证券公司金融创新与投资者保护——以资产管理合同监管为例

Financial Innovation and Investor Protection of Securities Companies: From the Example of Asset Management Contract Supervision

资产管理业务作为证券公司的金融创新备受推崇,但其准入从审批制转为备案制的变化,在提升证券公司服务资本市场和实体经济能力的同时却带来了投资者保护的新挑战。资产管理合同的完备与否,成为放松管制之后投资者实现自我保护的关键。在投资者签字即表示同意合同内容的做法下,不完备的资产管理合同可能加剧证券公司与投资者的矛盾,蓄积系统性风险。应充分发挥证券业协会的自律监管作用,细化资产管理合同必备条款和禁止不合理规定,建立有效的信息披露系统,以平衡证券公司金融创新与投资者保护的关系,促进资产管理业务的可持续发展。

As a financial innovation of securities companies, asset management business is well introduced. However, the supervision change from an approval system to a record-filing system has brought new challenge to investor protection, while it improved securities companies＇ ability in servicing capital market and real economy. The perfection of asset management contract is the key for investors＇ self-protection under deregulation. In the case investors＇ signatures are deem to agree to contract contents, the imperfect asset management contracts may accumulate systemic risk and intensify the conflict between securities companies and investors. Thus, in order to balance the relationship between investor protection and securities companies＇ financial innovation and promote the sustainable development of asset management business, the SAC should give full play in self-regulation, refine essential clauses and prohibit unreasonable regulation of asset management contract and establish an effective information disclosure system.