地方金融资产交易所融资理财产品风险分析及防范应对措施

Risk Analysis of Financing and Wealth Management Products of Local Financial Assets Exchange and Countermeasures

为满足地方经济金融发展需要,推进权益(如股权、产权等)和商品市场发展,地方政府陆续批准设立了一批从事权益和商品交易的场所。前期,由于缺乏规范管理,部分交易场所和交易活动中的违法违规问题日益突出,为防范金融风险,规范市场秩序,国家建立了清理整顿各类交易场所部际联席会议制度。经过对交易场所的清理整顿,该领域风险显著收敛。其中,部分交易场所主要经营各类金融资产交易业务(如私募股权与债权交易)、融资类业务(如委托和定向债权投资工具以及私募债)、信息撮合业务以及各类资产收益权交易业务等,本文将其称为地方金融资产交易所(以下简称“地方金交所”)。从实践来看,部分地方金交所的风险随着业务模式的发展而逐渐显露,需引起重视。本文主要从地方金交所的基本情况、风险分析、对策建议三个角度进行研究分析。

In order to meet the needs of local economic and financial development and promote the development of rights and interests(such as equity,property rights,etc.)and the commodity markets,the local governments have successively approved the establishment of a number of places for equity and commodity trading.In the early stage,due to the lack of standardized management,the problems of violations of laws and regulations in some trading venues and trading activities have become increasingly prominent.In order to prevent the financial risks and regulate the market order,the state has established an inter-ministerial joint meeting system to clean up and rectify the various trading venues.After the cleaning and rectification of the trading venues,the risks in this field have been significantly reduced.Among them,some trading venues are mainly engaged in the various financial asset trading businesses(such as the private equity and the debt transactions),financing businesses(such as the entrusted and targeted debt investment vehicles and the private debt),information matching business,and various asset income rights trading businesses,etc.,which is referred to in this article as the local financial asset exchange(hereinafter referred to as the“local gold exchange”).From a practical point of view,the risks of some local gold exchanges are gradually revealed with the development of their business models,and attention should be paid to them.This paper mainly conducts the research and analysis from three perspectives:the basic situation of the local gold exchanges,the risk analysis,and the countermeasures.