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MBA硕士毕业论文_证券公司债券代持业务风险防范研究PDF

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伴随社会经济发展,债券市场的规模逐步扩大,证券公司债券代持业 务应运而生。由于受到操作程序不规范以及法律监管不力等因素影响,导 致证券行业频频爆发债券代持不良事件,影响极为恶劣。本文采用文献研 究与案例分析相结合的分析方法,阐述当前国内债券代持业务的发展现状, 以G证券公司债券代持事件为例,深入研究债券代持业务风险,主要有债 券市场建设远落后于业务发展导致监管规定滞后、形同虚设的外部问题, 也有G证券公司激励措施缺乏合理性、单元负责人管理缺位以及展业过程 监督不完善等内部风险管理问题,导致债券代持业务开展中会出现市场风 险、信用风险、流动性风险、声誉风险及不当行为风险。针对上述风险提 出相应的防范对策:严控业务规模、风险额度及分散化投资策略,建立债 券估值系统对市场风险做全面评估;完善债券代持业务的决策、执行、监 测等机制,强化信用风险管理;执行垂直式、穿透式的财务管理机制,全 面把控业务开展额度,完善流动性风险管理;实时观察市场舆论风向,及 时识别、监测、分流市场负面热点,积极管理声誉风险;合理规范考核激 励、引入问责举报机制,有效管理不当行为风险。完善的风险防范措施助 力G证券公司可持续、高质量发展,维护证券市场稳定,促进经济繁荣。 本研究通过以点带面的发散方式,选取典型案例,就债券代持事件暴 露的风险管理问题进行深入分析与研究,所得风险防范的措施具有一定的 理论价值与实践意义,对证券行业债券代持业务的良性发展提供意见参考。 关键词:债券代持内部管理证券公司风险防范 II RESEARCHONRISKPREVENTIONOFREPO BUSINESSOFGSECURITIESCOMPANY ABSTRACT Withthedevelopmentofsocialeconomy,thescaleofbondmarket hasbeengraduallyexpanded,andRepobusinessinsecuritiesindustryhas emerged.Asaresultoftheoperationprocedureisnotstandardizedandthelegal supervisionisnoteffectiveandotherfactors,leadingtothesecuritiesindustry frequentoccurrenceofadverseevents,theimpactisextremelybad.Basedon theproblemsofavoidingregulation,unstandardizedprocedureofRepointhe securitiesmarket,thispaperusestheanalysismethodofliteratureresearchand caseanalysistoclarifythecurrentdevelopmentstatusofdomesticRepo business.TakingGsecuritiescompanyasanexample,thispaperstudies in-depththeriskofRepobusiness,includingmarketrisk,creditrisk,liquidity risk,reputationalriskandmisconductrisk,andtakeeffectiveprevention measuresrelatedtotheserisks.BystrictlycontrollingthescaleofRepo,risk limit,diversifiedinvestmentstrategy,usingVaRandsensitivityanalysisto makeacomprehensiveassessmentofmarketrisk.Byimprovingthe decision-making,implementation,monitoringandothermechanismsofRepo business,inordertostrengthencreditriskmanagement.Throughimplement verticalandpenetratingfinancialmanagementmechanism,comprehensively controltheamountofbusinessdevelopment,andimproveliquidityrisk management.Observethetrendofmarketopinioninrealtime,identify,monitor anddividethenegativehotspotsinthemarkettimely,andactivelymanage reputationrisks.Bystandardizingtheassessmentandincentivemechanism, introducingaccountabilityreportingmechanism,inordertomanager III misconductriskeffectively.It’snecessarytocarryonalltheseeffective measurestoensurethesustainableandhealthydevelopmentofGSecurities Companyandmaintainthestabilityofsecuritiesmarketandpromoteeconomic prosperity. Inthisstudy,throughthewayofpointtoareadivergence,select typicalcasestoachievein-depthanalysisandresearch,themeasuresofrisk preventionhavegoodtheoreticalvalueandpracticalsignificance,andprovidea referenceforthehealthydevelopmentofthesecuritiesindustry. KEYWORDS:repobusiness;internalmanagement;securitiescompanies; riskprevention IV 目录 摘要..........................................................................................................................................I ABSTRACT.............................................................................................................................II 第一章绪论............................................................................................................................1 1.1研究背景与选题意义......................................................................................................1 1.1.1研究背景.............................................................................................................1 1.1.2研究意义.............................................................................................................2 1.2文献综述..........................................................................................................................3 1.2.1国外文献梳理.....................................................................................................3 1.2.2国内文献综述.....................................................................................................5 1.2.3债券代持业务风险理论....................................................................................7 1.2.4全面风险理论....................................................................................................7 1.3研究内容与思路..............................................................................................................8 1.3.1研究内容.............................................................................................................8 1.3.2研究思路.............................................................................................................9 1.4研究方法与创新点........................................................................................................11 1.4.1研究方法...........................................................................................................11 1.4.2研究创新点......................................................................................................11 第二章我国债券代持业务基本理论和总体发展情况分析...............................................12 2.1债券代持业务的基本理论...........................................................................................12 2.1.1债券代持业务相关概念..................................................................................12 2.1.2债券代持业务模式..........................................................................................13 2.1.3债券代持业务特征及功能..............................................................................15 2.2债券代持业务出现的原因分析...................................................................................16 2.2.1债券代持业务的市场土壤...............................................................................16 2.2.2债券代持业务模式具有降低交易费用的功能...............................................16 V 2.2.3债券代持业务模式具有扩大销售额的功能...................................................16 2.2.4债券代持业务模式具有利润自动分配的功能...............................................17 2.3我国债券代持业务发展概况.......................................................................................17 2.3.1我国债券代持业务萌芽及规范过程..............................................................17 2.3.2我国债券代持业务发展现状..........................................................................18 2.4我国债券代持业务潜在的风险...................................................................................20 2.4.1约束性较弱易引发社会信用风险...................................................................21 2.4.2通过放大资产规模增加杠杆投资风险...........................................................21 2.4.3通过规避债券久期限制提升投资收益率与风险...........................................21 2.4.4违规进行金融资产重分类以规避资本市场波动影响...................................21 第三章G证券公司债券代持事件的发生及影响分析.......................................................23 3.1G证券公司债券代持事件的发生.............................................................................23 3.1.1G证券公司概况...............................................................................................23 3.1.2G证券公司债券代持事件发生的市场背景...................................................24 3.1.3G证券公司债券代持事件发展过程...............................................................25 3.1.4G证券公司债券代持事件处置方案...............................................................25 3.2G证券公司债券代持事件