吴比较/制图 Wu is/drawing

　　证券时报记者 胡学文 见习记者 吴晶晶

The securities times reporter HuXueWen trainee reporter WuJingJing

　　去年以来，中国证监会适应经济社会转型对资本市场的要求，整体推进资本市场改革，证券、基金等行业迎来创新发展大好时机。然而创新之旅显然难一蹴而就，新形势下，新兴产业也对金融服务创新提出了更高的要求。金融创新的方向何在？围绕资本市场产品创新理念、方法、关键环节与风险控制，结合基础性产品案例的解剖与分析，中国资本市场学院近日在深圳举办资本市场产品创新研讨班（第1期），遍邀国内外资深专家登堂开讲，国内八十多家证券、基金公司一百余位高管人员展开了一场为期三天半的互动式研讨。这也是中国资本市场学院自去年11月下旬开业以来的第四个专题研讨班。

Since last year,The China securities regulatory commission to adapt to economic and social transformation of the requirements of the capital market,The overall development of capital market reform,securities/Fund industries have a great opportunity for innovation and development.However innovation trip obviously difficult to accomplish in one move,Under the new situation,Emerging industry also to financial service innovation put forward higher request.What is the direction of financial innovation?Around the capital market products innovation concept/methods/The key link and risk control,Combined with basic product case anatomy and analysis,China's capital market institute recently held in shenzhen capital market products innovation seminar(1)),Invite senior experts at home and abroad through an class began,Domestic eighty stock/Fund company more than one hundred senior executives who launched a three and a half days interactive discussion.This is also the Chinese capital market since late November last year college since the opening of the fourth topic seminar.

　　不能为了创新而创新 Not to innovation and innovation

　　“创新的目的是什么？创新的原则是什么？绝对不是为了创新而创新！”作为资本市场产品创新研讨班（第1期）第一堂课的主讲老师，华润信托总裁孟扬开篇点题。在她看来，资本市场产品创新绝对不能为了创新而创新，而要坚持三个原则，一是投资者利益至上；二是融资者需求满足；三是兼顾公司的利益。

"What is the purpose of innovation?What are the principles of the innovation?Absolutely not to innovation and innovation!"As a capital market products innovation seminar(1))The first lesson of the teacher,Huarun trust President MengYang non-alcoholic drinks.In her eyes,Capital market products innovation must not to innovation and innovation,To adhere to the three principles,One is the investors interests first;The second is to meet demand issuer;The third is to the interests of the company.

　　孟扬所述观点，与当天开班仪式上证监会主席助理张育军讲话不谋而合。张育军认为，金融创新活动必须面向真实需求，金融创新活动必须基于经济、生活的真实需求，这是金融产品创新的第一个原则。

MengYang mentioned point of view,And the ceremony of the commencement of the securities regulatory commission chairman assistant ZhangYuJun speech happen to coincide.ZhangYuJun think,Financial innovation activities must face the real demand,Financial innovation activities must be based on the economy/Life's real need,This is the financial product innovation first principle.

　　银华基金(博客,微博)总裁助理郑旭也认同上述观点，她认为，不能为了创新而创新，机构在创新的同时也要考虑自己公司的利益，往大的方面讲，创新是推动行业发展；从小的方面讲，创新是为了可以盈利。“创新要兼顾投资者和公司的利益，有所为，也有所不为，以多方共赢为最优，这样的金融创新产品才有比较持续的生命力。”郑旭说。

Yin fund(blog,Micro bo)Assistant President ZhengXu also agree with the above viewpoint,She thinks,Not to innovation and innovation,Agencies in innovation at the same time, also want to consider the interests of your company,To big reasons,Innovation is promote the development of the industry;In terms of the young,Innovation is in order to be profitable."Innovation to give consideration to the investors and the interests of the company,to,Also it,To multi-win-win situation is the best,Such financial innovation products have comparative continued vitality."ZhengXu said.

　　郑旭还就金融产品创新提出了本地化和创新也需要保护的观点，在她看来，在金融产品创新中，本地化是最关键和困难的环节，在学习借鉴国外经验的同时，金融产品创新要尽可能做到本地化，能否让产品“落地”也是创新能不能成功很关键的因素。此外，金融创新还需要保护，更需要相对公平和公正的评审机制。

It also ZhengXu financial products innovation proposed the localization and innovation also need protection point of view,In her eyes,In the financial products innovation,Localization is the most important and difficult part,In the study the reference of foreign experience at the same time,Financial product innovation to as far as possible do localization,Can make products"landing"Is also the innovation can success is the key factor.In addition,Financial innovation is needed to protect,Need more relative fair and impartial evaluation mechanism.

