我国融资融券业务中担保物价值折算研究

发布时间：2017-12-30 18:42

本文关键词：我国融资融券业务中担保物价值折算研究　出处：《湖南科技大学》2013年硕士论文　论文类型：学位论文

更多相关文章： 融资融券 担保物 折算率 风险控制

【摘要】：融资融券业务是成熟证券市场普遍实施的一项交易制度，是证券市场基本职能之一。融资融券作为一项风险较高的业务，对投资者的风险承受能力、证券公司的风险控制水平都有较高的要求。融资融券业务中可冲抵担保金担保物折算方法问题，对完善融资融券业务理论具有十分重大的理论和现实意义。本文首先引入了融资融券交易的基本概念，介绍了融资融券交易的基本特征和基本模式。运用比较研究方法，研究国内外融资融券业务模式、特点和交易规则。融资融券业务中担保物折算方法的确定，使得可冲抵保证金担保物的风险可控，是融资融券交易中风险控制的关键环节。本文主要是从分析国内外融资融券的业务模式与交易特点入手，探讨在当前我国证券市场背景下，证券公司融资融券业务所的风险。针对我国证券公司融资融券业务的风险特点，对股票、基金和债券这三类担保物折算方法进行分析研究，综合考虑市场环境、行业现状等不同风险指标，采用相对应的测评估方法，给出了股票、基金和债券的折算率计算方法。然后，在此基础上建立一套具有普适性的担保物折算率计算方法。然后，本文以Z证券公司的融资融券交易为实证研究对象，通过对特定股票、基金和债券交易数据的分析统计，运用实证分析方法，对我国某证券公司融资融券业务中股票类、基金类和债券类担保物的折算问题进行研究。最终确定各担保物的折算率。最后，在研究和实证结果的合理分析基础上，本文建议沪深交易所逐步放宽对折算率的上限限制，，各证券公司也应逐步放宽投资者融资融券的资金使用效率。
[Abstract]:Margin trading is a trading system that is widely implemented in mature securities market, and it is one of the basic functions of securities market. As a high-risk business, margin financing and short selling can bear risks to investors. The risk control level of securities companies has higher requirements. The problem of how to convert collateral into collateral in margin trading is of great theoretical and practical significance to improve the theory of margin trading. Firstly, this paper introduces the basic concept of margin trading, introduces the basic characteristics and modes of margin trading, and studies the business model of margin trading at home and abroad by using comparative research methods. Characteristics and trading rules. The determination of the method of collateral conversion in margin trading makes the risk of margin collateral controllable. It is a key link of risk control in margin trading. This paper mainly analyzes the business model and trading characteristics of margin trading at home and abroad, and discusses the background of securities market in our country. In view of the risk characteristics of securities companies' margin and securities business in China, this paper analyzes and studies the three kinds of collateral conversion methods: stocks, funds and bonds, and comprehensively considers the market environment. Different risk indicators, such as the current situation of the industry, using the corresponding measurement and evaluation method, gives the stock, fund and bond conversion rate calculation method. Then. On this basis, a set of universal collateral conversion rate calculation method is established. Then, this paper takes the margin trading of Z securities company as the empirical research object, through the specific stock, fund and bond trading data analysis statistics, the use of empirical analysis method. This paper studies the conversion of securities, fund and bond collateral in a securities company in China, and finally determines the conversion rate of each collateral. Finally, on the basis of reasonable analysis of the research and empirical results, this paper suggests that the Shanghai and Shenzhen Stock Exchange should gradually relax the upper limit on the conversion rate, and the securities companies should gradually relax the efficiency of the use of the funds of investors' margin and margin.
【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【相似文献】