Finance Holding Company's Risk And Income Measure And Disposition Research

This is the financial holding companies in the financial become mixed operations of the global financial industry an important carrier of the background, the financial holding company of the risks and benefits reasons, the existence of financial holding companies into the theoretical foundation of the unique risk profile and unique revenue model conducted an in-depth theoretical analysis, and use of the theoretical model to explain and show that the financial holding company that is a different level of risk (income) Nature of asset portfolio.First, the article pointed out that China's financial industry will be under the framework of the WTO into the global financial markets, Mixed Operation of China's financial industry will be the inevitable choice. At the same time pointed out that the concept of financial holding companies used more broadly defined in this paper the principle that all mixed business with the financial industry function of a vector forms of organization, regardless of its form and manifestations of what form this will all agree to its financial holding Company areas, and, in this context, its risks and benefits analysis. Next proceeds from economies of scale, the scope of economic benefits, risk diversification, internal financial intermediation, monopoly power, value and reputation of the company analyzed the sources of income, the general risk and special risks of financial holding companies have a risk analysis carried out.Second, the analysis of the financial holding company and have the relevant theoretical basis. Apply enterprise market relations and the theory that the financial markets and financial institutions alternative; use of the life cycle of industries and enterprises Diversification theory, demonstration of the financial holding company income; use of the financial system function and the views of the role of financial institutions, clarify the financial holding company of existence is reasonable; exclusive use of assets and financial assets homogeneity of theoretical viewpoints, and that this is the homogeneity of the financial assets of the financial decisions of horizontal integration products and services the basis of use of business growth stage and financing needs of different forms of theory, specified commercial banks, investment banks and other financial institutions in the financing of companies in different stages, different position and role of use of modern portfolio theory, as a portfolio that the financial holding company Vector the inevitable trend of development.Third, the financial holding company of a risk analysis and measurement. Pointed out that the financial holding company's risk analysis and measurement methods are generally cited by the experts, assets financial situation analysis, scenario analysis, decomposition analysis, fault tree analysis method. Next use Credit Monitor model and mortality model of the financial holding company for the credit risk analysis and measurement; application of risk on the financial value of holding companies for the market risk analysis and measurement; using standard model law and causal analysis of the financial holding company operating risk were analyzed and measure; in-depth analysis of the financial holding company governance structure risk that the financial holding company's capital adequacy ratio of air companies and the financial risk of the widespread presence of the parent company and affiliates, subsidiaries and affiliates of capital between the repeat Calculation.Fourth, the financial holding company of the proceeds of theoretical analysis and verification. Pointed out that the formation of the financial holding company and the development of its external financial industry trend of mixing and internal business interests to achieve the twin driving forces. According to industry renowned economist Shayler (FM Scherer), the financial holding companies into the economies of scale were analyzed using "one-stop" financial services and cost-effectiveness of the financial holding company of the economy were analyzed using financial synergies effect model of the financial holding company synergies were analyzed using a wide range of banking, securities, insurance and other products, the financial holding company of operating risk diversification mechanism used to reduce the tax burden model of the financial holding company that through a consolidated statement, unified tax. Is a reasonable tax effects. Domestic and foreign scholars in the final use of the latest empirical research results, the financial holding company of the existence of receipts were summarized and annotations.Fifth, pointing out the risks and benefits of the concept of the concept, and the introduction of risk assets and the concept of risk-free assets, and profound clarify the relationship between them, and reasonable use of modern asset group, the modern enterprise theory, financial markets and financial intermediate theory, to reflect on the nature of business, the nature of the intermediary financial institutions, the financial elements of the market so that we can experience a more profound, the financial holding company is in essence a series of financial market assets lease portfolio. Further elaborated in the capital asset pricing model and the arbitrage pricing model on the basis of the financial holding company that mixed operations as a carrier, the combination mode of its assets as well as banks, securities and insurance industries are the asset allocation of the direct decision the financial holding company of the risks and benefits levels, in the establishment of financial holding companies, expansion and exhibition industry in the process, we must firmly establish the size of the allocation of assets, which is the allocation of risks and benefits of the concept.Sixth, in the front on the basis of research by the Chinese financial holding company risk and revenue allocation of institutional arrangements. Pointed out that from the establishment of a better financial holding company risk control system, the establishment of financial holding companies overall risk management mechanism, strengthen capital management, the transactions and risk transfer, firewall mechanism and the establishment of the mechanism, such as construction and put forward a sound financial holding company risk management mechanism. Next, strengthening internal financial holding group interaction and information exchange of information, and achieve economies of scale in operations conducted on the basis of innovative financial instruments, and construction of improving standards of corporate governance structure put the interests of the three can achieve solutions. Finally, strengthen financial supervision and management mechanisms of coordination between the departments, and strengthen capital supervision, and establish and perfect the system of laws and regulations, such as the angle of financial holding companies to strengthen supervision measures.Finally, a comprehensive summation of the relevant research findings and inadequate, and prospected. Pointed out that the establishment of financial holding companies is a bank, insurance, securities, and other single sector, the imbalance in the allocation of risks and benefits under the conditions of profits from the market to consciously achieve results within enterprises. Risk and return on assets in the relationship of dialectical unity, and there is no simple risk assets or income assets, and market presence in high-risk and high-yielding assets and low-risk and low-income assets. At the same time as banking, securities, insurance, and other assets with different risk (income) properties, with the support of theoretical model is entirely possible that the financial holding company through the different nature of the portfolio can obtain the optimal allocation of risk and return the results. And the establishment of such assets in the portfolio on the basis of risk and the optimal allocation of proceeds, excluding financial innovations have assets (risk - receipts) qualitative attributes under the conditions of the profit is to achieve a stable state.