Research On The Construction And Method Application Of Comprehensive Evaluation Index System Based On Broker Rating

Among the components of the financial market,the capital market occupies the most important position.As the most important player in the capital market,brokers play a powerful role in ensuring the effective circulation of funds,promoting fair price formation and safeguarding the legitimate rights and interests of investors.However,in more than 30 years of development,China's stock market not only experienced the 2008-market-turbulance and 2015-market-turbulance,but also experienced the delisting of 23 securities companies including Southern Securities,Dalian Securities and Anshan Securities.In 2016,known as "the most tragic in history" broker rating event even occurred.Therefore,this paper believes that it is necessary to make a targeted adjustment to the current rating mechanism of securities firms,in order to guide the full flow of capital in our country,optimize the allocation of resources,and reveal the real risks of the capital market.After summarizing the relevant concept theories of the brokerage rating framework and brokerage risk management capabilities,this article has designed an indicator system for evaluating the risk management capabilities of securities firms,which includes risk coverage ratio,the ratio of net equity to debt and the ratio of proprietary equity securities to net capital,based on the Measures for the Administration of Risk Control Indicators of Securities Companies and the Regulations for the Calculation of Risk Control Indicators for Securities Companies.After summarizing the basic theory and improvement ideas of the BP neural network evaluation method,this paper made a targeted adjustment of parameters and functions of the BP neural network evaluation method,and conducted an empirical analysis in the field of brokerage rating.Through the analysis of empirical results and at the same time combining the international authoritative agency rating method,the main recommendations made in this paper are: To improve the disclosure system of China's brokerage revenue ranking data and non-compliance operating data;To strength the continuity of the supervision indicators among securities firms before and after every revision;The establishment of a listing brokerage data disclosure system focuses on the profitability,cash flow level,and stability of brokerage firms when setting up rating indicators;To focus on the reputation,operation,and litigation risks of brokerage firms wheninvestigating risk management capabilities;In terms of asset liquidity and capital adequacy,indicators such as NCC/LNA and IRA/TCE should be used.