Research On Risk Management Of Stock Pledge Repurchase Business Of Securities Company Z

The Measures for Stock Pledged Repurchase Transactions and Registration and Settlement Business(for Trial Implementation)was issued by China Securities Depository and Clearing Corporation Limited in May 2013,Shanghai and Shenzhen Stock Exchange also issued detailed rules,which opened the prelude to the OTC trading of stock pledge repurchase of securities companies.After the launch of this business,it has become the most popular way of stock financing.However,as the business continues to develop,and the violent fluctuation of the stock market,the risk has gradually exposed.In recent years,there are more and more default projects,and the number of related lawsuits of securities companies has increased,which has seriously affected the profitability of securities companies.This paper uses the internal control theory,comprehensive risk management and other theories,through literature analysis,field research,qualitative analysis,quantitative analysis and other methods,analyzes the risk management and the development of Securities Company Z’s stock pledge repurchase business,and finds that there are a series of problems in pre loan investigation,post loan management,assessment and evaluation,default disposal and staffing.Secondly,combine quantitative risk indicators with qualitative risk indicators to highlight the systematicness and feasibility of the risk management system.In terms of risk identification,12 risk factors of market risk,liquidity risk,credit risk and operational risk were identified by combing scholars’ literature and experts’questionnaires.In terms of risk assessment,quantitative assessment of identified risks by using fuzzy analytic hierarchy process,determine the weight and risk grade of risk factors,and combine quantitative risk indicators with qualitative risk indicators to increase the feasibility of risk management system.In terms of risk response,the risk management matrix is used to analyze the risk response strategies,and the specific risk response strategies are sorted out.Finally,In order to do a better job in risk management,we have put forward some safeguards for Securities Company Z.It mainly includes:in the early stage of the project,establishing a project reserve,improving the depth and breadth of due diligence,and increasing the professionalism of due diligence personnel;In terms of post-loan management,strengthen the staffing,strengthen the continuous attention of customers and target companies,and strengthen the monitoring of the use and flow of funds;In terms of assessment and system construction,establish a scientific assessment mechanism and a more complete early warning system;In terms of cultural construction,we should strengthen the promotion and implementation of the culture of putting risk control first.Through the optimization of the risk system,the risk of loss in the business of Securities Company Z can be reduced,the risk management level of Z company can be improved,and the competitiveness of Z company can be improved.At the same time,other financial enterprises can also refer to this study to analyze this business,.all financial industry enterprises will improve their risk management level.