Research On Evolution Of Risk Characteristics And Risk Management Of Securities Companies From The Perspective Of Stable Finance

As important participants in emerging capital markets,securities companies play an irreplaceable role in improving the efficiency of capital flows and the efficiency of market factor activities.As economic growth slows down,financial deleveraging and rigid payments break,local financial risks continue to be exposed and released,and the forms and transmission channels of financial risks are becoming increasingly complex.Securities companies must continuously improve their risk management level and better fulfill the important mission of maintaining the healthy and sustainable development of the market,industry and enterprises.Therefore,how to reasonably evaluate and control the risks of securities companies has become an increasing concern in the industry.This paper analyzes the relationship between the business development and operating income of securities companies and the characteristics of risk performance of each business.It is found that the development of innovative businesses has caused the business structure of securities companies to change from "mainly traditional brokerage business" to "different and balanced development of various businesses".The corresponding risk structure has been transformed from the original market risk-based into multiple risks such as market risk,credit risk,operational risk,and liquidity risk,that is,business diversification has brought risk diversification.In terms of all kind of business developments,even though each securities company still relies on traditional brokerage business,it’s profit contribution capacity is weakening,andhomogeneous market competition pressures require the transformation of wealth management.The self-operated investment business has occupied the main source of operating income for two consecutive years.In addition to preventing the effects of fluctuations in conventional stock prices and interest rate prices,improving the team’s active investment management capabilities is an important means of stabilizing income and managing risk.Macro regulatory policy factors dominate the market’s financing scale and the change in asset management scale,which indirectly affect the development of investment banking and asset management businesses."Returning to the origin and serving entities" are the core directions of both innovative development models,stable income and risk prevention and control.In terms of credit transactions,the stock pledge business still needs to focus on market price risk and default risk.In addition,continuous management of investor expectations,customer cultivation and service are important ways to stabilize margin financing and margin trading business.