The Research On Risks Of Stock Pledged Repo

Since the reform and opening up,Chinese economic construction has made remarkable achievements,the liberation and development of productive forces,creating more than 30 years of sustained economic growth told the "China miracle".In 2016,Chinese gross domestic product(GDP)reached 74 trillion yuan,the total GDP ranked the world's top second.Correspondingly,Chinese capital market is also from scratch,from small to large,the interpretation of a magnificent history.As we all know,since the founding of the people's Republic of China,Chinese financial system has always been the era of "unification",that is,the people's Bank of China controls almost all aspects of Chinese economy and finance.The last century at the end of 80s and early 90s,types of financial institutions,commercial banks.securities companies,trust companies,insurance companies and fund companies ushered in the rapid development of the blowout era,plays an important role in their professional field of financial services.Especially in recent years,with the regulators to relax the regulation of the capital market,the capital market very heat warming,and brokerage as the capital market the main participants,a time also pushed in the teeth of the storm,a variety of financial innovation business also emerge in an endless stream.This paper studies the stock pledged repo business(hereinafter referred to as the "stock pledged repo")it belongs to a kind of business innovation,has played an important role in the asset management business of securities companies.Although the stock pledged repo business in recent years has a rapid development,but also accumulated a lot of risk.Especially in the 2015-2016 years several times to "crash" in most of the company's stock valuation greatly declined,causing a great impact to the stock price to determine the amount of financing and risk control based on the standard stock pledged repo.On the other hand,the typical stock pledged repo transaction structure often contains multiple channels in order to avoid regulatory capital,but also accumulated in the financial system risk,and even cause the financial market turmoil.In the face of these two key problems encountered in the development process of the stock pledged repo business,according to the analysis of research in the brokerage internship case depth,and strive to reveal the essence of these problems,so as to improve the stock pledged repo trading system and further improve the level of the risk management recommendations of brokerage.