| Through China's economic booming and the rapid increasing of personal assets accumulation, the awareness of the financial management is growing up, which provides a good opportunity to China's financial market development. The broker collection of financial services that restart in 2005, with the consistent expanding of its scale and amount, already became the most potential institutional investors in China's stock market, next to the securities investment fund, which promoted the construction of China's securities market and refined the investment structure, as well as provided common investors with more options of financial products. The services, dislike the other commercial banks'financial products, particularly noted for its stable yield with less negative earnings in the time of turbulent stock markets home and overseas since the subprime crisis, indicating a good anti-risk ability and high yield level, gave rise to the bigger investment passion from the China's residents. Given the different macroeconomic circumstance, how to choose the better one from the various finical products, which is the heat focus now to common investors as well as the brokers themselves. As a result, there is a practical significance for the analysis on the risk factors of collection asset management plan.This paper began with presenting the development and current situation about collection asset management plan in China, and employed the yield of"Beyond the financial"project ,arisen by Changjiang Securities in the period of the August 5, 2009 to December 31, 2010, as the research object, established the index system of the macro factors and micro-elements. Firstly, to filter the volatility of each factors by using Grey Correlation Analysis, and sorting the correlation degree, optimized for 24 indicators afterwards. Secondly, to double filter and re-analyze the factors that will affect the yield by applying the ANP as well as gray correlation based experts scoring. The results will be regarded as a risk management reference for brokers and investors.Traditionally, the quantitative analysis are often based on large samples, however, most of the financial products are short-term and variable, and the related index data is difficult to collect, which is hard to analyze risk factors effectively using the conventional methods, therefore, almost no previous studies on the risk factors sources of broker financial planning with detailed quantitative analysis. In this paper, the gray system theory is employed to solve the problem of small samples, and the evaluation methods is applied to the process of selection factors via the ANP network layers model in order to sort the gray correlation degree of volatility of each factor, which is used as an expert scoring reference. This analysis, based on the gray correlation level, is more objective and persuasive than simply expert grading, which provide a new quantitative analysis of the risk identification .The results indicated that, in general, micro-factors makes more important role on the volatility of financial products yield than the macro factors, which is also showing a great product's risks resisting ability and a better stability as the yield rate itself is the indicator to the performance of financial products. In the macro factors view, the 1-year deposit rate and the Shanghai stock index scores higher than any other factors, in micro way, however, assets quality and the development indicators of the financial products are ranking top, especially the stock investment scores highest, which is summing that the risks of financial products mainly come from the financial agent's stock investment gains and losses.This paper, combining with the study results, also came up with some suggestion on the development of domestic collection asset management plan in terms of risk management program design, say, to speed up the construction of the securities markets, reinforce management support, and strengthen investment brokerage's own research capacity. |
PDF Full Text Request