第六章，研究结论。总结论文的研究结果，展望进一步的研究方向。
结束语：一切理论来至于现实，一切理论又高于现实，归根结底理论要为现实服务，无比遗憾的是在论文结束之际，作者所在证券公司——国都证券可能面临着即将被西南证券兼并的现实。
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Abstract
Modern economy can’t live without finance, finance can’t live without the capital market, securities companies, as the main part of the capital market, is an important impetus and engine of the capital market. The realization of the function of capital market mainly depends on the bridge and mediating role of the securities companies. In the construction and the development of the capital market, the importance of the securities companies is self-evident. However, capital market has high-risk characteristics. Since 1980s, the financial system and the high-risk characteristics of the capital market are easy to see: the international financial system is shaky and unstable, from Mexico financial crisis to Southeast Asia financial crisis, from the Russian financial crisis to Argentina financial crisis, the international capital market is more and more unstable. In 2007, the outbreaks of American subprime crisis extended quickly and then became the global financial crisis, and cause economic crisis and a gl股票分析报告
obal recession, also the global economy society's violent unrest.
The high-risk characteristics of the securities companies is decided by the high risk of the capital market ,risk management level is the key which effects the competitiveness ability of the financial institutions and the operation ability levels. This paper is mainly about the business structure of the securities companies and risk management, designed to achieve the organic integration of the business structure and risk types, and provides rationalization proposals about the risk management of the securities companies, with certain theoretical significance and practical value.
This paper is divided into seven chapters.
Chapter 1: Introduction. Based on the refinement of the research background --- the international investment and domestic securities industry bankruptcy risk since the subprime crisis, prevention research topic --- securities company business structure and risk management, and get the theoretical and practical significance, analyzes the research status both in China and abroad, summarized the research ideas, content and frame, etc.
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Chapter 2: The theoretical basis of the securities company business structure and risk management interaction. Annotate enterprise business portfolio theory and risk management theory, this paper puts forward the business structure evolution context from the perspective of risk management idea, so as to solidify the dissertation research on theoretical basis.
Chapter 3: Analyses securities company business structure and risk characteristics. Sorting Chinese securities company business structure development process, and analyses the current situation of the securities company business structure and have the characteristics types of the risks of securities companies and get the effective docking with risk management.
Chapter 4: The construction of the securities company risk management framework, based on business. Refining the basic principle of the risk management framework construction, identify the key risk points of business ,design multi-level risk management evaluation index, develop the risk management evaluation index model.
Chapter 5: The application inspection of the securities company risk management framework. Take Guodu Securities Company as an example, explain the key points of the business structure and risk, evaluate the risk management level in each year, and put forward suggestions to improve risk management.
Chapter 6: Study the conclusion. Summarize the research results, review paper further research direction.
Chapter 7: End of the file statement. Theory originates in practice and higher than reality, in a word, theory should service the reality, it’s a pity when the paper was finished, the securities company the author works for - Guodu Securities Company may face the fact that it will be acquired by Southwest Securities Company.
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1 绪论
1 绪论
1.1 研究背景
中，证券公司的重要意义不言而喻。然而，资本市场具有高风险的特征。20世纪80年代以来，金融体系与资本市场的高风险特征表现无疑：国际金融体系剧烈动荡，从墨西哥金融危机到东南亚金融危机、从俄罗斯金融危机到阿根廷金融危机，国际资本市场越来越不稳定。2007年爆发的美国次贷危机迅速传染演化为全球金融危机，并引发经济危机与全球经济衰退，造成全球经济社会的剧烈动荡[1]。
资本市场的高风险性，决定了作为市场主体的证券公司的高风险特质。在历次世界性金融动荡中，证券公司成为金融危机的“始作俑者”，并首当其冲受到较大冲击。如英国历史最悠久的巴林银行破产、日本山一证券公司10亿美元的交易损失、香港百富勤倒闭案件等。2007年美国次贷危机爆发以来，众多投行频临破产，雷曼兄弟申请破产保护、贝尔斯登被摩根大通收购、美林证券被美国银行收购等一系列事件引发了华尔街金融海啸。次贷危机导致了全球金融业的全面危机，更使全球经济陷入了衰退局面。究其此次危机的根源，投行对其投资业务的风险重视程度不足是主要因素。尽管此次危机给全球经济带来了损失，但是从另一个角度上看，此次危机也给全球金融业带了了巨大的警示作用，证券公司风险防范工作必须引起监管层、证券公司管理层和投资者的重视。
相比国外成熟资本市场，国内资本市场更不规范、波动更为剧烈，证券公司面临着更大风险。在国内资本市场二十年的发展历程中，证券公司风险防范缺失和处理不当，由于风险管理不力带来的券商危机甚至倒闭案例屡见不鲜。早在1996年，曾在我国证券业称雄的万国证券，因出现业务风险于1996年被申银证券兼并；1998年，君安证券又因风险控制和高级管理人员出现问题，被国泰证券合并。随后，
在2001年至2005年的熊市期间，伴随着证券市场持续低迷，证券公司经营业绩不断下滑，资金和财务状况日趋严峻，流动性风险突出，出现全行业亏损，证券公司整体运营面临极大风险。南方证券、德恒证券、汉唐证券、
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