2004 年由光大银行推出第一只人民币理财产品后，部分银行业机构陆续推 出理财产品，理财市场开始兴起。近年来，我国商业银行个人理财业务高速发展。 一方面，随着利率市场化进程导致存贷利差收窄，以及金融业国际化、多元化的 竞争趋势，银行自身需要转型发展中间业务；另一方面，由于我国居民可支配收 入增加，传统利息收入不能满足资产保值增值需要，个人理财意识觉醒，银行理 财成为居民最青睐的金融资产投资渠道之一。 由于缺乏统一监管，国内飞速发展的资管业务给金融机构提供了套利空间。 为防止发生系统性金融风险，监管机构出台了系列资管新规。新规旨在引导资管 业务回归本源，消除监管套利，服务实体经济。从长远来看，新规将促进商业银 行更有效得管理风险，实现粗放式向精细化管理的转型、同质化向差异化竞争的 转变；但短期来看，则会给商业银行的理财业务带来转型“阵痛”。本文以 Z 银 行蚌埠分行个人理财业务作为研究对象，采用调查方式发现问题，按照“发现问 题-分析影响-定位方向-提出策略”的研究思路展开。 首先，结合资管新规出台背景与核心要点，分析资管新规对商业银行个人理 财业务的影响，打破刚性兑付、理财产品收益率下降、中长期限产品增加、成立 理财子公司等，为后文的研究做出铺垫。其次，介绍 Z 银行蚌埠分行的总体经营 情况、发展历程及个人理财业务运作，分析蚌埠分行发展个人理财业务的必要性， 归纳蚌埠分行个人理财业务的现有策略，主要包括职责与权限、品牌建设、产品 创新、客户关系、销售渠道和风险管理等内容。再次，通过确定调研目的及目标， 采用问卷调查法，通过分析调查结果，发现 Z 银行蚌埠分行个人理财业务现有发 展策略存在的问题，结合资管新规，分析当前问题产生的影响。最后，按照资管 新规下商业银行个人理财业务的转型方向，针对不同发展策略存在问题及影响， 按照以客为尊、激励与合规原则，设计 Z 银行蚌埠分行在资管新规下个人理财业 务发展策略的优化方案，即在明确职责、加强品牌建设、重视产品创新、改善客 户关系、完善销售渠道和全面风险管理等方面多角度、多维度发力，推动个人理 财业务回归本源，服务大众、服务实体。 关键词：资管新规；理财业务；方案优化I ABSCRACT AfterEverbrightBanklauncheditsfirstRMBwealthmanagementproductin2004, some banking institutions launched financial products one after another, and the financial management market began to rise. In recent years, the personal financial management business of commercia banks in China has developed at a high speed. On the one hand, with the process of interest rate marketization leading to the narrowing of deposit and loan spreads, as well as the trend of internationalization and diversification of the financial industry, banks themselves need to transform and develop intermediate business; on the other hand, due to the increase of disposable income of Chinese residents, traditional interest income can not meet the needs of asset maintenance and appreciation, personal financial awareness awakens, bank finance has become one of the most popular financial asset investment channels. Due to the lack of unified supervision, the rapid development of domestic capital management business provides arbitrage space for financial institutions. In order to prevent the occurrence of systemic financial risks, regulators have issued a series of new regulations on capital management. The new rules aim to guide the capital management business back to its origin, eliminate regulatory arbitrage and serve the real economy. In the long run, the new rules will promote commercial banks to manage risks more effectively, realize the transformation from extensive to fine management, and change from homogenization to differentiated competition, but in the short term, it willbringpaintothefinancialmanagementbusinessofcommercialbanks.Thispaper takes the personal financial management business of Bengbu Branch of Z Bank as the research object, adopts the investigation method to find the problem, and carries out the research idea of discovering the problem, analyzing the influence，positioning direction and putting forward strategies. First of all, combined with the background and core points of the new capital managementrules,thispaperanalyzestheimpactofthenewregulationsonthepersonal financial management business of commercial banks, breaking the rigid payment, the declineoftherateofreturnof wealthmanagement products,theincreaseoftheduration of medium and long products, the establishment of financial management subsidiaries, and so on, make foreshadowing for the later research. Secondly, this paper introduces the overall operation, development process and personal financial business operation of Bengbu Branch of Z Bank, analyzes the necessity of developing personal financialII business in Bengbu Branch, and sums up the existing strategies of personal financial business in Bengbu Branch, including responsibilities and authority, brand building, productinnovation,customerrelationship,saleschannelsandriskmanagement.Thirdly, by determining the purpose and goal of the investigation, using the method of questionnaire survey and analyzing the results of the survey, this paper finds out the problems existing in the existing development strategy of personal financial management business of Bengbu Branch of Z Bank, and analyzes the impact of the current problems combined with the new rules of capital management. Finally, according to the transformation direction of personal financial management business of commercial banks under the new rules of capital management, in view of the existing problems and effects of different development strategies, according to the principles of customer-oriented, incentive and compliance, the optimization scheme of personal financial management business development strategy of Bengbu Branch of Z Bank under the new regulations of capital management is designed, that is, to clarify responsibilities, strengthen brand building, attach importance to product innovation, improve customer relations, improve sales channels and comprehensive risk management, and so on. Multi-dimensional power, promote personal financial business back to the source, serve the public, service entities. KEYWORDS:newregulationsofassetsmanagement；financialmanagementbusiness； scheme optimization1 目 录 第一章 绪论 ..........................................1 第一节 选题背景和研究意义 .....................................1 一、选题背景....................................................1 二、研究意义....................................................1 第二节 国内外研究现状 .........................................2 一、国外研究现状................................................2 二、国内研究现状................................................3 第三节 研究内容与方法 .........................................5 一、研究内容....................................................5 二、研究方法....................................................5 第四节 创新与不足 .............................................7 一、本文的创新点................................................7 二、本文的不足..................................................7 第二章 相关理论基础 ..................................8 第一节 商业银行个人理财业务的相关理论 .........................8 一、投资组合理论................................................8 二、生命周期理论................................................8 三、金融创新理论................................................9 第二节 资管新规概述 ..........................................10 一、资管新规出台背景...........................................10 二、资管新规核心要点...........................................11 第三节 资管新规对商业银行个人理财业务的影响 ..................12 一、保本型产品发行量增加.......................................12 二、净值型产品加速入场.........................................12 三、产品呈期限变长和收益率下降趋势.............................13 四、丰富产品体系和提升市场竞争力...............................13 第三章 Z 银行蚌埠分行个人理财业务发展现状分析........152 第一节 Z 银行蚌埠分行个人理财业务概况 .........................15 一、Z 银行蚌埠分行简介 .........................................15 二、个人理财业务运作模式.......................................15 第二节 Z 银行蚌埠分行发展个人理财业务的必要性分析 .............16 一、居民可支配收入提高，理财业务市场需求增加.......