發(fā)布時(shí)間：2018-05-21 09:34

  本文選題：融資融券 + 經(jīng)營(yíng)模式��； 參考：《吉林大學(xué)》2014年碩士論文

【摘要】：融資融券交易，又稱證券信用交易，是指投資者向具有融資融券業(yè)務(wù)試點(diǎn)資格的證券公司提供擔(dān)保物，借入資金買入上市證券（融資交易）或借入上市證券并賣出（融券交易）的行為。融資融券業(yè)務(wù)，是指證券公司向客戶出借資金供其買入上市證券或者出借上市證券供其賣出，并收取擔(dān)保物的經(jīng)營(yíng)活動(dòng)。 融資融券交易是境外證券市場(chǎng)普遍實(shí)施的一項(xiàng)成熟交易制度，目前，絕大多數(shù)成熟市場(chǎng)和新興市場(chǎng)允許融資融券交易。有關(guān)資料顯示，融資融券交易量占證券交易總量的比重：美國(guó)為16%-20%，日本為15%，我國(guó)臺(tái)灣地區(qū)為20%-40%。 在我國(guó)，融資融券業(yè)務(wù)是證券市場(chǎng)的一項(xiàng)創(chuàng)新業(yè)務(wù)。2010年3月31日，上海、深圳證券交易所正式接受證券公司的融資融券交易申報(bào)，這標(biāo)志著我國(guó)經(jīng)過(guò)4年精心準(zhǔn)備的融資融券交易，已然正式進(jìn)入市場(chǎng)操作階段�？傮w來(lái)看，我國(guó)證券公司融資融券業(yè)務(wù)運(yùn)行規(guī)范，取得了預(yù)期中的效果。試點(diǎn)證券公司穩(wěn)妥有序的擴(kuò)大，資本市場(chǎng)各項(xiàng)功能的進(jìn)一步完善，融資融券業(yè)務(wù)技術(shù)系統(tǒng)安全穩(wěn)定、運(yùn)作合規(guī)，操作流程逐步完善，風(fēng)險(xiǎn)控制實(shí)現(xiàn)了“可測(cè)、可控、可承受”的基本構(gòu)架，融資融券業(yè)務(wù)在我國(guó)的開(kāi)展也得到了“準(zhǔn)備充分、低調(diào)務(wù)實(shí)、平穩(wěn)有序、穩(wěn)步發(fā)展”的認(rèn)可。然而，融資融券交易制度帶來(lái)的畢竟是我國(guó)從來(lái)沒(méi)有嘗試過(guò)的“做空”機(jī)制，在給證券公司帶來(lái)機(jī)遇的同時(shí)，也帶來(lái)了嚴(yán)峻的挑戰(zhàn)。 本文通過(guò)選取我國(guó)首批開(kāi)展融資融券業(yè)務(wù)的試點(diǎn)證券公司——廣發(fā)證券為例，分別從經(jīng)營(yíng)和風(fēng)險(xiǎn)控制兩個(gè)層面，分析融資融券交易模式的選擇和業(yè)務(wù)的開(kāi)展，對(duì)廣發(fā)證券在息費(fèi)收入、業(yè)務(wù)模式、業(yè)務(wù)創(chuàng)新上的積極影響，同時(shí)分析該業(yè)務(wù)可能帶來(lái)的潛在風(fēng)險(xiǎn)，通過(guò)現(xiàn)階段業(yè)務(wù)開(kāi)展以來(lái)存在的一系列問(wèn)題，給出相應(yīng)的對(duì)策研究，并提出合理化建議和解決措施，力求在不斷探索和革新中，，穩(wěn)步發(fā)展融資融券業(yè)務(wù)，在借鑒國(guó)外先進(jìn)經(jīng)驗(yàn)的同時(shí)，結(jié)合本國(guó)證券市場(chǎng)現(xiàn)狀，不斷提升廣發(fā)證券的業(yè)務(wù)創(chuàng)新能力，逐步向國(guó)際化接軌。
[Abstract]:Margin trading, also known as securities credit trading, refers to the provision of collateral by investors to a securities company that has the qualification to conduct a pilot business of margin trading, The act of borrowing money to buy listed securities (financing transactions) or to borrow listed securities and sell them (margin trading). Margin trading refers to the business of securities companies lending funds to clients to buy listed securities or lending listed securities for sale and collecting collateral. Margin trading is a mature trading system widely implemented in overseas securities markets. At present, most mature markets and emerging markets allow margin trading. Relevant data show that the proportion of margin trading volume to total securities trading volume is 16-20 in the United States, 15 in Japan and 20-40 in Taiwan. In China, margin trading is an innovative business in the securities market. On March 31, 2010, the Shanghai and Shenzhen Stock exchanges formally accepted the securities companies' margin trading declaration. This marks that China has entered the stage of market operation after 4 years of carefully prepared margin trading. Generally speaking, the securities companies in China have achieved the expected results by regulating the operation of margin trading. The pilot securities companies have expanded steadily and orderly, the various functions of the capital market have been further improved, the technical system of margin trading is safe and stable, the operation is in compliance, the operation process has been gradually improved, and the risk control has been achieved "measurable and controllable," "affordable" basic framework, margin financing business in China has also been "fully prepared, low-key pragmatic, stable and orderly, steady development" recognition. However, margin trading system has brought about a "short selling" mechanism that has never been tried in China, which brings opportunities as well as severe challenges to securities companies. This article selects the first batch of China's pilot securities company, Guangfa Securities, as an example, analyzes the choice of margin trading mode and the development of the business from the two aspects of management and risk control. The positive influence of Guangfa Securities on interest income, business model, business innovation, and the potential risks brought by this business are analyzed, and a series of problems existing since the current business development are analyzed, and the corresponding countermeasures are given. The paper also puts forward some reasonable suggestions and solutions, and strives to steadily develop the margin and margin business in the course of continuous exploration and innovation. While drawing lessons from foreign advanced experience and combining with the present situation of domestic securities market, it constantly promotes the business innovation ability of Guangfa Securities. Step by step to internationalization.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.39