　　汇添富基金总经理助理娄焱也认为“保护创新意义非常重大”，她表示，现在创新越来越不是孤立的，而是联动的创新，合作方的支持非常重要。风险管理确实是创新产品长期发展的基石，创新产品突破了老的做法，带来了没有遇到的风险，风险管理非常重要，一旦失败不仅对公司品牌有影响，甚至可能影响整个行业该类产品后续的发展，因此创新一定要时刻想到，不光是自己公司的事情，也是整个行业的事情。“监管机构为创新提供很好的政策环境，这对保护创新意义重大，实际上创新保护我们认为还能提升基金公司创新热情。”娄焱说。

Collect add rich fund assistant to the general manager LouYan also think"It is significant to protect innovation",She said,Now more and more innovation is not isolated,But the innovation of the linkage,Partner's support is very important.Risk management is indeed the cornerstone of the development of the innovative products for a long time,Innovative products broke through the old way,Bring the risk of not met,Risk management is very important,Once the failure not only to have an impact on the company's brand,Even the whole industry may affect the product the development of follow-up,So innovation must think of time,Is not only their own company's things,Is the industry's things."Regulators for innovation to provide a good policy environment,It is of great significance to protect innovation,In fact innovation protection we think can improve fund company innovation enthusiasm."LouYan said.

　　与会人员还不约而同地提到了在创新活动中应该对风险更加重视，张育军在关于金融产品创新的底线原则中也强调，金融创新活动要为风险管理提供工具而不是制造新的风险，金融工具是风险管理的工具，而不是进一步制造风险的工具。与此同时，创新能力与风控能力必须同步提高，讲创新的时候千万不要忽略风险。

The researchers also happen to coincide to mention the innovation activities should pay more attention to the risk,ZhangYuJun about financial product innovation in the bottom line of the principle is also emphasized,Financial innovation activities to provide risk management tools and not to make a new risk,Financial instruments is risk management tools,Rather than risk further manufacturing tools.meanwhile,The innovation ability and wind control ability must be synchronous improve,Speak of the innovation when don't ignore the risk.

　　有基金行业学员也在点评中表示，所有的创新都是有风险的工作，既然是有风险才会带来收益，看到收益无视风险无疑是有失偏颇的。围绕风险管理，需要学习的是加强基础建设，公司内部怎么样夯实内部风险管理机制和系统建设，如何提高风险防范的能力，这样才能获得风险的收益。

A fund industry participants also comment on that,All of the innovation has a risk work,Since there is a risk will bring benefits,See the benefits of risk is undoubtedly the biased.Around the risk management,Need to learn is to strengthen infrastructure construction,The company internal how punning internal risk management mechanism and system construction,How to improve the ability of risk prevention,In order to obtain the income risk.

　　产品创新的原则和方向

Product innovation principles and direction

　　作为执掌创新的监管部门领导，张育军在当天研讨班上关于未来证券、基金行业创新的原则发展方向为业内所高度关注。

As an innovation in the supervision of the department heads,ZhangYuJun in the seminar on the future stock/The principle of innovation fund industry development direction for the industry high attention.

　　张育军强调了金融创新的四条原则：原则一，金融创新活动必须面向真实的需求，不能搞自我循环、不能搞纯粹的自我交易、自我服务，必须基于经济、生活的真实需求；原则二，底线原则。金融创新活动要为风险管理提供工具而不是制造新的风险，金融工具是风险管理的工具，而不是进一步制造风险的工具。金融创新活动一定要牢牢树立一个底线思维，那就是风险控制的思维；原则三，创新能力与风控能力必须同步提高，讲创新的时候千万不要忽略风险，两种能力必须都具备；原则四，适当的产品卖给适当的投资人。这是投资者保护原则，设计创新产品是为投资人创造收益的，而不是坑害投资人的，要把客户权益的保护放在首位。“希望大家在金融创新活动中牢记这四个基本原则。”张育军强调说。

ZhangYuJun emphasizes the four principles of financial innovation:Principle a,Financial innovation activities must face the real demand,Can't make self cycle/Can't make a pure ego trading/Self service,Must be based on the economic/Life's real need;Principle 2,Principle of the bottom line.Financial innovation activities to provide risk management tools and not to make a new risk,Financial instruments is risk management tools,Rather than risk further manufacturing tools.Financial innovation activities must firmly establish a baseline thinking,That is the risk control thinking;Principle three,The innovation ability and wind control ability must be synchronous improve,Speak of the innovation when don't ignore the risk,Two kinds of ability must have;Principle four,The appropriate product sells to the appropriate investors.This is the principle of investor protection,Design innovative products for investors to create income,Not entrap investor,The customer rights and interests of the protection in the first place."Hope everyone in the financial innovation activities of the four basic principles in mind."ZhangYuJun emphasized that.

