本文選題：私人財富管理　切入點：資產(chǎn)分配管理方法　出處：《天津商業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國經(jīng)濟發(fā)展，高凈值人群日益龐大，針對高凈值人群的私人財富管理逐漸成為國內(nèi)外商業(yè)銀行爭奪的新的利潤增長點，并且多家銀行已經(jīng)成立了獨立的私人銀行部門。所謂私人財富管理，指的是針對高凈值人士而提供的金融服務(wù)，以達到保存、創(chuàng)造財富等目的。這項業(yè)務(wù)在歐美地區(qū)已經(jīng)盛行多年，在次貸危機發(fā)生之前，管理方法上仍然采取資產(chǎn)分配管理方法。雖然這一方法簡單快捷且易于接受，但是隨著后危機時代的來臨，私人銀行客戶自身財務(wù)狀況變得越來越復(fù)雜，高凈值人士已經(jīng)不滿足于財富簡單的保值增值，而是要求私人銀行對于自身財務(wù)狀況提供全面的咨詢，尤其是要求投資收益能夠滿足自身現(xiàn)有負債或未來支出。因此，許多發(fā)達國家的私人銀行已經(jīng)將用于機構(gòu)投資者的資產(chǎn)負債管理工具應(yīng)用于私人財富并且取得了一定研究成果。我國私人銀行業(yè)是依托于銀行理財、信托等方式，因此，難以擺脫同質(zhì)化嚴重，對于客戶群體定位及價值主張不明確等問題。我國在私人財富管理方法上較多地運用資產(chǎn)分配管理，但隨著金融市場的發(fā)展，這一管理方法已經(jīng)不再適應(yīng)高凈值人士的需要，我國高凈值人士的個人理財首要目標(biāo)是財富增值，其次是財富保值，他們都希望通過多樣的投資方式對其資產(chǎn)進行快速增值。中國私人財富管理業(yè)務(wù)競爭日益激烈的今天，更加個性化和先進的財富管理技術(shù)必然能使得金融機構(gòu)先發(fā)制人，并且也能為其客戶提供更加符合其需求的資產(chǎn)配置。因此，我國應(yīng)借鑒國外私人銀行的發(fā)展，將資產(chǎn)負債管理方法應(yīng)用于私人財富管理。 論文主要研究我國私人財富管理中資產(chǎn)負債管理方法的應(yīng)用，通過私人財富管理方法演進，以定性與定量的方式論證私人財富管理中應(yīng)用資產(chǎn)負債管理方法是完全優(yōu)于傳統(tǒng)私人財富管理，提出適用于我國私人財富管理中資產(chǎn)負債管理方法的應(yīng)用模型，并根據(jù)我國金融市場的狀況探索個人資產(chǎn)負債管理方法的具體應(yīng)用策略。論文基于現(xiàn)代投資組合理論，運用向量自回歸模型以及隨機規(guī)劃模型的修正而進行研究論證，通過我國實際數(shù)據(jù)進行實證和案例研究，結(jié)合行為金融學(xué)最終得到我國私人財富管中應(yīng)用資產(chǎn)負債管理方法的優(yōu)勢、模型以及策略。論文研究的意義在于拓展我國私人財富管理方法的思路，，探尋個性化財富管理方式，提高私人銀行業(yè)的競爭力，而創(chuàng)新之處在于根據(jù)國外現(xiàn)有的研究及我國投資產(chǎn)品市場的現(xiàn)狀，對選擇的向量自回歸模型進行修正，論證資產(chǎn)負債管理方法在私人財富管理中的優(yōu)勢，從而闡述資產(chǎn)負債管理方法在我國私人財富管理中的實用性。運用國外對于私人財富管理中多階段隨機規(guī)劃模型，并結(jié)合我國金融市場現(xiàn)狀，探討用以將資產(chǎn)負債管理方法應(yīng)用于私人財富管理的具體途徑。另外，論文根據(jù)為金融學(xué)理論結(jié)合我國具體的資本市場現(xiàn)狀，從微觀和宏觀角度提出資產(chǎn)負債管理方法在我國私人財富管理中的應(yīng)用策略。根據(jù)以上研究，將對于私人銀行在私人財富管理中的過程進行具體闡述，并且對于現(xiàn)有的狀況進行分析。 在私人財富管理過程中，管理方法是不斷演進的，私人財富管理中的資產(chǎn)負債管理方法并沒有統(tǒng)一的規(guī)定，論文針對投資分配基于向量自回歸模型提出了兩類具體模型，這是本文分析的第一個重點內(nèi)容。對于私人財富管理的管理方法的假設(shè)分析及應(yīng)用策略的提出是本文的第二項重點內(nèi)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.

【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.2

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