“废井田，争霸急。”在拆去藩篱之后，中国资产管理行业进入一个全面混战的时代，商业银行、信托公司、证券公司、基金管理公司、保险资产管理公司悉数参与其中。

"Waste field,Ii urgent."Remove the barriers to after,China asset management industry into a comprehensive melee era,Commercial Banks/Trust company/Securities company/Fund management company/The insurance assets management companies involved in.

　　可以肯定，资产管理将是未来十年中国金融业发展的主旋律，并将深刻改变中国金融资产的构成和金融体系的运行方式。

Can be sure,Asset management will be the next decade the theme of China's financial industry development,And will profoundly changes the structure of China's financial assets and financial system operation mode.

　　然而，目前各类金融机构的“争霸”，并非着眼于资产管理能力的提高，而是争抢成为商业银行理财资金投资信贷类资产的“主通道”。而商业银行的理财业务，在“资金池-资产池”的运作模式下，正异化为一个没有资本金、没有拨备、杠杆率得不到控制的“裸奔”的“银行”。

however,At present all kinds of financial institutions"ii",Not focus on asset management capability is improved,But for become commercial bank financing capital investment credit class assets"Main channel".The commercial bank financial business,in"The pool - asset pool"Operation mode,Alienation is for a no capital/No provisions/Leverage ratio not control"streaking"of"The bank".

　　各类金融机构发展资产管理业务的冲动，与当前金融市场产品匮乏、利率市场化进程扭曲、投资者教育匮乏的现实纠结在一起，构成一幅诡异的画卷。

All kinds of financial institutions in the development of the impulse of the asset management business,With the current financial market of product/Interest rate marketization process distortion/Investor education lack realistic intertwined,Constitute a strange picture scroll.

　　同时，各类金融机构虽然从事了本质上一样的资产管理业务，但受制于分业经营、分业监管的现实，其所适用的法律关系不统一，监管标准不统一、投资者适当性规定不统一、投资范围和投资管理过程规定不统一。种种不统一造成了不公平竞争，也助长了监管套利。

At the same time,All kinds of financial institutions although was engaged in essentially the same asset management business,But subject to separate operation/The reality of the supervised respectively,The applicable legal relations are not unified,Do not have a unified regulatory standards/Investors adequacy regulation is not unified/The investment scope and investment management process shall not unified.A variety of disunity caused the unfair competition,Also add to the regulatory arbitrage.

　　早在2008年，国务院就曾调研过中国理财市场统一建设的问题，如今，整个中国的资产管理市场规模已超过15万亿元，重启顶层设计已十分紧迫。

As early as in 2008,The state council has research China financial market of unified construction problems,now,The whole of China's asset management market scale has more than 15 trillion yuan,Restart your top design has been urgent.

　　1.“抢食”通道业务

1."Rob food"Channel business

　　“等基金公司子公司杀进来，券商的通道业务很快就没落了，基金公司不受净资本监管。”11月16日，上海一家基金公司分管专项资产管理业务的高管对本报表示。

"And fund company subsidiary kill come in,Brokers channel business soon the decline,Fund company from net capital supervision."November 16,Shanghai a fund company in charge of the special asset management business executives to the financial times said.

　　当日，工银瑞信基金管理公司的子公司——工银瑞信投资管理有限公司获得证监会批文。“年底前估计还有一大批出来，据我所知，绝大多数基金公司都对子公司非常感兴趣。”前述基金公司高管称。

On that day,Work silver red letter fund management company's subsidiary - work silver credit suisse investment management co., LTD., the CSRC for approval."By the end of the year and a large number of estimated out,As far as I know,The vast majority of fund companies are very interested in the subsidiary company."The fund company executives said.

　　11月1日起施行的《基金管理公司特定客户资产管理业务试点办法》，允许基金公司设立专门的子公司，通过设立专项资产管理计划开展资产管理业务。

On November 1, the[A fund management company specific customer asset management business pilot measures],Allow fund company set up special subsidiary,Through the establishment of special asset management plan to carry out the asset management business.

　　专项资产管理计划可投资的范围不仅包括股票、债券、资产支持证券、证券投资基金等各类证券资产，还包括“未通过证券交易所转让的股权、债权及其他财产权利”，及“中国证监会认可的其他资产”。

Special asset management plan can be the scope of investment not only include stocks/bonds/Asset-backed securities/Securities investment funds and other kinds of securities assets,Also includes"Not through the stock exchange transfer of equity/Creditor's rights or other property rights",and"The China securities regulatory commission approved the other assets".

　　“基金公司的子公司相当于一家小的信托公司。”一家参股某基金公司的信托公司高管表示，子公司和信托公司争抢“通道”业务势所难免，而基金公司不受净资本约束，是其相比证券公司、信托公司最突出的优势。

"Fund company subsidiary is equivalent to a small trust company."A participation a fund company executives said the trust company,Subsidiaries and trust for the company"channel"Business potential place hard to avoid,And fund company from net capital constraint,Compared to the securities company/Trust is the most outstanding advantage.

　　而可投资“未通过证券交易所转让的股权、债权及其他财产权利”的规定，为专项资产管理计划投资银行的信贷资产、票据资产收益权打开了通道。

And to be investment"Not through the stock exchange transfer of equity/Creditor's rights or other property rights"regulations,For the special asset management plan investment bank credit assets/Bill assets usufruct opened the channel.

　　“甚至变相放贷款也可实现。”前述信托公司高管表示，“其他财产权利”的规定相当宽泛，收益权即为其中一种，而“收益权是个万能的概念，此前信托公司已经运用纯熟”。

"Even in disguised form loan also can realize."The trust company executives said,"Other property rights"The rules are quite broad,Usufruct as one,and"Usufruct is a universal concept,After the trust company has been using high-tech".

　　他举例说，一个企业要贷款，基金公司的专项资产管理计划可以购买这个企业某项目的收益权，使企业变相达到贷款目的。

He said one example,A enterprise want to loan,Fund company special asset management plan can buy the enterprise a project of usufruct,Make the enterprise disguised to loan purpose.

　　基金公司的子公司还没有设立起来，已经有不少商业银行跟基金公司在探讨“银基合作”的可能性。所谓银基合作，就是商业银行的理财计划投资于基金公司子公司管理的专项资产管理计划，后者再投资银行的信贷资产、票据资产等。

Fund company's subsidiary has not set up,Have a lot of commercial Banks and fund company in this paper"Silver base cooperation"The possibility of.The so-called silver base cooperation,Is the commercial bank financial management plans to invest fund company subsidiary management of the special asset management plan,The latter to the investment bank's credit assets/Bill assets, etc.