　　总结过去一年多的创新活动，关于证券、基金行业的创新发展方向，张育军也做了介绍，他指出：第一，恢复金融机构的本来属性，五大功能为基础进行创新，金融机构要做金融机构本分上的事，恢复券商、基金公司、期货公司作为金融公司的属性，就是金融机构的融资功能、投资功能、交易功能、托管结算功能、支付功能；第二，金融机构创新以三项基本业务为重点，这三个基本业务就是交易功能、投资功能和融资功能；第三，以交易功能为核心。为什么是交易功能？因为金融公司最缺的是交易领域，除了参加交易所的常规标准化交易以外，应该具备与客户、交易对手直接交易的能力。

Sum up the past more than a year of innovation activities,About securities/The innovation of the fund industry development direction,ZhangYuJun is also introduced,He pointed out that:The first,Restore the original attributes of financial institutions,The five functions as the foundation for innovation,Financial institutions to do the duty of financial institutions,Recovery brokers/Fund company/The futures company as a financial company's attribute,Is financial institutions financing function/Investment function/Function of trade/Custody settlement function/Payment function;The second,Financial institution innovation to three basic business as the key point,The three basic business is business function/Investment function and financing function;The third,The transaction function as the core.Why is the function of trade?Because financial companies lack most is trading field,In addition to the conventional exchange than trading standardization,Should have with the customer/Counterparty the ability to trade directly.

　　长江商学院金融学教授、原瑞银证券董事总经理欧阳辉谈及金融危机前后结构性产品的演变、经验教训及启示时也强调，要从金融危机事件中吸取教训，系统性风险是不能分散的，结构性产品有其局限性，在产品创新的同时，要注意保护投资者利益。

The Yangtze river business school professor of finance/The original ubs securities OuYangHui managing director of financial crisis and the evolution of structured products/Experience and enlightenment is emphasized,From the financial crisis to learn,Systemic risk is not scattered,Structured products has its limitations,In product innovation at the same time,Attention should be paid to protect investors' interests.

　　而结合具体行业或金融产品，一些研讨班学员也发表了自己对产品创新方向的看法，如有学员就认为，有些创新可能就是某一些功能的回归，可以使这个行业摆脱窘境，未必一定都是拓展性、原创性的创新。在该学员看来，尽管有人说“不创新就消亡”，但是他认为，创新也有可能意味着消亡，创新不一定意味着大而全，创新可能意味着新分工的出现，新差异化定位的出现。如果沿着这个逻辑路径，可能看到的是更多合作，更多的不同行业间的融合，不同证券公司在市场里面的差异化分工。

And in combination with the specific industry or financial products,Some seminar participants also published his views on the direction of product innovation,If you think,Some innovation may be some function of the regression,To make the industry out of its misery,Is not always is expanding/Original innovation.In the student looks,Although some say"Innovation is not die out",But he thinks,Innovation may also mean that die,Innovation does not necessarily mean that big,Innovation is likely to mean that the emergence of a new division of labor,The emergence of new differentiation positioning.If the logic along the path,May see more cooperation,More different fusion between industries,Different securities companies in the market in the difference of the division of labor.

　　技术、机制、人才是创新保障 technology/mechanism/Talent is the innovation safeguard

　　在持续三天半的研讨培训中，不少专业人士都提到了技术、机制和人才等因素对于未来金融产品创新活动的重要性。

In the last three and a half days of training seminars,Many professionals are mentioned technology/Mechanism and factors such as talents for the future of the importance of financial products innovation activities.

　　银华基金总裁助理郑旭就直截了当地指出，未来技术创新是产品创新的支持和保障。有研讨班学员还表示，围绕产品创新后面即是业务模式的创新，业务模式的创新必然带来组织形式的创新。在这样一个逻辑下，原来的防火墙、业务分割式的管理不能适应今天的需要，这都需要在技术、机制和人才储备等方面加以准备。

Yin fund assistant President ZhengXu will categorically pointed out,The future technology innovation is the product innovation support and protection.A seminar participants also said,Product innovation is around behind business model innovation,Business model innovation will bring organization form of innovation.In such a logical next,The firewall/Business division type management can not adapt to the needs of today,All these need to be in technology/Mechanism and reserve of talents, so as to prepare.

