我国融资融券业务面临的挑战与对策

发布时间：2018-04-02 20:48

本文选题：融资融券　切入点：信用交易　出处：《上海交通大学》2012年硕士论文

【摘要】：融资融券业务在我国的发展态势可谓蒸蒸日上，，市场规模持续攀升、标的证券逐步放开，其提升资本市场效率的作用正逐步发挥，前景十分广阔。然而在业务高速发展的同时，我们也应该清醒地认识到业务发展过程中将会面临的诸多挑战，这将影响业务的可持续发展，从而影响其对资本市场促进作用的发挥。本文采用定性、定量分析相结合的方法识别问题，借助战略管理理论以及行为金融理论，通过逻辑推导和数据分析来分析问题，最终结合分析结果形成解决问题的对策。通过定性分析，本文提出我国融资融券行业内有可能出现恶性竞争、参与交易的投资者盈利情况不容乐观这两个主要挑战，并将问题的症结归结为一点，即参与融资融券业务的投资者盈利情况亟待改善。通过对投资者行为指标与收益率的多元回归和分组分析，本文揭示了投资者的平均持股天数、交易的证券品种数、集中度、止盈止损等行为与其收益率之间的关系。最后，本文针对业务发展的挑战提出了强化制度建设、优化投资者结构、加强中介机构分类服务和分级管理、改善投资者的投资行为等多项对策。
[Abstract]:Margin of the business in the development of our country is on the upgrade, the size of the market continues to rise, the underlying securities gradually liberalized, improve the efficiency of capital market is gradually play a role, the prospect is very broad. However, with the rapid development of business at the same time, we should also be soberly aware of the many challenges facing business will be in the process of development, sustainable this will affect the business development, and its influence on the capital market to promote the role of. This paper uses the method of qualitative and quantitative analysis of the combination of the identification problem, with strategic management theory and behavioral finance theory, through the analysis of logical deduction and data analysis, combined with the analysis of the final results in the formation of the countermeasures to solve the problem.
Through qualitative analysis, this paper put forward our margin in the industry are likely to vicious competition, investors involved in the transaction profit situation is not optimistic about the two major challenges, and the crux of the problem boils down to one point, that is involved in margin trading business profitability of the investor needs to be improved. By multivariate regression and subgroup analysis of investor behavior the index and rate of return, this paper reveals the average holding number of investors, the securities traded varieties, concentration, the relationship between the full stop behavior with its rate of return. Finally, according to the business development challenges put forward to strengthen the system construction, optimize the structure of investors, strengthen intermediary service classification and grading management to improve the investment behavior of investors and other countermeasures.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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