　　银基合作相较于此前的银信合作、银证合作本质上没有区别，无非是银行理财资金要投资信贷资产，找一个新的“通道”而已。此前，银证合作已经取代银信合作，成为商业银行向表外转移资产的重要途径。

Silver base cooperation compared with previous such cooperation/Silver-colored card cooperation essentially no difference,It is bank financing funds to investment credit assets,Find a new"channel"just.after,The silver card cooperation has replaced such cooperation,Become the commercial bank to transfer assets outside the watch the important way.

　　中国证券业协会公布的数据显示，2011年末，证券业受托管理资金本金总额仅为2818.68亿元，但到2012年6月末，已经飚增到4802.07亿元。接下来的3个月，更几乎翻了一番，9月末达到9295.96亿元。

China securities industry association figures showed,By the end of 2011,The securities industry management funds principal amount is 281.868 billion yuan only,But at the end of June 2012,MAO has increased to 480.207 billion yuan.The next three months,More almost doubled,Late September reached 929.596 billion yuan.

　　“主要是银证通道业务。目前，券商资管规模已逼近1万亿，其中定向资管业务超过8000亿元。”北京一家券商资产管理部总经理11月16日表示。

"Main business is silver-colored card to channel.At present,Brokers endowment pipe scale already approached 1 trillion,The directional information pipe business more than 800 billion yuan."A Beijing securities assets management department general manager November 16 said.

　　银证通道业务之所以有取代银信合作之势，是因为相比信托公司，证券公司占用的净资本较低。证监会和银监会分别对证券公司和信托公司实行净资本管理，原理一致：净资本不得低于各项风险资本之和的100%。

Silver-colored card to channel business is to replace the potential such cooperation,Because of the trust company compared,Securities companies take net capital is relatively low.The securities and banking regulatory commission of the securities company respectively and trust company implements the net capital management,Principle agreement:Net capital shall not be less than 100% of the total amount of the venture capital.

　　但是，计算各类业务风险资本的系数大不一致。以银信（证）合作投资于银行信贷资产的业务为例，证券公司定向资产管理业务风险资本准备基准计算比例为2%（连续三年为A类的公司打4折），而信托公司从事此类业务，风险资本系数高达10.5%。

but,Calculation of all kinds of business risk capital factor not consistent.With such(card)Cooperation invest in bank credit assets business, for example,A securities company directional asset management business venture capital preparation calculates the proportion is 2%(Three years in A row for class A company play 4 fold),And trust company engaged in such a business,Venture capital coefficient reaches as high as 10.5%.

　　净资本占用较低，使得证券公司可以靠打价格战与信托公司竞争。目前，信托公司的银信通道业务收费在千分之八左右，而证券公司可以只收万分之四。

Net capital occupancy is low,A securities company that can rely on price war and the trust company competition.At present,Trust company carried channel business charge in eight over one thousand or so,While the securities company can only take four over ten thousand.

　　券商资管在过去半年已经从与基金公司竞争资产管理能力，转而与信托公司争抢通道业务，北京一家信托公司高管称。

Brokers endowment pipe in the past half a year has gone from and fund company competitive asset management ability,Turn and the trust company for channel business,Beijing a trust company executives said.

　　目前，在银证通道业务上走在前列的包括国泰君安、宏源证券(000562,股吧)、申银万国等。国泰君安证券资产管理公司的受托资产管理规模在2012年10月已突破1000亿元。

At present,In the silver-colored card to channel business walk in the forefront of including guotai junan/Hongyuan securities(000562,guba)/ShenYin all the nations, etc.Guotai junan securities assets management company entrusted assets management scale in October 2012 has reached 100 billion yuan.

　　对于信托公司、证券公司、基金公司、保险资产管理公司而言，通道业务都是典型的“臭豆腐”——“闻起来臭，吃起来香。”虽然没有什么技术含量，但不承担实质性的风险，是一块难以拒绝的制度性红利。

For the trust company/Securities company/Fund company/The insurance assets management companies,Channel business are typical"Stinky tofu"--"Smells smelly,Tastes sweet."Although there's no technology content,But do not assume substantial risk,Is a difficult to refuse to institutional bonus.

　　前述券商资管部总经理表示，券商争抢“通道”业务，还有短期内做大规模，提升品牌的考虑。过去几年，整个泛资产管理行业大发展，券商资管却严重落后了，管理资产规模仅有区区两三千亿。“管1000亿元跟管100亿元比，效果肯定不一样，客户会更加信任管1000亿的。”

The securities trader endowment tube department general manager said,Brokers for"channel"business,And in the short term to do large scale,Promote the brand consideration.In the past few years,The whole universal asset management industry development,Brokers endowment tube but serious behind,Management asset scale only just 2.3 trillion."Pipe with pipe 10 billion yuan 100 billion yuan than,Certainly not the same effect,Customers will be more trust tube 100 billion."

　　此番通道业务的转移，也与信托与证券行业之间的人才流动有关。现任申银万国总裁储晓明，在2003年7月-2011年1月间，历任中海信托常务副总、总裁。任内，储晓明较早提出并践行银信合作，且长期高度依赖此业务。储现兼任中国证券业协会资产管理专业委员会主任。

This and channel business transfer,And with trust and securities industry personnel flow between relevant.The current ShenYin all the nations ChuXiaoMing President,In July 2003-2011 between January,Former China trust standing deputy/President.watch,ChuXiaoMing earlier put forward and the practice of such cooperation,And long-term highly dependent on this business.Store now he is China securities industry association asset management professional committee director.

　　券商资管新政系列政策制定过程中，储晓明发挥了很大作用，把信托的理念和业务都带过来了，接近中国证券业协会的人士称。

Brokers endowment tube series of new policy formulation process,ChuXiaoMing play an important role,The concept of the trust business and bring come over,Close to the China securities industry association personage says.

　　2、挑战监管底线

2/Challenge regulatory bottom line

　　证券公司和基金公司子公司加入银行理财“通道”业务的竞争，使得银监会2010下半年以来陆续出台的一系列银信合作新政可能面临全面失效风险。

Securities companies and fund company subsidiary to join bank financing"channel"Business competition,Make the second half of 2010 banking regulatory commission (CBRC) comes on stage in succession since a series of such cooperation New Deal may face comprehensive failure risk.

