摘  要
对于市场经济条件下的金融机构而言，资本是消化吸收损失的最后防火墙，同时也是限制过度的业务扩张和风险承担的重要工具。资本管理也成为金融机构经营管理体系的重要组成部分。现代资本管理要解决的核心问题是，在考虑实际风险水平、股东利益以及监管者要求等因素的基础上，确定最优的资本水平，并实现资本资源的最优配置。这就要求金融机构建立一套能够把资本和风险联系起来，并能在二者之间动态调整的管理体系，在发挥资本对风险约束作用的同时，通过风险预算提高资本的使用效率，实现稳健经营和价值创造目标的统一。在这样的经济背景和客观要求下，经济资本配置体系应运而生。
经济资本是在一定时期内，在目标评级水平对应的置信水平下，金融机构为弥补非预期损失所应持有的资本水平。它既不是金融机构实际可用的资本，也不是监管者要求的资本，而是金融机构在开展业务过程中实际所需的资本，是一个完全虚拟的概念。
经济资本配置是名义上或形式上计算支持业务的资本量，并在不同层面上把经济资本按照一定的原则进行分配的过程。这实际上是金融机构在实际可得资本资源的限制下，权衡风险与收益，寻求最优的业务规模和结构，以期实现股东价值最大化的过程。在不同层次上配置经济资本已经成为风险管理和业务经营战略的内在部分和基石。
经济资本配置是现代风险管理的核心。传统风险管理手段只针对风险自身，针对部分风险，无法实现全
面的风险管理，也无法搭建资本和风险之间动态的联动机制。以经济资本配置为核心的现代风险管理能够克服这些不足。经济资本配置体系以经济资本作为统一的风险衡量指标，以业务单元对整个机构的边际风险贡献为基础，并考虑风险因素之间的相关关系，它体现了集中、综合、一体化的风险管理理念，是全面风险管理、组合管理和内部资本市场理论在金融机构范围内的应用；经济资本配置体系在资本和风险之间建立了一套动态的联系机制，使管理者从资本的角度考虑风险管理，把风险管理与资本管理联系起来。
引入了经济资本配置的业绩评价体系不仅包括以合理的指标评估经营业绩及与之相关的激励补偿，还包括风险预算和业务的战略决策。它将绩效衡量与战略决策联系起来，并以经风险调整的资本回报作为统一的目标、标准和分析基础，将两者统一于股东价值最大化的目标上。经风险调整的业绩评级体系
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（Risk Adjusted Performance Measurement，RAPM）已经成为现代金融机构经营管理的重要组成部分。RAPM体系的衡量指标分为两类，一类是比率指标，以经风险调整的资本收益率（Risk Adjusted Return on Capital，RAROC）为代表；一类是总量指标，以经济利润（Economic Profit，EP）为代表。RAROC能够体现各个业务部门的相对盈利能力和增长潜力，金融机构可以根据各个部门的RARO
C识别自身的竞争优势和不足。RAROC传递的信息对于业务结构调整和长期战略决策都有重要的参考价值。EP衡量价值的性能是最优的，它直接体现了部门业务和部门经理对股东价值的绝对贡献，因此应该作为对经营者的补偿基础。RAROC与EP各有特点，金融机构在进行业务决策和资本配置时应该根据具体情况选择合适的业绩衡量指标，并综合考虑各种指标和影响因素制定决策。
有效的经济资本配置体系依赖于科学、准确的计量经济资本，合理的经济资本配置方法和配置模式，金融机构内部组织架构的支持以及不同层面的认同和协作。计量经济资本的方法主要有收入波动法和资产波动法。经济资本配置的基本方法是自上而下（top-down）法和自下而上（bottom-up）法，两种方法各有优劣，实务界的主流做法是将两种方法结合使用，即高层提出配置原则和指导方针，业务单元自行确定配置过程中的各种参数。分离式、边际资本配置模式和分散资本配置模式是三种经济资本配置模式，他们的区别在于是否把分散化效应分配到各个部门以及如何分配。金融机构应以目的为导向根据具体情况选择不同的资本配置模式。国际先进银行的实践表明，分散资本配置模式由于其显著的优越性而得到了最广泛的使用，它也代表了金融机构经济资本配置的方向。构建经济资本配置体系应该充分发挥高层管理人员、独立的风控部门的作用，同时要清晰界定不同业务部门的职责范围，并充分协调他们之间的关系。只有得到公司内部各个层面的认同和支持，这一体系才能有效运行。11超新星
随着金融市场的逐步开放以及金融体制改革的不断推进，我国金融机构开始逐步走向市场化、国际化，积极借鉴国际先进机构在经营和管理方面的实践经验，开始引入并尝试实施经济资本管理体系。
国内金融机构构建经济资本配置体系的实践还处于起步阶段，传统的风险管理和资本管理理念仍然普遍存在，业绩衡量仍然以ROA、ROE等指标为主，完善的公司治理结构和有效的内部控制体系并未真正建立，在这种情况下实施经济资本配置应该做好以下几项工作：第一，树立现代风险管理和资本管理理念。解决我国金融机构存在的问题最根本的就是要建立以现代风险管理和资本管理为核心的管理体系，而要达到这一目的首先要加强教育，转变观念，树立以经济资本配置为核心的风险管理
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和的资本管理理念，硬化资本约束，真正发挥资本限制风险过度承担的作用。
第二，建立科学的业绩评价体系。我国金融机构应该改变过去单纯以会计指标进行业绩评价的方法，注意发挥风险配置对业绩评价、激励补偿和业务决策的引导作用，逐步建立起以经济资本配置为核心的业绩评价体系——RAPM。
第三，改善内部环境，为构建经济资本配置体系奠定组织基础。经济资本配置体系需要合理的组织结构和有效的内部决策机制作为支撑。经济资本配置体系综合了决策体系和管理体系，依托内部决策体系的有效性和权威性发挥其管理作用。因此，在我国构建经济资本配置体系需要在进一步改革公司治理结构基础上建立全面风险管理的管理体系和组织架构，改善内部管理环境。
翡翠原石是什么
建立一个有效的经济资本配置体系离不开对以经济资本配置为核心的风险管理和资本管理理念的认同；离不开能够充分考虑股东价值最大化的经风险调整的资本回报为基础的业绩评价体系；离不开独立的与业务线并行且相互支持、相互制约的全面风险管理组织架构体系。然而，考虑到目前我国金融机构的资本管理、风险管理现状、公司的治理结构以及企业文化等，国内金融机构建立完善的经济资本配置体系还有很长的路要走，而且应该是一个循序渐进的过程。
关键字：资本管理；风险管理；经济资本配置；RAPM。
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梁静茹 玛莎Abstract
For the financial institutions in the market economy, capital is a buffer that can absorb loss, as well as a important tool which can limit excessive risks and expansion taken by the financial institutions. Thus, capital management is of course an significant part of the management framework in a financial institutions. There are two core issues as to capital management, one is to fix on the appropriate level of capital, and the other is optimize the allocation of the capital. And in order to solve these two problems well, the financial institutions ought to connect the risk and capital effectively, which can combine the soundness and value creation together. Thinking of these above,
economic capital allocation is the right choice.
Economic capital is the capital set aside by financial institutions to buffer their unexpected losses for a certain time horizon and a targeted rating level. It is not the capital available by the financial institutions as well as the regulation capital, it is the capital which is needed in the process of operation.
