本文關(guān)鍵詞： 融資融券 轉(zhuǎn)融通 證券金融公司　出處：《山東財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：融資融券具有價(jià)格發(fā)現(xiàn)機(jī)制，穩(wěn)定市場(chǎng)的作用，在海外發(fā)達(dá)國(guó)家，融資融券已經(jīng)有四百多年的發(fā)展歷史，是一種成熟的交易模式。引進(jìn)融資融券，可以進(jìn)一步完善我國(guó)證券市場(chǎng)的基本制度，推進(jìn)我國(guó)證券市場(chǎng)的健康發(fā)展，從而充分發(fā)揮出證券市場(chǎng)對(duì)金融資源的配置功能。目前，融資融券業(yè)務(wù)在我國(guó)開展已經(jīng)進(jìn)入第三個(gè)年頭，作為一項(xiàng)創(chuàng)新業(yè)務(wù)，從試點(diǎn)時(shí)期的穩(wěn)定有序發(fā)展到根據(jù)市場(chǎng)需要轉(zhuǎn)為為常規(guī)業(yè)務(wù)，可以說步步為營(yíng)，風(fēng)險(xiǎn)是控制住了，但同時(shí)又存在著一些制約該項(xiàng)業(yè)務(wù)發(fā)展壯大的因素。本文首先闡述了融資融券基本理論，對(duì)比分析了海外三種典型的融資融券發(fā)展模式及其特征，并總結(jié)了對(duì)我國(guó)開展融資融券業(yè)務(wù)的啟示；然后，深入考察了我國(guó)證券市場(chǎng)融資融券業(yè)務(wù)運(yùn)行現(xiàn)狀，發(fā)現(xiàn)雖然我國(guó)融資融券業(yè)務(wù)規(guī)模日益增長(zhǎng)，但總得來說和海外成熟市場(chǎng)規(guī)模相比還是太小，融券業(yè)務(wù)遠(yuǎn)遠(yuǎn)落后于融資業(yè)務(wù)，融券融券所有的調(diào)節(jié)市場(chǎng)功能發(fā)揮有限。透過現(xiàn)象剖析該業(yè)務(wù)中存在的問題，通過對(duì)券商的實(shí)地調(diào)研及證券交易相關(guān)數(shù)據(jù)實(shí)證分析，發(fā)現(xiàn)缺乏轉(zhuǎn)融通業(yè)務(wù)、上市公司質(zhì)量不高、信用體系尚未建立、投資者做多慣性以及現(xiàn)有規(guī)則制度存在缺陷等是導(dǎo)致上述問題的本質(zhì)原因。最后，立足于我國(guó)資本市場(chǎng)特征、借鑒海外成熟證券市場(chǎng)發(fā)展和運(yùn)作經(jīng)驗(yàn)，針對(duì)我國(guó)融資融券業(yè)務(wù)中存在的問題提出了相應(yīng)的解決對(duì)策，以期對(duì)我國(guó)證券公司發(fā)展壯大本業(yè)務(wù)提供有所價(jià)值的建議。
[Abstract]:Margin financing has the function of price discovery mechanism and stable market. In overseas developed countries, margin margin has been developed for more than 400 years and is a mature trading mode. We can further improve the basic system of our country's securities market, promote the healthy development of our country's securities market, and thus give full play to the allocation function of the securities market to the financial resources. At present, Margin and margin business has entered its third year in our country. As an innovative business, from stable and orderly development in the pilot period to conventional business according to market needs, it can be said that step by step, the risk is under control. But at the same time, there are some factors that restrict the development of this business. Firstly, this paper expounds the basic theory of margin and margin, and analyzes three typical overseas models and their characteristics. And summarizes the enlightenment to our country to carry out the margin business, then, deeply investigates the present situation of the margin and margin business in our securities market, and finds that although the scale of the margin and short margin business in our country is growing day by day, But on the whole, compared with the overseas mature market scale, the margin business lags far behind the financing business, and all the regulating market functions of the short and short securities market play a limited role. Through the field investigation of securities firms and empirical analysis of securities trading related data, it is found that there is a lack of turnaround business, the quality of listed companies is not high, and the credit system has not yet been established. Investors' long inertia and defects in the existing rules and systems are the essential reasons for these problems. Finally, based on the characteristics of China's capital market, the paper draws lessons from the overseas mature securities market development and operation experience. In view of the problems existing in the financing and margin trading in China, this paper puts forward the corresponding countermeasures in order to provide valuable suggestions for the development and expansion of the securities companies in our country.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5

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本文編號(hào)：1543552