　　经历2008年四季度和2009年全年的信贷大投放之后，2010年国家强力控制信贷规模，由银监会负责。当时，层层分解信贷指标，根据总盘子，设定每一家银行的信贷投放规模，每一家银行再逐级分解到分行、支行，且在信贷投放时间上都有严格的规定，银监会密切监测信贷数据，并频繁使用“窗口指导”。

Experience in the fourth quarter of 2008 and 2009 in the whole of credit big on the later,The 2010 national strength control credit scale,The banking regulatory commission is responsible for.At that time,Layer upon layer decomposition credit index,According to the total plate,Each set a bank credit availability scale,Each a bank to step decomposition to branch/Subbranch of a bank,And in credit availability time has strict rules,The CBRC closely monitoring credit data,And frequently used"Window guidance".

　　尽管如此，2010年信贷规模管控目标仍然没有实现，2011年国务院转而要求人民银行负责调控社会融资总量。

Even so,In 2010 the credit scale control goal still has not been realized,In 2011, the state council of the people's bank is responsible for requirements to control the total amount of social financing.

　　此种尴尬局面的出现，原因让人难以置信——银行和信托公司开展了银信理财合作，银行向表外转移了1.5万亿以上的信贷资产。

The emergence of this awkward situation,Cause incredible - bank and trust company carried out such financial cooperation,Bank to transfer the outside the watch more than 1.5 trillion credit assets.

　　2010年6月末，银信合作突破2万亿，引发国务院高层强烈关注。7月，银监会紧急叫停银信合作业务，并于8月初发出《关于规范银信理财合作业务有关事项的通知》（下称“72号文”），要求商业银行将部分表外资产在2011年前转入表内，并按照150%的拨备覆盖率计提拨备，同时大型银行应按照11.5%、中小银行按照10%的资本充足率要求计提资本。

At the end of June 2010,Such cooperation break through 2 trillion,The state council by senior strong concern.July,The CBRC emergency stop such business cooperation,And in early August issued[Carried on regulating financial cooperation business related matters notice](said"The no. 72"),For commercial Banks will be part of the off-balance-sheet assets in 2011 years ago in the table into,And according to 150% of a provision coverage for provision dial,At the same time big Banks should according to 11.5%/Small and medium-sized bank according to 10% of the capital adequacy ratio requirements withdrawal capital.

　　8月，为“管住”信托公司，银监会出台《信托公司净资本管理办法》；在次年1月发布的净资本计算标准中，对融资类的银信合作业务设定了高达10.5%的风险资本系数，以迫使信托公司放弃此类“通道”业务。

August,for"control"Trust company,CBRC introduction of[Trust company net capital management measures];In the next year on January release of net capital calculation standard,On the financing type of such cooperation business set up to 10.5% of the venture capital coefficient,To make trust company give up such"channel"business.

　　此后，银信合作业务虽然不断打“擦边球”，但无节制增长的势头得到遏制，商业银行理财资金购买信贷资产也开辟了一些新的通道，如通过金融资产交易所平台。

Since then,Such cooperation business although constantly playing"Edge ball",But excess growth momentum be contained,Commercial bank financing funds to buy credit assets also opened up a new channel,Such as through the financial asset exchange platform.

　　“如今，这一系列监管政策有全面失效的可能。”接近监管层的人士表示，当时控制银信合作主要通过“掐住”信托公司的通道实现，现在银行根本不用信托公司了。

"now,This a series of regulatory policies are comprehensive failure may."Close to the supervisor's say,At that time carried control mainly through cooperation"Device live"Trust company channel to realize,Now the bank no trust company.

　　银行信贷资产“出表”走证券公司、基金公司通道的便利之处在于，资产腾挪到了银监会的监管视野之外。

Bank credit assets"The table"Go securities company/Fund company channel convenience in,Asset transfer to other use to the supervision of the banking regulatory commission of sight.

　　以往，银行和信托公司都归属银监会监管，银监会很容易知道银信合作做了多少。“主席一个批示下来，银行和信托监管部门马上就得去查。”前述接近监管层的人士表示。

In the past,Bank and trust company belong banking supervision,The CBRC is easy to know how much do such cooperation."Chairman a instructions down,Banks and trust supervision department'll have to check."The close supervision layer say.

　　而现在，“资产转移到了证监会管辖的范围内，银监会要去查，证券公司、基金公司会买账吗？”一家股份制银行理财业务部门人士表示。

And now,"Assets transferred to the CSRC within the scope of jurisdiction,The CBRC will go to check,Securities company/Fund company will buy it?"A joint-stock bank financing business department say.

　　一位银行业监管专家表示，银信合作系列新规，包括要求银行将资产转入表内，其必要性、可行性至今都还存在争议，但是作为负责社会融资总量调控的人民银行，必须立即高度关注银政、银基合作业务。

A banking supervision experts say,Such cooperation series new gauge,Including request the bank will turn into assets in the table,Its necessity/Feasibility so far are still controversial,But as responsible for social financing total amount control of the people's bank,Must immediately high attention silver administration/Silver base cooperation business.

　　整个泛资产管理行业放松监管之后，带给监管部门的挑战，远远不只6万多亿银行理财资金有多少投资信贷资产的问题，还包括多项对银行的监管政策。

The whole universal asset management industry to relax after regulation,Bring regulatory challenges,Far more than 60000 more than bank financing capital how many investment credit assets problem,Also includes many to bank regulatory policy.

　　举例而言，国家对存款利率实行管制，然而通过银行理财与保险资产管理公司的合作，可轻松予以突破。

For example,Country to deposit interest rate to control,However through the bank financing and insurance asset management company's cooperation,Can easily be breakthrough.

　　其操作模式为，银行理财资金投资于一个券商定向资产管理计划（或单一信托），后者再投资于保险资产管理公司的资产管理计划，然后再以保险资产管理公司的名义存入协议存款。

Its operating mode for,Bank financing capital investment in a securities trader directional asset management plan(Or a single trust),The latter reinvest insurance asset management company's asset management plan,Then in the name of the insurance assets management companies in agreement deposit.

