Research On The Asset Management Business Model Under The Background Of The Great Asset Management

In 2012,the new policy of capital management led the asset management industry to enter the era of the great capital management.Under the benefit of policy,the development of asset management industry was fully released and a new wave of development was ushered in.Brokerage capital management developed quickly and in2012-2016,the rate of growth is more than 45% respectively.In 2017,under the background of big capital management,the information management of brokerages has developed for five years and has gradually entered a stable period.The benefit of policy has gone and the regulation is more stringent.At the same time,securities companies are facing new economic development environment.The rise of Internet finance,the pressure brought by asset shortage and the competitive pressure of the original financial institutions are all challenges that the securities business faces.Therefore,based on the background of big capital management,it is meaningful for us to study the asset management business of China's securities companies and explore its development direction and path.Firstly,this paper reviewed the development of the asset management business of securities companies in two stages and summarized the development characteristics of the asset management of securities companies under the background of large capital management.From the perspective of business lines,the main supporting force for the rapid growth of brokerage asset management scale came from the directional asset management business.In the directional asset management business,the passive channel business dominated.Although the share of directional asset management business had declined in recent years,the proportion was still high.At the same time,the scale of active management business increased by 12.5% over the same period,showing a steady increase.The proportion of passive management services and active management services also gradually optimized the combination of asset management by brokers in terms of business innovation in structure.In response to this wave of new urbanization,the bank launched a series of innovative products for asset securitization.As of the third quarter of 2017,a total of 1,099 assets-backed securities(ABS)were under issuance totaling 2.17 trillion yuan..Secondly,this passage summarizes the business model of securities business management.This part mainly focuses on the four aspects of the securities business management in the sources of capital,the use of funds,marketing mode and profitmodel.Then,the transformation of securities management is discussed.On the basis of the existing research conclusions,this paper summarizes the factors affecting the asset management of securities companies,such as the market concentration,the total assets of the securities companies,the size of the entrusted assets,the cost of management,the structure of the employees,the market market and the growth of GDP.At the same time,we select the relevant data of 27 listed securities companies in the past 2013-2016 years,and make an empirical analysis on the performance of the above indicators and the asset management business of the securities companies.The results show that the total assets of the securities company,the size of the entrusted assets,the cost of management and the structure of the staff have a positive impact on the performance of the asset management business.On the basis of theoretical analysis and empirical analysis,the paper puts forward some suggestions for the development of regulatory departments and securities companies.The regulatory authorities should tend to unified supervision,reduce regulatory loopholes and prevent risks,creating a favorable market environment for the securities asset management industry.The securities companies should improve the development situation from three aspects: improving profit models,reducing costs,improving efficiency and strengthening the construction of talents.