Because the personal finance business of commercial banks in China started late, it is still in the early stage of development, and it is not a real financial service. The ultimate goal of financial management is to help customers make personalized financial planning. However, judging from the current situation of personal financial services in domestic financial institutions, there is still a certain gap between the design of financial products and the individual needs of residents. At present, it is only a simple combination of existing products of banks, and there are not many products that can really help customers manage their finances and realize value-added. Therefore, in the process of developing financial products of financial institutions, it is necessary to strengthen the concept of taking customer demand as the center, further refine the customer market and dig deep into customer demand, so as to design product categories with strong pertinence and obvious customer groups. Reducing risk is an important principle of personal financial management. The diversification effect of portfolio tells us that combining a certain number of assets with negative correlation or small correlation can spread risks, so portfolio is the core content of personal wealth management business. The successful construction of portfolio should be based on portfolio theory, which takes mathematics and statistics as research and analysis tools and pays more attention to quantitative analysis. At present, portfolio theory has been widely used in many fields.
The author believes that when providing personal financial services, we should not only pay attention to customer needs and analyze the macroeconomic situation, but also establish a quantitative concept, attach importance to the application of modern calculation and analysis tools, and conduct a complete and systematic investigation of personal financial services from both macro and micro levels. This also means that the idea of portfolio theory is consistent with the idea of providing personalized and professional personal financial services, so it is a wise choice to use portfolio theory to guide personal financial services. But so far, the theoretical research on this is very little, and it is not very profound. It is under this background that the author discusses the investment portfolio in the personal finance business of banks, and provides different investment portfolio models for investors with different risk attitudes.
Second, the summary of the paper.
Related research abroad: Is Harry the symbol of modern combinatorial theory? Markowitz's paper Portfolio Selection was published in 1952, and his book Portfolio Selection: Effective Decentralization was published in 1959. Markowitz established the basic indexes to measure the return and risk of portfolio, that is, the expected return and variance of portfolio, which laid a theoretical foundation for modern portfolio investment. At the same time, he also discussed how to make the portfolio get the maximum possible expected rate of return at a certain risk level. Markowitz's contribution to portfolio makes financial micro-analysis a brand-new field in economic analysis.
Because the calculation method of the model proposed by markowitz is complex and difficult, especially under the given time conditions. 1963, markowitz student Qi Lian? Sharp put forward a simplified calculation form-single exponential model. This simplified form makes it possible for modern portfolio theory to be widely used in securities management. Later, some investors further developed the single index model and put forward a more accurate multi-index model. Before the modern portfolio theory was widely spread, Sharp, John Lint and Jane Mohsen established the famous CAPMe CAPM model, which took the markowitz model as an "empirical" (explanatory) theory and took the first step from micro-analysis to market analysis in the formation of financial assets. The method revealed by this model has been widely used to measure portfolio effect, securities valuation and securities management. In view of markowitz's outstanding contribution to portfolio model and Sharp's contribution to CAPM model, they were awarded the 1990 Nobel Prize in Economics.
At the same time, Stephen Bross (2003) developed a capital asset pricing model based on the premise of market arbitrage trading, and initiated the "arbitrage pricing theory". Compared with CAPM, arbitrage pricing theory has fewer assumptions, is close to the real market, and can be tested in principle. Therefore, it is more widely used in practical applications. With the integration of international economy. With the development and perfection of international financial market and the renewal of trading means, international securities investment expanding from one country to many countries has also developed rapidly. The research of modern portfolio theory has also extended to the field of international securities portfolio, which is also the frontier of modern portfolio theory research at present.