　　按人民银行的规定，保险资产管理公司的存款不属于金融机构的同业存款，而是一般性存款，在计算存贷比的时候，是计入存款规模的。这样，银行理财资金“转一圈”之后，堂而皇之就变成了银行的存款。在支付一点通道费之后，银行就变相突破了利率管制，达到所谓“高息揽存”的目的。

According to the regulations of the people's bank,Insurance assets management company does not belong to the deposit financial institutions trade deposit,But general deposit,In the calculation of the deposit-loan ratio,Is included in the deposit scale.this,Bank financing capital"Turn a circle"after,Imposing becomes a bank deposit.In payment YiDianTong way after fee,The bank is disguised broke through the control of interest rate,Reach the so-called"Tight LanCun"purpose.

　　此外，银行表内资金与泛资产管理行业的“通道”已经打通。

In addition,In the table, bank capital and universal property management industry"channel"Has get through.

　　比如，银行自营资金投资信托受益权，以往多数银行认为并不合规，但是今年以来风行一时。

For example,Bank operating capital investment the beneficial right of the trust,In the past most Banks think not compliance,But since this year all the rage.

　　去年下半年以来，兴业银行(601166,股吧)大量将信贷资产做成信托受益权，然后加入自己的信用（提供担保或信托受益权回购承诺），再通过一套复杂的交易结构，进行“倒卖”。由于有兴业银行的信用兜底，大量的中小银行对投资信托受益权趋之若鹜，除了理财资金购买外，还从银行间拆借市场拆借资金也加入其中。

Since the latter half of last year,Societe generale(601166,guba)A large number of credit assets will make the beneficial right of the trust,Then add your credit(To provide security or the beneficial right of the trust buyback commitment),Then through a complex transaction structure,for"stripping".With industrial bank credit reveal all the details,A large number of small and medium-sized Banks to invest the beneficial right of the trust scramble for,In addition to the financial funds to buy,Also from the interbank lending market lending funds can also join them.

　　“银行和非银行金融机构合作进行的微观业务创新，正在颠覆我们原有的监管体系，以前我们只是盯着存款、贷款，现在银行的业务事实上已经发生了很大的变化，这些创新有其合理之处，因为我们的监管本身有值得检视的地方，但这种创新，确实给监管部门提出了一个巨大的课题。”前述银行业监管专家表示。

"Banks and non-bank financial institutions of cooperation micro business innovation,We are upset existing supervision system,Before we just stared at the deposit/loan,Now the bank's business in fact the very big change has occurred,These innovation has its reasonable place,Because of our supervision itself is worth examining place,But this kind of innovation,Does give supervision department puts forward a huge task."The banking regulatory experts say.

　　3、银行理财“异化”

3/Bank financing"alienation"

　　在一位研究银行理财业务多年的金融机构高管看来，中国泛资产管理行业的“扭曲”在于：信托公司、证券公司、基金公司统统都在围着银行转，争当银行的“通道”，而银行理财本身已经“异化”。“这些机构只不过是帮助银行建立起了一个二元结构，与真正的资产管理无关。”

In a study of bank financing business years of financial institutions seems to executives,China's flood asset management industry"distortion"Lies in:Trust company/Securities company/Fund company in all around the bank transfer,The struggle of the bank"channel",And bank financing itself has"alienation"."These institutions is just to help bank established a dual structure,And the real asset management have nothing to do."

　　“从某种程度上说，这根本就是一个庞氏骗局。在一定的条件下，投资者一旦失去信心并减少他们的购买或退出理财产品，这样的击鼓传花便会停止。”10月12日，中国银行(601988,股吧)董事长肖钢在《中国日报》发表英文署名文章， 对“资金池”理财产品提出措辞极为严厉的批评，引发业界哗然。

"To a certain extent,This is fundamentally a ponzi scheme.In certain conditions,Once investors lose confidence and reduce their purchase or exit financial products,Such playing music ball will stop."On October 12,,The bank of China(601988,guba)The chairman XiaoGang in[China Daily]English articles published signature, to"The pool"Financial products put forward the phrase is extremely severe criticism,Trigger event industry.

　　一些银行理财业务管理者反驳称，银行理财资金池背后有真实的资产支撑，虽然利用了期限错配的原理，但本质上并非“庞氏骗局”。

Some bank financing business managers counter that,Bank financing the pool behind the real assets support,Although the use of the term mismatch principle,But in essence is not"Ponzi scheme".

　　“我认为肖钢说得有道理。” 曾先后负责过两家股份制银行理财业务的摩山投资董事长严骏伟，在一则题为“资金池，不得不说的秘密”的微博中表示：“银行理财投资从一一对应到准基金化运作的多对多，其缺陷就是入池的融资类的信托信贷资产的不透明和资产组合公允价值的计算原则的难以确定。银监会曾试图制定一个资产池投资管理方法，但一直未果。庞氏骗局一说由此而生。”

"I think XiaoGang sense." Once successively responsible for two joint-equity bank financing business investment the chairman of the board of directors YanJunWei mountain,In a titled"The pool,Have to say secret"Micro bo said:"Bank financing investment from one to one correspondence to quasi fund change the operation of the many to many,Its defect is into the pool financing type of trust credit assets is not transparent and asset portfolio fair value calculation principle is difficult to determine.Banking regulatory commission (CBRC) have been trying to develop a pool of assets investment management method,But not if really has been.Ponzi scheme said created."

　　外界对银行理财“资金池-资产池”模式的诟病由来已久。一位股份制银行金融市场部门负责人曾用“模拟银行”来向记者解释其运作原理。

To the outside world bank financing"The pool - asset pool"Mode has for.A joint-stock bank financial market department person in charge used"Simulation bank"Reporter to explain its operation principle.

　　在此模式下，银行不断发行理财产品，募集的资金进入资金池，而另一端是动态管理的资产池。“模拟银行”形象地道出了其运作的奥秘。

In this mode,Bank issued financial products continuously,To raise funds go into the pool,And the other end is a dynamic management of the asset pool."Simulation bank"Image tunnel out the mystery of its operation.

　　从资金募集端看，银行理财产品“刚性兑付”特征强烈，“银行当存款卖，客户当存款买”彼此心照不宣，银行理财产品也几乎没有预期收益率未能实现的案例发生。

From fundraising end see,Bank financing products"Rigid cash"Features strong,"When the bank deposit to sell,The customer when deposits to buy"Each other knowing,Bank financing products is also hardly expected rate of return failed to achieve case occurred.

