本文選題：股市融資 + 交易信用��； 參考：《東華大學》2014年碩士論文

【摘要】：在海外投資市場,融資融券是一項普遍實施的成熟交易制度,是證券市場基本職能發(fā)揮作用的重要基礎(chǔ)之一,它不僅會提高市場的價格發(fā)現(xiàn)效率,完善市場質(zhì)量,也會對交易活躍度的提高產(chǎn)生非常積極的作用。隨著股權(quán)分支改革,上市公司治理,大力發(fā)展機構(gòu)投資者,證券公司綜合治理等一系列改革發(fā)展工作的深入推進,證券市場基礎(chǔ)性制度建設(shè)取得了積極進展,開展融資融券業(yè)務(wù)的市場環(huán)境已經(jīng)成熟。在此背景下,經(jīng)證監(jiān)會批準,2010年3月31日,滬深交易所開始正式接受來自第一批包括國泰君安,國信證券,中信證券等在內(nèi)的多家試點券商對融資融券交易申報,這意味著經(jīng)過4年準備的融資融券交易已進入市場操作階段。那么中國融資融券業(yè)務(wù)中的融資業(yè)務(wù)現(xiàn)在的運行狀況如何?我們應(yīng)該從哪些方面去完善中國現(xiàn)有的融資制度。 鑒于融資融券交易業(yè)務(wù)在中國起步較晚,滬深股市均引入報升規(guī)則進行賣空約束,且制定的保證金比率較高(杠桿作用弱),加之首批試點券商和標的證券數(shù)量較小,致使機構(gòu)投資者與散戶投資者多持觀望態(tài)度,融資融券交易業(yè)務(wù)有效成交量不足,因此,研究融資制度的完善,對推動中國融資融券的健康發(fā)展具有積極的現(xiàn)實意義。 本文以官方現(xiàn)有融資機制以及民間融資現(xiàn)狀作為研究對象,結(jié)合一般投資人對現(xiàn)有融資的要求以及政府推出融資融券的根本出發(fā)點,而對現(xiàn)有融資機制進行創(chuàng)新,從而使得融資融券制度變得更加完善與人性化,并且根據(jù)存在多年的民間融資與官方融資業(yè)務(wù)進行了詳細的對比,從而對上述問題問題進行了研究和解答。
[Abstract]:In the overseas investment market, margin financing is a mature trading system that is widely implemented, and it is one of the important bases for the basic function of the securities market. It will not only improve the market price discovery efficiency, but also improve the market quality. Will also have a very positive effect on the increase of trading activity. With the deepening of a series of reform and development work, such as the reform of equity branches, the governance of listed companies, the vigorous development of institutional investors and the comprehensive governance of securities companies, positive progress has been made in the construction of the basic system of the securities market. The market environment for margin trading has matured. Against this background, with the approval of the CSRC, on March 31, 2010, the Shanghai and Shenzhen exchanges officially accepted several pilot securities firms, including Guotai Junan, Guoxin Securities, CITIC Securities, and so on, to declare margin trading and margin trading. This means that after 4-year preparation of margin trading has entered the stage of market operation. So what is the operation of the financing business in China? What should we do to improve China's existing financing system? In view of the late start of margin trading in China, both the Shanghai and Shenzhen stock markets have introduced short-selling rules to restrain short selling, and the margin ratio developed is relatively high (weak leverage, combined with the small number of the first batch of pilot securities firms and underlying securities. As a result, institutional investors and retail investors hold a wait-and-see attitude, and the trading volume of margin trading is insufficient. Therefore, it is of positive practical significance to study the perfection of financing system to promote the healthy development of margin trading in China. This article takes the official existing financing mechanism as well as the private financing present situation as the research object, unifies the general investor to the existing financing request and the government to launch the financing margin the basic starting point, but carries on the innovation to the existing financing mechanism. In order to make the margin financing system more perfect and humanized, and according to the existence of many years of private financing and official financing business to carry out a detailed comparison, so as to study and answer the above questions.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.5

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