证券公司新型业务与高风险业务研究

Research on New Business and High Risk Business Risk of Securities Company

市场经济背景下,证券公司只有不断调整业务模式,改变原有盈利结构才能跟紧不断变化的社会经济形势。股票质押式回购、场外衍生品交易、融资融券等新型业务表现出顺周期效应,不仅已列入证券公司法定经营范围,并逐步成为券商的重要收入来源。由于新型业务的配套监管制度还未完善,加之部分证券公司为了追求利润而忽视了业务风险,导致业务发展过程中风险事件激增。本文深入分析了我国证券公司新型业务的潜在风险,对比了国内外宏观审慎监管框架,进而提出促进我国证券公司新型业务健康发展的政策建议。

Under the background of market economy,only by constantly adjusting the business model and changing the original profit structure can securities companies keep up with the changing social and economic situation.New businesses,such as stock pledge repo,over-the-counter derivatives trading and margin trading,have shown pro-cyclical effects,which have not only been included in the legal business scope of securities companies,but also gradually become an important source of income for securities companies.Due to the incomplete regulatory system for new businesses and the fact that some securities companies ignore business risks in order to pursue profits,risk events surge in the process of business development.This article analyzes the potential risk of the new business of Chinese securities companies,compares the domestic and foreign macro prudential supervision framework,and then proposes the policy suggestions to promote the healthy development of the new business of Chinese securities companies.