發(fā)布時間：2018-05-21 09:34

  本文選題：融資融券 + 經(jīng)營模式　； 參考：《吉林大學》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)務試點資格的證券公司提供擔保物，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，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，并收取擔保物的經(jīng)營活動。 融資融券交易是境外證券市場普遍實施的一項成熟交易制度，目前，絕大多數(shù)成熟市場和新興市場允許融資融券交易。有關資料顯示，融資融券交易量占證券交易總量的比重：美國為16%-20%，日本為15%，我國臺灣地區(qū)為20%-40%。 在我國，融資融券業(yè)務是證券市場的一項創(chuàng)新業(yè)務。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，這標志著我國經(jīng)過4年精心準備的融資融券交易，已然正式進入市場操作階段�？傮w來看，我國證券公司融資融券業(yè)務運行規(guī)范，取得了預期中的效果。試點證券公司穩(wěn)妥有序的擴大，資本市場各項功能的進一步完善，融資融券業(yè)務技術系統(tǒng)安全穩(wěn)定、運作合規(guī)，操作流程逐步完善，風險控制實現(xiàn)了“可測、可控、可承受”的基本構架，融資融券業(yè)務在我國的開展也得到了“準備充分、低調務實、平穩(wěn)有序、穩(wěn)步發(fā)展”的認可。然而，融資融券交易制度帶來的畢竟是我國從來沒有嘗試過的“做空”機制，在給證券公司帶來機遇的同時，也帶來了嚴峻的挑戰(zhàn)。 本文通過選取我國首批開展融資融券業(yè)務的試點證券公司——廣發(fā)證券為例，分別從經(jīng)營和風險控制兩個層面，分析融資融券交易模式的選擇和業(yè)務的開展，對廣發(fā)證券在息費收入、業(yè)務模式、業(yè)務創(chuàng)新上的積極影響，同時分析該業(yè)務可能帶來的潛在風險，通過現(xiàn)階段業(yè)務開展以來存在的一系列問題，給出相應的對策研究，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，在借鑒國外先進經(jīng)驗的同時，結合本國證券市場現(xiàn)狀，不斷提升廣發(fā)證券的業(yè)務創(chuàng)新能力，逐步向國際化接軌。
[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.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.39

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本文編號：1918658