etc., as well as the short board of product homogeneity, innovation ability and competitiveness, as well as the grasp of opportunity and threat elements, based on SWOT matrix analysis, the development direction and measures of PD bank's financial management business are proposed Upgrade the road. Finally, the paper makes an optimized design for theV development strategy of PD bank's financing business. Based on the actual development of PD bank's financing business, from the aspects of product risk prevention, financial personnel's professional ability improvement, investor concept training, etc., a "risk return" model matching with different investment experience customer groups is made by using business layer strategy, so as to strengthen the investor suitability management at the capital end and improve the asset allocation ability of financial personnel. At the same time, the strategy of financial management business optimization is made in terms of risk prevention of financial products, improvement of investment and research ability, establishment of financial management subsidiary, professional ability training of financial personnel, optimization of assessment system and strengthening of investor education, so as to achieve the development goals of product standardization, personnel specialization and investor rationalization, so as to adapt to the "new regulatory regulations". Key words: PD bank; financial services; new regulatory regulations; rigid cashing;VI 目 录 摘要............I ABSTRACT.III 第一章 绪论1 第一节 选题背景与研究意义...................1 一、银行理财产品规模迅速增长.............................1 （一）银行业理财规模..........1 （二）PD 银行理财规模........1 二、商业银行理财业务的重要性.............................2 （一）对商业银行业务发展的影响.....................2 （二）对客户的影响..............3 （三）对监管机构的影响......3 （四）对实体经济的影响......3 三、打破银行理财“刚性兑付”的逻辑.................3 四、理财新规颁布及效应..........4 五、研究意义..............................5 第二节 文献综述........6 一、国外文献..............................6 （一）银行理财业务的风险特征.........................6 （二）投资者对理财产品风险的认知.................7 （三）银行理财人员专业能力的重要性.............7 二、国内文献..............................8 （一）银行理财业务与监管政策的联动.............8 （二）银行理财收益与风险匹配度分析.............9 （三）银行理财业务发展的自我修缮...............10 三、文献评述............................11 第三节 研究内容、方法和技术路线.....11 一、研究内容............................11VII 二、研究方法............................12 （一）文献研究法................12 （二）个案研究法................12 （三）定性分析法................12 三、技术路线............................13 第四节 研究难点和创新之处.................13 一、研究难点............................13 二、创新之处............................14 第二章 PD 银行理财业务存在的问题及面临的挑战........................14 第一节 PD 银行理财业务存在的主要问题..........................14 一、多层嵌套............................14 二、资金池运作........................15 三、以投资非标资产为主........16 四、刚性兑付............................17 第二节 监管新规带给 PD 银行理财业务的挑战.................18 一、监管新规解读....................18 （一）监管新规回顾............18 （二）监管新规的核心要点分析.......................18 二、监管新规对银行理财业务的影响...................22 （一）对银行同业理财业务的影响...................22 （二）对 PD 银行理财业务的影响....................23 三、监管新规对 PD 银行理财业务的挑战............24 （一）理财产品转型的挑战24 （二）经营模式转型的挑战25 （三）风险管理转型的挑战25 （四）理财人员转型的挑战25 第三章 PD 银行理财业务的 SWOT 分析............26 第一节 优势..............26 一、优秀的业绩排名奠定了良好的群众基础.......26 二、稳定的高信用评级有利于获得客户的信赖...27 三、遍布全球的营业机构利于开发海外市场.......27VIII 四、特色电子渠道为客户经营及内部管理带来便捷..........................28 第二节 劣势..............29 一、理财产品同质化严重........29 二、理财业务创新缓慢............29 三、市场竞争能力欠缺............30 第三节 机会..............30 一、投资者理财需求的大幅增长为业务发展带来上升空间..............30 二、“互联网+”兴起促使理财业务发展模式优化............................31 第四节 威胁..............31 一、营业收入被压缩................31 二、银行间竞争激烈................32 第五节 PD 银行理财业务 SWOT 矩阵分析 ........................32 第四章 PD 银行理财业务发展策略优化设计.....33 第一节 防范银行理财产品风险.............34 一、优化理财产品投资结构....34 二、减少保本理财产品的发行35 三、加强理财产品久期管理....36 四、加强理财产品信息披露....37 第二节 提高理财业务投研能力.............37 一、转变理财业务投资方式....37 二、提升投资收益回报............38 第三节 加快设立理财子公司.................38 一、设立理财子公司的优势....38 二、理财子公司的发展定位....39 第四节 提升理财人员业务能力应对挑战............................39 一、强化理财人员专业素质....39 二、强化理财人员能力等级认证...........................40 三、强化理财人员风险防范意识...........................40 第五节 优化理财业务绩效考核体系和激励约束机制........41 一、优化理财业务绩效考核体系...........................41 二、优化理财业务激励约束机制...........................41IX 第六节 加强投资者理财教育.................42 一、强化投资者风险理念........42 二、多渠道渗透风险防范意识42 第五章 结论与展望 ................42