本文選題：證券公司　切入點：風(fēng)險管理　出處：《湘潭大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來，金融全球一體化趨勢不斷加強(qiáng)，金融衍生工具應(yīng)用快速膨脹，國際金融交易規(guī)模劇增，資產(chǎn)證券化迅速發(fā)展，國際金融環(huán)境發(fā)生了巨大變化，金融市場更為動蕩，金融危機(jī)爆發(fā)的頻率加速，各類金融機(jī)構(gòu)面臨的風(fēng)險加大，風(fēng)險管理任務(wù)更加艱巨。2007年-2008年由美國次貸危機(jī)引發(fā)的國際金融危機(jī)，2010年起爆發(fā)的歐洲債務(wù)危機(jī)，將如何加強(qiáng)金融風(fēng)險管理的問題擺在了突出的焦點位置。在各種類型的金融市場中，證券市場最具高風(fēng)險特點。證券公司通過承擔(dān)風(fēng)險并發(fā)揮自身的專業(yè)優(yōu)勢管理和分散風(fēng)險，從而獲得相應(yīng)的報酬，因此證券公司在其日常經(jīng)營過程中隨時面對風(fēng)險與收益的博弈。曼哈頓學(xué)院教授查里斯·R·吉斯特(Charles R Geisst，1995)在其著作《金融體系中的投資銀行》(Investment Banking In Financial System)指出，證券公司在盛氣凌人的同時也暴露出自己的許多短板，其所投身的證券市場充滿著各種類型的風(fēng)險，隨著日益復(fù)雜金融工程技術(shù)的發(fā)展，證券公司在追求高額利潤的同時，同樣面臨著安全性的巨大威脅。公司經(jīng)營的目的是企業(yè)價值最大化，證券公司同樣如此。由于公司行業(yè)的特殊性，風(fēng)險管理對證券公司價值創(chuàng)造來說更為重要。 本論文以我國證券風(fēng)險管理與企業(yè)價值為研究對象，試圖在理論研究的基礎(chǔ)上通過實證分析的方法分析風(fēng)險管理對企業(yè)價值的影響。以期為我國證券公司在提高風(fēng)險管理水平上提供有用的建議。理論方面，首先從研究的背景和意義出發(fā)，介紹了國內(nèi)外相關(guān)研究狀況；其次，闡述證券風(fēng)險管理內(nèi)涵和相關(guān)理論；第三，描述并分析了我國商證券公司在風(fēng)險管理方面的現(xiàn)狀和不足；最后，分析了證券公司風(fēng)險管理對企業(yè)價值影響的作用機(jī)制。實證方面，本文運用已在我國A股市場上市的19家國內(nèi)證券公司2009-2012的數(shù)據(jù)進(jìn)行測度，通過建立模型實證分析了我國證券公司風(fēng)險管理對企業(yè)價值的影響，結(jié)果表明：風(fēng)險管理確實對我國證券公司的價值具有重要的影響。其中，凈利潤增長率波動率與證券公司價值呈顯著負(fù)相關(guān)關(guān)系，這說明，風(fēng)險管理相對較差的證券公司凈利潤增長率波動大會對企業(yè)價值產(chǎn)生消極影響。文章的最后根據(jù)相關(guān)理論研究和實證分析，提出了增強(qiáng)我國證券公司風(fēng)險管理的相關(guān)政策建議。
[Abstract]:In recent years, the trend of global financial integration has been strengthened, the application of financial derivatives has expanded rapidly, the scale of international financial transactions has increased dramatically, asset securitization has developed rapidly, the international financial environment has undergone tremendous changes, and the financial market has become more volatile. The frequency of the financial crisis has accelerated, the risks faced by various financial institutions have increased, and the task of risk management has become more arduous. The international financial crisis caused by the subprime mortgage crisis in the United States from 2007 to 2008, and the European debt crisis since 2010, The problem of how to strengthen the financial risk management is put in the prominent focus. Among all kinds of financial markets, the securities market has the most high risk characteristics. The securities companies manage and disperse the risks by taking risks and exerting their own professional advantages. In order to get a corresponding reward, As a result, securities firms face the game of risk and return at any time in their day-to-day operations. Charles R. Geisstt, a professor at Manhattan College, points out in his book Investment Banking in the Financial system in 1995. The securities companies also expose their own shortcomings while they are overbearing. The securities market in which they are engaged is full of various kinds of risks. With the development of increasingly complex financial engineering technology, the securities companies are pursuing high profits at the same time. The purpose of the company management is to maximize the value of the enterprise, and the same is true of the securities company. Because of the particularity of the company industry, risk management is more important to the value creation of the securities company. This thesis focuses on the securities risk management and enterprise value in China. This paper attempts to analyze the impact of risk management on enterprise value through empirical analysis on the basis of theoretical research, in order to provide useful suggestions for China's securities companies to improve the level of risk management. First of all, from the background and significance of the study, introduced the relevant research situation at home and abroad; secondly, elaborated the connotation and related theory of securities risk management; third, described and analyzed the current situation and deficiencies in risk management of Chinese commercial securities companies; Finally, the paper analyzes the mechanism of the impact of risk management on enterprise value. Empirical analysis is made by using the data of 19 domestic securities companies listed in China's A-share market in 2009-2012. This paper empirically analyzes the influence of risk management on enterprise value by establishing a model. The results show that risk management does have an important impact on the value of securities companies in China. There is a significant negative correlation between the volatility of net profit growth rate and the value of securities companies, which indicates that, The volatility of net profit growth rate of securities companies with relatively poor risk management has a negative impact on the enterprise value. Finally, according to the relevant theoretical research and empirical analysis, the paper puts forward the relevant policy recommendations to enhance the risk management of securities companies in China.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.39;F272.3

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