我国交叉性金融业务分析与穿透式监管指数编制初探  

Analysis of Cross-Financial Business in China and Preliminary Exploration of the Compilation of Look-Through Supervision Index

作　　者：贾帅帅[1] 王泉焱 邵敏东 Shuaishuai Jia;Quanyan Wang;Mindong Shao(Financial Research Institute,Guangzhou University,Guangzhou 510405,China;School of Economics and Statistics,Guangzhou University,Guangzhou 511442,China)

机构地区：[1]广州大学金融研究院,广东广州510405 [2]广州大学经济与统计学院,广东广州511442

出　　处：《财务与金融》2024年第4期1-11,共11页Accounting and Finance

基　　金：2018年度全国统计科学研究项目重点项目(2018LZ19):我国交叉性金融业务统计问题研究;2021年度国家社科基金青年项目(21CTJ013):“交叉性金融风险水平测度、传导路径识别与监测预警研究”。

摘　　要：中央金融工作会议提出防范风险跨区域、跨市场传递共振,中国人民银行提出构建以资管产品为代表的交叉性金融业务风险监测评估框架。通过对交叉性金融概念、衍生背景、演变历程、运行状况的分析,为提升我国交叉性金融风险管控能力提供有益参考。在交叉性金融统计数据缺口较大和信息公开程度较低的情况下,通过对资管产品与银行理财产品发展情况的分析了解我国交叉性金融业务的演变特征,同时通过构造投资广度指数与投资集中度指数为交叉性金融业务的穿透式监管提供有益的分析工具。研究发现,我国交叉性金融业务取得了长足的发展,交叉性金融业务野蛮扩张的势头得到了有效控制,交叉性金融业务发展的业务模式和资金运用方式都呈现出新的变化趋势。对投资广度指数和投资集中度指数进行试算分析发现,构造投资广度指数与集中度指数,能够加强对交叉性金融业务投资复杂程度的把握,仅依托公开数据即可初步实现穿透式监管。由于交叉性金融业务的底层资产难以穿透,蕴含着较大的系统性风险,因此应该规范交叉性金融业务活动,加强穿透式监管,避免金融风险的跨机构、跨市场传递共振;金融监管部门与金融机构应该积极依托业务数据对交叉性金融活动开展常规性和专项性的穿透式监管。The Central Financial Work Conference proposed to prevent the transmission and resonance of risks across regions and markets,and the People's Bank of China proposed to establish a risk monitoring and evaluation framework for cross-financial business risk,represented by asset management products.By analyzing the concept,derivative background,evolution process,and operational status of cross-financial business,it can provide useful references for improving China's risk management capabilities in this area.Given the large gap in cross-financial business statistical data and low degree of information disclosure,the analysis of the development of asset management products and bank wealth management products can help us understand the evolving characteristics of China's cross-financial business.At the same time,constructing the investment breadth index and the investment concentration index can provide useful analytical tools for look-through supervision of cross-financial business.The study found that China's cross-financial business have made significant progress,and the trend of reckless expansion in this business has been effectively curbed.New trends have emerged in both the business models and capital utilization methods of cross-financial business.Through trial calculations of the investment breadth index and investment concentration index,it was found that constructing these indices can enhance the understanding of the complexity of investments in cross-financial business,enabling preliminary look-through supervision based solely on publicly available data.However,due to the difficulty in penetrating the underlying assets of cross-financial business,which carry substantial systemic risks,it is crucial to regulate these activities and strengthen look-through supervision to prevent the cross-institutional and cross-market transmission and resonance of financial risks.Financial regulatory authorities and institutions should actively leverage business data to conduct both routine and specialized look-through superv

关 键 词：交叉性金融 穿透式监管 投资广度指数 投资集中度指数 

分 类 号：F830[经济管理—金融学]