I资管新规对商业银行理财业务的影响分析——以招商银行为例摘 要中国的资产管理业务自 1996 年发展至今，业务规模已相当庞大，蕴藏的诸多问题也逐渐暴露。为了打破刚性兑付、降低杠杆水平、统一监管、降低风险，监管部门针对资管业务的发展问题出台了《关于规范金融机构资产管理业务的指导意见》（以下称“资管新规”），配套细则随后也相继落地，资管行业的监管环境逐渐趋严。银行理财业务作为资产管理业务的一部分，受到的影响巨大。本文主要从产品端、销售端、投资端、收益端以及运营主体端五个方面分析资管新规对理财业务造成的影响变化，得出在当前转型阶段中理财业务面临的挑战与机遇。以招商银行作为具体案例，分析招商银行受资管新规的影响，在产品端、资产端、运营主体端做出的改变。借鉴招商银行的应对措施，对理财业务的进一步转型提出建议。关键词：资管新规；理财业务；招商银行IIIIIAbstractSince the development of China's asset management business in 1996, the scale of the business has been quite large, and many problems are gradually exposed. In order to break the rigid cashing, reduce the leverage level, unify the supervision and reduce the risk, the supervision department issued the “guidance on regulating the asset management business of financial institutions”in response to the non-standard problems of asset management business. The supporting detailed rules were subsequently implemented, and the supervision environment of the asset management industry gradually tightened. As a part of asset management business, financial management business has been greatly affected. This article mainly analyzes the impact of new regulations of asset management on financial management business from the perspective of product, the marketing side, investment, income and the subject of operation. So as to summarize some challenges and opportunities in the current stage of development. Taking China merchants bank as a specific case, this article analyzes the measures ta...
