【摘要】 资管新规等监管措施的落实和银行理财子公司的成立有助于打破银行系资产管理领域的刚性兑付,改变资产管理领域的业务合作方式,扩大以银行理财子公司为核心的业务合作规模,进而使银行资产管理的资产传递渠道和流动性风险传递路径发生变化。通过对美国自由银行体制时期商业银行流动性风险传递特点的分析,本文证明了在缺乏最后贷款人时,业务合规能力等方面的差异使得资产管理机构的合作加强,同时扩大低信用层级资产管理产品的销售规模。流动性风险表现出以低信用层级资产管理产品为源头,以围绕银行理财子公司的业务合作为传递媒介的特点。基于此,本文建议规范银行系资产管理的投资范围、业务领域以及与银行的业务联系,限制资产管理领域业务的过度扩张。更多还原

【Abstract】 The implementation of the new asset management rules and other regulatory measures and the establishment of bank wealth management subsidiaries help to break the rigid payment in the asset management field of banks, change the way of business cooperation in the field of asset management, expand the scale of business cooperation with the bank financing subsidiaries as the core, and then change the credit creation channel and liquidity risk transmission of bank asset management. By analyzing the American characteristics of liquidity risk transmission of commercial banks in the free banking system, this paper proves that the differences in business compliance ability and other aspects in the absence of lender of last resort can strengthen the cooperation of asset management departments, and at the same time expand the sales scale of low-credit asset management products. Liquidity risk is characterized by low credit level asset management products as the source and business cooperation of bank financing subsidiaries as the transmission medium. Based on this, this paper suggests standardizing the scope of investment, business areas and business links with banks in asset management, so as to limit excessive cooperation in asset management.更多还原