Research On Risk Management Of G Company's Stock Pledge Repurchase Transaction Business

In order to encourage the business innovation,supporting the development of securities companies,Shanghai and Shenzhen Stock Exchanges officially launched the Stock Pledge Transaction to the capital market in 2013.Since that moment,the securities companies have officially had the function to help the real economy.Because of the close relationship with the listed companies,the securities companies have natural advantages to carry out the stock pledge business.Since the launch of the business,the scale of the business has made tremendous growth.However,after several years of development,the stock pledge also exposed a lot of risks and problems,which need to be focused,studied and resolved by academic and practical circles.This paper focuses on the research of risk and risk management system and tools of stock pledge repo business.According to the existing research and laws and regulations,the risks faced by stock pledge repo business are: credit risk and liquidity risk.Subsequently,this paper empirically studies the development and risk management of G company's stock pledge repurchase business,and points out the shortcomings.Finally,the paper puts forward the design of risk management model of stock pledge repurchase business of G company.The research objective of this paper is to find the methods and ways to improve the risk management level of G company's stock pledge repo business by analyzing the current situation of G company's stock pledge repo business risk management,combining with the external regulatory policies,risk management tools and the actual situation of G company.Stock pledge repo business is both an opportunity and a challenge for small and medium-sized securities companies like G company.From the existing research,the paper on the risk management of stock pledge repo business mainly focuses on the theoretical research,with less empirical research on the specific business development of a securities company.Therefore,this paper combines the actual situation of G company,especially the real risk cases encountered by G company,and transforms the lessons into experience.Finally,from the perspective of stock investment,this paper examines the risk aversion of stock pledge repurchase business of securities companies.At lase,the paper aiming at the situation of the Stock Pledge of G Company,the paper puts forward some measures to improve the risk management level of the Stock Pledge of G Company,including the research of credit risk management based on RAROC model,based on the securities company's own reasons for the liquidity risk management,based on the stock default disposal of liquidity risk prevention,and compliance and operational risk management and other specific measures.