金融控股公司内部交易风险的存在性研究——基于中信集团的实证分析

Analysis of Existence of Internal Transaction Risk in Financial Holding Company

金融控股公司作为一种新型金融机构组织形式在一定程度上推动了我国金融行业的发展与进步,但也给整个金融行业以及金融控股公司自身带来了风险,尤其是内部交易风险在金融控股公司内部比较严重。以中信集团为例研究了我国金融控股公司内部交易风险的存在性,分析了中信集团内部四家子公司之间的利润关系,实证了中信集团各子公司净资产利润率指标之间的关联性,以及我国金融控股公司内部交易是实际存在的,并分析各子公司之间相互关联的具体程度,最后运用VaR风险计量模型测量了一定内部交易量给整个集团带来的风险额度。

Financial holding company has promoted the development and progress of China＇s financial industry to a certain ex- tent, but it has also brought some risks to the financial industry and the financial holding company itself, especially the internal transaction risk in the financial holding company. Taking CITIC Group as an example , we try to study the internal transaction risk of the financial holding company in China, and analyzes the profitable relationship among four subsidiaries of CITIC Group. The re- lationship between the profit margin indexes of each subsidiary of CITIC Group is proved. There are some internal transactions in fi- nancial holding companies in China. The VaR risk measurement model is used to measure the level of risk that certain internal transaction volume brought to the whole Group.