金融资产管理公司道德风险成因新探

现有金融产权制度缺陷对金融资产管理公司道德风险的生成负有不可推卸的责任。国有金融产权是一种垄断性财产权利,具有模糊性和弱排他性的。资产公司双重性质,使得同一产权出现彼此背离的两种不同内在要求。而现有产权制度下行政性治理结构,必然导致剩余控制权、索取权配置功能的缺失,从而加剧了金融道德风险的蔓延态势。

A Cause Analysis of Moral Risks in Financial AMC

The defects in the current systems of financial property rights is responsible for the moral risks in AMCs. State-owned financial property rights are monopolizing property rights, and thus are indistinct and inexclusive. The double natures of AMCs bring about the problem that there are two contradictory internal demands in the same property rights. And the administrative corporation structure certainly results in the lack of residual rights of control and rights of claim, and aggravates the moral risks in AMCs.