Analysis Of The Reform Orientation Of China'S Banking Financial Management Business

　　 Bank Financial management has been developing rapidly in recent years. According to relevant reports, in 2013, the number of bank financial products issued in China was 56827, with a scale of 56 trillion and 430 billion yuan, an increase of 85.87% compared with 2012. As of early December 2013, the balance of bank financial products in China has reached 10 trillion yuan. From the perspective of asset management, the banking sector has taken up the major market share, exceeding trust, funds, insurance, securities and other financial sectors.

First, bank financing business has played an important role.

First, banks need to develop financial services and issue financial products to compete in the asset management business between the banking industry and other financial sectors. In recent years, almost all kinds of financial institutions are developing financial services, issuing financial products, and competing for customers. If banks do not have financial products, they will lose in the financial industry competition.

Second, the widespread issuance of bank financial products has raised the rate of return of residents' funds. Compared with ordinary deposits, the yield of financial products is even higher. Compared with other asset management products of other financial institutions, the overall risk of financial products is lower.

Third, the development of financial products promotes the deposit interest rate. market The process of marketization has provided practical experience for the marketization of deposit interest rate and laid an important foundation. There are a wide variety of bank financial products, including days, months, years, etc., which are actually equal to the market interest rates for deposits with different maturities. According to statistics, from the point of view of maturity, financial products in 2013 mainly concentrated in 1-3 months, accounting for 57.66%. The profitability of banks has also stood the test of deposit interest rates to some extent.

Fourth, it has improved the intensity of competition among banks and promoted innovation. If banks fail to meet the customers' needs of various maturities and returns, they will be faced with considerable pressure to deposit and move. This pressure is very strong, so the competition of bank financial products is quite fierce. This has prompted the continuous innovation of bank financial products, and has also promoted the mutual imitation ability between banks. At the same time, other financial institutions and network finance also exert considerable competition pressure on the banking industry.

Two, the defects and problems of China's Bank financial products.

Although bank financial products play a very good role, due to the imperfect credit environment and legal environment, there are obvious defects and problems in China's financial products.

First, bank financing products are basically rigid payment products, and credit risks are not exposed. According to statistics, in 2013, China's banking industry issued 3981 guaranteed income products, which fell by 0.9%, a decrease of 5%, a 9414 increase in guaranteed floating financial products, an increase of 48.2% in the annulus, and 32430 issuance in non guaranteed floating financial products, a rise of 70.9% over the month, accounting for 70.8%. In the products that disclose the yield to maturity, the expected yield is 28535, and the target rate is 99.4%. From the point of view of investment, the ratio of bonds and money market products is 49.51%, and the proportion of portfolio investment products is 45.25%. Financial products have become the means of competing deposits customers and become low risk deposit products.

Second, bank financial products become an important means for banks to avoid loan to deposit ratio (loan / deposit) supervision. If financial products are invested in loans for the banks themselves, the basic effect is that deposits and loans will be reduced at the same time, and the loan to deposit ratio will be reduced.

Third, the central bank's reserve requirement ratio has declined significantly. Similarly, if banks issue financial products, bank deposits will be reduced, and customers' deposits in banks will become banks' off balance sheet liabilities. This is also one of the ways banks avoid central bank regulation.

Fourth, bank financial products become an important means for banks to avoid capital supervision. Similarly, when banks convert loans into financial products, they become directly off balance sheet assets. However, the actual risk has not been transferred due to the fact that it has assumed the responsibility of rigid payment. As a result, wealth management products have become a tool to weaken capital control to a large extent, and the ability of regulation to restrain banks' capital is significantly reduced.

Fifth, as a result of Conduct financial transactions The product transfers the loan into the off balance sheet assets, and there is no need for the risk preparation of the corresponding loan (for normal loans, the basic requirement is 2.5%). But in fact, the risk of loans still exists, and banks may need to take the risk (banks need to pay for them rigidly), so this kind of financing business will not only increase the profitability of banks, but also reduce the ability of banks to resist risks.

Three, the reform orientation of banking financial services - new deposits and funds

According to the above analysis, we can think that China's Bank financial products play an important role, that is, to promote interest rate liberalization, innovation and competitiveness. At the same time, its disadvantages are increasingly revealed, that is, it has seriously deviated from the characteristics of its risk products, the name is not true, and supervision is difficult to place. Therefore, at present, when the banking financial business has reached a major reform, the bank's financial management business should turn to the following two types of businesses: new deposit products of banks, funds initiated and managed by banks.

The existing fixed income product oriented financial products are actually deposit products with bank credit as guarantee (or even national credit), and the risk is very low. Therefore, in combination with the market-oriented interest rate reform process, we should gradually restore such products to their true colors, that is, become new deposits to depositors, and reform the situation of low deposit interest rate in the past. The process of marketization of deposit interest rate must be speeded up because there is competition between Monetary Fund and bond investment fund, and the scale of bond issuance is increasing.

For other products with larger risks, more complex investments or longer maturities, they should be transformed into various funds set up by banks and adopt the basic operation rules of the fund, such as clear investment policies, published net value and regular disclosure of information. Of course, banks can also set up low risk money market funds and bond investment funds. In short, banks should have the power to create funds more conveniently, and should play their roles in loans, bonds, etc. credit The advantage of market derivative investment is the basic means to compete for asset management business between banks and other financial sectors. (author: chief research officer of Li Zhenyu joint credit rating Ltd)