【作者】 李华；

【导师】 潘颖；

【作者基本信息】 西北大学 ， 工商管理（专业学位）， 2020， 硕士

【摘要】 2007年,信托公司迎来进一步整顿,信托机构重新登记后稳定在68家。经过2007～2017年十年发展改革,受到市场融资需求旺盛,居民财富管理多样化等因素推动,信托业高速发展,资产管理规模迅速膨胀,现已成为我国第二大金融子行业。然而,随着经济发展黄金时期的结束,泛资管新时代的来临,经济深度转型过程中阵痛持续发作,信托业高增长时代已结束,在信托制度优势及监管环境发生实质变化的过程中,如何进行业务优化及转型成为信托公司需要重点研究和探讨的问题。本文以WT信托证券投资业务为研究对象,深入分析发现WT信托在开展证券投资业务过程中存在主动管理能力不强,盈利能力较弱,品牌认知度低、获客能力不足的问题。针对上述一系列问题,本文对WT信托固有资金证券投资业务提出构建证券投资组合主动管理的优化方案,对证券投资信托业务提出采用类MOM(管理人中的管理人)投资的优化方案,并针对不同策略的两种优化方案分别制定业务操作流程并结合历史数据对方案进行回测检验,验证方案的可行性、盈利性。固有证券投资组合基于风险收益匹配模型,在整体回撤率不超过6%的情况下,年化投资收益率可达到41.7%,说明以盈利高增长、财务低估值、ETF股票基金构建的投资组合运行稳健、风险可控,适宜机构资金投资。证券投资信托类MOM业务回测收益率稳健,是有效的主动投资策略,开展类MOM投资不仅可以显著提高公司信托报酬率,而且对公司财富转型也提供了高流动性的标品信托产品,丰富了公司产品线。本文的优化方案顺利运行还要求WT信托不仅要储备匹配证券投资业务的专业化人才,更要在审批及运营流程方面加快发展并进一步升级公司证券服务系统应对公司证券投资业务优化升级。本文的研究结论可为WT信托证券投资业务的优化提供指导方向,同时对整个资管行业中证券投资业务发展较为薄弱的金融机构亦有一定借鉴意义。更多还原

【Abstract】 In 2007,trust companies ushered in further consolidation,and trust institutions stabilized at 68 after re registration.After ten years of development and reform in 2007-2017,driven by the strong demand for market financing,diversified wealth management of residents and other factors,the trust industry has developed rapidly,and the scale of asset management has expanded rapidly.It has become the second largest financial sub industry in China.However,with the end of the golden age of economic development,the pain in the process of deep economic transformation continues to break out,and the era of high growth of trust industry has ended.In the process of substantial changes in the advantages of trust system and regulat ory environment,how to optimize and transform business has become a key research issue for trust companies.In this paper,WT Trust Securities investment business as the research object,in-depth analysis found that WT trust in the development of securiti es investment business in the process of active management ability is not strong,profitability is weak,brand awareness is low,customer acquisition ability is insufficient.In view of the above problems,this paper proposes an optimization scheme for the construction of the active management of securities investment portfolio for the inherent capital securities investment business;an optimization scheme for the adoption of mom like investment for the securities investment trust business,and formulates b usiness operation procedures for the two optimization schemes of different strategies respectively,and tests the scheme back with historical data to verify the feasibility of the scheme Profitability.The inherent portfolio is based on the risk return mat ching model.Under the condition that the overall withdrawal rate is not more than 6%,the annual investment return rate reaches 41.7%,which shows that the portfolio constructed by ETF stock fund with high growth of profit,low financial value and stable operation,controllable risk is suitable for institutional capital investment.It is an effective and active investment strategy to test the return rate of securities investment trust mom business.The development of mom investment can not only significant ly improve the return rate of the company’s trust,but also provide high liquidity standard trust products for the company’s wealth transformation,enriching the company’s investment types.The smooth operation of this optimization plan also requires WT trust not only to reserve relevant talents to match the securities investment business,but also to accelerate the development and further upgrade the company’s securities service system in terms of approval and operation process to cope with the optimizatio n and upgrading of the company’s securities investment business.The conclusion of this paper can provide guidance for the optimization of WT trust’s securities investment business,and it can also be used for reference for the financial institutions in the whole asset management industry whose securities investment business development is relatively weak.更多还原