The risk management of securities companies has attracted great attention from the regulatory authorities and extensive attention from the industry. In July 2006, the CSRC issued the Measures for the Administration of Risk Control Indicators of Securities Companies to strengthen the supervision of risks of securities companies. All parties in the market fully realize that perfecting the securities company and its risk management system is of great practical significance for the standardized, steady, efficient and orderly development of the entire securities industry, and it is also a very urgent task.
First, the main risk analysis of China's securities companies
(A) the risk impact of foreign-funded securities companies
1. Capital. China's securities companies are small in scale, weak in capital strength and low in ability to resist market risks, especially in the adjustment period of large market fluctuations, and they will face major hidden dangers of bankruptcy if they are not careful. According to the statistics of the Securities Industry Association, by the end of 2004, the total assets of 1 14 securities companies nationwide were 329.373 billion yuan, and the total assets of each of the world's first-class investment banks reached more than 300 billion dollars in the same year.
2. Talent. Most foreign securities companies adopt the system of encouraging senior managers (and employees) to hold shares, and most of them adopt options or shareholding plans. If foreign securities companies compete in the talent market in China with such rich income, domestic securities companies will face a very serious brain drain problem.
3. Market share. Foreign securities companies gradually seize the market share of domestic stock and bond underwriting business, and their monopoly position in recommending enterprises to go public abroad makes them in a strong competitive position. In terms of brokerage business, foreign securities companies have adopted online trading for a long time, and they have relatively mature technologies in system maintenance and security technology, while online trading is still in its infancy in China.
4. Expand business scope. Foreign securities companies are increasingly innovating and using financial derivatives, which can arbitrage and avoid risks to the maximum extent. However, China's securities business is single and its innovation ability is insufficient. They are limited to listing recommendation and underwriting in the primary market, brokerage and self-management in the secondary market, and their business development in project financing, corporate mergers and acquisitions, wealth management services and financial consultants is very limited. The innovation and application of financial derivatives have not been deeply involved, so it is difficult to compete with foreign securities companies in competing for customers.
5. Secondary market. Foreign securities companies come with abundant international capital, relying on their capital, talents, mature market experience and superb capital market operation skills. Whether for the pursuit of China's potential profits as an emerging market or for global risk aversion, they may come up or go down, or make waves, or help rise and fall, which will aggravate the volatility of China's securities market and bring great uncertainty to the stock price changes in the secondary market.
(B) the risk of the issuance market
Under the new approval system, issuance risk may become the main source of underwriting risk of securities companies. The issuance risk of securities companies can be subdivided into waiting risk, pricing risk and promotion risk. The waiting risk is mainly borne by the issuer, and the pricing risk and promotion risk are entirely borne by the securities company. With the continuous improvement of the standardization of China's securities market and the expansion of the ranks of institutional investors, the price difference between the primary and secondary markets will be further narrowed, or even upside down, and the issuance risks undertaken by securities companies will be increasing.
(C) the risk of business innovation
Business innovation will inevitably lead to risks, which are always accompanied by the whole process of business innovation, which are manifested in different aspects such as government, legal relations and technological maturity. When securities companies carry out business innovation and blindly expand their business scale, there will often be some risks beyond their affordability, which will easily lead to crisis when the market continues to be weak.
(D) the risks of online securities trading
According to the statistics of China Securities Regulatory Commission, the online entrusted transaction volume of securities companies in the first half of 2006 was about16152180,000 yuan, accounting for 20% of the total transaction volume of stocks (A and B shares) and funds in Shanghai and Shenzhen in the first half of 2006 (calculated bilaterally). The rapid development of online trading has put forward a severe test to the traditional brokerage business and the original risk prevention means of securities companies, increased the service choices of customers and greatly enhanced the liquidity of customers; It involves many legal issues such as information security, intellectual property rights, privacy, digital signature and authentication. At present, the policy and legal environment of online transactions in China is far behind the technical level of online transactions, and the supervision mode is mainly after the event, and the technical means of supervision are relatively backward. In the event of accidents and disputes, securities companies will lose time and money. (A) to strengthen the awareness of risk management
Advocate the concept of "all-staff risk management culture", infiltrate the awareness of risk management into every employee, every department and every post, and create a risk management culture of "all-staff concern, active participation, suggestions and suggestions, and Qi Xin cooperation" among employees.
(2) Realize the transformation from separate operation to mixed operation.
It has become an inevitable choice and urgent task for domestic brokers to become bigger and stronger quickly and enhance their comprehensive competitiveness through mixed operation. Conducive to financial institutions to obtain economies of scale; It is conducive to providing diversified and ever-changing financial services for enterprises and consumers; It is conducive to improving the comprehensive competitiveness of China's financial institutions; It is also conducive to financial institutions to enhance their ability to resist risks.
(C) the establishment of a reasonable risk management system
1. Improve the corporate governance structure. In accordance with the requirements of the Company Law, we should implement the modern enterprise system, improve the corporate governance structure, formulate a complete decision-making mechanism and supervision system, give full play to the supervisory role of the board of directors, the board of supervisors and independent shareholders in the management leadership of the company, and effectively solve the problems of major shareholder control and insider control.
2. Establish an effective incentive mechanism. Talent and mechanism are dialectical unity, and securities companies must make great efforts to reform the incentive mechanism, which generally includes: reforming the employment system, improving the assessment method, designing a reasonable salary structure, widening the income gap, establishing a link between post salary and welfare, formulating special incentive measures for important business departments, and enriching incentive methods.
3. Improve risk management institutions. The establishment of a risk management system in which the top, middle and grass roots intersect and balance each other mainly includes: the top management organization should be composed of the board of directors, the management and its related departments; The middle level consists of relevant business management departments and specialized risk management teams; Grassroots mainly refers to the management personnel of the first-line departments of the company. An independent risk management committee must be established to ensure that the company can identify, supervise and comprehensively manage various risks.
(D) Establish and improve the risk management system
According to the newly revised national standard document and the actual situation of the company, a set of risk management system is established. It should mainly include: horizontal business management system, vertical organization management system and vertical and horizontal decision management system. Many securities companies have complete systems, but risk cases are still emerging one after another. The key reason lies in the implementation and enforcement of the system, so the implementation and enforcement of the system is more important than the preparation of the system provisions.
(V) Improve the technical level of risk management.
1. Scientific application of mathematical model. Through the research and application of modern risk management technology, a risk control model suitable for China's national conditions and the company's reality is established. At present, the most influential mathematical model of risk management in the world is the value-at-risk model, which is used to measure and manage the company's own internal risks. Compared with traditional risk management methods, the value-at-risk model provides clearer quantitative and probabilistic analysis, and can submit risk reports regularly.
2. Establish and improve the real-time risk monitoring system. Establish a risk management system based on risk control model, connect all branches to the network, collect, process and refine the data of transaction process and results of each networked business point, and convert them into various risk information. On the one hand, it can quantitatively and qualitatively analyze the decision-making risk, management risk, technology risk, manipulation risk and self-management risk of subordinate departments. On the other hand, it can provide a multi-level risk disclosure, risk reporting and risk control mechanism for the company's decision-making and management.
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