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论文编号：	12580
作者编号：	2320180572
上传时间：	2021/6/16 11:34:51
中文题目：	C证券公司股票质押式回购业务风险管理优化研究
英文题目：	Research on Optimization of Risk Management
指导老师：	张晓农
中文关键字：	风险管理；股票质押；证券公司风险管理；信用风险；市场风险
英文关键字：	Risk Management; Stock Pledge; Risk Management of Securities Company;Credit Risk;Market Risk
中文摘要：	我国资本市场进入全面深化改革阶段，证券公司创新业务不断涌现。2013年《股票质押式回购交易及登记结算业务办法（试行）》推出之后，证券公司股票质押式回购业务（下文简称“股票质押业务”）出现了爆发性增长，证券公司通过开展股票质押业务取得了丰厚的利息收入。与此同时，有的证券公司由于对股票质押业务风险管理不善出现流动性风险，从而被其他证券公司并购。2020年10月发布的《国务院关于进一步提高上市公司质量的意见》中，明确将“积极稳妥化解上市公司股票质押风险”作为有待解决的突出问题。因此，证券公司股票质押业务风险管理问题成为风险管理领域一个重要的前沿研究问题与实践问题。 本文选取C证券公司股票质押业务作为研究对象，通过理论联系实际，深入剖析C证券公司股票质押业务风险管理中存在的问题，提出相应的优化方案和实施保障。首先，在绪论部分介绍了本文的研究背景和意义，阐述了研究的内容。其次，对本文研究所涉及的股票质押和风险的概念进行了界定和解释，并介绍了公司治理和风险管理相关理论，对股票质押风险产生的原因、风险度量方法和应对措施进行阐述，为后文的研究内容提供理论基础。接着运用全面风险管理的框架，采用定性分析和定量分析相结合的方法，通过实际案例分析C公司股票质押风险管理存在的问题，并制订出C公司股票质押业务风险管理薄弱环节的优化方案：事前、事中侧重优化信用风险和市场风险管理，事后侧重风险处置措施和提升组织智慧。之后从制度方面、组织方面以及资金技术方面阐述了对风险管理优化方案的保障措施，以确保优化方案的顺利实施。最后对全文的研究内容进行了总结，对我国证券公司股票质押业务风险管理研究进行了展望。 本文的研究为C证券公司股票质押业务风险管理提供了优化策略和实施保障措施。对于证券公司而言，有利于降低股票质押业务风险，有利于促进以客户为中心的综合金融服务体系的建立；对于股票质押业务而言，有利于发挥该项业务为中小企业提供融资便利的正面作用，有利于股票质押业务的进一步发展。综合来看，有利于资本市场的稳定，有利于金融促进实体经济的发展。
英文摘要：	The capital market of our country has entered the stage of comprehensively deepening reforms, the innovative businesses of securities?companies continue to emerge. The stock pledge repurchase business (Hereinafter referred to as "stock pledge business") of securities companies has experienced an explosive growth, securities companies have achieved substantial interest income through the development of stock pledge business after the launch of the "Measures for Stock Pledged Repurchase Transactions and Registration and Settlement Business (Trial)" in 2013. At the same time, some securities companies were merged by other securities companies due to liquidity risks by the poor management of the stock pledge business. The "Opinions of the State Council on Further Improving the Quality of Listed Companies" issued in October 2020 ,clearly regards "actively and steadily resolving the risk of pledged shares of listed companies" as an outstanding issue to be resolved.Therefore, the risk management in the stock pledge business of securities companies has become an important frontier research and practical problem in the field of risk management. This thesis selects the stock pledge business of Securities Company C as the research object, and analyzes the problems in the risk management of the stock pledge business through theory and practice, to propose the optimization plan and implementation assurance of the risk management in stock pledge business. First of all, in the introduction part it introduces the research background and meaning of this article, and it also expounds the research content. Secondly, the concept of stock pledge and risks involved in this research is defined and explained, this research also introduces the related theories of corporate governance and risk management; the reasons of stock pledge risk; risk measurement methods and countermeasures. It provides a theoretical basis for the following research. Then, this thesis, using the framework of comprehensive risk management, adopting a combination of qualitative analysis and quantitative analysis , through an actual case, analyzes the problems of company C’s stock pledge risk management, and formulates an optimization plan for the weak points of company C’s stock pledge business risk management: Focusing on optimizing credit risk and market risk management before and during the event,risk handling measures and improving organizational wisdom after the event. Afterwards, it explains the safeguards of the risk management optimization plan from the aspects of system, organization, and capital and technology to ensure the smooth implementation of the optimization plan. Finally, the research content of the whole thesis is summarized, and prospect the research on the risk management of the stock pledge business of our country's securities companies. The research in this thesis provides optimization strategies and implementation safeguards for the risk management of the stock pledge business in Securities Company C. For securities companies, it is conducive to reducing the risk of stock pledge business and promoting the establishment of a comprehensive customer- centric financial service system; for stock pledge business, it is conducive to making use of this business to provide financing for small and medium enterprises. It is beneficial to the further development of stock pledge business. On the whole, it is conducive to the stability of the capital market and promoting the development of the real economy.
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