ZS银行资产托管业务经营研究
摘要
我国商业银行担任托管人的资产托管业务,发展时间短,但成长很快,其经营范围迅速扩大,托管资产急速膨胀。各种因素表明,我国经济改革和金融改革已经进入一个新的时期,直接融资比重将增大,交易市场将增多,多重监管和新兴业务将会更加迅速的发展。商业银行改革的要求需要增加中间业务比重,资产托管是该类业务的新兴类型,因此,无论从外在环境,还是内在的需要,发展资产托管业务都是ZS银行的好机会。在机会和风险并存的局面下,ZS银行面临着一个现实的问题：找准资产托管业务的突破方向和改革重心,抓住新形势下的业务机会。
本文以契约理论、委托代理理论、市场营销理论等为指导基础,以如何更好的发展ZS银行的资产托管业务为研究主线,采用了多种研究法,主要从以下方面展开了研究：首先,分析国内外资产托管业务的起源,我国的资产托管业务发展及现状,说明在国内外出现独立的资产托管人是经济发展的必然,也说明了在我国信托和信用发展水平比较不足的情况下,更有必要存在托管人的角色,托管业务是一个足够大的市场。其次,对ZS银行面临的经营业务现状进行剖析,寻找ZS银行现在发展托管业务的障碍和瓶颈。再次,挖掘当前及未来一段时间ZS银行面临的资产托管业务机会,他们都是伴随我国改革开放的扩大而出现,有的已经出现,已经确定,有的正在产生；然后,对ZS银行资产托管业务进行全面再设计,梳理了各项业务类别,并给出了各项业务的具体发展对策；本文最后,研究了所涉方案的所需的环境和配套措施。
我国资产托管业务的发展具有特殊性,不仅与我国资本市场联系紧密,也与金融制度的安排联系紧密。本文跳出现有资产托管人业务仍偏重市场交易清算、结算以及证券投资基金市场估值核算等基础托管业务的局限,对于商业银行资产托管业务的本质、发展及未来进行通盘考虑,在业务探讨模式上为一大创新,从作者的实践经历出发,联系ZS银行的资产托管业务实际,站在“全面发展银行资产托管业务”的视角对其业务范畴进行梳理和重新设计,提出具有实践意义的、具有战略性的资产托管业务全面设计方案。
It is not long since China's commercial banks acted as custodians in business. The custodians are undergoing rapid development of the market, rapidly expanded business, and the rapid expansion of managed assets. As China's economic reform and financial reform has entered a new period, the proportion of direct financing and the custody market will increase in China, it will be an excellent opportunity for the development of the custodians. Reform of commercial banks need to significantly increase the proportion of intermediary business, while capital market and custody business give out banks opportunities. Multiple regulatory and new businesses bring in revenues and risks, against which ZS bank faces a real problem:identify the asset custody business breakthrough in the direction and focus of the reform, managed to seize new business opportunities situation.
In this paper, basically guided by contract theory, principal-agent theory, marketing theory, a main line of research is set up on a better development of custody business of ZS bank's, with a combination of observation, literature study method, qualitative analysis, interdisciplinary research method, case study method and descriptive research method. Combined with the MBA the theory of knowledge and my own experience in this field, a major study is launched from the following aspects:First, with the analysis of the origin of domestic and foreign asset custody business and asset custody business development and the status quo in China, it shows why assets in custody is a necessary economic development in foreign countries, and how emergent of independent custodians is in domestic economy, especially in the development of China's Trust, which is lack of credit in the case. The role of custodian in this historical background is critical and necessary; therefore ZS banks face enough business opportunities. Secondly, by exploration and analysis of the custody business status, this paper is looking for ZS bank's obstacles and bottlenecks. Thirdly, mining of the current and future is tried for custody business opportunities for ZS banks. Opportunities are accompanied by the expansion of China's reform and opening up there, and some have been there, have been identified, some are emerging. ZS banks must seize this opportunities. Fourthly, a comprehensive re-design of ZS bank custody business in this paper and the specific business development model is given, with combing various business categories. End of this article, the necessary complement to the program's specific conditions.
