MBA学位论文
作者：王锦
SW证券融资融券业务风险管理改进方案研究
SW证券融资融券业务风险管理改进方案研究
中文摘要
随着社会经济和资本市场的不断发展，融资融券业务作为一种创新的双向交
易机制，给市场提供了极大的便利性和充足的流动性，成为券商收入的重要来源。
然而融资融券业务规模不断壮大的同时也产生了一些风险，如：客户准入及业务
流程不符合适当性要求、客户持股集中度高导致强平风险大、客户被强平后追偿
难度较大、客户异常交易监控不利导致监管处罚等。因此，对融资融券业务风险
进行识别并明确风险发生在哪些领域，找出风险发生的原因并提出相应的改进措
施，成为保障券商融资融券业务健康发展的基础。
论文立足于券商融资融券业务风险管理问题，以 SW证券为例，从其融资融
券业务发展现状出发，结合大量数据深入分析融资融融券业务风险管控中存在的
不足，并逐一提出有针对性的改进方案。通过对 SW证券融资融券业务规模、客
户结构、客户维持担保比例及平仓情况进行研究，发现 SW证券融资融券业务风
险管理中主要存在外部风险因素和内部风险因素，外部风险因素主要有市场风险、
监管风险，内部风险因素主要有信用风险、操作风险、交易风险、法律风险。通
过对以上风险进行定性和定量分析，得出了上述风险对 SW证券融资融券业务影
响程度的排序，并构建出 SW证券融资融券业务风险矩阵图，明确需要重点管控
的高风险区域，同时提出改进 SW证券融资融券业务风险管控体系、风险评价标
准、风险管理结构配置及风险管理考核体系等措施。
论文设计了 SW证券融资融券业务风险管理改进方案。首先，改进 SW证券
融资融券业务风险管控体系，通过加强对外部监管态势的研判应对和内部风险指
标管控，提升融资融券业务整体风险防范能力，为融资融券业务发展提供保障。
其次，改进 SW证券融资融券业务风险评价标准，准确识别量化风险因子，将风
险因子排序构建风险坐标图，优化内外部风险因素中各个风险因子的管控。第三，
改进融资融券业务风险管理结构配置，针对客户持股集中度、减持受限股份参与
融资融券业务等升级管控措施。第四，通过改进融资融券业务风险管理考核体系，
达到业务发展和风险管理水平相互提升促进的目的。以上四项改进措施，需要配
合组织方式、制度设计、系统支持及压力测试确保能落地执行。
关键词：券商，融资融券业务，风险管理
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MBA学位论文
作者：王锦
SW证券融资融券业务风险管理改进方案研究
Research on risk management improvement program of
margin trading of SW Securities
Abstract
With the development and progress of social economy, margin trading, as an
innovative two-way trading mechanism, provides the market with great convenience
and sufficient liquidity, and becomes an important source of income for securities
brokers. However, with the continuous expansion of margin trading business, there
are also some risks, such as: customer access and business process don’t meet the
requirementsofappropriateness,the highdegreeofcustomershareholding
concentrationleadstohighriskofforcedliquidation. Itisdifficultfor
forced liquidation customers to recover, and poor monitoring of abnormal transactions
by customers leads to regulatory penalties. Therefore, it is the basis to ensure the
healthy development of margin lending business of securities firms to identify the
risks and clarify the areas where the risks occur, find out the causes of the risks and
put forward corresponding improvement measures.
This paper is based on the risk management of margin trading business of
securities firms, taking SW securities as an example, starting from the development
status of margin trading business, combining with a large amount of data, in-depth
analysis of the existing problems in risk management, and put forward targeted
improvement plans. By SW securities lending and borrowing business scale, customer
structure, customer guarantee maintenance ratio and unwind situation, I find that there
are external risk factors and internal risk factors in the SW securities lending and
borrowing business risk management. The main external risk factors include market
risk and regulatory risk. Internal risks mainly include credit risk, operational risk,
transaction risk and legal risk. Through qualitative and quantitative analysis of the
above risks, the ranking of impacts of various risks on margin trading business of SW
securities is obtained, and the risk matrix of margin trading business of SW securities
is constructed to identify the high-risk areas that need to be controlled. At the same
time, I put forward measures to improve the risk management system, risk evaluation
standard, risk management structure configuration and risk management assessment
system of margin and short selling business of SW securities.
ThispaperdesignedSWsecuritiesmarginbusinessriskmanagement
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MBA学位论文
作者：王锦
SW证券融资融券业务风险管理改进方案研究
improvement schemes. First of all, improve the risk management and evaluation
system of SW securities margin business. Enhance the overall risk prevention ability
of margin and short selling business by strengthening the analysis and response of
external regulatory situation and the control of internal risk assessment process, and
provide guarantee for the development of margin and short selling business. Secondly,
improve the risk evaluation standard of margin and short selling business of SW
securities to identify the risks existing in the margin and short selling business.
Construct the risk matrix and optimize the control of each risk factor in the internal
and external risk factors. Third, improve the risk management structure of margin and
short selling business, and take risk escalation control measures such as customer
shareholding concentration, reducing limited shares to participate in margin and short
selling business. Fourth, by improving the risk management assessment system of
margin and short selling business, business development and risk management level
can promoteeach other. Theabove four improvementmeasures need tobe
coordinated with the organization, system design, system development and pressure
test to ensure their implementation.
Key words: Securities company, Margin trading , Risk management
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