券商资产管理业务风险生成机制的实证研究

从竞争力角度研究了券商资产管理业务的风险生成机制，结果表明，券商资产管理业务有12个风险因子，其运动变化的微观机理刻画了风险生成的路线图。实证研究发现，乘数因子是我国券商资产管理业务的主要风险因子，其生成风险的机制是垄断竞争市场结构，采用资金堆积做庄、博取差价的粗放投资模式，加之存在向自营业务输送利益，导致理财效率丧失、风险频发。

An Empirical Study on the Risk Formation Mechanism of Trustees of Security Companies

Nowadays trustees of security companies have become the industry system risk and been related to their licences of business.This paper reveals that there are 12 risk genes in trustees of security companies,and the micro-mechanism of their variation and movement portray its course of Risk Formation Mechanism.Empirical studies declared that the key risk gene was multiplier risk gene in our country,its Risk Formation Mechanism was that the monopoly competition markets relaxed their pressure outside,while their careless mode of investment and feed to self-business resulted in lose of efficiency of financing and hard risk issues frequently.