我国银证合作定向资产管理业务的现状及风险分析

The Analysis on the Status Quo and Risk of the Directional Asset Management Business under the Cooperation between Banking and Security

2011年以来,定向资产管理业务成为我国银证合作的主要形式,并呈现爆发式增长。本文着重分析了我国银证合作定向资产管理业务的发展现状,如规模、运作模式和特点等,发现目前证券公司在银证合作定向资产管理业务中缺乏自主权,收益过低且不可持续。未来的合作中,证券公司应利用专业化投资优势提高盈利能力。另外,作为我国影子银行的组成部分,银证合作定向资产管理业务也隐藏着风险,应当引起监管当局的重视。

Since 2011,the cooperation between banking and security has expanded rapidly,and the directional asset management business has become the main form and increased. The paper analyzes the directional asset management business' s development status and risks,such as the scale,the operation mode and characteristics etc.,and finds that the security companies are lack of autonomy in its cooperation with commercial banks,therefore,their business income is low and unsustainable. In the future cooperation,the security companies should make good use of their professional investment advantages to improve the profitability. Besides,as part of the shadow banking system,the directional asset management business is also risky,which should by paid attention to by the regulatory authorities.