摘 要
资管行业基础设施服务兼具支持监管、服务市场、保护投资者权益等多重职能。本文以银行理财、信贷资产流转、信托市场为切入点，总结资管行业市场基础设施服务的创新发展成果，分析其在资管行业转型中的提升空间，并提出优化基础服务、促进资管行业提质增效的建议。
关键词
资管行业 基础设施服务 高质量发展
资管行业基础设施服务持续发展
资管行业是我国金融业的重要组成部分，在促进实体经济融资、优化资源配置、创造国民财富方面发挥重要作用。近年来，银行理财、信贷资产流转、信托市场的金融基础设施服务持续创新，兼具支持监管、服务市场、保护投资者权益等多重职能。2022年《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”）正式落地实施，对资管行业提出打破刚性兑付、避免嵌套、期限匹配等要求。在推动资管行业高质量发展进程中，基础设施服务将发挥重要作用。
银行业理财登记托管中心有限公司（以下简称“理财中心”）作为我国银行业理财市场的重要基础设施，全面建成全国银行业理财信息登记系统，实现理财产品、投资者、底层资产及从业人员信息的全流程、穿透式登记，打造中国理财网权威信息平台，充分发挥理财产品信息披露、投资者教育和防范“飞单”风险的作用。2021年以来，理财中心积极推进市场服务创新，助力养老理财首批试点产品成功发行，协调推动养老理财登记常态化建设；发起理财20+论坛，搭建行业交流平台；上线理财产品中央数据交换平台，有效解决发行与代销机构需逐一对接的行业痛点，提高市场运行效率。
银行业信贷资产登记流转中心有限公司（以下简称“银登中心”）深耕信贷资产流转市场，打造信贷资产流转全生命周期服务。2021年，银登中心在银保监会指导下积极推动服务创新，履行信贷资产证券化信息登记机构职责，强化登记信息质量监督管控；扎实推进不良贷款转让试点，收购华融中关村不良资产交易中心，助力防范化解金融风险。银登中心与中债估值中心合作推出信贷资产流转产品估值，持续提升估值覆盖率与精准性，丰富估值产品体系，提升市场影响力与认可度。
中国信托登记有限责任公司（以下简称“中国信登”）是我国信托业重要基础设施，发挥信托产品及信托受益权登记与信息统计平台、信托产品发行与交易平台、信托业监管信息服务平台三大职能作用。目前中国信登已实现信托业标准化监管全量数据采集，推出全国集中管理的信托受益权账户系统，为投资者提供包括信托受益权份额查询、信托财产信息查询在内的综合性、一站式权威查询渠道。2020年，中国信登与中债估值中心合作为信托行业提供新金融工具会计准则相关服务；2021年末，双方逐日发布估值结果近600条，逐日发布预期信用损失计量（ECL）结果450余条，累计发布合同现金流量特征测试（SPPI）判断结果超1000条，累计涉及资产规模约1050亿元。
资管行业仍存在提升空间
在大资管时代，资管行业已取得长足发展。但仍应看到，对标资管新规，资管行业在产品透明度、价格有效性、投资者保护等方面仍存在提升空间，需要基础设施服务精准发力，保障行业高质量、可持续发展。
一是产品透明度有待提升。充分高效的信息披露是资管行业规模扩大和提质增效的重要支撑。当前，资管行业信息披露制度体系有待完善，对信托产品底层的非标准化债权类资产（以下简称“非标资产”）并未实现完全穿透，监管对于资产证券化产品也未要求逐笔披露基础资产。同时，资管行业信息披露内容的颗粒度有待细化。这需要进一步丰富资管产品登记信息维度，及时汇总产品信息和行业发展情况，对部分曾游离于监管视野外的场外交易进行规范和集中，助力监管部门及时把握资管产品单体、行业整体风险状况，以及进行跨市场风险监测。
二是公允估值体系需进一步完善。资管新规正式落地，资管行业面临净值化转型压力。资管产品净值化管理的核心是通过及时反映基础金融资产的收益和风险客观分析资管产品的真实运作情况。资管行业转型的基础是产品投资资产的公允价值计量，而公允价值计量离不开资产估值。当前，非标资产是理财产品和信托产品重要的投资标的，而其缺少公开活跃的交易市场，估值难度大。与其他资管行业相比，信托行业投资非标资产比例最高，净值化转型压力较大，估值难点亟待解决，行业估值体系有待完善，信托机构估值管理能力也有待提高。这需要与专业第三方估值机构充分合作，构建公允价值体系，深入挖掘资管行业数据价值，提升行业数字化金融水平。
三是投资者保护有待加强。完善的权属登记能最大程度保护投资者权益，为产品估值和交易夯实基础，同时寓监测于服务，助力穿透式监管。目前，在资管产品中登记确权效力较强的是保险资管产品，监管规则已明确“投资者持有保险资管产品的份额信息以登记交易平台的登记结果为准”。而理财产品、信托产品登记的确权属性有待进一步明确，以加强对投资者权益的保护。
四是支持绿色发展有待深化。碳达峰、碳中和是中国向全世界作出的庄严承诺，绿色金融、碳金融成为市场焦点。目前，我国绿色信贷规模位于世界首位，绿色债券存量规模居世界第二位，但绿色资管市场仍处于新生阶段，资管行业支持绿色发展有待深化。各类产品的绿色标准体系有待确立和统一，产品对实体经济的环境效益影响需要精准测度，与绿色资管相关的数据基础较为薄弱，绿色投资理念需要进一步推广。
优化基础设施服务，促进行业提质增效
根据上述资管行业的转型需要，结合服务实体经济、支持绿色发展等行业趋势，建议资管行业基础设施服务在信息披露、公允价值体系建设、数字化转型、保护投资者权益、支持绿色发展等方面加强建设，多措并举促进资管行业提质增效。
一是持续丰富登记维度，加强行业信息披露。登记信息全面、及时和准确是基础设施履职的关键基础，可及时反映市场动态，实现对市场风险早发现、早预警。因此，建议进一步丰富资管产品登记信息维度，在信贷资产证券化登记中增加关于贷款内部评级、借款人性质及行业等关键风险评估指标，提升理财产品登记质量和效率，信托产品报送纳入底层非标资产信息。同时，建议资管行业基础设施推进充分、高效的行业信息披露工作，适时探索向投资者披露底层资产信息，服务风险识别和风险定价。建议探索推动资产支持证券（ABS）基础资产的穿透式披露，在监管框架内促进相关信息便利应用，提升市场透明度1。
二是助力构建行业数字生态，推动公允价值体系建设不断完善。近年来，银行理财和保险资管机构相继将中债估值作为会计核算、风险管理等领域的重要基准。来自这些领域的丰富实践证明，第三方估值机制为市场提供了公允价值计量参考，助力资管机构解决非标资产估值技术难点，其数据的高效采集和准确分析有助于精准刻画金融产品的风险和收益，提升资管行业数字化水平。建议资管行业基础设施持续加强公允估值体系建设，扩大估值覆盖范围，加强与专业估值机构合作，充分发挥其在数据采集和校验方面的专业优势。进一步提升估值机制在信托、理财、信贷资产流转、不良贷款转让中的风险管理效能，为监管部门穿透式监管、市场机构内部风险管理和投资者风险定价提供有效工具，助力行业净值化转型。
三是强化投资者保护机制，探索资管产品确权登记试点。建议通过优化资管产品查询功能加强投资者保护，可考虑“两步走”：第一步是“辨真伪”，为投资者提供产品查询服务，避免“飞单”；第二步是“一户查”，为投资者提供综合性、一站式权威查询渠道。目前中国信登已建立信托受益权账户系统，为投资者提供一站式权威查询，建议扩大信托受益权账户开户范围，优化账户管理体系。理财中心已通过中国理财网为投资者提供鉴别产品真伪的查询服务，建议进一步完善查询功能，持续将中国理财网打造成为银行理财产品权威信息披露平台和投资者教育阵地。同时，建议以试点方式增强理财产品、信托等金融资产信息登记的确权效力，参照保险资管产品，在试点产品中明确相关份额信息以登记平台登记结果为准，持续深化行业基础设施职能。
四是落实“双碳”目标，推动绿色资管市场发展。资管行业可积极研究碳金融和转型金融，完善绿色信贷、绿色理财产品及绿色信托等相关领域绿色标准体系建设，加强行业信息披露，推动绿色金融发展。具体而言，可借鉴中债-绿色债券环境效益信息披露指标体系2，推动绿色信贷资产证券化穿透式登记，助力建立相应数据库及环境效益信息披露平台，提升绿色信贷市场透明度。建议推动绿色理财产品种类的多样化，提高绿色理财产品信息披露水平，利用中国理财网等平台宣传推广绿色投资理念。建议信托行业加快制定绿色信托业务规范，完善登记和统计口径，借鉴债券市场经验，推动绿色信托相关标准制定，助力资管行业支持绿色发展。
注：
1．详见中债研发中心、中国资产证券化论坛、建信信托资产证券化部、资产证券化分析网的联合研究成果，完整版报告发布网址为https：//www.chinabond.com.cn/cb/cn/yjfx/zzfx/nb/20210119/156344246.shtml。
2．相关成果请见https：//www.chinabond.com.cn/cb/cn/xwgg/ggtz/zyjsgs/zytz/20210412/156880593.shtml。
参考文献
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[3]刘凡，李妍． 资管行业转型发展的“第三方助力”[J]． 当代金融家，2019（10）．
