新三板做市商的风险管控研究

发布时间：2018-06-29 00:58

本文选题：做市商 + 风险　；参考：《贵州财经大学》2017年硕士论文

【摘要】：全国中小企业股份转让系统(简称新三板市场)于2013年底由国务院发文确立。相比深沪交易所,新三板市场挂牌企业体量较小,交投不甚活跃,风险对冲手段和监管机制尚不健全。2014年8月,为提高市场流通性、增强市场稳定性、引导价值发现,新三板市场引入做市商制度,由国内证券公司担任做市商。做市商业务的推出使证券公司获得了新的盈利机遇,但同时也面临新的风险。该业务推出一段时间后,一些证券公司出现了不同程度的亏损。造成亏损的原因除了市场及运行制度尚未成熟,做市商对风险的认识和风险防范措施不够到位是主要因素。其中,随做市业务伴生的做市风险是做市商的核心风险,也是本文研究的重点。为了管控好业务风险,本文遵循风险识别分类、风险评估度量、风险管理控制的脉络,对做市商面临的市场环境、当前市场机制、做市商普遍的风险管控现状进行分析,识别风险来源和风险性质,区分系统性风险和非系统风险,评估相对可控风险和不可控风险;在此基础上,制定相应的风险管理制度和风险管控方案,以有效降低做市商的业务风险。本文与前人研究不同之处在于,此前针对国内新三板及做市商风险管控的研究较少,且多站在旁观者的角度提出建议,对做市商业务指导性不强。本文从做市商视角出发,既审视市场、行业的外部风险,又剖析业务、管理的内生风险,并据此提出不同的应对方法。对难以管控的外部风险采取控制投资总量的策略;对相对可控的内生风险从做市流程入手,针对决策、定价、报价、存货管理等各环节制定相应的管控措施。本文在研究过程中,注重理论联系实际,务求运用所学知识解决当前问题,同时整理了大量新三板市场确立之后的业务数据,以及现阶段做市商在风险管控方面的第一手资料,对佐证文章观点起到一定程度的帮助。
[Abstract]:The national small and medium-sized enterprises share transfer system (abbreviated as the new three-board market) was established by the State Council in late 2013. Compared with the Shenzhen-Shanghai Stock Exchange, the number of listed enterprises in the new third board market is relatively small, the trading is not very active, and the risk hedging means and the regulatory mechanism are not yet perfect. In August 2014, in order to improve the liquidity of the market and enhance market stability, it led to the discovery of value. The new three-board market introduced a market-maker system, by domestic securities companies as market makers. The launch of market-making business makes securities companies gain new profit opportunities, but also faces new risks. After the launch of the business for a period of time, some securities companies have shown varying degrees of losses. Apart from the immature market and operating system, the market makers' understanding of risk and the lack of risk prevention measures are the main factors. Among them, the market risk associated with the market making business is the core risk of the market maker, and is also the focus of this paper. In order to control business risks, this paper follows the context of risk identification, risk assessment, risk management and control, and analyzes the market environment, current market mechanism and the prevailing risk control situation of market makers. Identify the source and nature of risks, distinguish between systemic and non-systemic risks, assess relatively controllable and uncontrollable risks, and develop corresponding risk management systems and risk management schemes on this basis, To effectively reduce the business risk of market makers. The difference between this paper and previous studies is that there are few researches on domestic new three boards and market makers' risk management, and many suggestions are put forward from the perspective of bystanders, which is not very instructive to market makers' business. From the perspective of market makers, this paper not only examines the external risks of market and industry, but also analyzes the endogenous risks of business and management, and puts forward different countermeasures accordingly. The strategy of controlling the total amount of investment is adopted for the external risk that is difficult to control, and the relatively controllable endogenous risk is started from the market making process, and the corresponding control measures are made for the decision-making, pricing, quotation, inventory management and so on. In the course of the research, this paper pays attention to the combination of theory and practice in order to use the knowledge learned to solve the current problems. At the same time, it collates a large number of business data after the establishment of the new third board market, as well as the first-hand information of the market makers in risk management and control at the present stage. To support the article point of view play a certain degree of help.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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