　　张育军对券商、基金公司产品业务创新提的四点建议对上述内容也多有涉及，他指出：首先要有一种学习精神，向成熟金融体学，证券、基金公司要强调树立学习精神、标杆意识、追赶意识；其次，券商、基金公司要抓紧人才队伍的培养、吸收，否则产品创新就是一句空话，要抓紧引进人才，抓紧团队组建工作。此外，还要加快建立人才队伍的激励约束机制，充分利用和借力现代技术手段，比如网络金融、低成本交易手段等。“金融已经进入了电子化时代，我们还在用传统的方式依靠牌照赚点小钱，对互联网金融等新生事物有一种天生的恐惧，包括一线的证券公司。”张育军透露，互联网金融今年必然要突破，目前正在准备当中。

ZhangYuJun of securities dealers/Fund company product business innovation proposed four Suggestions on the above content also has involved,He pointed out that:The first to have a kind of learning spirit,Learn to mature financial body,securities/Fund company to emphasize to set up learning spirit/Benchmarking consciousness/After consciousness;secondly,brokers/Fund company to take the cultivation of talents/absorption,Otherwise, product innovation is an empty talk,We need to work quickly to introduce talents,Take a team work.In addition,To speed up the establishment of a talent team of incentive and constraint mechanism,Make full use of modern technology and means,Such as the network financial/Low cost trade means, etc."Financial have entered the electronic age,We still use the traditional way rely on the licence to make a fast buck,On the Internet, such as financial new things have a natural fear,Including a line of the securities company."ZhangYuJun revealed,The Internet financial year must break through,At present are afoot to.

　　张育军还重点提及了技术系统对于产品创新的重要性，他认为，产品创新一定要有一个产品创意设计的实验室、模拟中心或运行中心，实际的产品设计一定要模拟，要上系统运行和检测，目前行业机构内有这个的很少。此外，产品创新方面还需要努力建立业务与产品创新的框架和机制。

ZhangYuJun also highlighted the mentioned technology system for the importance of product innovation,He thinks,Product innovation must have a product creative design lab/Simulation center or operation center,The actual product design must be simulated,Want to go to the system operation and testing,At present the industry in the few institutions.In addition,Product innovation need efforts to build a business and product innovation framework and mechanism.

　　·互动研讨· · interactive discussion ·

　　银行 The bank

　　面临泛资产管理行业挑战 Pan asset management industry facing challenge

　　据统计，银行理财产品发行规模在短短五六年间呈现爆发式扩张，可谓“神速”。但由于管理过程的非公开化和非透明化，银行理财产品一直受到各种质疑甚至诟病。招商银行(600036,股吧)金融市场部总经理刘小腊和袁尧介绍了银行理财业务发展与创新方向。刘小腊认为，银行理财业务当前面临泛资产管理行业的挑战，证券公司、基金公司既是竞争对手，又是合作伙伴。

According to the statistics,Bank financing products issue size in a short span of five or six years presented between explosive expansion,is"miracle".But as a result of the management process not into the open and the transparency,Bank financing products has been affected by a variety of questions for even.Merchants bank(600036,guba)Financial marketing general manager liu small wax and YuanYao introduces the bank financing business development and innovation direction.Liu small wax think,Bank financing business now faces the challenge of pan asset management industry,Securities company/Fund company both competitors,And partners.

　　刘小腊总结了银行理财产品迅速发展的十方面原因：1、利率的市场化；2、汇率的自由化；3、金融脱媒化；4、科技云端化；5、财富集中化；6、需求个性化；7、服务品牌化；8、财产资本化；9、渠道网络化；10、监管国际化。刘小腊还谈及银行理财产品设计理念，即让时间产生价值，让财富随时间增长。他认为中国多数投资者的理财观念并不健康，这是我国当前整个金融市场结构不合理造成的，与我国金融市场发展的路径有很大的关系。一个健康的金融市场需要底层设计，需要稳固的固定收益市场，这是市场发展的基石。银行理财产品是以固定收益产品为主，同时通过与券商和基金公司等机构合作，力求在保本性和稳健性的基础上实现产品的丰富化、多元化。

Liu small wax summarizes the bank financing products rapid development of ten reasons:1/The marketization of interest rate;2/Rate liberalization;3/Financial disintermediation change;4/Technology the clouds turn;5/Wealth centralization;6/Personalized demand;7/Service brand;and/Property capitalization;9/Channel network;ten/Supervision internationalization.Liu small wax also talked about bank financing products design concept,That is the time to create value,Let the wealth growth over time.He think that China's most investors financial management idea is not healthy,This is at present in our country the whole financial market structure is not reasonable cause,With China's financial market development path has the very big relations.A healthy financial needs of the market bottom design,Need a solid fixed income market,This is the cornerstone of the development of the market.Bank financing products based on fixed income products give priority to,At the same time through and brokers and fund company agency cooperation,Strive to protect nature and robustness on the basis of product enrichment/diversity.

