Research On Risk Management Of Collection Asset Management Plan Of Securities Companies

In addition to the traditional three businesses,the asset management business has become the fourth largest income source of securities companies,which can best reflect the core competitiveness of the innovation and development of securities companies.As one of the three major businesses of asset management,the scale of issuance increased from 2018 billion yuan at the end of December 2012 to 2112.5 billion yuan at the end of December 2017,and increased tenfold in just five years.It has the characteristics of wide investment scope,small investment restrictions and private equity.At the same time,with the loose regulation of supervision,the relevant policies have put pressure on directional asset management plan.Under this positive policy environment,the collective asset management plan is about to usher in a new development opportunity.Opportunities also bring unpredictable potential risks.The existing securities firms' risk management strategies for collective asset management plan have been unable to effectively deal with the various potential risks arising from the rapid development of the collective asset management plan.It is necessary to explore a set of risk management plan suitable for the collection asset management plan of domestic securities companies,in order to protect the interests of investors and guarantee the safe and steady operation of the collection asset management plan of securities companies.Firstly,the theoretical basis of the collection asset management plan is introduced,including definition,characteristics,advantages and development status.The theoretical basis of risk management of collective asset management plan includes the definition of collective asset management risk,and a summary of the risk management principles and theories of collective asset management plan.These theoretical foundations provide reference value for the design of risk management scheme.Secondly,this paper combines the actual situation of collection asset management plan carried out by A securities company.The analytical perspective includes five aspects:collection asset management plan system,securities firm risk organization structure,internal control system,collection asset management plan supervision and main risk management methods.The problem of risk management of collective asset management plan is analyzed from two aspects:objective and subjective.There are objective problems:The collective asset management plan has its own limitations and low income.Its main sources of income are management rates and low yields and low product categories.It lacks regulatory support and the market exit mechanism is not sound.There are subjective problems:Managers are not aware of risk control and active management.The risk organization structure is incomplete.The corporate governance mechanism is not sound and the risk measurement system is backward.Then we further analyze the causes from the three aspects of collective asset management products,participants and regulators.Finally,based on the idea of comprehensive risk management,this paper draws on the research achievements of domestic and foreign scholars and the theoretical basis of risk management of collective asset management plan.It is important to design a complete process risk management plan and give advice from the four levels of market access,business operation and market exit of the management and collection asset management plan of the securities companies.Risk management at the management level of securities companies:Doing top level design,establishing a systemic risk management system,a sound internal control system and the incentive and restraint system of risk responsibility based on the essence of the collective asset management program,a sound internal control system and incentive and restraint of risk responsibilities.Risk management at the market access level:It includes three parts:manager admittance,investor access and collection asset management product access risk management.Risk management at the operational level:The business operation involves the management of securities companies,investors,custodians,collection assets management products and regulatory bodies.Therefore,it is necessary to improve the risk control and management ability of the management of the securities firm.We will establish a mandatory fund management system.We should introduce "investor representative supervision" system.Managers need to optimize and innovate products and strengthen risk management of innovative products.It requires constant external oversight and support from the regulatory and regulatory agencies.Risk management at the market exit level:To regulate the redemption system of asset management share in open period and risk management for investors to exit.