The development of custody business is unique in China, not only closely linked with China's capital market and financial system, but also closely linked with the arrangement. This paper takes into consideration in the business of model as a major innovation, which leaves out constrains of existing business model on transactions clearing, settlement and valuation of securities, and gets to the key point about the nature, development and the future of custody business of commercial banks. Starting from the author's practical experience, connecting with the ZS bank's status, standing in the perspective of "The comprehensive development of bank custody business," a practical, significant and strategic overall design for the development of custody business is shown.
本文以契约理论、委托代理理论、市场营销理论等为指导基础,以如何更好的发展ZS银行的资产托管业务为研究主线,采用了多种研究法,主要从以下方面展开了研究：首先,分析国内外资产托管业务的起源,我国的资产托管业务发展及现状,说明在国内外出现独立的资产托管人是经济发展的必然,也说明了在我国信托和信用发展水平比较不足的情况下,更有必要存在托管人的角色,托管业务是一个足够大的市场。其次,对ZS银行面临的经营业务现状进行剖析,寻找ZS银行现在发展托管业务的障碍和瓶颈。再次,挖掘当前及未来一段时间ZS银行面临的资产托管业务机会,他们都是伴随我国改革开放的扩大而出现,有的已经出现,已经确定,有的正在产生；然后,对ZS银行资产托管业务进行全面再设计,梳理了各项业务类别,并给出了各项业务的具体发展对策；本文最后,研究了所涉方案的所需的环境和配套措施。
我国资产托管业务的发展具有特殊性,不仅与我国资本市场联系紧密,也与金融制度的安排联系紧密。本文跳出现有资产托管人业务仍偏重市场交易清算、结算以及证券投资基金市场估值核算等基础托管业务的局限,对于商业银行资产托管业务的本质、发展及未来进行通盘考虑,在业务探讨模式上为一大创新,从作者的实践经历出发,联系ZS银行的资产托管业务实际,站在“全面发展银行资产托管业务”的视角对其业务范畴进行梳理和重新设计,提出具有实践意义的、具有战略性的资产托管业务全面设计方案。
It is not long since China's commercial banks acted as custodians in business. The custodians are undergoing rapid development of the market, rapidly expanded business, and the rapid expansion of managed assets. As China's economic reform and financial reform has entered a new period, the proportion of direct financing and the custody market will increase in China, it will be an excellent opportunity for the development of the custodians. Reform of commercial banks need to significantly increase the proportion of intermediary business, while capital market and custody business give out banks opportunities. Multiple regulatory and new businesses bring in revenues and risks, against which ZS bank faces a real problem:identify the asset custody business breakthrough in the direction and focus of the reform, managed to seize new business opportunities situation.
In this paper, basically guided by contract theory, principal-agent theory, marketing theory, a main line of research is set up on a better development of custody business of ZS bank's, with a combination of observation, literature study method, qualitative analysis, interdisciplinary research method, case study method and descriptive research method. Combined with the MBA the theory of knowledge and my own experience in this field, a major study is launched from the following aspects:First, with the analysis of the origin of domestic and foreign asset custody business and asset custody business development and the status quo in China, it shows why assets in custody is a necessary economic development in foreign countries, and how emergent of independent custodians is in domestic economy, especially in the development of China's Trust, which is lack of credit in the case. The role of custodian in this historical background is critical and necessary; therefore ZS banks face enough business opportunities. Secondly, by exploration and analysis of the custody business status, this paper is looking for ZS bank's obstacles and bottlenecks. Thirdly, mining of the current and future is tried for custody business opportunities for ZS banks. Opportunities are accompanied by the expansion of China's reform and opening up there, and some have been there, have been identified, some are emerging. ZS banks must seize this opportunities. Fourthly, a comprehensive re-design of ZS bank custody business in this paper and the specific business development model is given, with combing various business categories. End of this article, the necessary complement to the program's specific conditions.
The development of custody business is unique in China, not only closely linked with China's capital market and financial system, but also closely linked with the arrangement. This paper takes into consideration in the business of model as a major innovation, which leaves out constrains of existing business model on transactions clearing, settlement and valuation of securities, and gets to the key point about the nature, development and the future of custody business of commercial banks. Starting from the author's practical experience, connecting with the ZS bank's status, standing in the perspective of "The comprehensive development of bank custody business," a practical, significant and strategic overall design for the development of custody business is shown.
