Breaking the rigid response is conducive to reducing the total financing cost of society and alleviating the financial pressure of enterprises ... It may be unfavorable to investors in a short time, but it is more reasonable to the long-term investment environment ...

From the perspective of law, asset management business is an off-balance-sheet business of financial institutions, and its essence is "entrusted by others to manage money on their behalf". The legal relationship between the parties to the contract is the relationship of entrustment and entrustment, which determines the rights and obligations of both parties-financial institutions accept the entrustment of investors and invest and manage the property of entrusted investors; Financial institutions perform due diligence obligations for customers' interests and charge corresponding management fees, and customers bear investment risks and gain income. If a financial institution (such as a bank) makes a commitment to the asset management business, then the nature of this business and the relationship between the parties to the contract will change, from wealth management to deposit. In the name of wealth management, it is a typical regulatory arbitrage, which can no longer be identified according to off-balance sheet wealth management business, but should follow the rules of deposit business, including payment of deposit reserve and deposit insurance fund.

From a "rational" point of view, the reason for breaking rigid redemption is that it will disturb market discipline, aggravate moral hazard and raise risk-free interest rates. Asset management business is outside the balance sheet of financial institutions, and it is not necessary to pay deposit reserve, which is often out of the sight of supervision, while rigid payment makes financial institutions bear the obligation to pay, thus laying a hidden danger for systemic risks. In addition, the basic principle of the financial industry is that risk is directly proportional to income, but in the case of rigid redemption, those high-yield products also reach low risk because of the promise of capital preservation, which makes the income deviate from risk, improves the risk-free rate of return, increases the capital cost of the whole society and reduces the availability of funds for industrial development.

From the perspective of "emotion", it mainly refers to factors such as mood and state of mind. For consumers, rigid redemption seems to be "good". If the agreed income cannot be redeemed, it means a loss. These factors may become the resistance to break the rigid payment. In order to truly implement rigid redemption and avoid "difficulty in implementation", it is necessary for the vast number of financial consumers to psychologically accept the fact of breaking rigid redemption, and even if they bring losses to their interests, they can still be "emotionally stable". To achieve this goal, we must clarify some vague understandings.