[4]刘一楠，邹基伟，吴方伟． 信贷资产流转是盘活存量资产，落实资本监管要求的重要途径[J]． 2020（11）．
[5]彭向东． 理财信息登记助力金融行业标准化发展[J]． 债券，2016（5）．
[6]魏星． 统一估值是打破刚兑前提[J]． 中国金融，2017（23）．
[7]文海兴． 探索中国特色信托登记科学发展之路中国信托登记有限责任公司批筹周年思考[J]．2017（11）．
[8]徐刚． 中国信托登记制度研究[J]． 江西财经大学学报，2019（2）．
[9]中央结算公司绿色债券工作组． 引导绿债信披 助力“双碳”目标中央结算公司打造中债-绿色债券环境效益信息披露指标体系及绿色债券数据库[J]． 债券，2021（11）．
◇ 本文原载《债券》2022年8月刊
◇ 作者：中央结算公司中债研发中心 刘一楠 刘羽飞
◇ 责任编辑：刘颖 鹿宁宁
To Improve FMI Services and Support the Development of Asset Management Innovations
LIU Yinan， LIU Yufei
Abstract
Asset management FMI services play important roles in facilitating regulation， supporting the market and protecting investors． This paper summarizes the innovations in asset management FMI services from the perspective of bank wealth management products （WMPs）， credit assets exchange and trust market， and analyze the potential for FMI service improvement in the transformation of asset management industry． Recommendations are proposed to improve FMI services and promote quality and efficiency in the industry．
Keywords
Asset management， FMI services， high-quality development
Asset management FMI services have continued to develop
The asset management industry is an integral part of China’s financial sector， playing a key role in promoting real economy financing， optimizing resource allocation and creating national wealth． In recent years， innovations have taken place in FMI services for bank wealth management， credit assets exchange and trust market． FMI services also have multiple functions such as supporting regulation， serving the market， and protecting investors． The Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions （hereinafter referred to as the “new asset management rules”）， formally implemented in 2022， call for the abolishment of implicit principal payment guarantees， multi-tier nesting and maturities mismatching． FMI services play an important role in promoting high-quality development in asset management industry．
China Wealth（Asset） Management Registry and Custody Co．， Ltd． （WeMac） is a key FMI in China’s WMP market， which has established a nation-wide WMP information registration system to provide full-process and look-through registration for WMPs， investors， underlying assets and practitioner information． It has set up a professional and authoritative website （Chinawealth.com.cn）， playing a positive role in WMP information disclosure， investor education， and preventing risks． Since 2021， WeMac has been promoting market service innovations． It has supported the successful launch of pilot pension WMPs，promoting normalization of pension WMP registration． It has initiated Wealth Management 20+ Forum as an industry-wide communication platform． The Wealth Management Product Central Data Exchange Platform was officially launched as an effective solution for centralized connection between issuers and distributors， thus improving market operational efficiency．
China Credit Assets Registration & Exchange Co．， Ltd． （CCRE） is committed to the development of credit asset exchange market， and has created a suite of full life-cycle services for credit assets． In 2021， CCRE， under the guidance of CBIRC， innovated its services in credit asset securitization information registry． It also made progress in transfer of Non-Performing Loan （NPLs） under the pilot program.In collaboration with ChinaBond Pricing Center， CCRE launched the valuation of credit asset exchange products， improving coverage and accuracy of the valuation to enhance market influence and recognition．
