| Security companies should set up the net capital-oriented risk regulation system from the experience of developed countries. In September, 2000 the net capital-oriented risk regulation system was introduced into China, and the promulgated Calculating Rules on the Net Capital in the Securities companies and Principles on the Administration of Securities Companies could act as the foundation of the system. Nevertheless, as the development of capital market, there are some mistakes in these rules. CSRC(China Securities Regulatory Commission) enact new rules, and put in practice in December ,2008.In the first chapter, we discuss the methods of oversea net capital, the core regulation objective, and introduce situations and features of implementing the system of net capital regulation after November 1st, 2006. In the second chapter , we analyzes the influences of implementing the new system on the financial management and the business models, based on which the problems resulting from its implementation are indicated and the suggestions on improving the risk regulation system are proposed. In the third chapter, the influences of the net capital regulation system on the financial management in the securities companies in China are analyzed in the aspects of the financial management strategies , the financing and investing decisions, the financial risk management and the allocation of earnings. In the last chapter , based on the analysis of the situations that be said above , we give some advice on how to improve the net capital regulation system in government and security companies. In the fifth chapter, we focus on the case of XC corporation, which implemented debt restructuring based on the net capital-oriented risk regulation system.All in all, we do research on the new Principles on the Administration of Securities Companies , and give some new idea to the security companies to improve the management . |
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