Economic capital allocation is a process that the financial institutions allocate economic capital to different business units according to certain principle following the calculating of nominally capital level which is needed to sustain the operation. In nature, this is the attempt made by the financial institutions to optimize the business dimensions and structures, balance the risk and return, which can lead to the maximum of the shareholder value. Allocating economic capital to business unites at different levels has become the immanent proportion as well as foundation stone of risk management and business plan.
Economic capital allocation is the core issue of the modern risk management. Traditionally, risk management is aiming at part of the risks, and there’s no linkage between risk and capital. However, modern risk management based on the economic capital allocation can hurdle these disadvantages. 怎么把头像加上国旗
For one thing, economic capital allocation represented the thought of concentration and integration, which is based on the uniform measures-economic capital, and the introduction of correlativity among risk factors. For another, economic capital allocation is a linkage between risk and capital, which made it possible for the manager to consider risk management
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from the capital management point of view.
The risk adjusted performance measurement system which is based on the economic capital allocation includes not only the performance measurement, compensation promoting, but also risk budgeting and business decision-making. There are two main indexes for the risk adjusted performance measurement, risk adjusted return on capital, relative index, and economic profit, an absolute index. RAROC reflects the relative profitability and the potential, based on which financial institutions can identify the advantages as well as disadvantages in competition. Economic profit fits for the measurement of absolute value, and it can reflects the contribution of the business to the shareholder value. RAROC and EP each has it own characteristic, and fits for different conditions. RAROC and EP should be the main gist when Financial institutions making a decision. However, the
张本渝 阿bense are not the whole, other non financial factors such as market potential, compatibility, can not be ignored, either.
The effectiveness of the economic capital allocation depends on the accurate quantification of economic capital, sound methods and mode used for allocating capital, and the sustainability of the internal framework. There are two methods for measuring the economic capital, that is, earning at risk and assets fluctuation. The economic capital can be allocated both top-down and bottom-up. In practice, the combination of the two methods are widely used. That is to say, managers give the guidelines, and the business unites fixes on the parameters. In a word, not until the theory of economic capital allocation identified and supported by each lays of financial institutions can not this system operated successively.
Along with the opening of the financial market to the outside world, and the accelerating of the finance reform, some internal financial institutions has began to introduce the economic conception. However, the practices in allocating economic capital made by financial institutions inside are still at the beginning, the traditional conception on risk management and capital management are still ubiquity, ROA,ROE  remain the basic performance measures, the framework of modern corporate management has not be built up. Thus, there are heavy tasks for us to fulfill for a soundness econo
mic capital allocation system: a scientific standpoint is the first factor we must take into account, this is the problem of guideline. And then we
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