| Asset management channel business,as the name suggests,relies on the asset management industry.Since the full liberalization of the asset management business in 2012,the volume of business has entered a period of rapid growth in recent years.The rapid growth can not only be attributable to the development of the asset management business itself,but also some asset management agencies who meet the needs of specific market entities,and achieve specific use of funds purpose based on their specific market behavior through the means of financial innovation.The asset management channel business includes three types of specific market entities,namely the fund party,channel party and financing party.Funding parties are usually commercial banks,and most of funds are used to finance.Because banks have the strongest financing capacity and size in China's financial system,they can use the amount of funds for investment,value maintenance and the profits they obtain are great,so they are subject to a deal of regulatory regulations.Therefore,commercial banks,who as funding parties,often fall into the shackles of regulatory rules,but they do hope meet the characteristics of their capital for profit as far as possible under the existing framework,use more funds or put the funds into risk in areas with higher profits,this leads to the formation of specific subject requirements for asset management channel businesses(It is worth mentioning that the fund is not the ultimate source of funds.Commercial banks,in addition to regulatory requirements,the ultimate source of funds is mainly depositors or investors).The channel partygenerally refers to various types of asset management agencies,which are usually the licensed franchise and management organizations under the licensed regulatory authorities(People's Bank of China,China Banking Regulatory Commission,China Securities Regulatory Commission,China Insurance Regulatory Commission previous,People's Bank of China,China Banking Regulatory and Insurance Regulatory Commission,China Securities Regulatory Commission present),and they provide such services as trusts,brokerages,private equity funds,insurance assets management and various types of commercial organization.They use its inherent legal framework and legal differences between various organizations,provide channel-type business services,and transporting restricted capital of commercial banks to the objects or field they intend to transport legally.The financing party refers to the target of the funds being transported.From the perspective of general market financing,these financing parties are usually subject to certain types of restrictions,so that the structures that cannot be compliant with the funds are grafted,and therefore need to be transported by “channels”.In this regard,the author believes that,also will be discussed in the article,the asset management channel business itself has the property of instrumentality and neutrality,and its original intention may be to solve the financing needs of the financing party or some kind of legitimate capital behavior(such as reducing the transaction fee in the course of flow of funds)thus uses the asset management channel business.It may also be to circumvent some regulatory principles and to amplify systemic risks and utilize this services.With the booming development of asset management business,and with the expansion of asset management,the situation that the funding party using asset management channel business and volume of this field have increased.The increase in leverage has also made the regulator aware of the existence of a crisis,so it has gradually managed the asset management industry since 2016,especially the asset management channel business.And this management gets to peak point in early 2018 under the background of the “strong supervision” policy and “financial leverage,channel removal,and de-nesting”,which has had a significant impact on the development of the asset management channel business and the development of the industry.In the introductory part of this article,this part begins with the background of thestudy,and elaborates on the current regulatory status and development of the asset management channel business,and the reason why the asset management channel business has become the industry's concern in 2017-1818 and it also reveals the necessity and significance of the research on the asset management channel business itself and the supervision of it.At the same time,in light of the author's summary of research status in related fields at home and abroad in the previous period,the current research status of the asset management channel business in the industry is sorted out,such as the definition of its concepts and connotations,the summary of operating models,the risks that have been revealed,and the suggestions put forward by scholars,which laid the foundation for subsequent research.The main body of this article is divided into four parts,including the overview of the asset management channel business,the development motives and major modes of the asset management channel business,and status analysis of the current strong supervision of the asset management channel business,and the supervision related to asset management channel business and this article is discussed by these four aspects.First of all,this article first determines the research object,re-analyzing the asset management channel business starting from scrutinizing the current concept and legal relationship of the asset management channel business.After defining the specific connotation,it analyzes and summarizes the development motives of the asset management channel business,and summarizes the mainstream business model and structure of it designed based on these motives.After having a complete understanding of this,the author summarizes and analyzes the past and present circumstance of the asset management channel business and the development of supervisory process of it,which reveals the incentives that triggered the strong supervision policy,and it also analyzes the policies,regulatory pathways,and the issues that