我国融资融券发展现状及问题研究

发布时间：2018-02-27 17:07

本文关键词： 融资融券转融通证券金融公司　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：融资融券具有价格发现机制，稳定市场的作用，在海外发达国家，融资融券已经有四百多年的发展历史，是一种成熟的交易模式。引进融资融券，可以进一步完善我国证券市场的基本制度，推进我国证券市场的健康发展，从而充分发挥出证券市场对金融资源的配置功能。目前，融资融券业务在我国开展已经进入第三个年头，作为一项创新业务，从试点时期的稳定有序发展到根据市场需要转为为常规业务，可以说步步为营，风险是控制住了，但同时又存在着一些制约该项业务发展壮大的因素。本文首先阐述了融资融券基本理论，对比分析了海外三种典型的融资融券发展模式及其特征，并总结了对我国开展融资融券业务的启示；然后，深入考察了我国证券市场融资融券业务运行现状，发现虽然我国融资融券业务规模日益增长，但总得来说和海外成熟市场规模相比还是太小，融券业务远远落后于融资业务，融券融券所有的调节市场功能发挥有限。透过现象剖析该业务中存在的问题，通过对券商的实地调研及证券交易相关数据实证分析，发现缺乏转融通业务、上市公司质量不高、信用体系尚未建立、投资者做多惯性以及现有规则制度存在缺陷等是导致上述问题的本质原因。最后，立足于我国资本市场特征、借鉴海外成熟证券市场发展和运作经验，针对我国融资融券业务中存在的问题提出了相应的解决对策，以期对我国证券公司发展壮大本业务提供有所价值的建议。
[Abstract]:Margin financing has the function of price discovery mechanism and stable market. In overseas developed countries, margin margin has been developed for more than 400 years and is a mature trading mode. We can further improve the basic system of our country's securities market, promote the healthy development of our country's securities market, and thus give full play to the allocation function of the securities market to the financial resources. At present, Margin and margin business has entered its third year in our country. As an innovative business, from stable and orderly development in the pilot period to conventional business according to market needs, it can be said that step by step, the risk is under control. But at the same time, there are some factors that restrict the development of this business. Firstly, this paper expounds the basic theory of margin and margin, and analyzes three typical overseas models and their characteristics. And summarizes the enlightenment to our country to carry out the margin business, then, deeply investigates the present situation of the margin and margin business in our securities market, and finds that although the scale of the margin and short margin business in our country is growing day by day, But on the whole, compared with the overseas mature market scale, the margin business lags far behind the financing business, and all the regulating market functions of the short and short securities market play a limited role. Through the field investigation of securities firms and empirical analysis of securities trading related data, it is found that there is a lack of turnaround business, the quality of listed companies is not high, and the credit system has not yet been established. Investors' long inertia and defects in the existing rules and systems are the essential reasons for these problems. Finally, based on the characteristics of China's capital market, the paper draws lessons from the overseas mature securities market development and operation experience. In view of the problems existing in the financing and margin trading in China, this paper puts forward the corresponding countermeasures in order to provide valuable suggestions for the development and expansion of the securities companies in our country.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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