Analysis On The Identification And Influencing Factors Of Sifis In China's Asset Management Industry

This paper focuses on the systemic financial risks and its influencing factors in China's asset management industry.Based on risk identification,empirical analyses and policy recommendations,this paper first describes the status of major financial risk sources in the asset management industry and the importance of the system within the industry.Financial institutions have carried out measurement ordering.Secondly,this paper empirically analyzes the main influencing factors of systemic risk in the asset management industry through the measurement model,and conducts a complete hypothesis test.Last but not the least,on the basis of the empirical results,this paper puts forward policy recommendations for the shortcomings and problems of the current systemic risk management system.In the past five years,the asset management business,as a typical cross-industry and cross-market industry,has developed rapidly in China,and financial institutions in various industries have participated in it.Regardless of cross-holding factors,the total scale has reached 100 trillion yuan.Correspondingly,the rapid development of domestic asset management institutions is accompanied by the merging and nesting of products and services between asset management institutions.The phenomenon of rigid redemption and maturity mismatch caused by the asset pool model of asset management products is becoming more and more serious,and systemic risk which is hidden cannot be ignored.Therefore,based on the current situation of industry risk,this paper proposes four research hypotheses of the influencing factors to be tested.The risk characteristics of the four types of asset management industry may cause systemic financial risks.The identification of systemically important financial institutions(SIFIs)in China's asset management industry is done through the component expectation loss model(CES model),which is the system of financial institutions in the banking,trust,securities and insurance in the sample of listed companies.Systemic risk contributions are quantified and ranked.The measurement results show that the systemic importance of commercial banks in general > the systemic importance of insurance companies > the systemic importance of securities companies > the systemic importance of trust companies.In commercial banks,the systemic importance of state-owned banks > the systemic importance of joint-stock banks > the systemic importance of regional banks.At the same time,by comparing the measurement results of CES model with MES model,SRISK model and other similar models,this paper guarantees the applicability and robustness of CES model,which lays a foundation for the empirical model.After the identification of systemically important financial institutions in the asset management industry is completed,this paper uses panel regression,time series regression and other econometric methods to analyze the factors affecting the importance of the system of various asset management institutions in China,and uses three regression models in multi-levels and multi-dimensionals to analyze the impact of the risk characteristics of the asset management industry.The empirical results show that the risk factors of mixed operation have amplifying the systemic risk of the financial institutions in the asset management industry;the cross-risk factors of the industry have amplifying the overall systemic risk;the rigid payment of the asset management products has a certain risk spillover to the asset management industry.effect.From the empirical results,the rapid growth of securities asset management and brokerage business in recent years,the intensified risk transfer of channel business such as ?Yinxin cooperation? and the implicit rigid payment of asset management products have been reasonably verified.Based on the complete hypothesis test and empirical analysis,based on the empirical results and the current regulatory framework and system,especially the April 2018 Guidelines on Regulating Asset Management of Financial Institutions(New Regulations for Asset Management)and its follow-up The latest regulatory policies and regulations are provided,and the corresponding regulatory recommendations are given in this paper.This paper believes that in order to effectively cope with hidden financial risks such as mixed business mode,implicit rigid redemption and cross-risk of the industry,the regulatory body should adhere to the system concept of combining functional supervision with institutional supervision,and accelerate the unification of the supervision standards of the large capital management industry.At the same time,it will strengthen the supervision of the nesting and channel business of the asset management industry and strengthen the management of the net worth of asset management products.In terms of research innovation,this paper combines the CES model with the identification of systemically important financial institutions in the asset management industry,and conducts empirical analysis and recommendations for industry risk characteristics.It is a major risk research for systemically important financial institution identification and asset management industry.The organic combination has filled some gaps in the research fields such as asset management industry and systemic risk and this is the main innovation of the research content of this paper.In the lack of research,the main reason is that the CES model,while effectively utilizing its characteristics of capturing financial institutions too much to link(TITF)and too big to fail(TBTF),this model just mainly relies on open market data so it has certain inherent defects..