新环境下的融资融券业务风险特征及风险防控路径探讨

Discussion on Risk Characteristics and Risk Prevention Paths of Margin Trading Business under New Environment

在资本市场不断发展、投资需求日益增长的大环境下,融资融券成为二级市场交易的一项重要工具。近年来随着业务环境的变化,交易主体和交易模式日趋多元,对融资融券业务风险管理提出了很大的挑战。本文以证券公司融资融券业务为研究对象,通过分析新环境下融资融券业务开展过程中呈现的各类新型或异常的交易行为和现象,探究其风险特征和风险隐患,揭示目前融资融券业务风险管理的盲点。在此基础上,结合风险管理工作实践经验,探讨应对新环境下业务变化的风险防控路径,研究如何建立更完善的证券公司两融业务风险管理体系。

With the continuous development of the capital market and the increasing investment demands, margin trading has become an important tool for transactions in the secondary market. In recent years, with the changes of business environment, trading subjects and trading modes are becoming more and more diverse, which poses a great challenge to the risk management of margin trading. This paper takes the margin trading business of securities companies as the research object, analyzes various new or abnormal trading behaviors and phenomena in the margin trading business under the new environment, explores the risk characteristics and hidden dangers of various trading behaviors, and uncovers the blind spots in risk management of margin trading business at present. On this basis, combined with the practical experience of risk management, this paper discusses the paths of risk prevention and control to deal with business changes in the new environment, and studies how to establish a more perfect risk management system for margin trading business of securities companies.