本文選題：融資融券業(yè)務(wù) + 運(yùn)行現(xiàn)狀�。� 參考：《遼寧大學(xué)》2012年碩士論文

【摘要】：我國的證券市場建立于1990年，經(jīng)過了二十多年的發(fā)展現(xiàn)已經(jīng)具備了一定的規(guī)模和競爭力，但是由于我國證券市場中的交易方式單一，，同時缺少合法的融資渠道，這些問題在一定程度上擴(kuò)大了證券交易風(fēng)險，從而損害了投資者的合法權(quán)益。2010年我國證券市場正式開展融資融券業(yè)務(wù)的試點運(yùn)行，這在一定程度上有效的解決了上述問題。融資融券業(yè)務(wù)試點的推出是我國資本市場改革發(fā)展的一項重要措施，也為我國證券市場注入新的活力，對完善我國證券市場交易制度，促進(jìn)我國資本市場穩(wěn)定發(fā)展與改革創(chuàng)新具有積極的意義。 我國證券市場的融資融券業(yè)務(wù)自2010年3月正式啟動以來，距今已有兩年多的時間，此間融資融券的試點運(yùn)行取得了一定的成績，同時也表現(xiàn)出了一些急需完善和解決的問題。試點運(yùn)行以來，中國證監(jiān)會在推動融資融券試點業(yè)務(wù)正式轉(zhuǎn)入常規(guī)監(jiān)管階段的同時，也在不斷完善和改進(jìn)融資融券業(yè)務(wù)的交易制度，以適應(yīng)業(yè)務(wù)發(fā)展的需要，包括轉(zhuǎn)融通業(yè)務(wù)的實行、融資融券證券公司數(shù)目的增加、融資融券標(biāo)的證券擴(kuò)容等方面，這些措施在一定程度上為我國證券市場融資融券的平穩(wěn)運(yùn)行起到了促進(jìn)作用。但隨著我國融資融券業(yè)務(wù)的常規(guī)化發(fā)展，更多的證券公司將加入此行列，對融資融券業(yè)務(wù)的監(jiān)管要求和交易制度要求將不斷提高，這就需要在現(xiàn)有的交易制度基礎(chǔ)上能夠結(jié)合我國證券市場的實際運(yùn)行情況進(jìn)一步的完善。 我國融資融券制度于2011年10月引入轉(zhuǎn)融通機(jī)制，將其與世界主要證券市場融資融券機(jī)制對比可知，我國的融資融券制度與日本采用的集中授信模式較為相似。因此文章旨在通過借鑒日本較為成熟的融資融券業(yè)務(wù)運(yùn)行模式，結(jié)合我國證券市場現(xiàn)狀找出若干適用于中國融資融券業(yè)務(wù)發(fā)展的對策，為中國融資融券業(yè)務(wù)的發(fā)展壯大，以及為我國證券市場的進(jìn)一步發(fā)展起到促進(jìn)作用。 文章首先對融資融券相關(guān)的理論進(jìn)行梳理，闡述了融資融券交易的基本內(nèi)涵、特點、主要功能和對證券市場的影響；然后對中國融資融券運(yùn)行現(xiàn)狀進(jìn)行了詳細(xì)的分析，包括我國融資融券業(yè)務(wù)的發(fā)展歷程、制度體系、取得的成果、存在的問題和原因；隨后比較了中國和日本融資融券機(jī)制的相似性，并詳細(xì)介紹了日本融資融券業(yè)務(wù)模式的特點和優(yōu)勢；最后在借鑒日本融資融券交易機(jī)制的同時，結(jié)合我國證券市場現(xiàn)狀提出了若干促進(jìn)中國融資融券業(yè)務(wù)發(fā)展的有效對策。
[Abstract]:China's securities market was established in 1990. After more than 20 years of development, it now has a certain scale and competitiveness. However, due to the single trading mode in our securities market and the lack of legal financing channels, To a certain extent, these problems expand the risk of securities trading, thus harming the legitimate rights and interests of investors. In 2010, China's securities market formally launched the pilot operation of margin trading, which to a certain extent effectively solved the above problems. It is an important measure for the reform and development of China's capital market to launch the pilot project of margin trading business. It also injects new vitality into the securities market of our country, which will improve the trading system of our country's securities market. It is of positive significance to promote the stable development of Chinese capital market and reform and innovation. Since the securities market started in March 2010, it has been more than two years since then. The pilot operation of margin financing and short selling in China has made some achievements, at the same time, it also shows some problems that need to be improved and solved. Since the pilot operation, while the CSRC has promoted the pilot business of margin and short selling to be formally transferred to the stage of regular supervision, it has also been constantly improving and improving the trading system of margin trading in order to meet the needs of business development. These measures have promoted the smooth operation of the securities market in China to a certain extent, including the implementation of the transfer business, the increase in the number of margin and securities companies, and the expansion of the underlying securities. However, with the regular development of margin and margin business in China, more and more securities companies will join the ranks, and the regulatory requirements and trading system requirements for margin and short margin business will be continuously raised. Therefore, it is necessary to further improve the actual operation of China's securities market on the basis of the existing trading system. China's margin and margin system was introduced in October 2011. By comparing it with that of the world's major securities markets, we can see that China's margin lending system is similar to the centralized credit lending model adopted by Japan. Therefore, this paper aims to find out some countermeasures suitable for the development of China's margin and margin business by referring to Japan's more mature operation mode of margin and margin business and combining the current situation of China's securities market, in order to promote the development of China's margin and margin business. And for the further development of China's securities market to play a role in promoting. Firstly, the paper combs the theory of margin trading, expounds the basic connotation, characteristics, main functions and impact on the securities market of margin trading, and then makes a detailed analysis of the current situation of margin trading in China. It includes the development course, system system, achievements, problems and reasons of margin trading in China, and then compares the similarity of margin mechanism between China and Japan. It also introduces the characteristics and advantages of the Japanese margin and margin business model in detail, and at last puts forward some effective countermeasures to promote the development of China's margin and margin business by referring to the Japanese margin trading mechanism and combining with the current situation of China's securities market.
【學(xué)位授予單位】：遼寧大學(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：1845917