The Research On Controling Of Underwriting Business In ZT Securities Company

The business of underwriting is the basic issue and the important income source of securities companies which is 35% of the operating income. Meanwhile,business of underwriting is related to many entities and is very complicated process. So there are many risks exsiting.That's why risk management of underwriting business has become crucial for securities companies.The underwriting business of ZT securities is flourish. As a sponsor and lead underwriters, it successful completed the "Golden Pig First Unit" Rongxin IPO shares and Hengfeng Paper project, additional directional real estate investment projects, and implemented successfully in China's construction bank A first shares financial consultancy project. However, the nature and characteristics of the securities business is risks and benefits of symmetry. Therefore, how to control underwriting securities business risks is the biggest problem faced by the ZT.ZT securities underwriting business is the research object, and we link the theory with practice, and use the general theory of risk management, such as the level of analysis and evaluation, fuzzy research methods. First we introduced a research background, significance, research, study methodology and framework of this study; secondly, we introduce the the risk of underwriting business of general business, which includ securities companies inherent vulnerability of the industry in which the issuer development prospects and the stock and the setting of the price, the focus of the underwriting business and the source of risk categories, and identify risk factors, to define the securities underwriting business ZT facing which include liquidity risk, default risk, operational risk, sales risks, legal risks and the risk of six major types of audit risk. Then, we use AHP to establish a risk measure index system of underwriting business of ZT securities, and apply fuzzy comprehensive evaluation of this method was evaluated whose result is "high risk", noting that sales risk is the biggest risk factor. Finally, on the basis of common underwriting risk control measures of foreign securities companiesand the actual situation in ZT securities,we make some recommendations for its underwriting risk control.