股份制银行理财“大资管优化”及着力点探析

Optimization of Asset Management of Joint-equity Banks

随着金融创新、利率市场化、金融资本市场建设提速,泛金融业务和理财资管业务日益兴起。绿色发展理念的深入、金融监管环境的变化、去杠杆的深入发展,上市银行非信贷资产在总资产中占比总体呈不断上升趋势,各项投资理财在非信贷资产中的占比也持续升高。未来10年,中国市场权益类和债券类资产占比至少还有25%的提升空间。股份制银行要做到"大资管优化",就要实现业务模式从"类信贷资产"向"类基金投资"转型,投资领域从"类固收益资产"向"全谱系收益资产"延伸,资产配置从体系内自主、直接投资为主向体系外委托投资扩展。

With the development of financial innovation, interest rate liberalization and accelerated construction of financial capital market, pan-financial service and asset management business are increasingly emerging. In addition, jointly promoted by the deepening of green development concept, the change of financial regulatory environment and the in-depth development of deleveraging, the proportion of non-credit assets in listed banks’ total assets is constantly on the rise. The proportion of wealth management in non-credit assets has also continued to rise. There is at least 25% more room for equity and bond assets to increase in the next decade.In order to optimize general asset management, commercial banks should transform their business models from "credit-like assets" to "fund-like investment" and expand their investment fields from"fixed income assets" to "comprehensive earning assets". Moreover, the asset allocation should be extended from autonomous and direct investment within the bank system to entrusted investment outside the system.