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Study on Risk-spreading Mechanism and Regulatory Policy of Securities Company’s Direct Investment Business

Author: MaRui
Tutor: SunBinYi
School: East China Normal University
Course: Public Administration
Keywords: Direct investment business of securities companies Risk diffusion mechanism Regulatory policies
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 250
Quote: 1
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Abstract

The business of financial innovation is widely respected in the market today, direct investment in business as a broker of securities companies to enhance the core competitiveness of financial innovation, the Commission in September 2007 approved the establishment, are still in the pilot stage. Financial innovation can promote the development of the financial sector and financial markets, but will also increase the financial risk, reducing the effectiveness of financial supervision. Due to the objective existence of innovative business risks and uncertainties, as well as securities companies in the financial industry's special status as an intermediary, so the risk of direct investment in the business of securities companies with strong external and the great proliferation of threat to the entire economy, economic entity, even as the government and society. This paper through direct equity investment business at home and abroad, and the regulatory status quo, analysis the particularity and risk characteristics of the securities company's direct investment business, which lead to the formation mechanism of and risk diffusion mechanism, attention and thinking of the business risk and seize The main focus of risk factors set forth the diffusion paths of risk and risk control of the key points that not only regulators that it is necessary to innovative business - securities firms direct investment business, and value chain through direct investment business organizational forms, the Securities Securities four main business collaboration within the company, the risk of moral hazard triggered diffusion path and its corresponding risk analysis and master control point, its effective supervision. This article from domestic and foreign financial and supervisory experience in direct equity investment business, the securities company's direct investment business regulatory policy ideas that can extend the regulatory and focus on the supervision of the construction of check moral hazard from the direct investment business principle of prudent supervision of securities, the rules three main aspects to consider. Further recommendations proposed regulatory measures and regulatory focus on four aspects, including: regulatory measures and priorities in the process of a sound legal system; regulatory measures and priorities for information disclosure; regulatory measures and priorities for risk prevention and early warning; against regulatory measures and focus on the moral hazard. Public economic field, select the specific financial innovation business to its the risk diffusion mechanism and regulatory policy analysis and discussion, hope through targeted rather than generalities and talk about the practical problems to solve specific business regulation helps improve China's securities regulatory policies and to improve their own risk control ability of securities companies has its practical significance; helps to maintain a healthy and sustainable development of securities companies, to ensure financial system stability, security and economic and social stability. The paper mainly includes five parts: the first part, mainly to explain the research background, significance and research objectives and content, defining the relevant concepts, this research methodology and framework; combing the theory of financial risk and regulatory related research results. The second part illustrates the development of domestic and foreign direct equity investment business profiles and features, the direct investment business securities particularity as well as the main risk types and risk characteristics. The third part of the from financial innovation business, information asymmetry and economic entities bounded rationality three main areas, analysis of the formation mechanism of this business risk and important paths lead to the risk of the spread of four exhibition Ji analysis: organizational forms securities direct investment business value chain, business collaboration, as well as the risk of moral hazard caused by the diffusion path. Part IV, further elaborated control the risk of the spread of the main entry points, from the three levels of the business itself, the risk management of securities companies and moral hazard control analysis. The fifth part, indicating a need for supervision, through the analysis of the risk of this business and regulatory relations, learn from the financial and regulatory experience in direct equity investment business, regulatory policy ideas proposed of securities direct investment business, as well as regulatory measures and focus.

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