《大行報告》中金:中證監修訂風控指標 適度放寬優質券商資本約束
中金發表報告指出,中證監於上周五(3日)晚上就《證券公司風險控制指標計算標準規定(修訂稿)》公開徵求意見;相較於此前市場期待已久的龍頭券商試點放寬資本約束,本次修訂更加綜合全面,充分發揮風險控制指標「指揮棒」作用,推動行業落實全面風險管理要求、提升服務實體經濟質效。
該行認為,近年來行業風險覆蓋率、資本槓桿率、流動性覆蓋率及淨穩定資金率四項核心風控指標長期維持在監管標準1.5至2.5倍水平,粗略來看,該行測算此次修訂對於連續三年在A類AA級以上的券商風險覆蓋率釋放空間為20%,連續三年A類的券商風險覆蓋率和資本槓桿率釋放空間分別為14%及10%;以前十大券商為例,前兩項指標距監管上限仍有較大空間、短期提升槓桿的動力更多來自於自身資產端的需求;部分龍頭券商淨穩定資金率偏緊、此次有所優化。
長期來看,風控指標的優化及內部模型法的潛在應用有助於優質券商實施更全面、精細的風險管理,釋放更多資本空間,當好服務實體經濟的主力軍和維護市場穩定的壓艙石,促進行業格局優化和自身高質量發展,實現可達槓桿上限及長期股本回報率(ROE)中樞的提升。
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