引文
①[6]张建军.深圳金融改革创新的经验与启示[J].中国金融,2010年,第18期：28
①[18]祝朝旺.高速公路建设资金电子银行监控管理[J].中国交通信息产业,2010(4)：49
①“资本市场产品”包含个人持有的股票、基金、交易型开放式指数基金、开放式基金、债券和新三板；“其他类别投资”包含个人持有的信托、私募股权、阳光私募、黄金、期货
②[22]钱玮珏.税务新规出台基金会“断粮”[N].南方日报,2010年1月12日星期二,A12
①[24]张伟军.金融创新与金融监管的博弈关系研究[D].北京：首都经济贸易大学,2010：24
②[26]叶姗.监督监管者：程序控管思路下的金融监管[J].江西财经大学学报,2011(1)：105
[1]王鑫,对我国投资基金立法模式选择的再思考.中国商法年刊(2008)[M].北京：北京大学出版社,2009：94-101
[2]李曼,关系营销是银行服务业的核心竞争力[J].金融研究,2004(5)：139-142
[3]刘洪冰,克里斯·安德森的长尾理论[J].企业改革与管理,2008(4)：68-69
[4]Frederic Cherbonnier, Jean-Charles Rochet. Vertical Integration and Regulation in the Securities Settlement Industry[D]. http://www.e-fern.org
[5]钟若愚.深圳金融发展的关键：激励中小企业和新兴产业持续创新发展[J].特区经济,2011(2)：12
[6]石忆邵,张雪伍.中国亿元商品交易市场的集中化与专业化空间态势[J].地理学报,2008,63(4)：386-394
[7]张建军.深圳金融改革创新的经验与启示[J].中国金融,2010年,第18期：28
[8]刘迎霜.论信托的本质—兼与“信托异化论”商榷[J].法学评论,2011(1)：75-82
[9]Robert H. Sitkoff, Max Matthew Schanzenbachy Jurisdictional. Competition for Trust Funds:An Empirical Analysis of Perpetuities and Taxes[D]. Chicago:Northwestern University School of Law,2005
[10]2010中国证券投资基金年鉴
[11]王永贵.我国基金托管制度的缺陷及改进[J].山东社会科学,2008(4)：104-106
[12]Stanley J.Dubiel. Corporate Governance:Pushing Ahead Without Best Practices [J]. ECONOMIC REFORM TODAY,1999(1):14-19
[13]李亚洲.我国大宗交易法律制度的应然建构[J].南京航空航天大学学报,2010(3)：48-52
[14]潘福仁.股权转让纠纷[M].北京：法律出版社,2007：121
[15]《推动中小企业技术创新的资本市场构建研究》课题组.全国统一场外交易市场的积极探索—天津股权交易所的建立与发展[J].产权导刊,2009(11)：30-31
[16]张宇芳.我国农业高新技术产业投资风险研究[J].特区经济,2011(1)：186-187
[17]冯翠英.基于新保险法的保险资金投资房地产投资信托基金研究及风险控制[J].特区经济,2011(2)：256-257
[18]祝朝旺.高速公路建设资金电子银行监控管理[J].中国交通信息产业,2010(4)：49
[19]袁玉玲.国公路建设资金及投融资政策研究[D].西安：长安大学,2009：40-52
[20]刘长江.商业银行托管业务[M].北京：中国金融出版社,2009；200-420
[21]招商银行,贝恩公司.2011中国私人财富报告[pdf].www.cmbchina.com
[22]钱玮珏.税务新规出台基金会“断粮”[N].南方日报,2010年1月12日星期二,A12
[23]陶虎.中国证券监管体制的变迁与改革[J].企业经济,2005(10)：221-222
[24]张伟军.金融创新与金融监管的博弈关系研究[D].北京：首都经济贸易大学,2010：24
[25]刘扬.美国金融监管改革对我国的启示[J].经济纵横,2011(1)：104-106
[26]叶姗.监督监管者：程序控管思路下的金融监管[J].江西财经大学学报,2011(1)：105
[27]ROBERT BATTALIO, PAUL SCHULTZ. Options and the Bubble[J].THE JOURNAL OF FINANCE,2006(OCTOBER):2071-2101
