Research On The Risk Management Of The Stock Pledged Repurchase Business Of S Securities Company

Since the birth of China's securities market in the early 1990s,along with the deepening of market reform and opening up,the capital market has also stepped out of the road of socialist economic development with Chinese characteristics.In the 21st century,the shareholder financing methods of listed companies are diversified,and the way of pledged share repurchase has become one of the important ways of shareholder financing.At present,such financing methods are mainly based on securities companies,the proportion of the transaction scale with securities companies as the main participants has reached 80%,and the proportion continues to increase.However,due to the imperfect risk management system and the imperfect mechanism,the development of pledged share repurchase is subject to certain constraints.This paper takes the stock pledged repo business of S securities company as the object of research,combines the theory of comprehensive risk management and system management,and uses data analysis method and case analysis method to study the risk management problem of S securities company's pledged share repurchase business.With S Securities Company's three-level risk management system as the entry point,firstly,it analyzes the current situation of S Securities Company's stock pledged repo business.Then,from the aspects of overall risk indicators,customer structure and concentration,the number of projects that have entered the early warning stage,and the amount involved as well as the regulatory risks,it analyzes the current risk situation of S securities companies in the stock pledged repo business.Based on this,it points out that S securities company is facing problems such as blind scale expansion,high working capital cost,loss of customers caused by third-party escrow of raised funds and low timeliness of risk monitoring system in the stock pledged repo business.In response to these problems,this paper conducts an in-depth analysis to find out the reasons for their existence,and puts forward countermeasures and suggestions,such as rationally formulating the development scale of the stock pledged repo business,optimizing the company's financing channels,executing multi-channel supervision over the funds raised,improving the company's credit management system,and optimizing the pre-event and post-event business control process,thereby providing a feasible reference scheme for S securities company to conduct risk management before,during and after the event in the context of improving its pledged share repurchase business scale to rank top in the market.These programs can not only improve the anti-risk ability of S securities companies,but also enhance the market competitiveness of S securities companies,and provide reference for the risk management of the stock pledged repo business of other securities companies in the securities industry.