证券公司资管业务差异化发展研究

发布时间：2018-06-07 10:57

本文选题：资产管理 + 发展模式　；参考：《对外经济贸易大学》2017年硕士论文

【摘要】：我国证券公司资产管理业务起源于20世纪90年代,随着2012年监管政策的松绑,行业开始进入加速发展期。由于主动管理能力的相对不足,使得我国证券公司资产管理规模的扩张过度依赖于通道业务的增长,业务结构亟待优化。随着我国利率市场化进程的加速,针对资产价格泡沫和资金在金融市场空转等问题,监管部门对影子银行的监管力度不断加大,证券公司过去几年以通道业务为主的发展模式将难以为继。如何根据自身的资源禀赋,选择差异化的发展策略成为证券公司在资产管理业务领域成功突围的关键,本文紧紧围绕这一主题展开相关论述。本文对证券公司资产管理业务差异化进行了界定,指出差异化主要体现在业务发展模式的差异化及产品类型的差异化。资产管理发展模式主要包括全能型及精品型两种方向。全能型更加强调业务全面性,能够提供多种维度的综合资产管理服务。精品型更加强调业务的专业性和精准性,专注于某一特定领域或某一环节。通过国际比较发现,我国证券公司在资管业务链上存在投资者结构不合理、产品种类单一、资产配置能力有待提升等几方面问题,建议选择全能型资管模式的公司在业务链各个环节进行深度发展,打造成一站式资产管理服务平台;选择精品型资管模式的公司要聚焦产品设计,不断提升主动管理能力。
[Abstract]:The asset management business of China's securities companies originated in the 1990s. With the deregulation of regulatory policies in 2012, the industry began to enter the period of accelerated development. Due to the lack of active management ability, the expansion of asset management scale of securities companies in China depends on the growth of channel business, and the business structure needs to be optimized. With the acceleration of the interest rate marketization process in our country, the supervision of shadow banking has been strengthened continuously in view of the problems of asset price bubbles and the idleness of funds in the financial market. Securities companies in the past few years to channel business-based development model will be difficult to continue. How to choose the differentiated development strategy is the key to the successful breakthrough of securities companies in the field of asset management according to their own resource endowment. This paper focuses on this topic. This paper defines the differentiation of asset management business in securities companies, and points out that the differentiation is mainly reflected in the differentiation of business development mode and the differentiation of product types. The development mode of asset management mainly includes two kinds of directions: omnipotent type and boutique type. All-powerful more emphasizes business comprehensiveness, can provide multiple dimensions of integrated asset management services. Boutique more emphasis on the professionalism and accuracy of the business, focusing on a particular area or a link. Through international comparison, it is found that there are some problems in China's securities companies, such as unreasonable investor structure, single product category, and the ability of asset allocation to be improved. It is suggested that the company with omnipotent capital management mode should develop deeply in each link of the business chain and build into a one-stop asset management service platform, while the company that chooses the top-quality capital management mode should focus on product design and continuously improve its active management ability.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

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