①[18]祝朝旺.高速公路建设资金电子银行监控管理[J].中国交通信息产业,2010(4)：49
①“资本市场产品”包含个人持有的股票、基金、交易型开放式指数基金、开放式基金、债券和新三板；“其他类别投资”包含个人持有的信托、私募股权、阳光私募、黄金、期货
②[22]钱玮珏.税务新规出台基金会“断粮”[N].南方日报,2010年1月12日星期二,A12
①[24]张伟军.金融创新与金融监管的博弈关系研究[D].北京：首都经济贸易大学,2010：24
②[26]叶姗.监督监管者：程序控管思路下的金融监管[J].江西财经大学学报,2011(1)：105
[1]王鑫,对我国投资基金立法模式选择的再思考.中国商法年刊(2008)[M].北京：北京大学出版社,2009：94-101
[2]李曼,关系营销是银行服务业的核心竞争力[J].金融研究,2004(5)：139-142
[3]刘洪冰,克里斯·安德森的长尾理论[J].企业改革与管理,2008(4)：68-69
[4]Frederic Cherbonnier, Jean-Charles Rochet. Vertical Integration and Regulation in the Securities Settlement Industry[D]. http://www.e-fern.org
[5]钟若愚.深圳金融发展的关键：激励中小企业和新兴产业持续创新发展[J].特区经济,2011(2)：12
[6]石忆邵,张雪伍.中国亿元商品交易市场的集中化与专业化空间态势[J].地理学报,2008,63(4)：386-394
[7]张建军.深圳金融改革创新的经验与启示[J].中国金融,2010年,第18期：28
[8]刘迎霜.论信托的本质—兼与“信托异化论”商榷[J].法学评论,2011(1)：75-82
[9]Robert H. Sitkoff, Max Matthew Schanzenbachy Jurisdictional. Competition for Trust Funds:An Empirical Analysis of Perpetuities and Taxes[D]. Chicago:Northwestern University School of Law,2005
[10]2010中国证券投资基金年鉴
[11]王永贵.我国基金托管制度的缺陷及改进[J].山东社会科学,2008(4)：104-106
[12]Stanley J.Dubiel. Corporate Governance:Pushing Ahead Without Best Practices [J]. ECONOMIC REFORM TODAY,1999(1):14-19
[13]李亚洲.我国大宗交易法律制度的应然建构[J].南京航空航天大学学报,2010(3)：48-52
[14]潘福仁.股权转让纠纷[M].北京：法律出版社,2007：121
[15]《推动中小企业技术创新的资本市场构建研究》课题组.全国统一场外交易市场的积极探索—天津股权交易所的建立与发展[J].产权导刊,2009(11)：30-31
[16]张宇芳.我国农业高新技术产业投资风险研究[J].特区经济,2011(1)：186-187
[17]冯翠英.基于新保险法的保险资金投资房地产投资信托基金研究及风险控制[J].特区经济,2011(2)：256-257
[18]祝朝旺.高速公路建设资金电子银行监控管理[J].中国交通信息产业,2010(4)：49
[19]袁玉玲.国公路建设资金及投融资政策研究[D].西安：长安大学,2009：40-52
[20]刘长江.商业银行托管业务[M].北京：中国金融出版社,2009；200-420
[21]招商银行,贝恩公司.2011中国私人财富报告[pdf].www.cmbchina.com
[22]钱玮珏.税务新规出台基金会“断粮”[N].南方日报,2010年1月12日星期二,A12
[23]陶虎.中国证券监管体制的变迁与改革[J].企业经济,2005(10)：221-222
[24]张伟军.金融创新与金融监管的博弈关系研究[D].北京：首都经济贸易大学,2010：24
[25]刘扬.美国金融监管改革对我国的启示[J].经济纵横,2011(1)：104-106
[26]叶姗.监督监管者：程序控管思路下的金融监管[J].江西财经大学学报,2011(1)：105
[27]ROBERT BATTALIO, PAUL SCHULTZ. Options and the Bubble[J].THE JOURNAL OF FINANCE,2006(OCTOBER):2071-2101