Research On Credit Risk Management Of RY Company’s Stock Pledge Credit Business

Stock pledging is a credit behavior in which the pledgor obtains financing from the capital by pledging the stocks of the listed company.Because of its advantages such as flexible transactions and easy operation,it is favored by both the funder and the financier,and has gradually become one of the important ways to solve the problem of enterprise financing difficulties and serve the real economy in the financial market.Although the overall risk of the market has been released,individual stocks explosion remains widespread,that makes funders pay more attention to the credit risk arrangement of the stock pledging.Under the above background,based on the comprehensive risk management theory and the information asymmetry theory,the RY Company,a state-owned enterprise is selected as the object by this thesis in order to recognize the risk management problems in the stock pledge credit business according to the company’s situation.Through combing the literature in related fields,semi-structured interviews,expert questionnaires,etc.,the risks of the company’s stock pledge credit business are mainly identified:liquidity risk,credit risk,market risk,operational risk,and legal compliance risk.On the basis of above processing,the fuzzy hierarchical analysis method is used to assess the weights of relevant risk elements,then to establish a credit risk evaluation index for RY’s business.The evaluation results show that in the context of stock pledge credit business,the importance of risk elements are ranked from highest to lowest as liquidity risk,credit risk,market risk,legal compliance risk and operational risk.Then,this thesis constructs a risk management model that applies to RY’s stock pledge credit business.On the basis of referring to the four risk response methods widely used in the industry-risk avoidance,transfer,reduction and acceptance,combined with the PC matrix,risk management priority value and risk response model,the response method and corresponding specific strategy for each credit risk factor of RY Company’s stock pledge business are proposed.Subsequently,the corresponding risk protection measures are proposed and applied in practice,including improving the credit risk management process,building talent teams to relevant affairs,and promoting the informatizing work to the risk management.Finally,taking the GWFC Project and the SNGF Project,which RY actually carries out related businesses,as examples,the advantages and problems of the credit risk management system of the stock pledge business constructed are explained in the application.This thesis’outcome provides certain reference value for enriching related research of credit risks of stock pledging,and help to developing the specific business of similar enterprises to RY.