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中国资产管理行业发展报告(2016)

书 名: 中国资产管理行业发展报告(2016)
英 文 名: ANNUAL REPORT ON THE DEVELOPMENT OF CHINA’S ASSETS MANAGEMENT INDUSTRY (2016)
作 者:  智信资产管理研究院 郑智 张胜男 沈修远
I S B N: 978-7-5097-9269-8
丛 书 名: 资产管理蓝皮书 订阅
关 键 词:  资产管理 产业链重塑 资管机构
出版日期: 2016-06-01

中文摘要

2015年央行延续了宽松的货币政策,全年共计降息五次、降准五次,在此背景下各类资产管理机构规模加速增长,全行业规模及增速双双创下历史新高。然而不断膨胀的资金规模带来的是资产配置压力的剧增,2015年,除了以跨界创新的方式不断挖掘新的可投资产外,如何在风险与收益、规模与效率间保持平衡成为每一家机构在发展过程中所面临的问题。

回顾2015年的实体经济表现,全年GDP增速进一步放缓,市场预期经济增长将大概率维持“L”形局面。在去过剩产能、去杠杆背景下,部分企业面临现金流压力,债市违约主体范围扩大,且涉事金额及频率都有增加的趋势。面对逐渐暴露的信用风险,不少机构主动调整投资策略,资金投向进一步向高信用主体集中,优质信用资产难觅,投资收益下行压力较大。

金融市场层面,在宽松的货币环境下,各类资产受到资金流动的冲击,波动显著加强,涌现出大量的交易机会,并在一定程度上弥补了信用资产的缺失。2015年股票市场经历了罕见的暴涨暴跌行情,债市维持了自2014年起的牛市行情,而商品市场也在年末迎来一波上涨。各类资管机构在经历了年初的短暂观望后,纷纷进入“买买买”停不下来的节奏,大举购买债券、优质非标等固定收益资产,同时积极进入权益、境外、商品等新市场,拓展投资品类。2015年机构投资品类的扩展亦带动了投资模式的多样化,除了传统的优先级和平层参与外,越来越多的资管机构开始通过对外委托的形式进行投资,以期补足自身在交易和杠杆使用方面的不足。

在资产轮动节奏加快的背景下,资管机构资金端的规模和自身投资管理能力、风险防控能力的构建速度往往很难匹配。各类资管机构逐渐由边界模糊的混业格局,转变为专业分工的新趋势:机构投资者作为资金蓄水池,主要进行资产配置;富有产业端投资经验或交易能力的机构,通过委外业务发展成为真正的资产管理人;而擅长产品结构设计的机构则通过撮合交易,分割产品风险收益,为市场提供流动性。金融跨界并不意味着全知全能,资产质量分化后,执业以专亦成为资管机构间开展合作的重要基础。

展望未来,随着经济增速放缓成为新常态,机构间同质化的投资策略风险将愈发凸显,过去跑马圈地式的一味做大规模难以为继。新的外部环境要求资产管理人在产业链中精确定位,寻找差异化发展思路,沉入实体经济,寻找风险中潜藏的收益。而监管在这一过程中需要加快实现功能监管和制度规则的统一,严控杠杆规模,帮助减少不必要的交易成本并严控金融风险,为金融市场健康持续发展打下基础,为国民经济增长和居民财富增加创造价值。

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