Research On Risk Evaluation Of Securities Companies' New Third Board Listing Business

Since the State Council approved the establishment of a share transfer system in 2006,the history of the New Third Board has been more than a decade.With the attention of the Party Central Committee and the State Council,the New Third Board Market serves as an important platform for serving small and medium-sized enterprises and plays an important role in the development of China's capital market and makes outstanding contributions.After the New Third Board passed the test of booms and troughs,the functions of their markets have become increasingly perfect at this stage.Vigorously develop the New Third Board Market has become the consensus of all parties in the market.The securities companies are trying their best to grasp the precious opportunity of the growth and growth of the New Third Board Market and attach great importance to the development and growth of the New Third Board business segment.The securities industry generally has high risk hidden dangers,which requires securities companies to guard against the many risks that may occur during the operation.With the strengthening of the supervision of the New Third Board Market,securities companies must fully consider and weigh the relationship between revenue and risk before undertaking the business,strengthen their own business risk management.It is imperative to establish a business risk assessment system and quantify the risks of the New Third Board listing business for securities companies.Based on comprehensive and systematic principles,this article is based on the risk assessment of the well-known securities companies in the New Third Board listing business,and follows the work guidance for the due diligence investigation of the national small and medium sized share transfer system to listed companies,discusses the New Third Board from four aspects:corporate business,corporate governance,corporate finance,and corporate legal compliance.The multi-factor index of the risk assessment of the listed business is designed to design a scoring system.The expert scoring method was used to assign weights to the three-level indicators,and a system application guide was designed.According to the final score and the literature research summary,the project is rated according to the four categories of "high-quality item","recommended item","cautious recommendation" and "no consideration".Taking the listing of the New Third Board Companies of HS Company as an example,the application of the system shows that the project is a cautiously recommended project.In the light of the actual situation of Z Securities Company,the final project has not been approved.In line with the original expected results of the project.The innovation of this paper lies in that the risk assessment index is decomposed and weighted in detail,and the generalized perceptual risk assessment is broken through quantitative thinking.It is of milestone significance for the development and improvement of the risk assessment system of the New Third Board of securities companies to initially construct the New Third Board listed business risk assessment system based on this idea and provide references for the securities companies to undertake the projects.