China Trust Registration Co．， Ltd． （CTR） is a key FMI in China’s trust industry， and has three major functions， namely， a registration and information statistical platform for trust products and beneficial ownership， a trust product issuance and trading platform， and a trust industry oversight information service platform． Standardized oversight data collection is already in place． CTR has launched a centrally managed nation-wide trust beneficial owner account system that provides a reliable， comprehensive and one-stop inquiry channel that allows investors to check the share of beneficial ownership and asset information of trust product． In 2020， CTR teamed up with ChinaBond Pricing Center to provide solutions for the new accounting standards for financial instruments． At the end of 2021， they published close to 600 valuation results and more than 450 estimated credit loss （ECL） data on a daily basis， as well as a total of more than 1，000 solely payments of principal and interest （SPPI） test results， involving aggregate assets worth about RMB105 billion．
Potential for improvement in asset management industry
The asset management industry has grown tremendously in recent years． When compared with the new asset management rules however，potential for improvement still exists in areas of product transparency， pricing effectiveness and investor protection． FMI services must take well-targeted steps to facilitate high-quality and sustainable industry development．
First， product transparency can be enhanced． Full and efficient information disclosure is key to increase the quality and efficiency of asset management industry． At present， the trust industry’s information disclosure system requires further improvement． The look-through approach is not fully adopted for the underlying non-standard credit assets （hereinafter referred to as “non-standard assets”） of trust products， nor does regulation require asset-level disclosure of asset-backed securities． Meanwhile， the granularity of information disclosed needs to be enhanced． This requires more dimensions of information， in order to reflect product information and industry developments． OTC transactions should also be regulated． These will allow regulators to promptly understand the risk status of individual asset management product as well as that of the industry in order to monitor cross-market risks．
Second， the fair pricing system requires improvement． With the implementation of the new asset management rules， net value management is required in asset management industry.The core underlying net value-based management is important to facilitate objective analysis of asset management products by promptly reflecting returns and risks ofunderlying assets． The basis of the transition is the measurement of fair price of underlying assets． At present， non-standard assets are key targets investment category of WMPs and trust products． Its lack of active trading market makes pricing and valuation extremely challenging． Compared to other asset management sectors， trust industry has the highest proportion of non-standard asset investmentand thus has greatest net value transition pressure.The pricing system， as well as pricing and valuation management capabilities of trust institutions， needs improvement． This requires cooperation with professional third-party pricing service providers in order to improve the fair pricing system collaboratively．
Third， investor protection should be strengthened． Comprehensive ownership registration offers proper protection of investors， and provides a robust foundation for product pricing and trading． It also combines risk monitoring with service． At present， insurance asset management products have the most effective ownership registration among asset management products． Regulatory rules have specified that the “information pertaining to the share of insurance asset management products held by investors shall be based on the registration results provided by the registration and trading platform”． The ownership registration of WMPs and trust products require further clarification so that protection of investors can be enhanced．
