本文選題：做市商 + 風險��； 參考：《貴州財經(jīng)大學》2017年碩士論文

【摘要】：全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(簡稱新三板市場)于2013年底由國務院發(fā)文確立。相比深滬交易所,新三板市場掛牌企業(yè)體量較小,交投不甚活躍,風險對沖手段和監(jiān)管機制尚不健全。2014年8月,為提高市場流通性、增強市場穩(wěn)定性、引導價值發(fā)現(xiàn),新三板市場引入做市商制度,由國內(nèi)證券公司擔任做市商。做市商業(yè)務的推出使證券公司獲得了新的盈利機遇,但同時也面臨新的風險。該業(yè)務推出一段時間后,一些證券公司出現(xiàn)了不同程度的虧損。造成虧損的原因除了市場及運行制度尚未成熟,做市商對風險的認識和風險防范措施不夠到位是主要因素。其中,隨做市業(yè)務伴生的做市風險是做市商的核心風險,也是本文研究的重點。為了管控好業(yè)務風險,本文遵循風險識別分類、風險評估度量、風險管理控制的脈絡,對做市商面臨的市場環(huán)境、當前市場機制、做市商普遍的風險管控現(xiàn)狀進行分析,識別風險來源和風險性質(zhì),區(qū)分系統(tǒng)性風險和非系統(tǒng)風險,評估相對可控風險和不可控風險;在此基礎(chǔ)上,制定相應的風險管理制度和風險管控方案,以有效降低做市商的業(yè)務風險。本文與前人研究不同之處在于,此前針對國內(nèi)新三板及做市商風險管控的研究較少,且多站在旁觀者的角度提出建議,對做市商業(yè)務指導性不強。本文從做市商視角出發(fā),既審視市場、行業(yè)的外部風險,又剖析業(yè)務、管理的內(nèi)生風險,并據(jù)此提出不同的應對方法。對難以管控的外部風險采取控制投資總量的策略;對相對可控的內(nèi)生風險從做市流程入手,針對決策、定價、報價、存貨管理等各環(huán)節(jié)制定相應的管控措施。本文在研究過程中,注重理論聯(lián)系實際,務求運用所學知識解決當前問題,同時整理了大量新三板市場確立之后的業(yè)務數(shù)據(jù),以及現(xiàn)階段做市商在風險管控方面的第一手資料,對佐證文章觀點起到一定程度的幫助。
[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.
【學位授予單位】：貴州財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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