本文選題：做市商 + 風(fēng)險(xiǎn)��； 參考：《貴州財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：全國(guó)中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(簡(jiǎn)稱新三板市場(chǎng))于2013年底由國(guó)務(wù)院發(fā)文確立。相比深滬交易所,新三板市場(chǎng)掛牌企業(yè)體量較小,交投不甚活躍,風(fēng)險(xiǎn)對(duì)沖手段和監(jiān)管機(jī)制尚不健全。2014年8月,為提高市場(chǎng)流通性、增強(qiáng)市場(chǎng)穩(wěn)定性、引導(dǎo)價(jià)值發(fā)現(xiàn),新三板市場(chǎng)引入做市商制度,由國(guó)內(nèi)證券公司擔(dān)任做市商。做市商業(yè)務(wù)的推出使證券公司獲得了新的盈利機(jī)遇,但同時(shí)也面臨新的風(fēng)險(xiǎn)。該業(yè)務(wù)推出一段時(shí)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(chǎng)及運(yùn)行制度尚未成熟,做市商對(duì)風(fēng)險(xiǎn)的認(rèn)識(shí)和風(fēng)險(xiǎn)防范措施不夠到位是主要因素。其中,隨做市業(yè)務(wù)伴生的做市風(fēng)險(xiǎn)是做市商的核心風(fēng)險(xiǎn),也是本文研究的重點(diǎn)。為了管控好業(yè)務(wù)風(fēng)險(xiǎn),本文遵循風(fēng)險(xiǎn)識(shí)別分類、風(fēng)險(xiǎn)評(píng)估度量、風(fēng)險(xiǎn)管理控制的脈絡(luò),對(duì)做市商面臨的市場(chǎng)環(huán)境、當(dāng)前市場(chǎng)機(jī)制、做市商普遍的風(fēng)險(xiǎn)管控現(xiàn)狀進(jìn)行分析,識(shí)別風(fēng)險(xiǎn)來源和風(fēng)險(xiǎn)性質(zhì),區(qū)分系統(tǒng)性風(fēng)險(xiǎn)和非系統(tǒng)風(fēng)險(xiǎn),評(píng)估相對(duì)可控風(fēng)險(xiǎn)和不可控風(fēng)險(xiǎn);在此基礎(chǔ)上,制定相應(yīng)的風(fēng)險(xiǎn)管理制度和風(fēng)險(xiǎn)管控方案,以有效降低做市商的業(yè)務(wù)風(fēng)險(xiǎn)。本文與前人研究不同之處在于,此前針對(duì)國(guó)內(nèi)新三板及做市商風(fēng)險(xiǎn)管控的研究較少,且多站在旁觀者的角度提出建議,對(duì)做市商業(yè)務(wù)指導(dǎo)性不強(qiáng)。本文從做市商視角出發(fā),既審視市場(chǎng)、行業(yè)的外部風(fēng)險(xiǎn),又剖析業(yè)務(wù)、管理的內(nèi)生風(fēng)險(xiǎn),并據(jù)此提出不同的應(yīng)對(duì)方法。對(duì)難以管控的外部風(fēng)險(xiǎn)采取控制投資總量的策略;對(duì)相對(duì)可控的內(nèi)生風(fēng)險(xiǎn)從做市流程入手,針對(duì)決策、定價(jià)、報(bào)價(jià)、存貨管理等各環(huán)節(jié)制定相應(yīng)的管控措施。本文在研究過程中,注重理論聯(lián)系實(shí)際,務(wù)求運(yùn)用所學(xué)知識(shí)解決當(dāng)前問題,同時(shí)整理了大量新三板市場(chǎng)確立之后的業(yè)務(wù)數(shù)據(jù),以及現(xiàn)階段做市商在風(fēng)險(xiǎn)管控方面的第一手資料,對(duì)佐證文章觀點(diǎn)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(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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