Abstract

Based on the theory of financial markets，financial intermediaries and new institutional economics，this book studied the function of the Financial Asset Management Co. from the perspective of micro-market，financial function，transaction cost，etc.，and compared the functional differences between the Financial Asset Management Co. and other financial institutions in the financial organization system.

The main conclusions of this book are below.

a）In the financial markets，the financial theory and historical experience shows that the Financial Asset Management Co. as a special financial intermediary plays a beneficial role in the economic participation of other financial institutions，enterprises and government departments.

b）In the functional level of financial institutions，the Financial Asset Management Co. has the basic functions of preventing and resolving financial risks，managing the existing assets，etc.，and in the course of development，the new function of asset management，integration of innovation，integrated financial services and so on.

c）On the level of economic system，the Financial Asset Management Co. has the function of saving the market transaction cost，improving the efficiency of asset market，optimizing the allocation of economic resources and so on.

d）In view of the comparison function，the Financial Asset Management Co. has the functions of preventing and resolving financial risks，managing the existing assets，etc.，compared with commercial financial institutions differently，and its financial function is more rich and powerful，compared with the secured financial institutions.

e）The function of the Financial Asset Management Co. has historical evolution，with the China Great Wall Asset Management Co. as an example，the government，financial markets，customer needs，their own development and other factors affect its functional changes.

f）From the perspective of shareholders，according to the three development stages，the specific functions of AMC positioned in different periods are analyzed. The research shows that the functional changes of AMC are most affected by government’s policies.

g）Starting from the realization of the function of positioning，in order to implement the implementation of the positioning function of the AMC，the governnment has taken relevant safeguard measures in four dimensions：laws and regulations，personnel management，assessment management，and business supervision.

h）In the new normal，need to improve the internal and external institutional arrangements for the Financial Asset Management Co.，to give the full play to the functions of the Financial Asset Management Co.，in order to adjust economic structure and，to prevent and resolute the system risk.