Research On Risk Contagion And Immunization Strategy Of Collective Asset Management Business In Securities Company

Since the “new policy on asset management”,the asset management business of China's brokerage companies has developed rapidly,and an important part of active management has been the collective asset management business.Due to the incompleteness of the current financial regulatory system,the limitations of the financial institution's own operation and management,the changes in the external environment,and the possible use of the business for "channel services," the securities companies may be subject to risk shocks when offering collective asset management services.Therefore,the collective asset management business will be implemented.Targeted research on risk management is very meaningful.This article builds a collective asset management network model and statistically analyzes the basic feature quantities of the asset management products in a managed-trusted relationship between managers(generally brokers)and custodians(generally banks).Then,based on the network model,the SIR risk contagion model was used to simulate the process of contagion in the network.Through the control of relevant variables,the article analyzes the risk propagation speed and scale changes in the collective asset management network under different circumstances.Research shows that improving the risk immunity rate of infected financial institutions can better control the spread of risk to the collective asset management network;reduce the potential risk rate of financial institutions to effectively prevent the spread of risk and risk in the collective asset management network when risk impact occurs.Enhancing the system-important financial institutions in the collection-funded network(ie,the financial institutions with large degree and large weight)can effectively reduce the risk propagation speed in the entire network and reduce the risk propagation scale.This article also studies two immunization strategies based on the SIR model.By controlling factors such as initial immune density,risk immunization rate,and risk transmission rate,the effects of risk prevention under the target-immunization strategy and stochastic immunization strategy were simulated.The research results show that in the collective asset management network,the immunization strategy for risk prevention is better than the random immunization strategy for the immunization strategy of risk prevention,and the risk prevention effect of the target immunization strategy is more significant when the risk propagation rate is large;increase the immune density,and choosing the target immunization strategy can effectively control the spread of risks in the bank-card network and mitigate the risk propagation speed.Finally,based on the qualitative and quantitative analysis of the collective asset management business risk,this paper proposes a risk management plan for the collective asset management business from the aspects of adjusting the structure of business networks,reduceing the rate of risk transmission,implementing targeted immunization strategies,strengthening the supervision of regulatory agencies,and promoting securities companies to establish a risk management system for asset collection and management.