資金池理財產品－－監管困境與規範化路徑

The Financial Product of Capital Pool: The Normalized Approach and Regulatory Dilemma

理財產品的「資金池」運作模式，是指銀行透過滾動發售理財產品的方式持續募集資金，將不同類型、不同期限的多個理財產品所募集到的資金形成一個「資金池」，並對應多筆專案資產進行集合運作，具有滾動發行、集合運作、期限錯配和分離定價等特徵，每一種特徵都關聯著較大的風險。雖然中國大陸監管機構很早就已經關注到了理財產品「資金池」運作模式的風險，並提出了相應的規制措施，但在四部委《關於規範金融機構資產管理業務的指導意見》公布以前，有關資金池理財產品的規制措施在實踐中的效果並不理想。規制資金池理財產品，除了那些針對「資金池」本身特點的限制措施外，更重要的是重塑銀行理財產品的運作模式和法律關係，從而實現其規範化發展。要實現其規範化發展，需遵循以下路徑：一是打破剛性兌付，實現理財產品淨值化；二是強化資訊披露，促進投資者風險自負；三是限制內部交易，保證理財產品獨立性。

The operational model of financial products’“capital pool” means the approach that banks use to form a “capital fund” by continuously collecting funds of various types and timelines from the rolling sale of financial products, operating collectively by aligning with multiple project assets. Such model has the features of rolling sale, collective operation, timeline separation, and differential pricing with each feature associating with higher risks. Although the PRC regulatory agency has observed the risks from capital fund’s operational mode and promulgated the relevant regulatory approaches, however, the implementation result wasn’t satisfactory until the publication of the “Guiding Opinion on Regulating Asset Management Business of Financial Institutions”. To regulate capital asset-related financial products and enable normalization, it’s more essential to restructure the said products’ operational models and legal relationships in addition to imposing restrictions aiming at those capital funds’ features. To enable normalization, it’s necessary to follow the below approaches: (1) break guaranteed return and networthify the products, (2) reinforce the disclosure of information and promote investors’ selfassumption of risk, and (3) limit insider trading and guarantee the independence of such products.