　　关于银行业今后创新和发展的方向，刘小腊认为包括以下几个方面：一是结构化理财产品；二是类货币市场基金理财产品；三是类资本市场基金理财产品；四是资产证券化产品。

In the future about banking innovation and development direction,Liu small wax that includes the following aspects:One is structured financial products;The second is kind of money market funds financial products;Three is a kind of capital market fund financial products;The fourth is asset securitization products.

　　招商银行金融市场部的袁尧针对银行理财产品开发设计中面临的问题以及解决方法进行了案例分析。他指出，商业银行理财产品的成功，最主要的是在固定收益类产品这块。固定收益类产品是理财产品的基础。同时，风险和收益永远是对等的，产品开发设计要识别并控制风险，在风险如何识别和如何计量中体现产品设计的水平高低。

China merchants bank financial YuanYao marketing for bank financing product development design are faced with the problem and solution methods in the case analysis.He pointed out that,Commercial bank financing the success of the product,The mainest is in fixed income products this.Fixed income products is the basis of financial products.At the same time,Risk and income is always quits,Product development and design to identify and control risk,How to identify the risk and how to reflect in the measurement of product design level.

    券商     brokers

    产品创新实质是基本功能回归     Product innovation essence is the basic function regression

　　在券商资产管理产品设计与创新研讨课程上，国泰君安资产管理公司总经理章飚和中天证券有限责任公司总裁严九鼎等专业人士与在场学员进行了经验分享。上述人士认为，产品创新应从模仿借鉴开始，产品设计要从客户需求出发，券商产品创新的实质或是券商基本功能的回归。

Securities assets management in product design and innovation on the seminar,Guotai junan asset management company general manager 章飚 and transit securities limited liability company President strict and keeping professionals and students present the experience sharing.The people think,Product innovation should imitate reference to start,From product design to customer needs,The essence of the product innovation brokers or brokers basic function of the regression.

　　章飚表示，金融创新注定是没保护的，所有的保护在于产品的流动性。创新是件风险大事，应当从模仿或借鉴开始，模仿借鉴国外现有金融产品，但模仿借鉴也存在风险，因为模仿借鉴过程中也可能出现误差。产品设计过程中，把握客户需求非常重要。需求是多样性的，最好的需求是让客户彰显尊贵，这是最高境界。现在资管产品基本都在最低境界上打转，即满足安全性、流动性和收益性。券商为什么做资产管理？为了增加客户的快乐，减轻客户的痛苦，正如英国著名的金融营销专家贝茨所说“避免痛苦是大多数金融服务存在的理由”。

章飚 said,Financial innovation is destined to no protection,All the protection is the product of liquidity.Innovation is a great risk,Should imitate or reference from the start,Imitate foreign existing financial products,But there are also risk for imitation,Because in the process of imitating reference may also appear error.In the process of product design,Grasp the customer demand is very important.Demand is diversity,The best demand is let customer highlight the noble,This is the highest realm.Now endowment tube product basic are the lowest in the realm of spinning,Namely to meet safety/Liquidity and profitability.Why do securities assets management?In order to increase customer happy,Relieve the pain of the customer,As a famous British financial marketing experts Bates said"Avoid pain is most financial services reason to exist".

　　严九鼎提出，创新未必都是拓展性、原创性的，有些只是证券行业功能的回归。创新未必意味着大而全，未必意味着全牌照，创新可能意味着新分工的出现，新差异化定位的出现。如果沿着这个逻辑路径，可能看到的是更多合作，更多的不同行业间的融合，不同证券公司在市场中的差异化分工。

Keeping strict put forward,Innovation is not necessarily is expanding/original,Some is the return of the securities industry function.Innovation does not necessarily mean big,Does not necessarily mean all licence,Innovation is likely to mean that the emergence of a new division of labor,The emergence of new differentiation positioning.If the logic along the path,May see more cooperation,More different fusion between industries,Different securities companies in the market differentiation division of labor.

　　基金 fund

　　风险管理是创新产品发展的基石 Risk management is the cornerstone of the development of the innovative products

　　在基金产品创新业务培训中，汇添富基金管理公司总经理助理娄焱和银华基金管理公司总经理助理郑旭分别从不同角度阐述了自己对基金行业创新业务的看法。

In the fund product innovation in business training,Collect add rich fund management company general manager assistant LouYan mechanism and fund management company general manager assistant ZhengXu respectively from different perspectives of fund industry innovation business view.

