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惠譽:中資銀行的委外投資推動信貸增長
May 2, 2017 / 8:16 AM / 5 months ago

惠譽:中資銀行的委外投資推動信貸增長

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: China Banks: Entrusted Investments here HONG KONG/SHANGHAI, May 02 (Fitch) 本文章英文原文最初於2017年4月18日發布于:here 惠譽評級在最新一份專題報告中稱,銀行對非銀行金融機構的(證券公司、信託公司和資產管理公司)風險敞口大幅增長,是推動2015年之後中國信貸增長的主要因素。 我們認為,大部分銀行對非銀金融機構的風險敞口是由其對非銀金融機構所管理的資產管理產品或理財產品的投資構成,稱為“委外投資”。該領域的過度增長有可能會使系統性風險 加劇。截至2016年底,在由惠譽授予評級的中型商業銀行的此類投資資產占其總資產的平均比例約為19%。中型銀行的資產配置中委外投資占比的提高,反映出中型商業銀行的 風險偏好上升,因為其希望抵消不斷升高的利潤和資本壓力。 除非籌集到額外資本或盈利能力提高,委外投資的快速增長將會削弱銀行的損失吸收能力。中型商業銀行的損失吸收能力比國有銀行弱,並因其委外投資的大幅增長而被進一步削弱。 鑒於部分委外投資的產品結構複雜,或者存在交叉持有的情況,風險加權資產也有可能會被低估,或者資產質量的惡化可能不會被察覺。 惠譽認為監管機構難以壓制委外投資的增長,因為委外投資的規模已經增大到成為金融中介的重要組成部分。市場預計更統一的監管政策或監管框架改革可能會出台,用以加強對銀行 和非銀金融機構的協同監管,且更統一的監管或監管框架改革可能強化對此類活動的監督並幫助限制傳染風險。這將有利於中國金融系統和經濟的長期可持續發展,進而也有利於銀行 生存力評級。 委外投資持續快速增長會導致風險偏好增大、損失吸收能力減弱(如果沒有積累額外的緩衝資本),有可能損害銀行的生存力評級。在由惠譽授予評級的中資商業銀行中,中型商業銀 行最容易受到影響。 完整報告《中資銀行的“委外投資”》請參見<a href="https://www.fitchratings.com">www.fitchratings.com或點擊本新聞稿上方鏈接。 聯繫人: Jaclyn Wang(王瑾) 聯席董事 金融機構評級 +86 21 5097 3189 惠譽(北京)信用評級有限公司上海分公司 中國上海市浦東新區陸家嘴環路479號 上海中心大廈34層3401室 Grace Wu (胡月明) 高級董事 金融機構評級 +852 2263 9919 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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