| In recent years,fixed-income products have attracted the market’s attention as the securities market develops rapidly.Securities,as the most important ones in the fixed-income products,become increasingly popular among various investors because of their safety and profitability.Moreover,securities portfolios have become popular financial products,which often exist in banks,brokers,funds and trust companies.Although China’s securities market has developed rapidly in recent years,it is still relatively lagging behind compared to developed countries,and its risk control is quite weak.It’s not enough to just meet the benchmark of the portfolios,and it is necessary to control the default risk of the securities.This thesis firstly summarizes the fixed-income portfolio theory,then introduces CC Securities Company and the development of its fixed-income investment portfolios,and analyzes one of them.There are several problems found regarding risk control of investment portfolios: first of all,the risk management system and process of the fixed-income securities portfolio has not been established;second,the scorecard model is not comprehensive enough to evaluate the investment portfolio,lacking many factors;third,attention to credit risk is not enough;fourth,attention to liquidity risk is insufficient;fifth,interest rate risk and duration risk are ignored;sixth,there are no specialized personnel to track market risks.In this regard,the author put forward several suggestions to deal with these risk issues,so as to strengthen the overall risk prevention and control degree of the investment portfolios and reduce the risk level.The experience and shortcomings in the development process are summarized with the analysis of CC Securities Company’s fixed-income portfolios,which can guide the company to adjust its bond investment strategy in time according to market conditions.This plays an active role in preventing bond investment risks and maximizing bond investment returns. |
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