　　娄焱将基金行业在过去14年间的创新工作归纳成四个大类：首先是交易方式的创新；其次是投资策略的创新；再次是细分市场的创新；最后是投资范围的创新。娄焱指出，产品创新要源自对投资者需求的把握，基金业成立以来比较大的对需求的创新包括为投资者提供流动性管理工具的货币基金，开创了海外投资渠道的QDII，分级满足投资者不同风险偏好需求的联接基金等等。现在创新越来越不是孤立的，每个创新都是和很多合作方关联起来的，包括交易所、券商、银行、登记公司等等，合作方的支持是非常重要的。另外，风险管理确实是创新产品长期发展的基石，创新的发展不光是公司的事情，也是整个基金行业的事情。监管机构为创新提供了很好的政策环境，保护创新意义非常重大。

LouYan will fund industry in the past 14 years innovation work summarized into four categories:The first is the innovation of the way to trade;The second is the innovation of the investment strategy;Once again, is the innovation of the market segment;The investment scope of innovation.LouYan pointed out that,Product innovation to investors from the grasp of the demand,Since the establishment of the fund is to demand innovation including for investors to provide liquidity management tools of monetary fund,Started the overseas investment channel QDII,Hierarchical meet different risk preference investors demand connection fund and so on.Now more and more innovation is not isolated,Each innovation is associated with many partner up,Including exchange/brokers/The bank/Registered companies, etc,Partner support is very important.In addition,Risk management is indeed the cornerstone of the development of the innovative products for a long time,The development of innovation is not only the company's things,Is the whole fund industry things.Regulators for innovation to provide a good policy environment,It is significant to protect innovation.

　　郑旭则主要谈到了对分级基金未来发展前景的理解，她认为分级基金未来的发展方向主要包括现金分红、LOF分级基金，和ETF分级基金。而制约分级基金进一步创新发展的因素，首先是法律法规，第二是政策监管的思路，第三则是技术系统。“基金业务创新需要相对公平和公正的评审机制，无论对投资者还是对基金公司自身而言都不能为了创新而创新。”郑旭说。

ZhengXuZe mainly talked about the classification of fund future development prospect understanding,She believes that the future direction of the grading fund mainly includes cash dividends/LOF classification fund,And etfs classification fund.And restriction classification fund further innovation development factors,The first is the laws and regulations,The second is the thinking of policy regulation,The third is the technical system."Fund business innovation need relatively fair and impartial evaluation mechanism,No matter to investors or the fund company itself cannot to innovation and innovation."ZhengXu said.

　　信托 trust

　　未来创新将出现三大趋势 The future innovation will appear three trends

　　中国信托业在改革开放之初就承担着在传统金融体制外开拓创新的使命。我国信托业灵活运用多种金融工具，紧跟市场发展趋势，通过制度创新、组织创新、产品创新以及风险管理和运营支持创新，在金融创新领域形成了一定的先发优势。华润信托总裁孟扬和华润信托证券投资部总经理刘辉在该次研讨班上，就信托产品创新经验以及其对资本市场的启示做了介绍。孟扬认为，2012年监管层的一系列举措，放松了基金公司、证券公司和保险资产管理公司进入资产管理业务的限制，导致信托制度红利普惠化，也决定了未来信托业创新将出现三大趋势。

China's trust industry at the beginning of the reform and opening to the outside is responsible for the traditional financial system in the innovation of the mission.Business in China by using a variety of financial instruments agile,Follow the market trend,Through the system innovation/Organization innovation/Product innovation and risk management and operation support innovation,In the field of financial innovation, formed a certain starter advantage.Huarun trust President MengYang and huarun trust securities investment department general manager LiuHui in this time on the seminar,Just trust product innovation experience and the enlightenment of the capital market were introduced.MengYang think,In 2012, the supervisor of a series of measures,Relax the fund company/Securities companies and insurance asset management company to enter the asset management business restrictions,Lead to trust system bonus pratt &whitney change,Also determines the future trust industry innovation will appear three trends.

　　孟扬表示，信托公司是我国唯一横跨货币市场、资本市场和实业投资的金融机构，这是信托公司快速成长起来的制度优势。2012年监管层的一系列举措，放松了基金公司、证券公司和保险资产管理公司进入资产管理业务的限制，导致信托制度红利普惠化，也决定了未来信托业创新将出现三大趋势：一是在分业经营的大背景下，信托业必将与券商、基金等其他金融子行业进行更加密切的合作；二是信托公司将从服务于项目和满足融资方需求出发转向“以客户为中心”的业务主线，满足客户的多样化需求；三是对信托公司竞争能力的要求将从融资能力上升至投资能力甚至财富管理能力。

MengYang said,Trust is the only across the money market/Capital market and industrial investment, financial institutions,This is the trust company fast grow up system advantage.In 2012, the supervisor of a series of measures,Relax the fund company/Securities companies and insurance asset management company to enter the asset management business restrictions,Lead to trust system bonus pratt &whitney change,Also determines the future trust industry innovation will appear three trends:One is in the background of decentralized management,Will trust industry and brokers/Funds and other financial fruit industry for more close cooperation;The second is the trust from the company will serve projects and meet the needs of RongZiFang steering"Take the customer as the center"Business lines,To meet customer demand diversity;The third is to trust company competition ability requirements from the financing ability to rise to the investment ability and even wealth management ability.

