本文選題：證券公司 + 融資融券��； 參考：《吉林大學(xué)》2013年碩士論文

【摘要】：融資融券業(yè)務(wù)是我國(guó)證券市場(chǎng)的一項(xiàng)重大的創(chuàng)新業(yè)務(wù)，是完善證券市場(chǎng)交易機(jī)制的基礎(chǔ)性制度安排，為證券市場(chǎng)引入了“賣空”機(jī)制。它是海外證券市場(chǎng)普遍實(shí)施的一項(xiàng)成熟的交易制度，有利于充分發(fā)揮證券市場(chǎng)的功能，為投資者和證券公司提供了新的盈利模式。 融資融券的推出，對(duì)于投資者將產(chǎn)生深遠(yuǎn)影響。它有利于為投資者提供多樣化的交易手段和風(fēng)險(xiǎn)回避措施；有利于提高投資者的資金使用效率；有利于增加反映證券價(jià)格的信息。融資融券業(yè)務(wù)對(duì)證券公司同樣具有積極意義。它有利于提高證券公司融資渠道的有效性；有利于促進(jìn)證券公司建立新的盈利模式；有利于推動(dòng)證券公司的產(chǎn)品和服務(wù)創(chuàng)新。 東北證券股份有限公司于2012年6月獲得融資融券業(yè)務(wù)試點(diǎn)轉(zhuǎn)常規(guī)后第一批開展融資融券業(yè)務(wù)資格，開業(yè)一年以來，業(yè)務(wù)發(fā)展勢(shì)頭良好，業(yè)務(wù)規(guī)模獲得較快增長(zhǎng)，但在開展業(yè)務(wù)的過程中也遇到一些問題。 本文以東北證券融資融券業(yè)務(wù)為主線，通過與海外證券市場(chǎng)三種較為典型的業(yè)務(wù)模式：以美國(guó)為代表的市場(chǎng)化分散授信模式、以日本為代表的單軌制集中授信模式、以我國(guó)臺(tái)灣地區(qū)為代表的雙軌制集中授信模式的比較分析，對(duì)我國(guó)證券市場(chǎng)融資融券業(yè)務(wù)發(fā)展歷程：完全禁止、逐步放松、快速啟動(dòng)、高速發(fā)展等階段的回顧，結(jié)合東北證券融資融券業(yè)務(wù)開展業(yè)務(wù)一年以來的數(shù)據(jù)，與我國(guó)證券市場(chǎng)開展融資融券業(yè)務(wù)的證券公司橫向比較分析，對(duì)東北證券融資融券業(yè)務(wù)的市場(chǎng)地位做出判斷，并提出業(yè)務(wù)開展至今面臨的主要問題：第一，投資者數(shù)量增長(zhǎng)遇到瓶頸；第二，融資與融券發(fā)展不均衡；第三，資金瓶頸；第四，業(yè)務(wù)人員素質(zhì)需要進(jìn)一步提高等。 本文繼而從內(nèi)部因素和外部因素兩個(gè)角度分析了影響東北證券融資融券業(yè)務(wù)發(fā)展的因素，內(nèi)部因素主要包括：開戶數(shù)量，融資融券投資者數(shù)量是影響融資融券業(yè)務(wù)發(fā)展的首要因素；授信額度，投資者授信額度越高，可參與融資融券交易的數(shù)額越大，對(duì)融資融券余額的影響也可能越大；時(shí)間推移，也是影響融資融券業(yè)務(wù)發(fā)展的一個(gè)因素，從投資心理角度對(duì)投資者行為做出一定判斷；證券公司經(jīng)紀(jì)業(yè)務(wù)實(shí)力與融資融券業(yè)務(wù)發(fā)展息息相關(guān)；證券公司資金實(shí)力也是融資融券業(yè)務(wù)發(fā)展的基礎(chǔ)和保障。外部因素有：市場(chǎng)情況，融資融券本質(zhì)上仍然是證券交易業(yè)務(wù)，其交易情況與證券市場(chǎng)呈相同規(guī)律；市場(chǎng)資金情況，市場(chǎng)資金是否充裕能夠直接影響融資融券業(yè)務(wù)的開展；市場(chǎng)標(biāo)的證券數(shù)量，標(biāo)的證券擴(kuò)大，融資融券業(yè)務(wù)發(fā)展也將隨之加速。本文選取了影響因素中可量化程度較高的開戶數(shù)量、時(shí)間推移、市場(chǎng)情況和市場(chǎng)資金情況四組數(shù)據(jù)進(jìn)行了回歸分析并得出結(jié)論。 本文在最后一部分對(duì)東北證券融資融券業(yè)務(wù)發(fā)展提出了對(duì)策建議，包括：改善服務(wù)理念；加強(qiáng)投資者教育工作；優(yōu)化業(yè)務(wù)流程并降低準(zhǔn)入門檻；融資融券業(yè)務(wù)資金精細(xì)化管理；積極擴(kuò)充融券券源并關(guān)注轉(zhuǎn)融券業(yè)務(wù)動(dòng)向。
[Abstract]:Margin trading is a major innovation business in China's securities market. It is the basic institutional arrangement for perfecting the trading mechanism of the securities market and the introduction of "short selling" mechanism for the securities market. It is a mature trading system widely implemented in the overseas securities market, which is beneficial to the full play of the function of the securities market and for investors and evidence. The voucher company provides a new profit model.
The introduction of financing margin will have a far-reaching impact on investors. It is beneficial to provide investors with diversified trading means and risk avoidance measures, to improve the efficiency of investors' use of funds and to increase the information that reflects the price of securities. It will improve the effectiveness of the financing channels of the securities companies, promote the establishment of a new profit model for the securities companies, and promote the innovation of the products and services of the securities companies.
In June 2012, Northeast Securities Limited by Share Ltd received the first batch of financing margin business after obtaining the financing margin business. For one year, the business has been developing well and the business scale has been growing rapidly, but there are also some problems in the process of business.