it raises in the context of the current strong supervisory framework.In the end,considering the status quo of China's financial market,this article points that a legal supervision system should be set up for the asset management channel business that has a legitimate purpose,it put forward its own ideas on specific institutional design.Specifically,the author analyzes the business connotation and concept from the carrier and business of the asset management channel business,so as to lead to the concept and viewpoint that have no uniform opinion in the current theoretical and practical circles related to it,and in practice,especially in laws,or regulatorydocuments,there are confusing and self-contradictory status quo situations.Combined with the author's own business experience and the legal relationship behind the asset management channel business,the point of view is to point out about the instrumentality and neutrality of the it.This is also the core point of view of the understanding of the asset management channel business itself.In addition,in this chapter,the author also explains the nature of the commercial organization of the business.These special properties are also the basis of the function of the channel of the asset management channel.Secondly,after a clarify of the object,combined with the strong supervision background of the asset management channel business,it is natural to conclude that what the business has done that leads to the great importance attached by the regulator.Therefore,it is necessary to explore the causes of the asset management channel business.As mentioned above,the asset management channel business itself reflects the close cooperation between the three parties.Therefore,the author first studies the motives of all parties involved in the business,including the requirements of three parties,funding party,channel party,and financing party,these are explained.And there are different purposes using this channels,the non-goodwill purposes will also have negative problems.So,the cause of the asset management channel business may also be the problems existed in this business,which is the gray areas the supervisory department intend to control.In addition,after studying the causes,the author also sorted out the mainstream practices in the market,summed up how the three parties worked together and put the motivation into reality.The author summarized the fourteen asset management channel business structures from three aspects: the channel for the purpose of capital presentation,the use of funds to avoid use,the channel for flexible investment instruments,and the channel that did not meet the legal requirements.Here,the author summarizes the problems of the business.Generally speaking,the regulated business will have certain problems,so it needs to be restricted through supervision.However,if the asset management channel business itself requires the use of strong supervision measures to carry out comprehensive remediation,it must also have its own special features.Therefore,the analysis of the incentives for the strong regulatory policies will be analyzed.In the next step,the author analyzes the current status of strong supervision,comparing the previous methods of supervision since the asset management channel business has developed and the currentregulatory situation which gives readers an intuitive regulatory picture,then analyzes issues arising from strong supervision policies,and compare the advantages and disadvantages.The author believes that the purpose of asset management channel business is and continue to be good,and the demand for funds will always exist,and financial innovation will always be on the way.So it is not that the regulatory authorities that can stifle through supervision measures.Therefore,a complete system should be established so that the use of the business for non-goodwill purposes will be reduced to almost zero.Finally,in the fourth chapter of this chapter,on the above-mentioned purposes and viewpoints,the author tries to design the legal supervision system of the asset management channel business,and perfect it from five aspects.First of all,it is necessary to clarify the nature,concept and legal status of the asset management channel business from the aspects of laws and regulations or normative documents,and to distinguish goodwill channels through the use the positive(negative)face list to improve and encourage.Secondly,it is necessary to clarify the relevant responsible entities in the business.On the one hand,the current reform issues that functional supervision,integrated supervision the regulatory bodies has formed must be solved,on the other hand,it may also consider setting up relevant functional departments exclusively for the asset management channel business itself so as to conduct better supervision and control.Thirdly,the current information disclosure system can be optimized.On the one hand,it needs to improve the scope of information disclosure.On the other hand,it can refer to the overseas direct investment system and establish a reporting system,by which the supervision department that can monitor the development of the entire business,and can reduce the market players from the impact of power rent-seeking by not setting up administrative licenses.The fourth is to put forward specific measures and recommendations in light of the current principles of penetration supervision.Finally,the prospects for relieving and withdrawing systems of asset management channel businesses are presented.In fact,it is undeniable that the importance of role of the asset management channel business exists as a financial instrument.The financial market also needs a stable regulatory system and certain regulatory expectations to protect the various types of behaviors of market entities.Therefore,as long as the regulatory authorities treat the market and regulate the market in an inclusive,open,and free spirit,look intothe management channel business professionally,we believe that there will be benefits for the development of the market. |
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