摘要
券商资产管理业务产品创新急待解决创新的效率问题。本文探析了资产管理业务品种创新中创新什么品种、什么时候创新、合约资产如何构建、合约如何交易、合约营销等关键问题。创新什么品种就是匹配市场产品收益和风险特性与委托人的风险偏好,选择时间变量就是使得垄断利润与风险均衡,合约资产如何构建就是选择组合资产的现金流使得投资者的期望效用最大化,合约如何交易就是选择交易成本使得投资者的效用最大化,合约营销就是运用可控变量与经纪商进行博弈。
Efficiency is the core issue of trustee investment for Chinese securities companies. This paper addresses issues like product design, timing of innovation, construction of contract asset, trading and marketing of contract. Product design is to meet the trustees’ preference for risk/return ratio. Time variable is to balance the monopoly profit and risks. Construction of contract asset aims at maximizing earnings opportunities through selection of cash flow of portfolio. Trading of contract depends on cost of trading to help gain the best results. Marketing is a fight with brokers by means of controllable variables.
出处
《证券市场导报》
北大核心
2005年第6期44-47,共4页
Securities Market Herald
