摘要
摘要
中国居民的总体收入水平随着经济的发展不断提高，银行理财产品凭借其
较为稳定的收益率和低风险的特点，在居民金融投资中成为最重要的投资方式
之一。但是在银行理财业务快速发展的同时，也出现了例如刚性兑付，期限错
配等问题。在 2018年，由央行、银保监会、证监会以及外管局联合颁布了《关
于规范金融机构资产管理业务的指导意见》，其中指出商业银行要根据与投资者
签订的条约内容以及投资的实际收益来向投资者支付收益、不保证本金以及预
期收益率的非保本浮动收益的理财产品，这个规定的颁布意味着打破了我国商
业银行投资理财产品销售保本保收益的“刚性兑付”模式。在严格的资管新规管控
下，我国商业银行理财业务现处于规模逐渐下降、理财产品的收益也越来越低，
同时，资管新规也即将成为国内商业银行轻型资本收入的增加与改革转型路上
的困难，商业银行理财业务从之前与其他机构打的价格战，到现在对资管投研
能力的竞争上，从目前而言，商业银行怎样才能在资管新规的影响下做好应对
措施，来确保业绩与竞争力的提升，是目前各个商业银行遇到的困境。
基于以上背景，本文以 JT银行为研究对象，首先对国内外文献进行了详细
梳理，并对资管新规的特点以及出台背景、对理财的要求等进行了明确，引入
相关投资组合理论、金融创新理论和客户细分等相关理论为后文奠定理论研究
基础，其次结合银行理财业务的切入点开展探究活动，首先介绍了资管新规落
地前银行理财业务的发展情况和资管新规落地后银行理财业务的变化趋势，然
后研究资管新规对 JT银行理财业务的影响，发现影响主要体现在其理财产品净
值型加速，保本型理财产品显著减少，理财收入显著下滑、净值型产品客户接
受度不高几个方面。接着分析了 JT银行理财业务的内部环境和外部环境，首先
用 PEST分析法来分析 JT银行的宏观环，以及运用波特五力模型对 JT银行所处
的竞争环境进行了全面的分析，同时对银行内部的资源和能力进行详细介绍，
通过外部因素评价（EFE）矩阵分析、内部因素评价（IFE）矩阵分析等分析工
具，结合问卷调查对资管新规下 JT银行理财业务的外部环境与内部条件进行分
析，为下文有关发展策略的优化，以及其指导思想与原则奠定了理论基础，最
后基于 JT银行理财业务在发展过程中对其产生负面影响的因素，制定了其转型
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摘要
发展的战略目标，从以客户为中心提供定制化服务、加强银行产品管理、改变
理财业务营销方式、加强风险管理、提升市场投资能力五个层面上提出了有发
展转型对策的有关建议，本文的研究对资管新规下的 JT银行理财业务具有参考
价值，以期为其他商业银行理财业务的转型发展提供理论参考。
关键词：金融理财；资管新规；净值型理财产品；优化策略
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Abstract
Abstract
The overall income level of Chinese residents has been increasing with the
development of the economy, and bank wealth management products have become
one of the most important investment methods among residents' financial investments
with their relatively stable yields and low risks. However, along with the rapid
development of bank wealth management business, problems such as rigid exchange
payments and maturity mismatch have also emerged. In 2018, the Guidance on
Regulating the Asset Management Business of Financial Institutions was jointly
promulgated by the Central Bank, the CBRC, the CSRC and the OFAC, which
pointed out that commercial banks should pay investors according to the content of
the treatiessignedwith investorsand theactualreturns ofinvestments to
non-principal-protected floating income wealth management products that do not
guarantee the principal as well as the expected return, and the promulgation of this
regulation means breaking The promulgation of this regulation means that the "rigid
exchange" model of capital preservation and income protection inthe sale of
investment wealth management products of commercial banks in China has been
broken. Under the strict control of the new regulation of capital management, the
wealth management business of commercial banks in China is now in a gradual
decline in scale and the income of wealth management products is getting lower and
lower, at the same time, the new regulation of capital management is about to become
the increase of light capital income of domestic commercial banks and the difficulties
on the way of reform and transformation. How to respond well to the impact of the
new regulations on asset management to ensure the improvement of performance and
competitiveness is the current dilemma encountered by each commercial bank.
Based on the above background, this paper takes JT Bank as the research object,
firstly combsthe domestic andforeign literaturein detail,and clarifies the
characteristics of the new asset management regulations, the background of their
introduction, and the requirements for financial management, etc. Related theories
such as innovation theory and customer segmentation lay the theoretical research
foundation for the following article, and then carry out exploration activities based on
the entry point ofbank wealth management business. First,it introduces the
development of bank wealth management business and the implementation of the
new asset management regulations before the implementation After the change trend
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