本文關鍵詞： 證券公司 融資融券 類貸款　出處：《上海交通大學》2014年碩士論文　論文類型：學位論文

【摘要】：經歷了資本市場數(shù)十載的變遷和洗禮,目前整個證券行業(yè)正在由傳統(tǒng)的股票經紀角色向資本市場的綜合金融服務商轉變,2011年約定式購回交易和2013年股票質押回購交易兩項重要的證券公司類貸款業(yè)務相繼推出,給了轉型中的證券行業(yè)一股新的活力。短短的一年多時間里,受益于證券公司的業(yè)務效率、對股票標的研究和先天性證券賬戶優(yōu)勢等因素,證券公司融資業(yè)務正逐步替代原有銀行類、信托類的質押融資業(yè)務。與此同時,由于證券行業(yè)內競爭者眾多以及業(yè)務門檻準入較低,而各個公司又都在迫切轉型,新發(fā)展出來的融資市場格局已經迅速成為了短兵相接的白刃戰(zhàn),目前市場上的融資需求往往存在多家證券公司激烈競爭。新推出的兩項類貸款業(yè)務雖然開辟了證券公司融資類業(yè)務創(chuàng)新的先河,短時間內成為了證券公司的重要盈利組成部分,但這兩項業(yè)務的本身均具有作為融資手段的一些缺陷和不足,比如利率水平不穩(wěn)定,資金對接難度較大,融資靈活性不夠,擔保體系的風險較高等�；谀壳暗默F(xiàn)狀,本文重點探討了通過合理利用融資融券的交易規(guī)則,主要以ETF或藍籌股票作為標的,通過“融券賣出+融資買入+現(xiàn)券還券”三步交易的操作方式,實現(xiàn)證券投資者能夠方便地通過融資融券的方式獲得貸款,而該貸款方式可以有效的解決貸款擔保期間內質押股票不能拋售的問題,可實現(xiàn)隨借隨還的融資服務,擴大了可擔保標的證券的范圍,穩(wěn)定了融資利率并解決資金對接難等困境。研究通過對樣本投資者的問卷市場調研得出目前證券公司的類貸款業(yè)務仍存在著的較大的成長空間,有效的滿足市場需求將成為競爭中的關鍵要素,同時在swot分析后,論證得出融資融券方式下的類貸款業(yè)務在現(xiàn)有市場環(huán)境下推廣具有較強的可實現(xiàn)性和競爭能力。本文結合業(yè)務的實際情況,制定了證券公司融資融券方式下類貸款操作的具體方案,包括審批流程、交易流程、風險控制及突發(fā)事件處理等環(huán)節(jié)內容。在業(yè)務方案設計的同時,也指出融資融券作為類貸款業(yè)務的通道面臨潛在監(jiān)管收緊,門檻壁壘較低,程序有效率而風控不充分,以及可交易券源有限等問題。最后,對于通過融資融券的貸款業(yè)務進行了衍生與擴展,探討了通過過戶交易方式實現(xiàn)該模式下融資額度最大化的可行性。盡管通過融資融券的類貸款業(yè)務還具有諸多領域需要去探索和完善,但是毋庸置疑的是該方案的落實可以進一步促進和優(yōu)化證券公司目前的融資類業(yè)務,其互補性的通道屬性可以吸引更多的融資人,其差異化的服務可以在競爭中能夠取得先機,其成本優(yōu)勢可以創(chuàng)造更大的盈利空間。
[Abstract]:After decades of change and baptism in the capital markets, At present, the entire securities industry is changing from its traditional role as a stockbroker to a comprehensive financial service provider in the capital market. Two important securities company loan businesses, namely, the contractual buyback transaction in 2011 and the stock pledge repurchase transaction in 2013, have been launched one after another. In a short period of more than a year, it has benefited from factors such as business efficiency of securities companies, research on stock standards and inherent advantages of securities accounts, etc. The financing business of the securities company is gradually replacing the original bank, the pledge financing business of the trust type. At the same time, because of the numerous competitors in the securities industry and the low entry threshold of the business, each company is in urgent transition. The new development of the financing market has rapidly become a war of war. At present, there is often fierce competition among many securities companies in the financing demand in the market. Although the two new loan businesses have opened up the first step in the innovation of the financing business of the securities companies, they have become an important profitable part of the securities companies in a short period of time. However, the two businesses themselves have some shortcomings and shortcomings as a means of financing, such as the unstable level of interest rates, the difficulty of capital docking, the lack of flexibility in financing, the high risk of the guarantee system, and so on. In this paper, we mainly discuss how to use the trading rules of margin and short margin reasonably, mainly taking ETF or blue-chip stock as the target, and how to use the three-step trading method of "selling short securities to buy and return securities". To realize that securities investors can easily obtain loans through margin financing, which can effectively solve the problem that the pledge stocks cannot be sold during the period of loan guarantee, and can realize the financing services with loan. It expands the scope of the guaranteed underlying securities, stabilizes the financing interest rate and solves the difficulties of capital docking. Through the questionnaire market investigation of the sample investors, it is concluded that there is still a large room for growth of the securities companies' lending business. Meeting the market demand effectively will become the key factor in the competition, and after the swot analysis, It is proved that the loan business in the form of margin financing has strong realizability and competitive ability in the present market environment. In this paper, the specific scheme of loan operation under securities company margin financing mode is established, including approval process, transaction flow, risk control and emergency handling, etc. At the same time, the business scheme is designed at the same time, It also points out that margin financing as a channel for lending business faces potential regulatory tightening, low threshold barriers, efficient procedures and inadequate risk control, and limited sources of tradable securities. Finally, For the loan business through margin lending has been derived and expanded, This paper discusses the feasibility of maximizing the amount of financing in this mode by means of transfer transactions, although there are still many fields to be explored and perfected for the loan business through margin lending. However, there is no doubt that the implementation of this scheme can further promote and optimize the current financing business of securities companies, and its complementary channel attributes can attract more financiers, and its differentiated services can take the lead in the competition. Its cost advantage can create greater profit space.
【學位授予單位】：上海交通大學
【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：1542130