Risks Studies On Commercial Banks' Financing To Securities Companies

Under the current financial industry structure in China, there are generally two kinds of benefits for commercial banks'financing capital to securities companies, for one thing, it can help commercial banks improve their asset structure, and cultivate new effective growth points; For another, it will help increase the funds supply in the stock market, and to promote the development of securities market. However, there are huge risks existing in the financing process. Once financial crisis outbreaks, it will not only affect the normal economic operation in China, but also will endanger the social stability. So that, in order to raise the level of risk management, researching the risks of financing is definitely important, it will make great significance to the coordination development of the money market and the capital market, as well as effectively response to the challenge in the international finance market.From the commercial banks view, the article analyses three channels of risks while commercial banks financing to the securities companies, which is the risk of credit lending, the one of reverse repurchase bonds and the risk of stock mortgage loan. After studying the mortgage ratio of stock collateral by mathematical model, the article arriving at respective relationships between the risk preference of the commercial banks and the ratio of stock collateral, the price volatility of the mortgage of shares and ratio of stock collateral, and the expected return rate and the ratio of stock collateral. By using the Value-at-Risk quantitative model, the thesis gives a research to the combination risks of commercial banks'financing to securities companies, for detail, by giving an assuming premise that the total credit amount of the commercial banks'financing to some certain securities company is determined, by studying and choosing a financing method to control the financing risk, finally coming to a result that the commercial banks are with a least dangerous risk. And, finally, the thesis gains some countermeasures for the bank's overall risk management and strategies for the risk management of commercial banks'financing to securities companies, which offer good reference to improve the risk management of commercial banks and to control the financing process from the commercial banks to the securities companies.