【作者】 金鹏；

【导师】 赵惠芳；

【作者基本信息】 合肥工业大学 ， 工商管理， 2008， 硕士

【摘要】 经济全球一体化的趋势使我国的资本市场与国际金融市场的联系更加密切,国际金融环境的动荡使我国的证券公司处于较高的风险之中。金融作为现代国家经济的命脉和核心,是国家的“经济国防”,一旦出现金融风险,必将影响国家经济全局的稳定和发展。与国际上的证券公司巨头相比,我国的证券公司经营规模小、品种单一、抗风险能力较弱,因此,如何建立国内证券公司的风险识别和防范体系显得尤为迫切和必要。证券公司经营的是金融资产,具有高风险特征。证券业的风险和收益是并存的,完全避免风险难以实现,但是可以通过分析、归纳证券行业在经营过程中面临的各类风险,制定相应的措施对风险进行防范和控制。在实现公司经营目标的前提下,减少失败可能性,将影响公司绩效的不确定性因素降为最低。本论文从经营风险管理概念理论出发,通过分析在我国证券公司经营风险中的对收入影响较大的经纪业务和承销业务的风险点,剖析两类风险的形成原因,并借鉴国外证券公司的风险管理先进经验,进而提出现阶段国内券商的经营风险管理策略和具体建议,并以甲乙证券公司在经纪业务和承销业务中存在的问题为研究对象,提出具体的风险控制措施,为国内证券公司防范经营风险提供借鉴。本论文结合我国证券公司经营风险的管理重点,构建出了以价值创造为核心的经营风险指标体系,对我国证券公司在经纪、承销业务的风险识别度量中能起到普遍的衡量作用。同时,结合我国证券公司的经纪、承销业务的风险成因,针对经纪业务提出了交易、清算、核算、监控一体化的大集中管理控制思路,并对该控制思想从组织机构调整、信息系统构建、制度措施制定等方面提供了一系列可操作的流程及规范。最后,本文根据甲乙证券公司实例,提出了具体的风险控制措施。更多还原

【Abstract】 Domestic capital market has been connected much more closely with other global capital markets with trend of integrated globalization of world economy. Turbulences of world capital market are pushing domestic securities companies into a more risky situation than ever. Finance is core of a nation’s economy and deemed to be of so great vitality as somehow called "National Defense of Economy". Risk of finance will seriously affect stability and development of a nation’s economy in whole. Comparing with magnate international securities companies, domestic securities companies are of relatively small scale with humdrum products and are more vulnerable at risk protection. It is very urgent for securities companies to establish risk identity and prevention system.The securities companies generally trades financial capital with of intrinsic nature of higher risky. Risk and return are coexistent in business of securities and risk is inevitable to some extent. However, we can try to analyze and induce all kinds of risks in this business and work out some corresponding risk control and prevention measures. This will be very helpful to contain risks affecting company’s performance and assist fulfillment of the comprehensive management goals of the securities company.Initiated from concept of operational risk management and through analysis on risks concerning two main securities business of underwriting and brokerage, this paper proposes strategy options and feasible suggestions for domestic securities companies’ operational risk management at present stage taking advanced experience of foreign securities companies for reference. Furthermore, the paper also proposes concrete measures of risk prevention based on problems existing in underwriting and brokerages businesses of certain securities companies, which shall be valuable reference for domestic securities companies to defend against operational risks. Considering the focuses of domestic securities companies’ operational risk management, an operational risk indicators system with value creation as its core is put forward. It shall be a common measurement for risk identity and appraisal within underwriting and brokerage business. Mean while, the paper advances a macro risk control idea which is based on integration of trading, liquidation, accounting and monitoring. A series of operational process and guidelines are also provided from aspects of organization re-built, information system establishment and regulations constitution. Finally, risks control measures are put forward in accordance to experiences of certain securities companies.更多还原