RESEARCH ON RISK MANAGEMENT OF
ASSET MANAGEMENT BUSINESS OF
CHINESE JOINT-STOCK COMMERCIAL
BANKS-TAKING M BANK AS AN EXAMPLE
A Dissertation Submitted to
Southeast University
For the Professional Degree of Master of Business Administration
BY
LIANG Yang
Supervised by
Prof. ZHANG Ying
School of Business and administration
Southeast University
July 2021
摘要
我国股份制商业银行资产管理业务的风险管理
研究——以 M银行为例
研究生：梁阳
导师：张颖
东南大学
摘要
资产管理业务是在利率市场化、金融脱媒和商业银行轻资产发展趋势下兴起的创新
业务，资产管理业务的发展改变了传统银行业的金融服务模式，过去十余年间商业银行
资产管理业务的高速发展已经推动了其成为金融服务市场经济的重要手段，截至 2020
年末，我国商业银行资产管理规模已经达到 25.86万亿元，但十余年的高速发展也产生
了一系列的市场乱象，产生了一定的风险隐患。因此，监管部门近年密集发布了一揽子
监管政策规范资产管理行业的健康发展，其中以《关于规范金融机构资产管理业务的指
导意见》（以下简称“资管新规”）的影响最为深远。如何在严监管的趋势下抓住商业银
行资产管理业务转型发展的方向并依法合规的开展资产管理业务，是商业银行亟需研究
的重要课题。
本文以综合实力较强，金融创新能力突出的股份制商业银行 M为例，在对资管新
规及配套细则、全面风险管理理论、国内外资产管理行业发展文献充分研究的基础上，
运用 SWOT分析矩阵对 M银行资产管理业务进行全面分析，总结出 M银行在资产管理
业务风险管理工作中具备一定的框架优势，但也存在组织结构建设不完善、业务系统不
健全、全面风险管理能力不足、资产质量压力大等劣势， M银行同样面对资产管理业
务和传统信贷业务同质化、资管业务与自营业务未完全隔离，以及合规销售等挑战。
通过对比 M银行在资管新规发布前后资产管理业务风险管理状况的基础上，结合
上述分析，笔者针对 M银行资产管理业务在金融科技、合规经营转型和风险管理方面
提出如下对策和建议：第一，运用金融科技促进资产管理业务转型，提升投研能力，加
强创新合作；第二，业务市场化合规转型需要搭建互联网业务运作体系，优化产品管理
模式，提升市场化投研能力；第三，通过制定专门的资产管理业务风险政策，加快建设
独立完善的业务系统和风险管理系统，创新多种方式强化风险监测水平，丰富市场化的
流动性管理手段，加强合规销售和投资者适当性管理，牢固资产质量生命线等多种措施
构建资产管理业务全面风险管理体系。
关键词：商业银行资产管理业务资管新规风险管理
I
东南大学工商管理硕士学位论文
RESEARCH ON RISK MANAGEMENT OF ASSET
MANAGEMENT BUSINESS OF CHINESE
JOINT-STOCK COMMERCIAL BANKS-TAKING M
BANK AS AN EXAMPLE
Written by:LIANG Yang
Supervised by: ZHANG Ying
Southeast University
Abstract
Asset management business is an innovative business that emerged under the trend of
interest rate marketization, financial disintermediation and the development of light assets of
commercial banks. The development of asset management business has changed the financial
service model of the traditional banking industry. Over the past ten years, commercial bank
asset management The rapid development has promoted it to become an important means of
financial services for the market economy. As of the end of 2020, the asset management scale
ofChina'scommercialbankshasreached 25.86trillionyuan.However,therapid
development of more than ten years has also produced a series of market chaos, resulting in
certain of hidden risks. Therefore, the regulatory authorities have intensively released a
package of regulatory policies to regulate the healthy development of the asset management
industry in recent years. Among them, the "Guiding Opinions on Regulating the Asset
Management Business of Financial Institutions" (hereinafter referred to as the "New Asset
Management Regulations") has the most far-reaching impact. How to grasp the direction of
the transformation and development of commercial banks' asset management business under
the trend of strict supervision and conduct asset management business in compliance with
laws and regulations is an important topic that commercial banks urgently need to study.
This article takes M, a joint-stock commercial bank with strong comprehensive strength
and outstanding financial innovation capabilities as an example. Based on full research on
new asset management regulations and supporting rules, comprehensive risk management
theory, and domestic and foreign asset management industry development documents, used
II