经济新格局下资产管理公司展业探索

Business Development of Asset Management Companies under a New Economic Structure

"资管新规"实施以来,商业银行重新定位理财产品,实现表外理财非保本和净值化管理,信托公司的信托计划和证券公司的资管计划也要实现穿透底层产品,多层嵌套和产品杠杆率过高的现象得到有效控制。受国际金融环境和新冠肺炎疫情影响,国内信用风险有上升迹象,信用债违约事件频发,投资者利益保护面临挑战。鉴于上述市场环境的变化,资产管理公司逆经济周期运作模式将为经济持续稳定增长保驾护航,并在市场环境的变化发展中发掘新的机会。

Since the implementation of the New Asset Management Regulations, commercial banks have revised their wealth management products from a guaranteed income formula to net worth management. Investment plans offered by trust companies and asset management plans of securities companies must also ensure that underlying products incorporate these changes. The problems of "multi-level nesting" and excessive product leverage have been effectively controlled. But in response to a changing international financial environment and the COVID-19 pandemic, domestic credit risks are showing signs of rising. In view of the aforementioned changes in the market environment, the counter-cyclical strategies of asset management companies will aid stable and sustained economic growth and allow new investment opportunities in a changing market environment.