A证券公司资产管理业务风险管理策略的研究
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摘要
资产管理业务是由金融机构为客户提供的,对客户的委托资产在授权范围内进行经营管理,以实现资产保值增值的金融服务,其本质是一种投资理财活动。在欧美发达国家,委托资产管理业务已成为现代投资银行业务的核心。目前在我国,证券公司的传统经纪业务收入比重下降,积极开拓新的利润增长点,逐步转移业务重心,已成为证券行业的共识,而券商资产管理业务的拓展有着巨大的潜力。
然而当前,证券公司资产管理业务面临着内忧外患的压力。外部压力,主要来自国家政策法规的限制,基金业务的冲击,加入WTO后国外金融机构的竞争以及金融改革的深化,证券公司在资产管理业务上不再具有垄断优势。内部压力主要来自自身的投资管理水平,从根本意义上来看在于对风险的管理水平。
资产管理业务是证券公司的重要业务,由于市场因素、管理因素、操作因素等,2001年以来,各家公司的资产管理业务的业绩一直不佳。其中重要的因素是风险管理的水平滞后造成的。而作为一种新兴的理财业务,客户资产管理的风险研究和风险管理具有较强的实践意义。
本文重点研究A证券公司在资产管理业务中存在的问题,通过对风险管理理论的探讨,提出资产管理业务风险管理的策略,包括风险规避、风险分散、风险转嫁、风险监控等。资产管理业务是一项投资业务,因此本文中重点讨论市场风险、操作风险、流动性风险的管理问题。
As the main business of securities corporations and other financial organization, Asset Management is a investment business for investors, to get highest profit level and lower risk level. In developed countries in Europe and America, Asset Management has become the core business of modern Investment Bank in finance institutes. Any way, in Chinese securities corporations, Asset Management is growing with the increase of market. And, the return of broker business is dropping down, in this years. So, these Chinese secureities corporations have to develop new profit point, and Asset Management is the best choice.
But now , Asset Management face more pressure coming from outside and inside. The out-comming pressure include the tight control by central government, the dash of investment fund, the competition between foreign invest institutes after Chinese join the WTO organization, and so on. So Asset Management business has lost the monopoly advantage. The internal pressure comes from the investment management abilities, especially the risk management level.
As the reasons of market, management ability, operation abilities and so on, this business of most securities corporations in China got bad profit from 2001, though the Asset Management is the important business. The key reason is the risk control ability is limit. So it is important for us to research the investment risks, and to control them.
By researching the problem from risk management of Asset Management businesss in A Securities Corporation, also get some advice from other risk management theories, this article give us a management strategy of investment researching and risk controlling, and advices of risk sidestepping, risk decentralizing, risk distracting and risk monitoring. Because Asset Management business is a kind of investment business,In this article , the emphasis of risk management is Market Risk, Operating Risk, Liquidity Risk.
然而当前,证券公司资产管理业务面临着内忧外患的压力。外部压力,主要来自国家政策法规的限制,基金业务的冲击,加入WTO后国外金融机构的竞争以及金融改革的深化,证券公司在资产管理业务上不再具有垄断优势。内部压力主要来自自身的投资管理水平,从根本意义上来看在于对风险的管理水平。
资产管理业务是证券公司的重要业务,由于市场因素、管理因素、操作因素等,2001年以来,各家公司的资产管理业务的业绩一直不佳。其中重要的因素是风险管理的水平滞后造成的。而作为一种新兴的理财业务,客户资产管理的风险研究和风险管理具有较强的实践意义。
本文重点研究A证券公司在资产管理业务中存在的问题,通过对风险管理理论的探讨,提出资产管理业务风险管理的策略,包括风险规避、风险分散、风险转嫁、风险监控等。资产管理业务是一项投资业务,因此本文中重点讨论市场风险、操作风险、流动性风险的管理问题。
As the main business of securities corporations and other financial organization, Asset Management is a investment business for investors, to get highest profit level and lower risk level. In developed countries in Europe and America, Asset Management has become the core business of modern Investment Bank in finance institutes. Any way, in Chinese securities corporations, Asset Management is growing with the increase of market. And, the return of broker business is dropping down, in this years. So, these Chinese secureities corporations have to develop new profit point, and Asset Management is the best choice.
But now , Asset Management face more pressure coming from outside and inside. The out-comming pressure include the tight control by central government, the dash of investment fund, the competition between foreign invest institutes after Chinese join the WTO organization, and so on. So Asset Management business has lost the monopoly advantage. The internal pressure comes from the investment management abilities, especially the risk management level.
As the reasons of market, management ability, operation abilities and so on, this business of most securities corporations in China got bad profit from 2001, though the Asset Management is the important business. The key reason is the risk control ability is limit. So it is important for us to research the investment risks, and to control them.
By researching the problem from risk management of Asset Management businesss in A Securities Corporation, also get some advice from other risk management theories, this article give us a management strategy of investment researching and risk controlling, and advices of risk sidestepping, risk decentralizing, risk distracting and risk monitoring. Because Asset Management business is a kind of investment business,In this article , the emphasis of risk management is Market Risk, Operating Risk, Liquidity Risk.