Fourth， more support for green development is required． The carbon emission peak and carbon neutrality are solemn commitments China has made to the world． Green finance and carbon finance have thus become a focus of the market． At present， China has the world’s largest green credit market， and ranks second in green bonds market． However， green asset management is still at a nascent stage． More support is required． The green standards for various products need to be established and unified． Accurate measurement of the environmental impact of products is also required． Data related to green asset management is fairly weak， and green investment philosophy needs further promotion．
Optimizing FMI services and promoting industry quality and efficiency
Based on the aforesaid transition requirements of asset management industry and industry trends such as supporting the real economy and green development， several recommendations are proposed to asset management FMI services in following areas： information disclosure，fair pricing system， digital transformation， protection of investor rights and interests． The multi-pronged approach can help boost quality and efficiency in the asset management industry．
First， registration dimension needs to be enhanced， and industry information disclosure should be strengthened． Comprehensive and accurate information is critical to FMI performance so that market dynamics can be promptly reflected， and market risks can be detected early． Hence， we recommend that the registration information dimension of asset management products be further enhanced． The internal rating of a loan， nature and industry of borrower and other key risk assessment indicators can be added to credit asset securitization registration so that the quality and efficiency may be improved． The registration of trust products should also involve the underlying non-standard assets． Meanwhile， full and efficient industry information disclosure system is recommended in order to facilitate risk identification and pricing． We recommend advancing look-through disclosure of asset-backed securities （ABS） underlying assets so as to increase market transparency1．
Second， a digital ecosystem should be established in the industry， and improvements of fair pricing system should be ongoing． In recent years， ChinaBond Valuation is used as key benchmark for financial accounting and risk management in bank wealth management and insurance asset management institutions ． It is proved that third-party valuation provides fair pricing measurement references， and help asset management institutions to resolve the technical difficulties of non-standard assets pricing． The efficient collection and accurate analysis of data help to accurately depict risks and returns of financial products， and raise the digital standards of asset management industry． We recommend that asset management FMI continue to enhance the fair pricing system， expand the scope of pricing coverage， and boost cooperation with professional pricing service providers in order to make full use of their professional advantages in data collection and verification． The risk management efficiency of pricing in the trust， wealth management， exchange of credit assets， and transfer of NPLs should be further improved． Effective tools can thus be provided to facilitates the industry-wide transition to net value-based management．
