| The world is undergoing profound changes which is unseen in a century.China's economy has entered a stage of high-quality development to build a modern economic system,but the problem of unbalanced and inadequate development remains acute.Currently,our country is in the special historical stage to deal simultaneously with slower economic growth,structural adjustments and the impacts of previous economic stimulus measures.The Supply-Side Reform has been extended to the financial Supply-Side Reform.The present financial supply can't meet the financial needs,the financial structure is not in line with the economic structure,and the market structure,operation philosophies,innovation capacity and service capacity of the financial industry fail to meet the requirements for high-quality economic development,leaving various serious contradictions and problems.To be specific,as a critical part of the financial system,assets management is now very close to traditional bank credit in size.Thus it's necessary to carefully study how the assets management industry could support the financial Supply-Side Reform,get the industry back to its original roles,serve the real economy,and seek for deeper development logic of this industry,so as to drive the economic transformation and innovation in China.Therefore,President Xi Jinping pointed out that finance is the crucial core competitiveness of a country,and we need to go further in financial Supply-Side Structure Reform,to consolidate the capacity of finance serving the real economy.Asset management,as a product and an important part of the advanced stage of financial system development,has been close to the scale of bank credit.Problems and risks covered by the vulnerability of financial system and years of low-interest-rate environment are gradually revealed.Compared with international peers,the development path of assets management industry in China is very special.Its "capital pool","rigid payment" and "debt in the name of equity" and other operations are supported by large amount of "characteristic" underlying assets from the local government platforms,real estate,etc.At the same time,the disconnection between financial regulation and economic policies,duplicate regulation and other top-level planning problems have directly impacted and determined the form of assets management products,and the operation modes and revenue levels of the financial institutions.Loopholes in the industrial rules have also directly influenced the development trend of the industrial chains,causing the trade interest arbitrage and other financial chaos.Under the combined action by the industrial players and regulatory systems,the assets management industry in China has developed the deposit replacement function analogous to traditional bank credit,thus evolving into a"jumbo" having the same destiny with the real economy.The "trade bubble and shadow banking" and other risks gather in this industry,being the hidden danger for our financial system not mature yet.Against such background,it's important for the regulators and the players to probe into the nature of the assets management industry and how it can be back to its original roles to serve the real economy in the context of financial Supply-Side Reform.Thesis is divided into five parts,the first part is the first chapter and the second chapter,mainly introduces selected topic background,theoretical significance and practical significance,and around the "asset management in our country how to return to the origin,service the real economy" the core problem of asset management business involves the principle of marxist political economics and the theory of modern finance,the value of the asset management about the cost of capital,funding and pricing model with the theory of resource allocation principle,etc,the research in evaluation.The second part is the third chapter,mainly based on the existing achievements,systematically elaborated the theoretical framework and basic model of asset management,comprehensively analyzed the "origin" of the financial industry and asset management,and established theoretical support for the elaboration of the following chapters.The third part is the fourth chapter,mainly taking the United States as an example,by comparing the industry development stage,industry planning and regulatory system of the capital management market which is similar to China's market size,and summarizing its experience and lessons.The fourth part is the fifth chapter,which mainly summarizes and expounds the development history,current situation and existing problems of China's asset management industry,and dissects the internal mechanism of the formation of the problems.The fifth part is the sixth chapter and the seventh chapter,mainly proposing the construction of the asset management industry health degree and adaptability evaluation system in line with China's national conditions,as well as the policy and practice path to solve problems and achieve high-quality development.To be specific,first,the definition,nature,functions and characteristics of assets management in the framework of economic theories.Assets management industry is a financial service where banks and trusts,securities,funds,futures,insurance assets management and financial assets investment companies and other financial institutions are entrusted by the investors to manage for investment the assets they are entrusted with.It is a financial business highly reliant on information and transaction,being an essential part of modern financial system.In terms of functions and nature,it is an operation mechanism to lower the information asymmetry and marginal transaction costs,grade and match risks at the assets end and the fund end,efficiently and accurately allocate financial resources,effectively turn the savings into investment,lift the share of direct financing and drive the social and economic development.The assets management institutions,by virtue of their professional knowledge and skills,serve as an "adapter" between funds at the upper end and assets at the lower end,offering investors with scattered and shifted investment opportunities corresponding to their risk levels.And the effective risk prevention mechanism established by them are good for stabilizing the capital market,society and economy;second,the internal reason behind the assets management industrial chaos is the mismatching among the "upper end,the funds supply" the "middle end,the product supply,the "lower end,the assets sully",and the "external system supply"containing laws and industrial regulation.The reasons of it is analyzed in this thesis and the solutions,provided;third,the scientific validity principle,indicator framework selection and policy suggestions for reconstructing the assets management industry.Considering practices of financial institutions,we tentatively put forward the indicator framework for assessing the scientific validity of reconstructing the assets management industry.The indicator framework consists of(1)the "macro security and adaptation indicators" in line with the economic development and economic transition in China,(2)the "medium validity and stability indicators" for assessing the orderly industrial development and reasonable resource allocation;(3)"micro diversity and matching indicators" meeting the needs of real economy for capital diversity.Policy suggestions offered are like "to strengthen supply of scientific and technological data and grassroots data at the end of products,enable industrial innovation and product supply with technologies,solve the problems of hysteretic regulation and lack of regulatory capacity;to learn from advanced experiences of international assets management institutions,and establish an open demonstration area for international cooperation;to create a sound information disclosure system to lift the capital efficiency;to improve property rights protection laws and other assets management laws and regulations,and act as fast as possible to advance building up capacities to construct assets management infrastructure,which is now very weak,and to adapt to transform". |
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