Analysis of external factors of securities companies
The stock market is influenced by national economic development speed, macroeconomic policies, interest rates, exchange rates, industry development, investment psychology and other factors. When the stock market rises, the business volume and operating income of underwriting, self-management, brokerage and asset management of securities companies generally increase; When the stock market falls, the operation difficulty and risk of various businesses of securities companies will increase, and the operating income may drop sharply.
The securities industry belongs to the national monopoly industry, and securities companies should accept the supervision of the China Securities Regulatory Commission, and carry out securities underwriting, brokerage, self-management and asset management. Effective government supervision can effectively maintain the normal order of the securities market, standardize the market behavior of securities companies, reduce the systemic risk of the securities industry and constrain the risk degree of securities companies.
Information technology has been widely used in modern securities industry, including fund settlement, online trading and after-sales service. The level of information technology has become one of the important factors to measure the competitiveness of securities companies. The technological progress of society, especially the socialized application of information technology achievements, may have a great impact on the business operation, management, capital investment, profitability and risk control of securities companies.
Analysis of internal factors of securities companies
(1) Analysis of the basic quality of securities companies, including the background of shareholders and corporate governance structure, business strategy and objectives, quality of management and employees, incentive and restraint system, information system construction, etc. Among them, the human factor is the most important, and the operation of securities companies depends largely on people. The ability to attract, train and retain high-quality professionals is an important competitive advantage.
(2) Assess the risk status of specific business from the perspective of external creditors. Study the business cycle of each business and the situation in the whole market cycle to grasp the scale and stability of the company's return. Compare the profitability of the assessed object with peers to determine whether its performance is consistent with that of other companies in the industry. According to the risk preference of the appraised object, study the rate of return and try to grasp the profitability of each business of the appraised object. The more reliable and diversified the profit sources, the stronger the protection for creditors.
(3) the strength and stability of market position. The stronger and more stable the market position of a securities company, the higher its credit protection level, and its dominant position and stability in the market depend on the following factors: (1) long-term development of a certain business; Experienced professionals; Have proprietary technology or sales system; Established a solid relationship with high-profit or potentially high-profit customers; Excellent reputation.
(4) Internal control of risks. Effective internal control system is an important part of risk management of securities companies, a powerful guarantee for normal operation and an important symbol to measure the level of corporate governance. The internal control of securities companies includes internal control mechanism and internal control system. The main contents of internal control of securities companies include: environmental control, business control, fund management control, accounting system control, electronic information system control, internal audit control and so on. Environmental control includes governance structure control, governance thought control, employee quality control and authorization control.
Financial analysis of securities companies
Cash flow analysis plays a central role in the process of financial analysis, and cash flow can more truly reflect the ability of securities companies to repay debt principal and interest on schedule. When selecting financial indicators, more attention should be paid to indicators that can reflect the current market value of assets and the ability of assets to generate cash flow. Financial analysis mainly analyzes the quality of financial reports, financial structure, asset security, profitability and solvency.
The purpose of quality analysis of financial reports is to evaluate the accuracy of financial reports reflecting financial status and operating performance, and adjust financial data when necessary to make them more comparable. This paper mainly investigates the authenticity of accounting information, the disclosure level of accounting information, the influence of changed accounting policies on the comparability of accounting information and the audit opinions of certified public accountants.
The financial structure mainly includes indicators such as asset-liability ratio, current asset ratio, capitalization ratio and long-term capitalization ratio. The evaluation of the financial structure of securities companies is based on industry standards or industry unity.
The main indicators of asset security include the proportion of net capital, self-operated securities and entrusted assets. The assets of securities companies are affected by the fluctuation of the secondary market, and the market risk is great. The net capital calculated according to the calculation rules of China Securities Regulatory Commission shall be compared. The increase in the proportion of securities self-operated and entrusted assets will increase the market risk of securities companies and may lead to financial risks.
The main indicators of profitability include profit rate of main business, profit rate of main income, return on net assets and the ratio of operating cash flow to outflow. Predictable cash flow is the condition to ensure that securities companies repay the principal and interest of debts on time and in full. This paper examines the predictability, stability and composition of net cash flow generated by the main business of securities companies, so as to evaluate the profitability of securities companies.
The main indicators of solvency include activity ratio, debt surplus ratio and interest guarantee multiple. The solvency is closely related to the activity and profitability of assets. Investigate the acquisition ability of predictable cash flow and the liquidity of assets, so as to evaluate the ability of securities companies to repay the principal and interest of various debts on time and in full.
Analysis of bond contract terms
The investment of funds raised by the project mainly investigates the influence of raised funds on the future financial situation and debt risk of securities companies, as well as the possible risks in the implementation of the project.
Debt repayment safeguard measures, evaluating the credit and risk of the guarantor or collateral, investigating the reliability and limitations of other safeguard measures, and evaluating the influence of relevant debt repayment safeguard measures on the risk degree of the bond being evaluated.
The guarantee clause mainly evaluates the nature and degree of the guarantee, focusing on the legal effect, unconditional irrevocable guarantee and the financial strength of the guarantor.
Special debt service account mainly examines whether there is a provision for special debt service account in the contract terms, and whether the accrued amount is sufficient or fair. Hometown! Seven roses represent-I have a crush on you!