资管2.0时代商业银行理财业务的转型与发展

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英文篇名：The Transformation and Development of Wealth Management Business of Commercial Banks in the Era of Asset Management 2.0 作者：周月秋 ; 藏波 英文作者：ZHOU Yue-qiu;ZANG Bo; 关键词：资管新规 ; 资管细则 ; 银行理财 ; 净值化转型 ; 监管政策 英文关键词：new regulation of asset management;;asset management rule;;bank wealth management;;net-worth transformation;;supervision policy 中文刊名：CSJR 英文刊名：Finance Forum 机构：中国工商银行城市金融研究所;中国工商银行全面深化改革领导小组办公室; 出版日期：2019-01-05 出版单位：金融论坛 年：2019 期：v.24;No.277 语种：中文; 页：CSJR201901002 页数：9 CN：01 ISSN：11-4613/F 分类号：5-13

摘要

2017年之后,中国进入强监管、去杠杆的金融新周期,金融周期和经济周期趋向同步演进。资管新规和细则是严监管政策的重要举措,其核心内容是打破刚兑、规范资金池、去除多层嵌套、约束杠杆比例,引导近30万亿元的银行理财净值化转型。通过统计分析发现,2018年年初至二季度,净值型产品发行速度加快,但非净值型理财占新发行产品比重不降反升。说明银行理财业务转型速度较慢,整改空间和挑战较大。未来,银行理财业务转型需兼顾客户端和投资端,采取两端发力、系统推进的策略选择。
        After 2017, a new financial cycle of strong supervision and de-leveraging emerges in China, and the financial cycle and economic cycle tend to evolve simultaneously. The new regulations and rules for asset management are important measures in the policies of strict supervision, and the core contents are breaking rigid payment, standardizing fund pool, removing multi-layer nesting, constraining leverage ratio, and guiding the net-worth transformation of nearly 30 trillion yuan wealth management of banks. The statistical analysis shows that, the issuance of net-worth products is accelerated, and the proportion of non-net-worth wealth management products in new-issued products does not fall but rises,which indicates that speed of the transformation is slow, and more reforms are needed. In the future, both the client and the investor needed to be considered in the transformation of wealth management business of banks, and forcing at both ends and systematical promotion should be the strategic choices.

引文

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    (1)金融业增加值占GDP比重仍在2016年达到8.5%历史高点,但2017年下降至7.9%。
    (1)2017年,表外理财纳入MPA广义信贷指标范围,跨境资本流动和房地产市场分别纳入宏观审慎管理范畴。自2018年1季度起,资产规模5 000亿元以上的银行发行的1年以内同业存单纳入MPA同业负债占比指标进行考核。2018年年初,央行再次将同业存单备案额度调整至所有银行。
    (2)2017年,银监会行政处罚金额及责任人均创下历史纪录:共做出行政处罚决定3 452件,罚没29.32亿元,处罚责任人员1547名,270名相关责任人取消一定期限直到终身银行从业和高管任职资格。