学校代码：10272
学号：2018415010
上海财经大学
SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS
硕士学位论文
论文题目证券经纪业务数字化转型背景下的风险
管理研究——以银河证券Y 营业部为例
作者姓名王星婧
院（系所）会计学院
指导教师饶艳超
完成日期2023年5月
1
摘要近几年，随着区块链、大数据、云计算等新技术的不断发展与运用，金融
科技已经逐渐成为各金融企业提高业务效率、实现业务转型的重要方式。证券
行业是金融业中具有代表性的一个行业，也把握住了数字金融发展的机会，特
别是证券经纪业务，其作为证券公司的主要收入来源，充分利用数字金融的特
点及优势，推动业务的转型升级。作为证券公司业务的重要组成部分，经纪业
务在行业规模不断扩大，监管力度日益加剧以及行业数字化转型升级的大环境
下，扮演着至关重要的角色。经纪业务一旦出现重大风险，不仅会对券商本身
的经营产生影响，甚至会对资本市场乃至整个金融系统造成危害。证券经纪业
务由于数字化转型，其模式发生了深刻改变，也使得原有经纪业务的风险特征
和类型有所改变。证券经纪业务的合规经营、稳定发展是证券公司不断发展壮
大的基础与保障，但多数证券公司在经纪业务方面，仅关注数字化转型所带来
的机会，而忽略了其所带来的风险。因此，深入开展这方面的研究具有重要的
意义。
本文基于组织变革理论、COSO 新版企业风险管理理论、流程再造理论，将
中国银河证券Y 营业部的经纪业务作为具体研究对象。首先，对银河证券Y 营
业部数字化转型环境下经纪业务的风险管理现状进行介绍。其次，以银河证券Y
营业部经纪业务风险管理现状为基础，结合近年来行业和公司爆发的风险事件，
同时参考证券行业经纪业务风险管理相关的文献，以及对银河证券风控条线同
事等专业人士的访问，确定银河证券Y 营业部在数字化转型环境下证券经纪业
务风险评价指标，在此基础上采用层次分析法和模糊综合评价法对Y 营业部经
纪业务的总体风险水平和各个指标的风险值进行定量评估。经分析发现，在数
字化转型环境下银河证券Y 营业部经纪业务风险处于极高水平，需要对其进行
优化和整改。其中数字金融风险和操作风险对Y 营业部证券经纪业务风险影响
很大。最后，本文将模糊综合评价法的定量评估结果与Y 营业部证券经纪业务
风险管理现状相结合，发现Y 营业部经纪业务在数字化系统维护、信息安全管
理、流程监控、员工行为等方面存在问题，并据此提出了相应的优化策略，以
1
摘要
供Y 营业部进一步完善自身证券经纪业务风险管理体系时参考。
通过分析数字化转型环境下银河证券Y 营业部经纪业务风险管理现状及业
务风险水平，找出数字化转型后Y 营业部经纪业务风险管理仍然存在的问题，
并提出优化策略。不仅能够帮助Y 营业部继续深入推进证券经纪业务数字化转
型，完善自身风险管理体系，又能够给其他券商营业部经纪业务开展数字化转
型，优化风控体系提供一定的参考意义。
关键词：数字化转型风险管理证券经纪业务
2
Abstract
Abstract
In recent years,with the continuous development and application of new
technologies such as blockchain,big data and cloud computing,financial technology
has gradually become an important way for various financial companies to improve
their business efficiency and achieve business transformation.The securities industry,
a representative industry in the financial sector,has also seized the opportunity of the
development of digital finance,especially the securities brokerage business,which is
the main source of income for securities companies,and has made full use of the
features and advantages of digital finance to promote the transformation and
upgrading of its business.As an important part of the business of securities
companies,the brokerage business plays a crucial role in the context of the expanding
scale of the industry,increasing regulation and the digital transformation and
upgrading of the industry.Any major risk in the brokerage business will not only
affect the operation of the brokerage firm itself,but even cause harm to the capital
market and the whole financial system.The securities brokerage business has
undergone profound changes in its model due to digital transformation,which has
also led to changes in the risk characteristics and types of the original brokerage
business.The compliance and stable development of securities brokerage business is
the basis and guarantee for the continuous development and growth of securities
companies,but most securities companies focus only on the opportunities brought by
digital transformation in their brokerage business,while ignoring the risks it brings.
Therefore,it is of great significance to conduct in-depth research in this area.
Based on organizational change theory,COSO new version of enterprise risk
management theory,and process reengineering theory,this paper takes the brokerage
business of China Galaxy Securities Y business department as a specific research
object.Firstly,it introduces the current situation of risk management of the brokerage
business in the digital transformation environment of Y business department of
1
Abstract
Galaxy Securities.Secondly,based on the current situation of risk management of the
brokerage business of Y business department of Galaxy Securities,combined with the
outbreak of risk events in the industry and the company in recent years,while
referring to the literature related to the risk management of brokerage business in the
securities industry,as well as interviews with colleagues in the risk control line of
Galaxy Securities and other professionals,the risk evaluation index of the brokerage
business of Y business department of Galaxy Securities under the digital
transformation environment is determined,and on this basis,the hierarchical Based
on this,the overall risk level and the risk value of each index of the brokerage
business of Y business department are quantitatively evaluated by using hierarchical
analysis and fuzzy comprehensive evaluation method.The analysis found that the risk
of brokerage business of Y business department of Galaxy Securities in the digital
transformation environment is at a high level and needs to be optimized and rectified.
Among them,digital financial risk and operational risk have a great impact on the
risk of securities brokerage business of Y business department.Finally,this paper
combines the quantitative assessment results of fuzzy comprehensive evaluation
method with the current situation of risk management of securities brokerage business
of Y business department,and finds that the brokerage business of Y business
department has problems in digital system maintenance,information security
management,process monitoring,employee behavior,etc.,and accordingly proposes
corresponding optimization strategies for Y business department to further improve
its own securities brokerage business risk management system for reference.
By analyzing the current situation and business risk level of brokerage business
risk management of Y business department of Galaxy Securities under the digital
transformation environment,identifying the problems that still exist in brokerage
business risk management of Y business department after digital transformation and
proposing optimization strategies.It can not only help Y business department
continue to promote the digital transformation of securities brokerage business and
improve its own risk management system,but also provide some reference
significance for other brokerage firms to carry out digital transformation and optimize
the risk control system in their brokerage business.
2