Third， investor protection mechanism should be strengthened， and the pilot program of product ownership registration should be explored． We recommend enhancing investor protection by improving the asset management product inquiry function． A two-step approach may be considered： the first is product information inquiry services to investors； the second is “one-stop inquiry” that provides investors with a reliable， comprehensive and one-stop inquiry channel． At present， CTR has already established a trust beneficial owner account system that provides one-stop inquiry services． We recommend expanding the scope of setting up trust beneficial owner accounts， and improving the account management system． WeMac already provides product authentication services in Chinawealth.com.cn． We recommend further improving the inquiry function， and building Chinawealth.com.cn into a reliable WMP information and investor education platform． Meanwhile， reinforcing the effectiveness of ownership registration in WMPs and trusts is recommanded． Insurance asset management products may be used as a reference.It helps to further deepen the functions of the FMI．
Fourth， more efforts can be made to facilitate green asset management． The asset management industry may step up research efforts in carbon finance and transformation finance，and improve standards for green credit， green WMPs and green trust in order to promote the development of green finance． Specifically， ChinaBond Green Bond Environmental Benefit Disclosure Indicator System2 may be used as a reference to promote look-through registration of green credit asset securitization so as to build a corresponding database and environmental impact information disclosure platform． Improvement of green WMPs information disclosure is recommended to promote green investment philosophy． We recommend that the trust industry accelerate the pace of formulating business rules for green trusts， improve the registration and statistical bases with reference of bond market to promote the formulation of green trust standards and support green development．
Notes：
1.Please refer to the joint research results of CCDC Research and Development Center， China Securitization Forum， Asset Securitization Department of CCB Trust and China Securitization Analytics for details at https：//www.chinabond.com.cn/cb/cn/yjfx/zzfx/nb/20210119/156344246.shtml．
2.For the relevant results， please refer to https：//www.chinabond.com.cn/cb/cn/xwgg/ggtz/zyjsgs/zytz/20210412/156880593.shtml．
References
[1] Li Bo． （2021）． Promoting high-quality development of asset securitization by adopting look-through standardized disclosure [DB/OL]． https：//opinion.caixin.com/2021-06-23/101730747.html．
[2] Li Jing， Tang Xiaojing & Tang Qingyun． （2016）． Experiences and revelations from the international credit asset exchange market （Part 1） [J]． Chinabond， （2016）10．
[3] Liu Fan & Li Yan． （2019）． “Third-party assistance” in the transformation and development of the asset management industry [J]． Modern Bankers， （2019）10．
[4] Liu Yinan， Zou Jiwei & Wu Fangwei． （2020）． Exchange of credit assets is key to vitalizing existing assets and implementing capital regulatory requirements [J]． Chinabond， （2020）11．
[5] Peng Xiangdong． （2016）． Registration of wealth management information helps standardize financial industry development [J]． Chinabond， （2016）5．
[6] Wei Xing． （2017）． Unified pricing is the prerequisite to abolishing implicit principal and interest payment guarantees [J]． China Finance， （2017）23．
[7] Wen Haixing． （2017）． Exploring the scientific development of trust registration with Chinese characteristics - Reflections on the anniversary of China Trust Registration Co．， Ltd [J]． China Banking， （2017）11．
[8] Xu Gang． （2019）． A study of the trust registration system of China [J]． Journal of Jiangxi University of Finance & Economics， （2019）2．
[9] CCDC Green Bond Working Group． （2021）． Guiding information disclosure for green bonds， and supporting the “dual carbon” goal - CCDC constructs the ChinaBond Green Bond Environmental Benefit Disclosure Indicator System and green bond database [J]． Chinabond， （2021）11．
◇ Authors from：CCDC Research & Development Center
◇ Editors in charge：Liu Ying， Lu Ningning
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