　　从资金运用端看，每个银行理财计划不能和所投资的资产构成对应关系。资金池和资产池之间，存在较为严重的期限错配。理财产品期限不一，从几天到几百天不等，而资产池里的资产期限很多在3-5年。银行理财产品的兑付，确实是靠后续资金的滚动流入。

From the fund use end see,Each bank financing plan can't and investment assets constitute corresponding relations.The pool and between asset pool,There is serious maturity mismatch.Financial products different period,From a few days to a few hundred day to differ,And in the asset pool of assets term a lot in 3 to 5 years.Bank financing products of cash,It is by follow-up funds rolling into.

　　资产池里的资产，相当大部分为融资类资产，包括信贷资产、信托贷款等，这个“模拟银行”经营的实际上是信用风险和流动性风险。

In the asset pool of assets,Pretty much as a financing kind of assets,Including credit assets/Trust loans, etc,this"Simulation bank"Business is actually the credit risk and liquidity risk.

　　银行获利的原理也不是靠发行理财产品收取管理费，而是靠这个“模拟银行”持续运作所产生的滚存收益。当滚存收益达到一定规模的时候，银行就大规模提取管理费，从而将这个“模拟银行”的利润，转化为自身的手续费收入。而这种手续费收入本质是上透支银行信用所获得的利差收入。

The principle of the bank profit is not by issuing financial product collection management fee,But by the"Simulation bank"Sustainable operation of the accumulated earnings generated.When the accumulated earnings to a certain scale of time,The bank is large-scale extraction management fee,Thus will the"Simulation bank"profits,Into their own fee income.And the commission income essence is the overdraft bank XinYongSuo get spread income.

　　“商业银行正在异化为一个二元结构，在一个以传统信贷业务为主的，接受严格监管的大银行旁边，再造了一个由银行理财资金池构成的小银行。”前述银行业监管专家认为，这个“小银行”的危险之处在于，没有资本、没有拨备、杠杆率得不到很好控制，因而是一个“裸奔”的银行。

"Commercial Banks are alienation is a dual structure,In a traditional credit business primarily,Accept the strict supervision of next big Banks,Reengineering the bank financing the pool a small bank."The banking regulatory experts say,this"Small Banks"Risk lies in,No capital/No provisions/Leverage ratio is not very good control,Is a"streaking"bank.

　　一旦这个“小银行”的坏账率超过一定比例，风险会立即传导给其母体，“大银行”出于声誉风险的考虑，将被迫去救“小银行”。

Once the"Small Banks"The bad debt rate more than a certain percentage,Risk would immediately conduction to its parent,"Big Banks"Out of reputation risk consideration,Will be forced to go to save"Small Banks".

　　此言不虚，一位银行理财业界资深人士透露，2010年以来，已经出现过数起银行理财资金所发放的信托贷款违约的案例，银行的处置方式是被迫用表内资金为企业发放贷款，偿还信托贷款。

This virtual,A bank financing industry senior sources,Since 2010,Has been counting up bank financing capital payment trust loan defaults case,Bank disposal way is forced to use in the table for the enterprise capital loans,To repay the trust loans.

　　目前，主要的大型银行和股份制银行已经将银行理财发放的贷款纳入表内授信管理，但其管理模式仍有有令人担忧之处。

At present,The main large Banks and joint-stock Banks have to bank financing loans in the table into the credit management,But its management mode is still a worrying place.

　　“有的银行一个处长就能决定数亿乃至数十亿资金的去向，如果缺乏有效的约束机制，其道德风险不容忽视。”前述业界资深人士表示，在传统的信贷业务中，一笔贷款往往需要层层审批，对信贷员实行的是终身责任追究制，而表外的贷款并没有这么严格。

"Some Banks a director can decide where hundreds of millions of and even billions of funds,If the lack of effective constraint mechanism,The moral risk nots allow to ignore."The industry senior personage says,In the traditional credit business,A loan often need to layer upon layer for examination and approval,The loan officer to implement is ZhuiJiuZhi lifelong responsibility,And off-balance-sheet loans and not so strict.

　　银行理财业务监管者曾多次表示，“资金池-资产池”模式主要是由于银行IT系统不发达，无法在每一个银行理财计划和它所投资的资产组合之间建立一一对应关系。“好多中小银行靠Excel手工计算，量大了之后，怎么可能算得清楚？”

Bank financing business regulators had repeatedly said that,"The pool - asset pool"Mode is mainly due to banking IT system is not developed,Can't in each bank financing plan and its investment portfolio to establish one to one correspondence relationship between."A lot of small and medium-sized Banks by Excel manual calculation,After the large amount of,How can is clearly?"

　　但事实上，银行理财资金池的整治，远非上一套功能强大的IT系统就能解决那么简单。一位实务操作人士说，如果不规范银行理财计划之间互相交易资产组合的行为，定价如果缺乏严格规范，银行仍然能轻松操纵单个银行理财计划的收益，并且继续获取“模拟银行”带来的收益。“只不过多了一个纸面上的资产对应而已”。

But in fact,Bank financing the pool regulation,Far from being a powerful IT system can solve so simple.A practical operation activists say,If is not standard bank financing plan to trade with each other between portfolio behavior,If the lack of strict pricing,The bank can still easily manipulate individual bank financing plan income,And continue to get"Simulation bank"Of the benefits of."More than just a paper on the corresponding assets it".

　　因而，银行理财资金池模式的整治除了需要对投资管理过程进行规范，还需要改变银行理财产品的发行模式——变预期收益率发行为像基金那样的净值发行。

therefore,Bank financing the pool model regulation in addition to need to regulate investment management process,Also need to change the bank financing products release model - variable expected rate of return issue for like a fund that equity issue.

　　从操作层面看，银行理财产品要按净值发行，并进行持续信息披露，相比基金的一个难点在于，所投资的资产有很多没有二级市场价格，因而很难进行估值。前述实务操作人士建议，银监会需要统一对信贷资产、信托贷款等没有二级市场交易价格的融资类资产的估值、定价模型，目前按历史成本法估值操作虽然简单，但并不科学。

From the operational perspectives,Bank financing products according to equity issue,And for continuous information disclosure,Compared to fund a difficulty,The investment assets have a lot of no secondary market prices,So it is difficult to values.The practical operation personage proposal,CBRC to credit assets need to unite/Trust loan does not have the secondary market trading price of the financing kind of asset valuation/Pricing model,At present according to historical cost method valuation operation simple,But not science.

