银行理财子公司的影响、挑战与建议

Wealth Management Subsidiaries of Banks: Impact, Challenges and Suggestions

在金融高质量发展新形势下,理财子公司作为新生事物,有望促进理财业务回归代客本源,解决银行理财业务合规问题,推动多层次资本市场建设,拓宽金融服务实体经济渠道。但由于'刚性兑付''资金空转''监管套利'等历史遗留问题,理财子公司在公司治理、风险管理、投研能力、投资管理等方面面临较大挑战,与其他资产管理业务主体存在先天劣势。本文建议在深化金融改革开放背景下,银行理财子公司围绕监管要求搭建公司治理架构,打造产品体系实现理财净值化,严控合规底线确保经营稳健,基于投资开展全面风险管理,对标先进投资机构建立投研体系,按照市场化原则加强人才队伍建设。

Under the new situation of high-quality financial development,the wealth management subsidiaries of banks(WMSB),as new institutions,are expected to help wealth management business return to its original principle,solve the compliance problems,promote multi-level capital market construction,and broaden the financial service channels for the real economy.However,due to historical issues such as'rigid redemption','fake circulation of money'and'regulatory arbitrage',WMSB face major challenges in areas of corporate governance,risk management,research capability,investment management,etc.Compared with other asset management institutions,WMSB seems to be congenital deficiency.Given the deepen process of Reform and Opening of financial industry,WMSB should build corporate governance structure complied with regulatory requirements,set the product system to transforming the wealth management products in net value,strictly control the bottom line of compliance to ensure robust operation,conduct comprehensive risk management based on investment,establish investment research system learned from other advanced investment institutions,and strengthen the professionals team building under the market principle.