摘要
随着资产管理行业的快速发展,私募资产管理产品已成为居民财富管理的重要投资对象。但由于机构门槛低,产品运作隐秘,以及跨行业、跨市场运作等问题,私募产品风险频发,对社会稳定和融资环境造成了不利影响。笔者通过对私募产品风险来源、演化及监管的深入剖析发现,私募产品风险主要来源于投资者的大众化、行业门槛的不同、政府信用的隐性担保、交叉投资、杠杆风险和"资金池"等方面。私募产品风险监管所面临的困境在于监管制度建设的滞后、部门之间的各自为政和监管执法的威慑不足。为此,提出通过统一监管规则、明确投资者标准、强化门槛约束、完善信息平台和建立交易平台等对策与建议,来管控目前的私募产品风险问题。
With the rapid development of asset management industry, private asset management products have become the important resident investment. However, due to the low-quality companies, the operation of hidden, cross-industry-market operations and other issues, the risks of private asset management products out- break constantly, which affect social stability and financing environment adversely. Through the in-depth ana- lysis of the risk sources, evolution and supervision of private asset management products, it is found that the risks mainly come from the popularization of investors, different thresholds of the industry, implicit guarantee of government credit, cross-investment, leveraged risk and ＂capital pool＂. The difficulties faced by the risk management of private asset management products lie in the lag of the construction of the supervision system, the fragmentation between departments and the deterrence of the law enforcement. To solve this problem, the paper puts forward the solution to the risk of private asset management products by unifying the regulation rules, clarifying the investor standard, strengthening the threshold constraint, perfecting the information plat- form and establishing the trading platform.
出处
《中央财经大学学报》
CSSCI
北大核心
2017年第6期38-48,共11页
Journal of Central University of Finance & Economics
基金
国家社会科学基金项目"‘影子银行’交叉传染风险度量及控制机制研究"(项目编号:14BGL031)
关键词
资产管理
私募产品
金融风险
风险外溢
风险监管
Asset management Private asset management product Financial risk Risk spilloverRisk regulation