　　严骏伟认为，资金池问题的解决之道，就是要走到真正的基金化运作，实行充分的信息披露和净值管理。同时融资类的信托信贷资产应该建立独立的资产池，不应和股票，债券，外汇，货币资产混合投资。

YanJunWei think,The pool problem solution,Is to go to the real fund change operation,A full disclosure of information and net value management.At the same time the financing type of trust credit assets should establish independent asset pool,Not have stock,bonds,Foreign exchange,Monetary assets mixed investment.

　　4、重蹈信托覆辙？

4/Repeating mistakes trust?

　　2012年6月7日，证监会主席郭树清在中国证券投资基金业协会成立大会上发表了题为《我们需要一个强大的财富管理行业》的讲话。郭树清指出了发展财富管理对经济转型具有的重要意义，在整个泛资产管理行业引起了强烈反响。

On June 7, 2012,Securities regulatory commission chairman GuoShuQing securities investment funds in China association conference titled published[We need a powerful wealth management industry]speech.GuoShuQing pointed out that the development of wealth management on economic transformation is one of the most important significance,In the whole universal asset management industry caused a strong reaction.

　　但是，就郭树清所说的，基金公司要“坚持从实体经济需要出发，通过设立专项资产管理计划，投资实体资产，扩大专户产品的覆盖范围，服务实体经济”的理解，却引发了争议。

but,It GuoShuQing said,Fund company to"Proceed from the need of the real economy,Through the establishment of special asset management plan,Investment entity assets,Expand only door product coverage,Service entity economy"understanding,But had sparked controversy.

　　一些基金公司认为，郭树清的讲话和证监会此后出台的《基金管理公司特定客户资产管理业务试点办法》为基金公司通过设立子公司进入信贷融资市场扫清了障碍。

Some fund companies think,GuoShuQing speech and securities regulatory commission issued thereafter[A fund management company specific customer asset management business pilot measures]For fund company through the set up subsidiaries into the credit financing market clear of obstacles.

　　“公募基金方面，我们会大量做债券投资基金和指数基金，通过子公司，我们会先做银行理财的通道业务，再做融资业务。”一家新设基金公司高管对本报表示。

"Public offering fund aspects,We will do a lot of bond investment fund and index funds,Through the subsidiary,We will first do bank financing channel business,To do financing business."A newly established fund company executives to our newspaper said.

　　郭树清的讲话发表后，多家基金公司的高管都在基金业协会网站抒发了学习体会，其中对基金业发展的反思，多包括一条：忽视了固定收益产品。

GuoShuQing speech published,Several fund company executives are in funds industry association website to express the learning experience,The reference to the reflection,Many including a:Ignore the fixed income products.

　　如宝盈基金就指出，“再看看国外成熟市场基金产品的发展结构，类似债券基金、货币基金等固定收益类的低风险产品，在整个资产管理规模中占比是明显比较大的。在中国，低风险的资产管理产品规模会越来越壮大显然也是个确定的预期。”

Such as treasure surplus funds, it is pointed out,"Look again at foreign mature market fund product development structure,Similar bond fund/Monetary fund and fixed income kind low risk products,In the asset management in the scale of ratio is significantly larger.In China,Low risk assets management products scale will be more and more expand obviously is a certain expected."

　　受访的多位券商资管业务负责人也指出，近年来，券商资管业务被边缘化，重要的原因是，“死守着这么个持续不景气的股市”。而反观银行理财和信托，正式靠固定收益获得了客户的青睐。

The surveyed many brokers endowment pipe business person in charge also pointed out,In recent years,Brokers endowment pipe business being marginalized,The important reason is,"Defend to the death with such a sustained recession in the stock market".And in bank financing and trust,Formal on fixed income won the customer's favor.

　　“券商和基金认识多做固定收益的重要性是好事，但我总担心他们会犯错误。”一位信托公司高管表示，部分券商和基金摩拳擦掌要做融资业务，显然是对什么是刚性兑付风险、流动性风险缺乏认知。

"Brokers and fund know more the importance of fixed income is good,But I always worried that they will make mistakes."A trust company executives said,Part of the brokers and fund fight to do financing business,Obviously is right and what is rigid cash a risk/Liquidity risk lack of knowledge.

　　“擅长经营市场风险的券商和基金，去经营信用风险和流动性风险，让人捏一把汗。”一位信托公司的资深产品经理也表示。

"Good at business market risk brokers and fund,To manage credit risk and liquidity risk,Let a person be seized with anxiety."A trust company senior product manager also said.

　　在他们看来，信托业在这方面的教训已经太深，现在是整个行业在咬紧牙关，保融资性集合信托计划的兑付。

In their eyes,Trust industry in this lesson has been too deep,It is the whole industry in bite the bullet,The financing set trust plan of redemption.

　　在前述信托公司高管看来，融资性集合信托计划机制上的内在缺陷，注定了信托业目前面临的困境。融资性集合信托计划本质上是一个私募债券，而这个债券没有流动性，且每一个融资性集合信托计划背后对应的是特定的一撮投资者，投资者无法在交易中识别和管理流动性风险，在投资者教育不成熟、监管维稳的背景下，信托公司只得吞下“刚性兑付”的苦果。

In the trust company executives looks,Financing set trust plan on the mechanism of the inner defects,To trust industry is faced with difficulties.Financing set trust plan is essentially a private bond,And this bond no liquidity,And every financing set behind the trust plan was for specific a pinch of investors,Investors can't in trading identification and management of liquidity risk,In the investors education not mature/Under the background of regulatory dimensional stability,Trust company had to swallow"Rigid cash"The bitter legacy of the.

　　在他看来，证券公司和基金公司做融资性业务，会重蹈信托公司的覆辙。“证券公司还好一点，可以用一些自有资金提供流动性支持，基金公司靠什么缓释流动性风险？到时候又做资金池？”

In his view,Securities companies and fund company to do financing business,Repeat mistakes of the trust company."Securities company is also a little bit better,Can use some of their own funds to provide liquidity support,Fund company rely on what slow-release liquidity risk?When the time comes and do the pool?"

