我国私人财富管理中资产负债管理方法的应用研究

发布时间：2018-03-13 19:10

本文选题：私人财富管理　切入点：资产分配管理方法　出处：《天津商业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国经济发展，高净值人群日益庞大，针对高净值人群的私人财富管理逐渐成为国内外商业银行争夺的新的利润增长点，并且多家银行已经成立了独立的私人银行部门。所谓私人财富管理，指的是针对高净值人士而提供的金融服务，以达到保存、创造财富等目的。这项业务在欧美地区已经盛行多年，在次贷危机发生之前，管理方法上仍然采取资产分配管理方法。虽然这一方法简单快捷且易于接受，但是随着后危机时代的来临，私人银行客户自身财务状况变得越来越复杂，高净值人士已经不满足于财富简单的保值增值，而是要求私人银行对于自身财务状况提供全面的咨询，尤其是要求投资收益能够满足自身现有负债或未来支出。因此，许多发达国家的私人银行已经将用于机构投资者的资产负债管理工具应用于私人财富并且取得了一定研究成果。我国私人银行业是依托于银行理财、信托等方式，因此，难以摆脱同质化严重，对于客户群体定位及价值主张不明确等问题。我国在私人财富管理方法上较多地运用资产分配管理，但随着金融市场的发展，这一管理方法已经不再适应高净值人士的需要，我国高净值人士的个人理财首要目标是财富增值，其次是财富保值，他们都希望通过多样的投资方式对其资产进行快速增值。中国私人财富管理业务竞争日益激烈的今天，更加个性化和先进的财富管理技术必然能使得金融机构先发制人，并且也能为其客户提供更加符合其需求的资产配置。因此，我国应借鉴国外私人银行的发展，将资产负债管理方法应用于私人财富管理。论文主要研究我国私人财富管理中资产负债管理方法的应用，通过私人财富管理方法演进，以定性与定量的方式论证私人财富管理中应用资产负债管理方法是完全优于传统私人财富管理，提出适用于我国私人财富管理中资产负债管理方法的应用模型，并根据我国金融市场的状况探索个人资产负债管理方法的具体应用策略。论文基于现代投资组合理论，运用向量自回归模型以及随机规划模型的修正而进行研究论证，通过我国实际数据进行实证和案例研究，结合行为金融学最终得到我国私人财富管中应用资产负债管理方法的优势、模型以及策略。论文研究的意义在于拓展我国私人财富管理方法的思路，，探寻个性化财富管理方式，提高私人银行业的竞争力，而创新之处在于根据国外现有的研究及我国投资产品市场的现状，对选择的向量自回归模型进行修正，论证资产负债管理方法在私人财富管理中的优势，从而阐述资产负债管理方法在我国私人财富管理中的实用性。运用国外对于私人财富管理中多阶段随机规划模型，并结合我国金融市场现状，探讨用以将资产负债管理方法应用于私人财富管理的具体途径。另外，论文根据为金融学理论结合我国具体的资本市场现状，从微观和宏观角度提出资产负债管理方法在我国私人财富管理中的应用策略。根据以上研究，将对于私人银行在私人财富管理中的过程进行具体阐述，并且对于现有的状况进行分析。在私人财富管理过程中，管理方法是不断演进的，私人财富管理中的资产负债管理方法并没有统一的规定，论文针对投资分配基于向量自回归模型提出了两类具体模型，这是本文分析的第一个重点内容。对于私人财富管理的管理方法的假设分析及应用策略的提出是本文的第二项重点内容。
[Abstract]:With the development of economy in China, the high net worth population increasing, the population of high net worth private wealth management has gradually become the new domestic and foreign commercial banks profit growth point, and many of the banks have established independent private banking sector. The so-called private wealth management, referring to the high net worth individuals and provide financial services in order to achieve the preservation, creation of wealth, etc. this business has been popular for many years in the United States and Europe before the subprime crisis, the management methods still take asset allocation management method. Although this method is simple and quick and easy to accept, but with the coming crisis, private banking clients in their financial situation is becoming more and more the complex, high net worth individuals are not satisfied with the simple wealth value, but requires private banks to provide comprehensive consulting for their own financial situation, especially to For investment income would be able to meet its current liabilities or future expenses. Therefore, many developed countries have private banks will be used for institutional investors in the asset liability management tool used in private wealth and has made certain achievements. China's private banking industry is relying on bank financing, trust, etc., therefore, it is difficult to get rid of the homogenization of serious. For the problem of customer groups positioning and value proposition is not clear. Our country adopt more asset allocation management in private wealth management methods, but with the development of financial market, this method has no longer meet the needs of high net worth individuals, personal finance our primary goal of high net worth individuals is wealth, followed by wealth they are hoping to hedge, the rapid appreciation of its assets through various forms of investment. Chinese private wealth management business increasingly fierce competition today, More personalized and advanced technology will make wealth management financial institutions can also provide more pre emptive, and meets the requirements of asset allocation for its customers. Therefore, our country should draw lessons from the development of foreign private banks, the asset liability management methods applied to private wealth management.
This dissertation focuses on the application of asset liability management method of private wealth management in China, through the evolution of private wealth management methods, application of asset liability management methods in qualitative and quantitative way that private wealth management is completely superior to the traditional private wealth management, and put forward the appropriate application model for asset liability management methods of private wealth management in China. The specific application strategy and to explore the methods of individual asset liability management according to China's financial market conditions. This paper based on the modern portfolio theory, we use vector autoregressive model and modified stochastic programming models and studies, the empirical and case study through the actual data of our country, combining with the behavioral finance advantage of private wealth in China is obtained the application of asset liability management methods in the tube, model and strategy. The significance of this research lies in the development of China's private Wealth management ideas, explore personalized wealth management, improve the competitiveness of the private banking industry, and innovation according to the existing research situation in China and overseas investment products market, the choice of the vector autoregressive model is modified, the advantage of method to demonstrate the management of assets and liabilities in private wealth management, practicability and so on asset liability management methods in private wealth management in our country. For the use of foreign private wealth management in multi stage stochastic programming model, combined with the status quo of China's financial market, in order to explore the specific ways of asset liability management method is applied to private wealth management. In addition, according to the financial theory combined with the status quo of China's specific capital market, application strategy from microcosmic and macroscopic angle, put forward the methods of asset and liability management in private wealth management in our country according to the above research, The process of private banking in the management of private wealth will be elaborated and the existing situation will be analyzed.
In the private wealth management process, management method is evolving, asset liability management methods in private wealth management is not uniform, the investment allocation based on the vector put forward two specific model of auto regression model, this is the first point of analysis in this paper. Put forward the hypothesis analysis and application of strategies for management the method of private wealth management is the second key contents of this paper.

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2

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