摘
要
资管新规下M银行理财业务发展策略研究
摘要
近年来，我国银行业通过发行理财产品、提供专业金融服务，使得
个人理财业务迅猛发展。与此同时，各类资管业务监管标准不同，积累
了大量的风险隐患。2018年 4月 27日，中国人民银行、证监会、外管
局联合印发《关于规范金融机构资产管理业务的指导意见》（以下简称
“资管新规”）。资管新规的正式颁布，对统一监管、打破刚兑、严禁资
金池运作、规范资金杠杆等方面做了详细规定和调整。在此背景下，各
家商业银行表外理财业务都将面临产品全面净值化的压力。调整投资
范围、改变传统运作模式、重新制定营销策略等一系列问题都将给各家
商业银行带来严峻挑战，商业银行原有发展模式亟待转型优化。
M银行是一家全国性股份制商业银行，理财产品管理规模达到
8000多亿元，已在业内打造出稳健专业的财富管理品牌。但资管新规
的出台，打破了 M银行原有的资产管理模式和发展逻辑，迫切需要制
定一系列措施以符合相关金融监管标准。因此，在此背景下，M银行
理财业务将面临着短期内经历阵痛、以及净值化调整、投资范围调整与
盈利模式转变等转型压力和重新抢占市场份额的严峻挑战。
本文选择 M银行为研究对象，首先分析国内外理财投资和服务营
销发展情况，以及资管新规对国内商业银行相关业务的影响。接着通过
问卷调查法、SWOT分析法、实地访谈法等对 M银行的理财业务发展
现状、以及资管新规影响下 M银行理财业务情况进行梳理分析，系统
得出目前 M银行理财业务所遇到的理财产品框架体系不完整、净值理
财客群基础薄弱、理财转化数字化进程缓慢等困难和问题，尝试制定 M
银行理财业务未来发展策略。通过建设符合监管要求的理财产品体系、
拓宽全渠道销售平台、加强数字化基础设施建设等一系列措施，确保 M
银行理财业务优化转型的顺利实施，同时为其他商业银行资管业务提
供一定的借鉴。
关键词：资管新规；理财业务；商业银行；业务转型
Abstract
RESEARCH ON THE DEVELOPMENT STRATEGY
OF M BANK'S FINANCIAL MANAGEMTNT
BUSINESS UNDER THE NEW RULES OF ASSET
MANAGEMENT
Abstract
In recent years, China's banking industry has made rapid development
of personal finance services by issuing financial products and providing
professional financialservices. Atthe sametime, allkinds ofasset
management business regulatory standards are different, accumulated a large
number of risks and hidden dangers. On April 27, 2018, the People's Bank
ofChina,theSecuritiesRegulatoryCommissionandtheState
Administration of Foreign Exchange jointly issued the Guiding Opinions on
Standardizing the Asset Management Business of Financial Institutions. The
official promulgate of the new rules on capital management has made
detailed provisions and adjustments on unified supervision, breaking the
rigid exchange, strictlyprohibiting the operationof capital pools and
standardizing capital leverage.In this context, commercialbanks' off-
balance sheet financial services will face the pressure of comprehensive net
worth of products. A series of problems such as adjusting investment scope,
changing traditional operation mode and re-formulating marketing strategy
willbring severechallengesto commercialbanks,andthe original
development mode of commercial banks is in urgent need of transformation
and optimization.
Bank M is a national joint-stock commercialbank with a wealth
management product management scale of over 800 billion yuan. It has
中国政法大学硕士学位论文
资管新规下 M银行理财业务发展策略研究
created a stable and professional wealth management brand in the industry.
However, the introduction of the new rules on asset management broke the
original asset management mode and development logic of M Bank, and it
is urgent to formulate a series of measures to meet the relevant financial
regulatorystandards. Therefore,inthiscontext,M Bank'sfinancial
management business will be confronted with severe challenges such as
experiencing pains in the short term, adjustment of net worth, adjustment of
investment scope and transformation of profit model, and re-seizing market
share.
In this paper, M Bank is selected as the research object. Firstly, the
development situation of financial investment and service marketing at home
and abroad is analyzed, as well as the impact of the new rules on the relevant
business of domestic commercial banks. Then through questionnaire survey
method,SWOTanalysismethod,fieldinterviewmethod,etc.,the
development status of M Bank's financial services and the financial services
of M Bank under the influence of the new capital management regulations
are sorted out and analyzed. The system concludes the difficulties and
problems encountered by M Bank's financial services, such as incomplete
financial product framework system, weak foundation of net worth financial
clients and slow digitalization of financial services, and tries to formulate the
future development strategy of M Bank's financial services. Through a series
of measures such as building financial product system in line with regulatory
requirements, broadeningall-channel salesplatform andstrengthening
digitalinfrastructure construction,thesmooth implementationofthe
optimization and transformation of M Bank's financial services can be
ensured, and some reference can be provided for other commercial banks'
asset management business.
KEY WORDS: New rules on capital management; Financial services;
Commercial bank; Business transformation