　　此轮券商资管新政和基金公司专项资管新政，虽没有明示可以放贷款，但是实务操作人士表示，“要做融资业务，非常容易”。

This wheel brokers endowment tube New Deal and fund company special endowment tube the New Deal,Although no express can put a loan,But the practice operation say,"To do financing business,Very easy to".

　　对于证券公司的“限额特定资产管理计划”（俗称“小集合”），证监会已经将投资范围放宽到“证券公司专项资产管理计划、商业银行理财计划、集合资金信托计划等金融监管部门批准或备案发行的金融产品以及中国证监会认可的其他投资品种。”

For securities company"Limit specific asset management plan"(Commonly known as"Small set"),Securities regulatory commission has put the investment scope to relax"A securities company special asset management plan/Commercial bank financing plan/Trust plans of assembled funds, and other financial supervision department approval or for the record release financial products and the China securities regulatory commission approved the other investment varieties."

　　前述实务操作人士指出，如果券商要发“小集合”去放贷款，套个信托计划或专项资产管理计划的“马甲”就可以，无非是支付一点“通道”费。

The practical operation personage points out,If the securities trader want to send"Small set"To loan,A trust plan or special asset management plan"Ma3 jia3"can,It is a little pay"channel"fee.

　　而对于券商的“定向资产管理计划”（相当于信托公司的单一信托），证监会规定“允许投资者和证券公司自愿协商，合同约定投资范围。”亦即法无禁止则自由，发放贷款理论上也是可以的。

For the securities"Directional asset management plan"(The trust company is equivalent to a single trust),CSRC provisions"Allow investors and securities companies voluntary consultation,The contract scope of investment."Which method nonrestraint is free,Lending theory is also possible.

　　对于基金公司通过设立子公司开展的“特定客户资产管理业务”而言，更是明确投资范围包括：“未通过证券交易所转让的股权、债权及其他财产权利。”既可以通过其它的金融机构先形成一笔债权，然后再去买，也可以直接购买“项目收益权”等资产。

For the fund company through the set up subsidiaries to"Specific customer asset management business"in,Is explicitly investment scope includes:"Not through the stock exchange transfer of equity/Creditor's rights or other property rights."Can through the other financial institutions to form a creditor's rights,And then to buy,Can also direct purchase"Project usufruct"And other assets.

　　在政策没有障碍的情况下，受访的多位资管界人士表示，在一个金融压抑，信贷融资需求总是得不到满足的经济体里，证券公司和基金公司要拒绝融资性业务，“太难太难”。

In the policy under the condition of no obstacle,The surveyed many endowment wind sector say,In a financial repression,Credit financing demand is not always satisfy the economy,Securities companies and fund company will refuse the financing business,"Too hard hard".

　　而症结在于，目前的客户高度偏好于固定收益理财产品，而金融市场上固定收益的基础投资品太少，难以满足整个泛资产管理行业的投资需求。

But the crux is that,Current customers high preference in fixed-income financial products,Financial market is based on fixed income too little investment,To meet the whole universal asset management industry investment demand.

　　“不是我们非要通过各种通道去投资信贷资产，我在市场上买不到，才被迫去做。”一位国有大行资产管理部负责人对本报表示，如果金融市场上有丰富的债券品种和信贷资产支持证券，银行理财不会像现在这样遭受这么多的质疑。

"We must not through various channels to invest credit assets,I can't buy in the market,Was compelled to do."A state-owned large line assets management department responsible for our newspaper said,If financial markets have rich bonds varieties and credit asset-backed securities,Bank financing won't like this suffer so many question.

　　我国的信贷资产证券化试点始于2005年，2007年国务院批复扩大试点，2008年美国次贷危机引发全球金融危机后，信贷资产证券化实际陷入停滞。

The securitization of credit assets in China began in 2005,In 2007, the state council, enlarged the reply,In 2008 the United States subprime crisis caused by the global financial crisis,The securitization of credit assets actual into stagnation.

　　今年5月，央行、银监会、财政部联合下发《关于进一步扩大信贷资产证券化试点有关事项的通知》，重启试点，但国务院批复的额度仅有区区500亿元。

In may this year,The central bank/The CBRC/Jointly issued by the ministry of finance[On further expanding the securitization of credit assets related matters notice],Restart pilot,But the state council ratified the line only only 50 billion yuan.

　　“我们一直不愿放开正常的资产证券化，但事实上，非标准的信贷资产证券化进行得如火如荼，不可能禁止得住。”前述信托公司高管认为，银行理财资金通过信托、券商、基金的通道去投资信贷资产，其本质上“曲线”信贷资产证券化。而这种非标准的信贷资产证券化，没有引入中介机构，过程不够规范、透明。

"We has been reluctant to let go of the normal asset securitization,But in fact,The standard of the securitization of credit assets in full swing,Not possible ban on live."The trust company executives think,Bank financing capital through the trust/brokers/Fund channel to invest credit assets,Its essence"curve"The securitization of credit assets.And this kind of non standard of the securitization of credit assets,Not introduced intermediaries,Process is not standard/transparent.

　　因而，他建议开信贷资产证券化的正门，既解决商业银行流动性和资本补充的压力，又解决泛资产管理行业兴起之后，固定收益的基础投资品严重匮乏的局面。

therefore,He suggested that open the front door of the securitization of credit assets,Can resolve commercial bank liquidity and capital supplementary pressure,And solving the assets management industry after the rise,Fixed income foundation investment serious shortage situation.

　　5、呼唤大一统

5/Calling united

　　在全国人大财经委副主任委员吴晓灵看来，金融无非“四业”——创造信用货币的银行业，作为融资中介的证券业，作为相互帮助的经济补偿的保险业和代客理财的信托业。

In the National People's Congress vice director of CaiJingWei WuXiaoLing looks,Financial but"Four industry"- create credit monetary banking,As a financing intermediary securities,As mutual help economic compensation of insurance and valet financial trust industry.

　　因而，在她看来，整个中国的泛资产管理行业都应该统一到《信托法》的旗帜下，明确适用信托关系。

therefore,In her eyes,The whole of China's flood asset management industry should be unified to[Trust law]Under the banner of,Clear applicable trust relationship.

　　然而，除了信托公司和基金管理公司以外，银行理财、券商资管、保险资管等都不承认其经营的是信托业务。

however,In addition to trust and fund management company outside,Bank financing/Brokers endowment tube/Insurance endowment pipe and so on are not admit its business is trust business.

