我国资管行业经历了十余年的高速增长，由于缺乏统一的系统性监管，因此给 金融机构提供了套利空间。为了进一步规范资管市场，监管机构于2018年4月出台 了《关于规范金融机构资产管理业务的指导意见》，简称“资管新规”。从此，我国 资管行业进入了一个崭新的发展阶段。从长远来看，新规将促使商业银行加强理财 业务的风险管理，实现粗放式向精细化管理的转变、同质化向差异化竞争的转型； 从短期来说，会给商业银行的理财业务带来转型“阵痛”。 资管新规出台以来，我国商业银行理财产品销量骤减，理财产品发行数量持续 下降，保本理财销量占比不断下滑，理财产品平均收益率不断下调，对商业银行经 营利润带来较大冲击，因此，商业银行在理财业务方面亟需做出战略转型，才能在 满足资管新规要求的基础上，实现商业银行理财业务的转型升级。 本文通过剖析商业银行理财业务发展的相关重要理论，分析了我国商业银行理 财业务的发展历程及现状，深入研究了近几年我国商业银行理财产品的销量及规模， 以及资管新规出台以后对我国商业银行理财业务的影响。然后以中国工商银行Z分 行为例，对资管新规出台后其采取的理财业务战略转型进行深入的实证研究，研究 发现：理财产品销量与产品期限、起购金额、风险等级呈显著负相关关系，与产品 募集期呈显著正相关，而且将理财产品纳入员工绩效考核、开展全渠道、全量客户 营销模式对理财产品的销售有显著的积极影响。 商业银行在资管新规背景下不仅要在产品设计的源头进行转型，还需要从营销 策略方面做出调整，一方面根据当地实体经济情况及投资者风险偏好，进行产品筛 选并选择性销售；另一方面健全销售团队激励考核制度，调动营销人员积极性；再 者创新销售渠道，促进线上获客。最后细化客户群体，针对性开展差异化营销，并 建立风险管理机制，有效把控销售风险。为其他商业银行理财业务转型提供借鉴。 关键词：资管新规；理财业务；转型发展 青岛大学硕士学位论文 II ResearchonTransformationofCommercialBanks'Wealth ManagementBusinessundertheNewAssetManagement Regulations——TakingtheexampleofZbranchofIndustrialand CommercialBankofChina Abstract China'sassetmanagementindustryhasexperiencedmorethantenyearsofrapid growth.Duetothelackofunifiedsystematicsupervision,ithasprovidedarbitragespace forfinancialinstitutions.Inordertofurtherregulatetheassetmanagementmarket,the regulatoryagencyissuedthe"GuidingOpinionsonRegulatingtheAssetManagement BusinessofFinancialInstitutions"inApril2018,whichwasreferredtoas"NewAsset ManagementRegulations".Sincethen,China'sassetmanagementindustryhasentereda newstageofdevelopment.Inthelongrun,thenewregulationswillencourage commercialbankstostrengthentheriskmanagementofwealthmanagementbusiness, andrealizethetransformationfromextensivetofinemanagementandhomogenizationto differentiatedcompetition;intheshortterm,itwillbringthetransformation“pain”tothe financialmanagementbusinessofcommercialbanks. Sincetheintroductionofthenewassetmanagementregulations,thesalesvolumeof wealthmanagementproductsinChinesecommercialbankshasplummeted,andthe numberofwealthmanagementproductsissuedhascontinuedtodecline.Atthesame time,theproportionofcapital-guaranteedwealthmanagementsaleshascontinuedto decline,andtheaverageyieldofwealthmanagementproductshascontinuedtodecrease. Alltheseabovehavegreatimpactsontheoperatingprofitsofcommercialbanks. Therefore,itisurgentforcommercialbankstomakestrategictransformationinfinancial managementbusiness,soastorealizethetransformationandupgradingoffinancial managementbusinessofcommercialbanksonthebasisofmeetingtherequirementsof newregulationsonassetmanagement. 青岛大学硕士学位论文 III Thispaperanalyzestherelevantimportanttheoriesofthedevelopmentoffinancial managementbusinessofcommercialbanks,andfurtherstudiesthesalesvolumeand wealthmanagementproductsofChinesecommercialbanksinrecentyears,aswellasthe impactofnewregulationsonfinancialmanagementbusinessofcommercialbanksin China.Then,withtheexampleoftheZbranchoftheIndustrialandCommercialBankof China,anin-depthempiricalstudyonthestrategictransformationofthewealth managementbusinessadoptedbythenewassetmanagementregulationswasfound.Our studyfoundthatthesalesvolumeofwealthmanagementproductsandproductterm, purchaseamount,risklevelshowedsignificantnegativecorrelation,andproduct collectionperiodshowedsignificantpositivecorrelation,andthefinancialproductsinto theemployeeperformanceappraisal,carryingoutfullchannel,full-volumecustomer marketingmodelhasasignificantpositiveimpactonthesalesofwealthmanagement products. Inthecontextofthenewassetmanagementregulations,commercialbanksmustnot onlytransformatthesourceofproductdesign,butalsoneedtomakeadjustmentsin marketingstrategies.Ontheonehand,theyshouldconductproductselectionand selectivesalesbasedonlocalrealeconomicconditionsandinvestorriskpreferences.On theotherhand,theyshouldimprovethesalesteamincentiveassessmentsystemto mobilizetheenthusiasmofmarketingpersonnel.Inaddition,theyshouldalsoinnovate saleschannelsandpromoteonlinecustomeracquisition.Finally,refiningcustomer groups,carryingoutdifferentiatedmarketinginatargetedmanner,andestablishingarisk managementmechanismareneededtoeffectivelycontrolsalesrisks.Alltheseabove wouldprovidereferencesforothercommercialbanks'wealthmanagementbusiness transformation. Keywords:Newregulationsonassetmanagement;wealthmanagementbusiness; transformationanddevelopment 青岛大学硕士学位论文 IV 目录 摘要..................................................................................................................................I Abstract............................................................................................................................II 第1章引言........................................................................................................................1 1.1研究背景及意义...................................................................................................1 1.1.1研究背景...................................................................................................1 1.1.2研究意义...................................................................................................2 1.2国内外研究综述...................................................................................................3 1.2.1国外研究现状...........................................................................................3 1.2.2国内研究现状...........................................................................................5 1.3研究思路与研究方法...........................................................................................8 1.3.1研究思路...................................................................................................8 1.3.2研究方法...................................................................................................8 1.4创新之处与不足...................................................................................................9 1.4.1创新之处...................................................................................................9 1.4.2存在的不足...............................................................................................9 第2章资管新规与商业银行理财业务理论基础..........................................................10 2.1资管新规概述.....................................................................................................10 2.1.1资管新规概念.........................................................................................10 2.1.2资管新规的核心要求.............................................................................11 2.2我国商业银行理财业务发展概况.....................................................................13 2.2.1商业银行理财业务基本理论.................................................................13 2.2.2商业银行理财业务发展历程.................................................................19 2.2.3资管新规落地前商业银行理财业务发展情况.....................................20 2.2.4资管新规出台后商业银行理财业务发展情况.....................................23 第3章中国工商银行分行理财业务发展现状..............................................................28 3.1中国工商银行Z分行概况及理财业务体系.....................................................28 青岛大学硕士学位论文 V 3.1.2中国工商银行Z分行概况.......................