　　对于华润信托公司而言，公司战略是实现持续产品创新的重要保障，组织能力则是持续产品创新须具备的核心能力。公司不会为创新而创新，保障投资者利益、满足融资者需求，履行受托人职责是华润信托产品创新的出发点和归宿点。

For huarun trust companies,The company's strategy is to realize the important guarantee for product innovation,Ability of organization is continuous product innovation must have the core competence.The company won't for innovation and innovation,Security interests of investors/Meet the issuer demand,To perform the duties and responsibilities of the trustee is huarun trust the starting point and the home for product innovation.

　　刘辉介绍了华润信托阳光私募产品、资产证券化产品的产品设计背景、创新思路、关键问题和经验教训等具体案例，他认为，创新有一点是不变的，创新一定是做正确的事，一定要能够创造性地满足客户预期甚至超越客户预期。创新的成本很高，很多创新是不挣钱的，是亏钱的，所以一定要想清楚才能创新，商业模式的选择几乎可以决定前途和命运。

LiuHui introduces huarun trust sunshine private products/Asset securitization products design background/Innovation ideas/The key problems and experience specific case,He thinks,Innovation is a little is constant,Innovation must be doing the right thing,Must be able to creatively to meet customer expectations and even exceed customer expectations.The cost of innovation is very high,A lot of innovation is not earn money,Is loss of money,So be sure to clear to innovation,The choice of business model almost can decide the future and destiny.

　　私募债 SiMuZhai

　　目前私募债产品设计比较雷同 At present SiMuZhai product design is the same

　　证监会债券领导小组办公室主任霍达和高盛亚洲有限责任公司亚太债券资本市场部董事总经理陈妍妮就中小企业私募债及国外私募债的情况进行了介绍。

Securities regulatory commission bond leading group office director HuoDa and Goldman sachs Asia co., LTD., the asia-pacific debt capital marketing director general manager ChenYanNi medium small business SiMuZhai and foreign SiMuZhai situation are introduced.

　　霍达表示，中小企业私募债的出台是为了解决中小企业融资难问题，借鉴高收益债的形式，卖给有专业判断和风险承受能力比较强的特定对象。中小企业私募债采用私募的发行方式，在交易所备案，无需证监会的行政许可，对发行条件宽松，没有必须盈利的要求，没有财务指标的限制。他认为，产品设计环节应该是中小企业私募债最能出彩的地方，但目前的中小企业私募债产品设计比较雷同，创新不多。关于监管和市场的边界问题，中小企业私募债是希望把市场的事情交给市场办。

HuoDa said,Small and medium-sized enterprise SiMuZhai come on stage is in order to solve the small and medium-sized enterprise financing difficult problem,High yield bonds for the form,Sold to a professional judgment and risk to bear ability is strong specific object.Small and medium-sized enterprise SiMuZhai the issue of private way,In exchange for the record,No securities regulatory commission of the administrative permission,In terms of issuance loose,Does not have the requirement of profit,Without the limitation of financial indicators.He thinks,Product design link should be small and medium-sized enterprise SiMuZhai most can give prize place,But the small and medium-sized enterprise SiMuZhai product design is the same,Innovation not.About supervision and market the boundary problem,Small and medium-sized enterprise SiMuZhai is to the market to do what the market.

　　对中小企业私募债试点存在的问题，霍达也做了介绍，主要有群体不够丰富、利率水平吸引力尚不足、信息披露和保障机制不充分，二级市场流动性有待提高等。

For small and medium-sized enterprise SiMuZhai pilot problems,HuoDa is also introduced,Main have group is not abundant enough/Lack of attractive interest rates/Information disclosure and guarantee mechanism is not fully,Secondary market liquidity needs to be enhanced.

