The Research On Risk Management Of Stock Pledged Repurchase In Chinese Securities Companies

Our country has stressed the concept of "financial support the development of the real economy",one of the very important content is to provide support for corporate finance,therefore shares pledged repo business arises at the historic moment.Shares pledged repo business field was a highly attention and favour,in a short span of more than three years later,the Shanghai stock exchange and shenzhen stock exchange shares pledged repo business to buy original deal amount breakthrough in the trillions.But with the size of the market shares pledged repo business expand sharply,stock pledged repo business related risk also continue to gather.This article first through the way of literature review,found the issues of shares pledge repo business of Chinese securities companies.Then,analysis risks of the shares pledged repo business of securities companies,including the risk of the pledge and loan-to-value ratio,the risk of share price fall,the risk of financiers' credit and moral hazard,the risk of disposal of default,the risk come from stakeholders,the risk of policy and regulatory,Internal management risk,etc.And find out the corresponding risk management measures,accordingly proposed pledged repo business securities company level risk management system.Behind,in combination with shares pledged repo of NJ securities company business in actual situation,analysis the company's shares pledged repo business risk management system,find out the problems,and puts forward suggestions for improvement,to provide the reference for its business improvement.Finally,by case analysis found in the securities company to deal with the difficulty level of risk management system construction,put forward the policy suggestions of regulatory level,in order to use the power of the regulators,help securities companies do business of the better control business risk.The conclusion of this article: First,stocks pledged repo business of Chinese securities companies has many risk points.Second,the shares pledged repo business risk management system of our country securities company is not perfect.Third,Chinese current social credit system is still not enough to help securities companies better avoid stocks pledged repo credit risk in the business.Advice: In the aspect of securities company,establish and perfect the shares pledged repo business risk management system;In the aspect of regulatory,establish and improve the coverage of the credit information database,cultivating professional credit service agency in our country,establish a unified credit systems,build a full range of cash flow monitoring and control system,to help securities companies improve stock pledged repo business risk management system.