关于金融委托理财业演变的理论研究

A Theoretical Research on the Existence and Evolution of Delegated Investment Business

委托理财业已成为发展最迅速的金融行业之一,但目前的相关文献很大程度上只是侧重于业务方面的调查研究、品种设计,没有形成一个解释这一行业存在的根据及其内在运行机理的理论框架。本文首先综述与委托理财业有关的资产组合理论和金融中介理论,接着讨论能够融合不同理论形成一个综合性的委托理财理论框架的可能的切入点。

Delegated investment business has developed rapidly in China. However, the existing literatures have been focused on practical investigation and product design, there is still no theoretical framework to explain its existence and evolution mechanism. This paper offers a review on financial intermediary theory and portfolio theory, and then discusses the potential way to combine different theories and develop a systematic delegated investment theory.