發(fā)布時間：2018-04-02 20:48

  本文選題：融資融券　切入點：信用交易　出處：《上海交通大學(xué)》2012年碩士論文

【摘要】：融資融券業(yè)務(wù)在我國的發(fā)展態(tài)勢可謂蒸蒸日上，，市場規(guī)模持續(xù)攀升、標(biāo)的證券逐步放開，其提升資本市場效率的作用正逐步發(fā)揮，前景十分廣闊。然而在業(yè)務(wù)高速發(fā)展的同時，我們也應(yīng)該清醒地認(rèn)識到業(yè)務(wù)發(fā)展過程中將會面臨的諸多挑戰(zhàn)，這將影響業(yè)務(wù)的可持續(xù)發(fā)展，從而影響其對資本市場促進作用的發(fā)揮。本文采用定性、定量分析相結(jié)合的方法識別問題，借助戰(zhàn)略管理理論以及行為金融理論，通過邏輯推導(dǎo)和數(shù)據(jù)分析來分析問題，最終結(jié)合分析結(jié)果形成解決問題的對策。 通過定性分析，本文提出我國融資融券行業(yè)內(nèi)有可能出現(xiàn)惡性競爭、參與交易的投資者盈利情況不容樂觀這兩個主要挑戰(zhàn)，并將問題的癥結(jié)歸結(jié)為一點，即參與融資融券業(yè)務(wù)的投資者盈利情況亟待改善。通過對投資者行為指標(biāo)與收益率的多元回歸和分組分析，本文揭示了投資者的平均持股天數(shù)、交易的證券品種數(shù)、集中度、止盈止損等行為與其收益率之間的關(guān)系。最后，本文針對業(yè)務(wù)發(fā)展的挑戰(zhàn)提出了強化制度建設(shè)、優(yōu)化投資者結(jié)構(gòu)、加強中介機構(gòu)分類服務(wù)和分級管理、改善投資者的投資行為等多項對策。
[Abstract]:Margin of the business in the development of our country is on the upgrade, the size of the market continues to rise, the underlying securities gradually liberalized, improve the efficiency of capital market is gradually play a role, the prospect is very broad. However, with the rapid development of business at the same time, we should also be soberly aware of the many challenges facing business will be in the process of development, sustainable this will affect the business development, and its influence on the capital market to promote the role of. This paper uses the method of qualitative and quantitative analysis of the combination of the identification problem, with strategic management theory and behavioral finance theory, through the analysis of logical deduction and data analysis, combined with the analysis of the final results in the formation of the countermeasures to solve the problem.
Through qualitative analysis, this paper put forward our margin in the industry are likely to vicious competition, investors involved in the transaction profit situation is not optimistic about the two major challenges, and the crux of the problem boils down to one point, that is involved in margin trading business profitability of the investor needs to be improved. By multivariate regression and subgroup analysis of investor behavior the index and rate of return, this paper reveals the average holding number of investors, the securities traded varieties, concentration, the relationship between the full stop behavior with its rate of return. Finally, according to the business development challenges put forward to strengthen the system construction, optimize the structure of investors, strengthen intermediary service classification and grading management to improve the investment behavior of investors and other countermeasures.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

【參考文獻】

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本文編號：1702042