Research On Risk Evaluation Of H Futures Firms’ Asset Management Business

It has been nearly 30 years since China’s futures industry exploredand developedin China.In 2011,under the guidance of national policies,the asset management business of futures companies came into being and developed rapidly.By the end of 2017,the net capital of the futures industry was 750.12 billion yuan,up9.54 percent year-on-year,with the proportion of innovative business income reaching12.49 percent,and 129 futures companies out of 149 futures companies in the whole industry could carry out asset management business.By the end of June 2018,the size of the private asset management business of the securities and futures operation institution totaled 26 trillion yuan,of which the securities company and its subsidiaries accounted for 14.92 trillion yuan,the fund company and its subsidiaries accounted for 10.83 trillion yuan,the futures company and its subsidiaries stood at about 16 billion yuan.The asset management business of the futures company has3,644 surviving products,with a management scale of 279.2 billion yuan.The asset management business of futures companies has a wide range of investment types,flexible trading,risk hedging and other characteristics,so it has strategic significance in diversified operation,risk management,service supply side structural reform,financial innovation and other aspects of futures companies.However,compared with other financial institutions,the asset management business of futures companies is characterized by too small scale,too many restrictions,weak profitability,lack of professional talents and insufficient research and development strength.Therefore,in the new market,new business,high competition and strong supervision environment,some institutions deviate from the source of asset management business,have poor compliance risk control awareness,blindly expanding business,lack of active management and weak risk control.Therefore,based on the risk faced by the asset management business of futures companies,this paper studies the risk evaluation of the asset management business of H futures companies on the basis of the comprehensive risk management theory.Firstly,By referring to the corporate literature and using the method of questionnaire survey six major categories and 22 secondary risk factors suitable for the risk assessment of asset management business of futures companies were identified and screened,and a reasonable risk assessment index system was further established.Secondly,the weight of risk evaluation indexes at all levels is determined by the combination of analytic hierarchy process and expert scoring method.Thirdly,the fuzzy mathematical matrix is established according to the hierarchy to calculate the overall risk,and the risk is sorted and evaluated comprehensively.Finally,based onthe evaluation results and related theories,the improvement plan and measures for the asset management business development of H futures company are proposed.It is hoped that this study will be beneficial to the sustainable development of the asset management business of futures companies...