　　陈妍妮介绍了国外中小企业私募债的条款设计问题，她指出，债券契约是保护私募债市场重要的工具。债券契约像工艺品，工艺品是非常的精细，债券契约同样要设计得非常周密。契约本身需要平衡发行人和投资人双方的利益。首先是保护投资人的投资价值，使其免于因公司信用恶化而导致投资损失，避免投资人对企业资产失去控制权或优先权。而对发行人而言，要研究契约是否适合其业务发展，确保契约不会过分的约束发行人，要有一定的灵活度。

ChenYanNi introduces foreign small and medium-sized enterprise SiMuZhai terms design problems,She points out that,Bond contract is to protect SiMuZhai market important tool.Bond contract as arts and crafts,Handicraft is very fine,Bond contract is also designed to be very careful.Contract itself need to balance issuers and investors in the interests of both sides.The first is to protect investors' investment value,Make it from the company credit deterioration and lead to investment loss,Avoid investors to the enterprise assets lose control or priority.But to the issuer concerned,To study whether the contract for the business development,Ensure that the contract will not too the constraints of the issuer,Want to have a certain degree of agile.

　　资产证券化 Asset securitization

　　对丰富市场体系作用巨大 For rich market system function huge

　　深圳证券交易所策划国际部总监、金融创新实验室主任毛志荣从交易所的角度深入浅出地讲解了资产证券化业务。深交所金融创新实验室高级经理周代希、奋迅律师事务所合作人王剑钊、大通证券固定收益总部副总经理蒲茜和华侨城集团李克辉就华侨城欢乐谷主题公园入园凭证相关计划案例，与现场学员进行了互动交流。

Shenzhen stock exchange planning international department director/Financial innovation laboratory director from the point of view of the exchange MaoZhiRong simple illustration of asset securitization business.Shenzhen financial innovation laboratory and senior manager zhou dynasty/Vincent WangJianZhao rapid law firm associates/Chase securities fixed income headquarters deputy general manager PuQian and oct hotel group is LiKeHui oct happy valley theme park in the documents related planning case,And the students had an interactive communication.

　　毛志荣表示，交易所将在资产证券化业务中为证券公司提供流动性安排，协助证券公司进行产品发行前论证及项目完善工作，希望证券公司在相对技术含量较高，要求较高的金融服务方面做强。同时，交易所全程参与了资产证券化业务市场规则的制定和相关法规修订工作，充分发挥了交易所作为市场组织者的作用。

MaoZhiRong said,Exchange in asset securitization in the business for securities companies provide liquidity arrangement,Assist securities company before the release of product demonstration and project perfect work,Hope that a securities company in relatively high technology content,To request a higher financial services and stronger.At the same time,Exchange have taken part in the whole business of asset securitization market rules and relevant regulations formulated the revision work,Give full play to the exchange market as the role of the organizers.

　　王剑钊从律师的角度论述了基础资产的界定问题，包括基础资产是什么，基础资产是否可转让，特殊目的机构（SPV）是否有效取得该权利。周代希则分析了现金流对归集监管和账户设置上的监管要求。“如果将基础资产界定比喻为是如何把小麦种子种下去，现金流管理是讲如何把麦穗收回来。”周代希说。按照资产证券化业务逻辑，蒲茜介绍了如何将小麦制成面包，即产品设计方面需要考虑的问题。蒲茜指出，基础资产界定更多受法律上的限制，现金流的安排很多时候也要满足法律的要求，而产品设计则主要是商业条款的安排，需要考虑三个纬度的问题：一是基础资产产生的现金流；二是原始权益人企业自身情况和需求；三是市场上投资者的偏好。最后，李克辉谈及个人体会时表示，资产证券化这项产品对丰富多层次的资本市场体系建设有非常重要的作用，资本市场为不同需求的投资人提供投资产品，上市公司则是需要获得不同渠道、不同水平的资金。二者如果能契合的话，市场会有很大的发展前景。

WangJianZhao from the lawyer's perspective, this paper discusses the definition of the underlying assets problem,Including the underlying asset is what,Underlying asset is negotiable,Special purpose institutions(SPV)Is effective in this right.Zhou dynasty and the analysis of the cash flow on preparing supervision and setting the account of the regulatory requirements."If the underlying asset definition is compared to how the wheat seeds kind of go,Cash flow management is how to speak of grain back."Zhou dynasty and said.According to the asset securitization business logic,PuQian introduced how to made the wheat bread,That is, product design need to consider problems.PuQian pointed out that,Underlying assets more defined by legal restrictions,Cash flow arrangement many times also meet the requirements of the law,And product design are mainly commercial terms arrangement,Need to consider three latitude problem:One is the underlying assets generated cash flow;The second is the original rights people enterprise own situation and needs;The third is the market investor's preference.finally,LiKeHui personal experience about that,Asset securitization the products to the rich multi-level capital market system construction has a very important role,Capital market for the different needs of investors to provide investment products,The listed company is the need to obtain the different channels/Different levels of capital.If you can agree with the words,The market will have great development prospects.