I 摘要 目前全国银行的理财业务主要是朝着理财净值化转型方向发展。近年来的银 行利率从存款角度出发都相对处于低位，稳定的投资机会正被普通大众不断地积 极寻求。期限、定价灵活、收益获取较高是银行现在所发售净值型理财产品拥有 的主要特点，同时它又拥有风险相对较小的特质和长处相比基金、股票等来说， 所以部分理财购买者很喜欢此类产品。《关于规范金融机构资产管理业务的指导 意见》由人民银行、银保监会、证监会和外汇管理局在 2018 年 4 月 27 日发布并 实施，以下简单称呼该指导意见为资管新规。资管新规要求所有银行销售、运作 理财产品时需要回归到本源，即银行的投资行为仅是看做代理客户做出投资，应 投资者承担投资所带来的风险，银行只对理费用进行收取。虽然满足资管新规的 净值型理财产品已在各家银行进行推广销售，商业银行理财产品的净值化转型发 展进度也由监管机构全力推动，但因为多种要素的整体影响，理财产品的净值化 转型程度依然较于迟缓。基于上述研究背景，本文以资管新规视角分析 E 城市商 业银行现状，主要对 E 城市商业银行理财产品的净值化转型问题进行了分析探 究，通过设计净值型理财产品投资偏好客户调研问卷、将各行净值型理财产品特 性进行多维度比较分析、通过相关模型设计净值型理财产品定价来完成净值化转 型之路，希望能够给其他城市商业银行转型带来参考启示。本文主要研究内容是： 首先，对 E 城市商业银行在资管新规下的理财业务现状进行了简要描述。其 理财业务发展迅速，理财投资资产金额逐年增加，客户收入逐步增加，在金融市 场上，流通和收益情况都相对占主导地位。分析了 E 城市商业银行净值化转型存 在的问题：投资者承担风险较大、净值型产品数量增长占比低、产品估值定价缺 乏统一标准。 第二部分设计了关于净值型理财产品投资偏好客户调研问卷，通过归纳样本 特征发现，大多数客户期望投资的理财产品期限为一年以内的短期投资；期望的 最低购买金额在 5 万元以下；更愿意接受风险可控的投资；在高收益、高风险的 情形中，投资者应当根据自身风险管理能力做出适当的决策；同时客户对纯净值 型产品的接受程度处于平均水平；现有产品的种类满意度给出了一般的评价。当摘要 II 前 E 城市商业银行净值类理财产品购买客户风险承受能力一般、对这类产品具有 一定的了解，在以后进行产品设计的时候要立足于资管新规，设计出更符合客户 需求的净值型产品，来完成净值化转型。 再次，通过比较现有大型商业银行净值型理财产品与城市商业银行净值型理 财产品的差异发现，E 乾元和 H 精选在认购门槛方面：E 乾元产品规模上限：500 亿份，下限：3000 万份；H 精选产品规模 20 亿。估值方法：E 乾元使用摊余成 本法；H 精选债券估值办法。产品费用方面：收取销售费、管理费、托管费、运 营服务费和业绩报酬的产品是 E 乾元；H 精选产品费用的种类：理财固定管理费、 销售服务费、浮动管理费、托管费。通过横纵向对比发现，E 城市商业银行净值 型理财产品突出优势是：净值型产品更符合资管新规要求，打破了刚性兑付及其 定价核算方面的优势。 最后，针对净值型理财产品定价与中债国债到期收益率、逆回购利率、票据 直贴利率、上证综合指数等自变量之间的相互关系进行了实证研究分析。结果表 明，产品定价和国债收益率之间的关系最为密切，国债收益率对于定价影响作用 最大，在转型定价过程中能够根据国债收益率的变化幅度来调整净值类产品定 价。 对于上述研究结论提出了净值型理财产品转型路径及建议。即：提升客户对 产品的认知度、产品在设计以及定价环节要达到差异化的定位要求；产品转型环 节需要选择科学的定价估值方式实现。通过探究后，以期可给商业银行理财产品 转型提供出路，以实现金融欧亿·体育（中国）有限公司的不断发展。 关键词：商业银行；理财；资管新规；净值化转型ABSTRACT III ABSTRACT The net value transformation of financial products is the mainly direction of financial management business of commercial banks. In recent years, the interest rate of bank deposit is relatively low, and ordinary investors are actively looking for reliable investment opportunities. The net value financial products of commercial banks are favored by the majority of financial investors and managers because of their advantages such as flexible structure, high income and less risk compared with stock funds and other products. The Guidance on Regulating the Asset Management Business of Financial Institutions was issued and implemented by the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange on April 27, 2018. The guidance is simply referred to as the new asset management regulation. The new regulations require all banks to return to the source when selling and operating financial products. In other words, the investment behavior of banks is only an investment made by proxy clients, and the investors should bear the risks brought by the investment, and the banks will only charge the processing fees. Although the net-worth financial products that meet the new capital management regulations have been promoted and sold in various banks, and the development progress of the net-worth transformation of commercial banks' financial products has been fully promoted by the regulatory authorities, the degree of the net-worth transformation of financial products is still relatively slow due to the overall influence of various factors. Based on the above research background, this paper analyzes the status quo of E-City commercial banks from the perspective of new asset management regulations, and focuses on the issue of net value transformation of financial products of e city commercial banks. Through the design of customer survey questionnaire on investment preference of net value financial products, characteristics of horizontal and vertical comparison of net value financial products, and pricing of net value financialABSTRACT IV products through relevant models, the net worth transformation is completed I hope that it can bring reference to the transformation of commercial banks in other cities. The main conclusions of this paper are as follows First of all, it briefly describes the current situation of E City Commercial Bank's financial services under the new capital management regulations. Its financial services have developed rapidly, with the amount of financial investment assets increasing year by year, and the customer income gradually increasing. In the financial market, the circulation and income are relatively dominant. This paper analyzes the problems existing in the net value transformation of E-City commercial banks, such as the high risk of investors, the low proportion of the growth of net value products, and the lack of unified standards for product valuation. Secondly, we design a survey questionnaire on the investment preference of net worth financial products. By summarizing the sample characteristics, we find that most customers expect to invest in short-term investment within one year; the minimum expected purchase amount is less than 50000 yuan; they are more willing to accept the investment with controllable risk; financial customers will combine with themselves when they are clear that high income is accompanied by high risk Risk tolerance, appropriate choice; customers' acceptance of net worth financial products is in the general level; the satisfaction of existing products is generally evaluated. At present, E-City commercial banks have a general risk tolerance and have a certain understanding of this kind of products. When designing products in the future, we should base on the new rules of asset management and design net value products more in line with customers' needs to optimize the net value transformation. Thirdly, through the horizontal comparison of the differences between the existing net value financial products of large commercial banks and the net value financial products of city commercial banks, it is found that in terms of subscription threshold, E Qianyuan and H select products have the following characteristics: the upper limit of E Qianyuan products is 50 billion copies, the lower limit is 30 million copies, and the scale of H selected products is 2 billion. Valuation method: E Qian Yuan adopts the method of amortization cost; H selects the bond valuation method.ABSTRACT V Product fee: E Qianyuan collects sales fee, management fee, custody fee, operation service fee and performance reward; H type of selected product fee: product fixed management fee, product floating management fee, product sales service fee, custody of product trustee. Through the vertical an