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  本文關(guān)鍵詞：關(guān)于我國開展融資融券業(yè)務(wù)的研究　出處：《中南民族大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 融資融券 風(fēng)險監(jiān)管 轉(zhuǎn)融通

【摘要】：一直以來我國的證券市場存在明顯的單邊特征，只有股票上漲才有獲利的機(jī)會,所以市場上的交易者往往把股價不斷推高,造成價格嚴(yán)重偏離價值。2006年6月以來,中國證券市場迎來了持續(xù)不斷上漲的大牛市,上證指數(shù)從1300點持續(xù)攀升至5000點以上,點數(shù)增長了4倍。2007年牛市曾一度向6000點發(fā)展，，造成了大量的經(jīng)濟(jì)泡沫，而2008年牛市破滅后股價開始一度下跌直至指數(shù)跌到2000點左右，造成了股市的劇烈動蕩。為了穩(wěn)定股價，結(jié)束我國的單邊市場，中國證監(jiān)會引入了做空機(jī)制。2008年4月23日，國務(wù)院正式出臺《證券公司監(jiān)督管理條例》和《證券公司風(fēng)險處置條例》，對證券公司開展融資融券業(yè)務(wù)作出規(guī)范。2008年10月5日，中國證監(jiān)會宣布啟動融資融券業(yè)務(wù)試點。目前，我國的融資融券業(yè)務(wù)正處于發(fā)展時期，但在試點過程中還是出現(xiàn)了不少問題，需要我們對融資融券業(yè)務(wù)不斷的進(jìn)行完善。 本文以融資融券為研究對象，分析了融資融券對我國證券市場的影響，確實融資融券業(yè)務(wù)給券商帶來了新的利潤增長點、豐富了投資者的選擇、穩(wěn)定市場以及價格發(fā)現(xiàn)。但是我們也不能忽略融資融券業(yè)務(wù)可能會給金融體系帶來的威脅，比如信用擴(kuò)張風(fēng)險以及過度投機(jī)風(fēng)險。同時以開展融資融券試點業(yè)務(wù)以來的交易量，利潤等數(shù)據(jù)作為依據(jù)，對我國融資融券業(yè)務(wù)的現(xiàn)狀進(jìn)行分析，指出我國融資融券業(yè)務(wù)總體規(guī)模過小，交易費(fèi)用過高，融資和融券業(yè)務(wù)發(fā)展極不平衡——融券的做空功能幾近擺設(shè)等。另外,除了融資融券的自身條件的限制外，還有我國不健全的金融市場的外部影響，例如,市場監(jiān)管、擔(dān)保機(jī)制以及轉(zhuǎn)融通機(jī)制的缺失也嚴(yán)重限制了我國融資融券業(yè)務(wù)的發(fā)展。針對限制我國融資融券業(yè)務(wù)發(fā)展的這些因素，首先應(yīng)該擴(kuò)大融資融券的總體規(guī)模以及融券的標(biāo)的股票的數(shù)量等，解決限制融資融券業(yè)務(wù)發(fā)展的自身條件，其次應(yīng)該加快轉(zhuǎn)融通機(jī)制建立以及監(jiān)管機(jī)制和擔(dān)保機(jī)制的完善，為我國融資融券業(yè)務(wù)的發(fā)展提供良好的外部環(huán)境。對于轉(zhuǎn)融通交易模式的選擇，筆者借鑒國外主流的轉(zhuǎn)融通授信模式，提出了將融資業(yè)務(wù)和融券業(yè)務(wù)分開成兩個相對獨立的部分，分別采用不同的運(yùn)作模式。融資業(yè)務(wù)采用相對市場化模式，而融券業(yè)務(wù)采用雙軌制信用模式。
[Abstract]:Since China's securities market has the obvious characteristics of the unilateral, only stock prices have the opportunity to profit, so the market traders tend to stock prices continue to push up, causing price deviation from the value of.2006 since June, Chinese stock market ushered in a continuous rise in the bull market, the Shanghai composite index continued to rise from 1300 points to the above 5000 points, an increase of 4 times the.2007 bull market once to 6000 point, resulting in a large number of economic bubble, and starts dropped to around 2000 in 2008 after the bursting of the bull market, the stock market caused severe turbulence. In order to stabilize prices, the end of China's unilateral market, Chinese securities will introduce the short selling mechanism in.2008 in April 23rd, the State Council officially promulgated regulations of supervision and management of securities companies and securities companies "Risk Disposal Ordinance, the securities company to carry out financing vouchers for business In October 5th.2008, China Securities Regulatory Commission announced the launching of the pilot scheme for margin trading. At present, China's margin trading business is in its developing stage, but there are still many problems in the pilot process, which requires us to continuously improve the margin trading business.
In this paper, the margin as the research object, analyzes the influence of margin trading on China's stock market, indeed marginfinance can bring new profit growth point, the rich investors choose, to stabilize the market and price discovery. But we can not ignore the margin trading business may bring threats to the financial system, such as expansion of credit risk and excessive speculative risk. At the same time to carry out transactions since the pilot margin of business, profit and other data as the basis, the status quo of China's financing business analysis, pointed out that the overall size of China's margin trading business is too small, high transaction costs, margin financing and business development is not extremely balanced -- short margin function nearly decoration and so on. In addition, in addition to the margin of their own conditions, and our imperfect financial market external influence, for example, market Supervision, guarantee mechanism and the lack of refinancing mechanism also seriously restrict the development of the margin trading business in China. According to the limit of our margin business development of these factors, should first expand the margin of the overall size and the margin of the underlying stock quantity, the solution limits the development of the margin trading business of their own conditions, perfect secondly, should speed up the refinancing mechanism and supervision mechanism and guarantee mechanism, to provide a good external environment for the development of China's margin trading business. For refinancing transaction mode choice, referring to foreign mainstream refinancing credit model, put forward the financing and securities lending business is divided into two relatively independent parts respectively, using different operation mode. The relative market financing mode, and the credit trading business track mode.

【學(xué)位授予單位】：中南民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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本文編號：1363499