　　这其中有现实的法律障碍，现行《商业银行法》、《证券法》、《保险法》均明确规定，银行、证券、保险、信托实行分业经营、分业监管。因而，除信托公司和基金管理公司外，一旦宣称自己“做信托”就涉嫌违法。

Which have realistic legal barriers,current[Commercial Banks]/[Securities law]/[Insurance law]Are explicitly stipulated,The bank/securities/insurance/Trust the separate operation/Supervised respectively.therefore,In addition to trust and fund management company outside,Once declared himself"Do trust"About the alleged illegal.

　　然而，耐人寻味的是，这些机构虽然谨慎涉及“信托”二字，但却在相关的规范性文件中竭力“行信托之实”。比如，努力通过具体的规定，确立受托管理资产的独立性和破产隔离问题。

however,Intriguing is,These institutions involved while carefully"trust"Two words,But in the relevant regulatory documents to the"Line reality of the trust".For example,Efforts through the specific provision,The establishment of the assets management independence and bankruptcy isolation problems.

　　“受制于分业经营的限制，大家不敢承认信托关系，《信托法》被普遍误解为一部只与信托公司有关的法律，不能不说是一种遗憾。”一位信托法专家表示，当前应该推动信托制度的“普惠化”。

"Subject to the limitation of separated operation,You can't admit the trust relationship,[Trust law]Misunderstanding is generally for a just and the trust company the relevant laws,Have to say it's a kind of regret."A trust law experts say,At present, it is urgent to promote the system of trust"Pratt &whitney change".

　　在他看来，整个泛资产管理行业承认信托关系并无实质性的障碍。首先，《商业银行法》、《证券法》、《保险法》虽然都明确规定分业经营，但是留了一个“口子”——“国家另有规定的除外”。因而，只需要国务院尽快出台《信托机构管理条例》，然后启动《信托业法》或《受托人法》制定即可。

In his view,The whole universal asset management industry admitted that the trust relationship and no substantial obstacles.First of all,[Commercial Banks]/[Securities law]/[Insurance law]Although all are specified separated operation,But leave a"cut"--"Except as otherwise provided by the state".therefore,Only need to the state council issued as soon as possible[Trust institution management regulations],Then start[Method of trust industry]or[Trustee method]Can be formulated.

　　2001年12月，国务院办公厅发布的“关于《中华人民共和国信托法》公布执行后有关问题的通知”明确指出：根据《信托法》第四条的规定，由国务院法制办牵头，组织有关部门拟定《信托机构管理条例》，对信托机构从事信托活动的事项做出具体规定。在国务院制定《信托机构管理条例》之前，按人民银行、证监会依据《信托法》制定的有关管理办法执行。

In December of 2001,The general office of the state council issued"about[Trust law of the People's Republic of China]Announced after the implementation of the relevant questions of the notice"Explicitly pointed out:According to[Trust law]The provisions of article 4,Led by affairs office of the state council,Organize the relevant departments protocol[Trust institution management regulations],The trust institutions engaged in matters of trust activities make specific provisions.In the state council formulated[Trust institution management regulations]before,According to the people's bank of/Securities regulatory commission basis[Trust law]Formulate the relevant management measures.

　　人民银行、证监会分别负责对信托投资公司、证券投资基金管理公司等机构从事营业性信托活动的监督管理。未经人民银行、证监会批准，任何法人机构一律不得以各种形式从事营业性信托活动，任何自然人一律不得以任何名义从事各种形式的营业性信托活动。

People's bank of/Securities regulatory commission respectively responsible for the trust and investment companies/Securities investment fund management companies, such as the institutions engaged in the supervision and administration of commercial trust activities.Without the people's bank of/Securities regulatory commission for approval,Any legal institutions in various forms are engaged in commercial trust activities,Any natural person in any name are engaged in various forms of commercial trust activities.

　　但因为种种原因，《信托机构管理条例》至今未能出台。

But for a variety of reasons,[Trust institution management regulations]Failed so far to come.

　　除了法律关系的统一，监管标准的统一也是整个泛资产管理行业的共识。比如，此番银行理财的通道业务向证券公司、基金公司转移，引发争议，是因为净资本监管标准的不统一。

In addition to the unification of legal relationship,The unity of the regulatory standards is also the whole universal asset management industry consensus.For example,This "bank financing channel business to the securities company/Fund company transfer,controversial,Because net capital supervision standard not unified.

　　又如，银行理财产品余额已经超过6万亿元，但银监会只有一个于2005年9月出台的《商业银行个人理财业务管理暂行办法》，明显落后于实践的发展。

And as,Bank financing products balance has more than 6 trillion yuan,But banking regulatory commission (CBRC) is only one in September 2005 on the introduction of the[Commercial bank personal finance business management interim measures],Obviously lags behind the development of practice.

　　“银行理财资金到底可以投什么，怎么投，应该尽快有一个明确的说法。”一位股份制银行理财业务负责人表示。传统上，银行理财资金只能投资货币市场、债券市场等，但是通过信托、券商、基金的“通道”，银行理财资金的投向实际上无所不能，“连艺术品都投了”。

"Bank financing capital exactly can vote for??????,How to cast,As soon as possible should have a clear view."A joint-stock bank financing business person in charge said.traditionally,Bank financing funds can only be investment money market/Bond market, etc,But through the trust/brokers/fund"channel",Bank financing capital to actually omnipotent,"Even the art vote".

　　如果认可银行理财资金可以投资某类资产，为什么非要逼它找“通道”，如果不认可它投资某类资产，难道套个“马甲”就可以了？前述股份制银行理财业务负责人质问说。

If approved bank financing funds can invest some assets,Why have to force it to find"channel",If not recognized it investment certain types of assets,Don't set a"Ma3 jia3"Can the?The foregoing joint-stock bank financing business controller questioned said.

　　另外，由于适用法律不同，各监管机构监管松紧不一，实质造成了泛资产管理行业的不公平竞争。因此，目前亟需监管部门彼此协调，进行统一制度顶层设计，确立统一的法律关系，从机构监管逐步过渡为行为监管和功能监管。

In addition,Due to the different applicable law,The regulators are elastic,Substantial caused a flood asset management industry unfair competition.therefore,Current regulators need to coordinate each other,For uniform system top design,Establish the unified legal relationship,From institutional supervision gradually transition for the behavior regulation and function of supervision.