监管转型与证券行业经济资本管理

Regulatory Transition and the Economic Capital Management in the Security Industry

在简政放权的监管转型背景下,监管当局赋予市场更多的权力,证券行业应不断完善风险监管体系。作为盈亏自负的金融机构,证券公司亟须建立一套内部管理体系,平衡资本、收益与风险,适应行业发展。基于国内外监管机构及先进金融机构的实践经验,提出以经济资本为核心的全面风险管理体系,与监管资本相配合,实现证券行业全方位的风险管控。建议监管机构完善监管资本的计量方法和限额管理方案,证券公司逐步推动经济资本在证券公司内部发挥管理风险限额、指导绩效考核、优化资本分配的作用。而监管机构通过培训、传导的方式,进一步完善行业监管资本和经济资本管理方案,推动两者相互协调配合的良性发展。

Under the background of the decentralization of the regulation transformation, the regulatory au- thority empowers more to the market, so the security industry needs to constantly perfect the risk supervision system. As a self-sustaining financial institution, the security company urges to establish an internal manage- ment system, to balance the capital, profit and risk, and to adapt the industry development. In this paper, by learning from the experiences of the domestic and foreign regulators and advanced financial institutions, we propose the overall risk management system with the economic capital as the core, coordinated with the regula- tory capital, to make an all-around risk control of the security industry. We suggest that the regulator should improve the regulatory capital measurement and the quota management scheme, and the security companies need to gradually promote the use of the economic capital in internal risk limit, performance assessment and capital allocation. Meanwhile, the regulator needs to further perfect the regulatory capital and economic capi- tal management scheme through the way of training and conduction, to promote the benign development and coordination of both.