商业银行理财子公司的起源、现状及未来发展思考  

The Origin, Present Situation and Future Development of Commercial Bank Financial Subsidiary

作　　者：闻岳春[1] 王文靖 WEN Yuechun;WANG Wenjing

机构地区：[1]同济大学经济与管理学院,上海200092 [2]上海财经大学金融学院,上海200433

出　　处：《上海立信会计金融学院学报》2019年第5期44-53,共10页Journal of Shanghai Lixin University of Accounting and Finance

摘　　要：本文从商业银行理财业务的起源和发展分析商业银行理财子公司制度的必要性。通过比较各个时期商业银行理财业务特点与监管政策的变化,将银行理财业务划分为五个阶段。分析这五个阶段商业银行理财业务发展所累积的风险,及同阶段监管层发布的有关法律法规与政策,发现虽然在提出理财子公司制之前,监管政策在不断系统化、细化,但银行理财业务也在不断创新发展,刚性兑付、期限错配、资金池管理混乱、影子银行、多层嵌套、底层资产不清等问题日趋严重,采取成立银行理财子公司的办法,有利于使银行理财业务与表内业务尤其是信贷业务实现风险隔离,同时有利于打破刚性兑付、推动银行理财回归资管业务本源,实现"卖者有责"上的"买者自负"。另外,通过对相关政策与银行理财业务现状分析,并与非银机构进行比较,探讨银行理财子公司在未来具备的优势和面临的挑战,从而提出相应的建议。The authors analyse the necessity of the financial subsidiary system of commercial banks from the origin and development of financial management of commercial banks. By comparing the characteristics of financial management business of commercial banks and the developments of regulatory policies in different periods, the financial management business of commercial banks is divided into five stages. The authors analyse the accumulated risks in the development of financial management business of commercial banks in these five stages and the relevant laws, regulations and policies issued by the supervisory authorities at the same stage. They find that although the supervisory policies are systematized and refined before the introduction of the financial subsidiary system, the financial management business of commercial banks is also constantly innovating and developing with rigid payment, term mismatch, chaos in fund pool management, shadow banking, multilayer nested and unclear underlying assets, which are becoming more and more serious. The establishment of a subsidiary company of bank financial business will help to isolate the risks between bank financing business and in-statement business, especially credit business. At the same time, it will help to break the rigid payment and promote the bank financing return to the origin of the capital management, which achieves "sellers are responsible" on the "buyer’s own responsibility". In addition, through the analysis of relevant policies and the current situation of bank financial management business, and comparing with non-bank financial institutions,the authors explore the advantages and challenges of bank financial subsidiaries in the future and put forward corresponding suggestions.

关 键 词：商业银行 理财业务 理财子公司 

分 类 号：F832.2[经济管理—金融学]