Abstract: It is of great significance to study the mechanism of the impact of investors' expectation of implicit guarantee on the yields from bank financial products under the guaranteed redemption environment. By making use of the micro data of WMPs issued by 225 commercial banks, this paper conducts an empirical test. The findings show that, firstly, the investors' expectations of implicit guarantee are not strong enough to make them completely ignore the risks of WMPs, so the yields on WMPs still reflect their risks; secondly, the higher the possibility of government bearing implicit guarantee for banks, the stronger the investors' expectations of implicit guarantee, so that the lower the excess yields on WMPs, the lower the sensitivity of excess yields on WMPs to their risks; thirdly, the New Asset Management Regulation is helpful to weaken the investors' expectations of implicit guarantee, which reduces the distortion of the possibility of government's implicit guarantee for banks on the risk pricing of bank WMPs. So the New Asset Management Regulation has reduced the distortive effect that the possibility of government implicit guarantee for banks has exerted on the pricing of risks on WMPs. Therefore, it is recommended that the regulations on removing the guaranteed redemption of the New Asset Management Regulation should be fully implemented, that the investors' risk awareness should be strengthened and their capability to identify risks should be improved, and that government implicit guarantee for banks should be gradually removed.

Key words: bank wealth management products, guaranteed redemption, expectations of implicit guarantee, government implicit guarantee