利率锚、冗余吸收与差序均衡——利率市场化的资产管理视角

Interest-rate Anchor,Redundancy Absorption and Equilibrium of Interest-rate Spread Due to Different Markets and Term:From the Perspective of the Asset- management under Interest Rate Marketization

随着理财、基金、信托等资产管理市场的发展,货币、信贷与资产管理三足鼎立的局面将成为金融发展格局的新常态。金融市场均衡利率的锚定与合理差序结构的形成,有赖于资产管理市场冗余吸收作用的发挥,但资产管理市场尚不具备完全市场化的价格形成机制和风险出清渠道,使其影响轨迹呈现"诺瑟姆曲线"。未来资产管理是金融行业"盘活存量、用好增量"的重要力量和渠道,资产管理市场的多元化和多层次建设,是实现差序均衡的最优路径选择。

With the development of wealth - management, funds and trusts, it has become a new normal pattern of money, credit and asset - management to be the three pillars in financial markets. The redundancy absorption effect of asset - management market plays an important role in the formation of balanced interest rate and its rea- sonable structure. However, the market - oriented pricing mechanism and risk clearing channels of the asset - management market have not been completely established yet, therefore, its trajectory presents to be ＂Nossem Curve＂. Asset -management will be one of the most important forces in financial industry, and thus diversified and multi - layered construction of the asset - management market is the best way of achieving the equilibrium of interest - rate spread.