This paper is based on the three typical business models of the securities market in the northeast of China: the centralized and distributed credit model represented by the United States as the representative of the United States, and the comparative analysis of the two track system of centralized credit system represented by the Taiwan region of China. The development course of voucher market financing: complete prohibition, gradual relaxation, rapid start, high speed development and other stages, combined with the data of the securities margin business of Northeast China for one year, the comparative analysis of securities companies carrying out margin business in China's securities market, and the margin trading of securities in Northeast China. The market position makes a judgment, and puts forward the main problems that the business is facing today: first, the growth of the investor's quantity is met with the bottleneck; second, the development of financing and margin trading is not balanced; third, the capital bottleneck; fourth, the quality of the business personnel needs to be further improved.
This paper then analyzes the factors affecting the development of securities margin business in Northeast Securities from two aspects of internal and external factors. The internal factors include the number of open accounts and the number of margin investors is the primary factor affecting the development of margin financing business; the credit quota, the higher the credit quota of the investors, can participate in the margin exchange. The greater the amount of ease, the greater the impact on the margin balance of financing; time lapse is also a factor affecting the development of margin lending business, making a certain judgment on investors' behavior from the perspective of investment psychology; the strength of securities brokerage business is closely related to the development of margin trading, and the financial strength of securities companies is also a fusion. The external factors include the market situation, the financing margin is still the securities trading business in essence, its trading situation is the same as the securities market; the market capital situation, the adequacy of market funds can directly affect the development of financing margin business; the number of market standard securities, the standard securities expansion. The development of financing margin business will also accelerate. This paper selects the number of open accounts which can be quantified in the influencing factors, the time lapse, the market situation and the market capital of the four groups of data to carry out the regression analysis and draw a conclusion.
The last part of this paper puts forward some countermeasures and suggestions on the development of securities margin business in Northeast China, including improving the service concept, strengthening the educational work of investors, optimizing the business process and reducing the access threshold; the finely management of financing margin business funds, actively expanding the source of coupons and paying attention to the trend of voucher business.

【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】：2013
【分類號(hào)】：F832.51

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