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Financing problems of securities companies

2019-09-10 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Financing problems of securities companies,供大家参考学习,这篇论文讨论了证券公司的融资问题。对于证券公司来说,单一的融资渠道会对公司的资产负债比例、杠杆比例等产生消极影响,公司的净资本和净资产也起到了一定的副作用,这些都使得公司的主要财务指标不断逼近证监会设定的红线。同时证券行业本身的不确定性也会影响公司的未来的经营绩效。证券公司的资本作为公司的核心和最重要的资产,如果出现危机必然会引发全公司的危机。因此,对于部分存在融资渠道问题的证券公司来说,拓展资金来源,尤其是避免单一的渠道十分必要。

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As an important part of China's financial system, securities companies are mainly responsible for the trading and management of various kinds of securities. The development course of China's securities companies is closely related to the development of China's securities industry. In 1986, China opened the first stock trading counter in Shanghai after the reform and opening up, which marked the new beginning of China's securities market. After nearly 30 years of development, China has become the world's second largest stock market. Therefore, for securities companies, it is particularly important to improve their own financing efficiency, increase the level of financial innovation and ensure adequate working capital. Now general has direct financing and indirect financing two ways. Direct financing refers to the financing method in which enterprises obtain funds by selling stocks or bonds directly to investors through themselves or securities companies. Usually, direct financing needs to resort to certain financial instruments to communicate with financiers, especially in this process, Banks are not needed as intermediaries. Indirect financing mainly refers to lending through Banks as an intermediary. The typical feature of this financing method is financing through intermediaries, which mainly refers to Banks.

For securities companies, a single financing channel will have a negative impact on the company's asset-liability ratio and leverage ratio, and a certain side effect on the company's net capital and net assets. All these make the company's main financial indicators constantly close to the red line set by the CSRC. Meanwhile, the uncertainty of the securities industry itself will also affect the company's future business performance. As the core and most important asset, the capital of securities companies will inevitably trigger the crisis of the whole company. Therefore, for some securities companies with financing channel problems, it is necessary to expand the source of funds, especially to avoid a single channel.

The violent fluctuation of the securities industry will bring great influence to the operation of securities companies, and the fluctuation of the stock market will also have great influence on enterprises. From 2014 to 2015, the stock rose from 2000 to 5000. Most domestic securities companies have maintained more than 50% growth in their securities economic business and self-run securities business. But after the stock market halve, these securities companies' main business income and profit margin year-on-year decline is very serious. Therefore, for the uncertainty of the securities industry, securities companies should establish a systematic awareness of risk prevention, to avoid making wrong judgments on the future profitability of the company and the trend of the industry, leading to enterprises in a dangerous situation.

According to the survey, due to the stock bull market in 2014-2015, a large number of small and medium-sized securities companies will use the funds raised in 2014 and 2015 for business channels and new business expansion. Before 2016, the main business and profit of these securities companies after business expansion have been significantly improved, and channel expansion has achieved certain effects. However, starting from 2016, the halving of the stock market directly led to a sharp decline in the income of the newly opened branches of these securities companies, and the newly opened branches quickly became a drag on the company's performance from the source of profits. In addition, as for the expansion of new business of securities companies, with the cooling of the securities industry, the profitability of new business of these securities companies drops rapidly, further affecting the profitability of companies to raise funds.

The entry threshold of securities companies is very high, and the operation of securities companies requires a lot of capital. In particular, China has strict supervision over the securities industry, and securities companies must have a large amount of reserves, which results in the competition of securities companies in China within a limited scope. For the lack of capital securities companies, equity financing can be used for financing. However, the realization of equity financing of securities companies also needs a certain practical basis, which includes new shareholders reaching an agreement on new investment funds and shareholding ratio, submitting to regulatory authorities for approval, and the time lag that financing must go through. Therefore, although the cost of equity financing is slightly higher than that of debt financing theoretically, it is still a good financing method. However, in general, equity financing has a long cycle, and there are many practical factors that hinder the realization of equity financing, so it can be used as a long-term financing method.

Securities companies' choice of financing channels and the determination of financing amount are inseparable from the development situation of their own industry. Considering the benefits and risks of the securities industry and the industry consensus, the securities industry to choose the suitable financing channels must be reasonable assessment industry risk, especially when the industry rapid development can be calm when dealing with the choice of the financing channels and the measure of the cost of financing, the industry can have sufficient reserve in case of cold response to the crisis coming. This requires the company to be able to quickly evaluate and respond to the changes in market conditions, and timely adjust business strategy and financing strategy. For debt financing, we should be able to establish dynamic interest rate system. In addition, the company should respond to the changes in its business while evaluating the development of the industry, and adjust the use direction of financing funds in time.

The ultimate goal of enterprise financing is to realize the expansion of enterprise scale, the improvement of capital chain and the improvement of performance. It is a necessary condition for business performance that the capital obtained from enterprise financing can be used reasonably. In view of the current depressed situation of China's stock market, securities companies should stop the strategy of expanding business coverage in the future and focus on improving the operating performance of existing new business outlets, focusing on improving the main business income and profit rate of new business outlets. At the same time, the company should choose two stock financing business, asset securitization has a great development prospect of industry as an important direction of the company's main business in the future, will be financing for capital centralized advantage into the related business, grasp the wave of emerging business in China securities market, seize the eleven key part in strategic planning, do to carry out a good one, to avoid a full-scale financial advantage. In addition, the company should strengthen the construction of capital system, especially the establishment of risk prevention and early warning system, especially the establishment of capital risk system, to prevent the volatility of the securities industry from affecting the company's business conditions.

As a capital-intensive industry, the business development of the securities industry cannot be separated from large-scale financial support, especially in the current state of encouraging new business development. Due to the lack of normal financing channels, the business expansion level and capital operation level of the securities industry are at a low level, and small and medium-sized securities companies are facing difficulties and lack of business development. Only by effectively expanding the financing channels of securities companies and developing innovative businesses can we provide strong financial support for ourselves. However, external financing is only the external cause of the capital gap of securities companies. The fundamental method to solve the financing problem of securities companies lies in strengthening the standardization construction, improving the corporate governance structure, and enhancing the profitability and core competitiveness. Therefore, for securities companies, they should actively look for the causes of financing problems and effectively solve their own problems in the financing process.

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