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 孫堯斌;;我國(guó)融資融券制度探析[J];北京市經(jīng)濟(jì)管理干部學(xué)院學(xué)報(bào);2009年01期

2 王敏玉;;我國(guó)開(kāi)展融資融券業(yè)務(wù)的必要性及其對(duì)策[J];商業(yè)研究;2008年06期

3 盧太平;宋根苗;;我國(guó)融資融券業(yè)務(wù)模式的選擇[J];財(cái)會(huì)月刊;2009年11期

4 朱曉會(huì);;券商開(kāi)展融資融券業(yè)務(wù)的風(fēng)險(xiǎn)及其控制[J];重慶科技學(xué)院學(xué)報(bào)(社會(huì)科學(xué)版);2008年09期

5 李涓;;談?wù)勅谫Y融券業(yè)務(wù)的風(fēng)險(xiǎn)控制[J];管理觀察;2009年07期

6 曹慧娟;王曉帆;;融資融券業(yè)務(wù)對(duì)證券公司的影響及風(fēng)險(xiǎn)控制[J];經(jīng)營(yíng)管理者;2010年08期

7 黎元奎;我國(guó)證券市場(chǎng)引入信用交易機(jī)制研究[J];湖北經(jīng)濟(jì)學(xué)院學(xué)報(bào);2003年04期

8 陳沁梅;;防范融資融券業(yè)務(wù)風(fēng)險(xiǎn)的對(duì)策建議[J];經(jīng)濟(jì)研究導(dǎo)刊;2011年08期

9 劉中文;李軍;;拓展融資融券業(yè)務(wù)對(duì)證券市場(chǎng)的影響[J];金融經(jīng)濟(jì);2007年04期

10 羅榮華;;融資融券交易下證券公司的自律管理[J];內(nèi)江科技;2007年02期

本文編號(hào)：1918658