引文
1中国银行业监督管理委员会.巴赛尔新资本协议.北京;中国银行业监督管理委员会,2004年。
2朱忠明.金融风险管理学.北京;中国人民大学出版社,2004年
3科罗赫,曾刚.风险管理.北京;中国财政经济出版社,2005.1
4宋哲明.现代风险管理.北京;中国纺织出版社,2003.2
5季建华.运营管理.上海;上海交通大学出版社,2003
6中国证券业协会.证券市场基础知识.北京;中国财政经济出版社,2005.6
7中国证券业协会.证券投资基金.北京;中国财政经济出版社,2005.6
8中国证券业协会.证券交易.北京;中国财政经济出版社,2005.6
9中国证券业协会.证券投资分析.北京;中国财政经济出版社,2005.6
10孙建勇.企业年金管理指引.北京;中国财政经济出版社,2004.7
11易宪容,赵春明.行为金融学.北京;社会科学文献出版社,2004.8
12饶育蕾,张轮行为金融学(第2版).上海;复旦大学出版社,2005.7
13张应杭,黄寅.企业伦理;理论与实践.上海人民出版社,2001
14休伯纳(Hubner,R),李雪莲,万志宏.金融机构操作风险新论.天津;南开大学出版社,2005.1
15庞介民.证券公司风险监控研究.北京;中国财政经济出版社,2005.5
16麦圭根(McGuigan,J.R.),(美)莫耶(Moyer,R.C.),(美)哈里斯(Harris,F.H.B.).管理经济学;应用、战略与策略(英文版.原书第9版).北京;机械工业出版社,2002.8
17科罗赫,曾刚.风险管理.北京;中国财政经济出版社,2005.1
18朱忠明.金融风险管理学.北京;中国人民大学出版社,2004
19宋国良.证券投资基金-运营与管理.北京;人民出版社,2005.1
20友联时骏管理顾问公司.风险管理原理与方法.上海;复旦大学出版社,2005.1
21刘仁和.风险、溢价与波动;基于中国证券市场的研究.北京;中国经济出版社,2005.8
22斯特朗(Stong,R.A.),黄卉,周原.投资组合管理(第3版).清华大学出版社,2005.3
23赖利(Reilly,F.K.).投资分析与管理.北京;机械工业出版社,1998.8
24基思(Reilly,F.K.),(美)布朗(Brown,K.C.).投资分析与组合管理.北京;高等教育出版社,2005.1
25夏普.投资学;第五版(上、下).北京;中国人民大学出版社,1998.7
26达摩达兰(Damodaran,A.).投资估价;评估任何资产价值的工具和技术.北京;清华大学出版社,1999.4
27中国证券监督管理委员会.证券公司风险控制指标管理办法,2006.7.12
2朱忠明.金融风险管理学.北京;中国人民大学出版社,2004年
3科罗赫,曾刚.风险管理.北京;中国财政经济出版社,2005.1
4宋哲明.现代风险管理.北京;中国纺织出版社,2003.2
5季建华.运营管理.上海;上海交通大学出版社,2003
6中国证券业协会.证券市场基础知识.北京;中国财政经济出版社,2005.6
7中国证券业协会.证券投资基金.北京;中国财政经济出版社,2005.6
8中国证券业协会.证券交易.北京;中国财政经济出版社,2005.6
9中国证券业协会.证券投资分析.北京;中国财政经济出版社,2005.6
10孙建勇.企业年金管理指引.北京;中国财政经济出版社,2004.7
11易宪容,赵春明.行为金融学.北京;社会科学文献出版社,2004.8
12饶育蕾,张轮行为金融学(第2版).上海;复旦大学出版社,2005.7
13张应杭,黄寅.企业伦理;理论与实践.上海人民出版社,2001
14休伯纳(Hubner,R),李雪莲,万志宏.金融机构操作风险新论.天津;南开大学出版社,2005.1
15庞介民.证券公司风险监控研究.北京;中国财政经济出版社,2005.5
16麦圭根(McGuigan,J.R.),(美)莫耶(Moyer,R.C.),(美)哈里斯(Harris,F.H.B.).管理经济学;应用、战略与策略(英文版.原书第9版).北京;机械工业出版社,2002.8
17科罗赫,曾刚.风险管理.北京;中国财政经济出版社,2005.1
18朱忠明.金融风险管理学.北京;中国人民大学出版社,2004
19宋国良.证券投资基金-运营与管理.北京;人民出版社,2005.1
20友联时骏管理顾问公司.风险管理原理与方法.上海;复旦大学出版社,2005.1
21刘仁和.风险、溢价与波动;基于中国证券市场的研究.北京;中国经济出版社,2005.8
22斯特朗(Stong,R.A.),黄卉,周原.投资组合管理(第3版).清华大学出版社,2005.3
23赖利(Reilly,F.K.).投资分析与管理.北京;机械工业出版社,1998.8
24基思(Reilly,F.K.),(美)布朗(Brown,K.C.).投资分析与组合管理.北京;高等教育出版社,2005.1
25夏普.投资学;第五版(上、下).北京;中国人民大学出版社,1998.7
26达摩达兰(Damodaran,A.).投资估价;评估任何资产价值的工具和技术.北京;清华大学出版社,1999.4
27中国证券监督管理委员会.证券公司风险控制指标管理办法,2006.7.12