中国融资融券业务发展对策研究

发布时间：2018-05-05 03:10

本文选题：融资融券业务 + 运行现状　；参考：《辽宁大学》2012年硕士论文

【摘要】：我国的证券市场建立于1990年，经过了二十多年的发展现已经具备了一定的规模和竞争力，但是由于我国证券市场中的交易方式单一，，同时缺少合法的融资渠道，这些问题在一定程度上扩大了证券交易风险，从而损害了投资者的合法权益。2010年我国证券市场正式开展融资融券业务的试点运行，这在一定程度上有效的解决了上述问题。融资融券业务试点的推出是我国资本市场改革发展的一项重要措施，也为我国证券市场注入新的活力，对完善我国证券市场交易制度，促进我国资本市场稳定发展与改革创新具有积极的意义。我国证券市场的融资融券业务自2010年3月正式启动以来，距今已有两年多的时间，此间融资融券的试点运行取得了一定的成绩，同时也表现出了一些急需完善和解决的问题。试点运行以来，中国证监会在推动融资融券试点业务正式转入常规监管阶段的同时，也在不断完善和改进融资融券业务的交易制度，以适应业务发展的需要，包括转融通业务的实行、融资融券证券公司数目的增加、融资融券标的证券扩容等方面，这些措施在一定程度上为我国证券市场融资融券的平稳运行起到了促进作用。但随着我国融资融券业务的常规化发展，更多的证券公司将加入此行列，对融资融券业务的监管要求和交易制度要求将不断提高，这就需要在现有的交易制度基础上能够结合我国证券市场的实际运行情况进一步的完善。我国融资融券制度于2011年10月引入转融通机制，将其与世界主要证券市场融资融券机制对比可知，我国的融资融券制度与日本采用的集中授信模式较为相似。因此文章旨在通过借鉴日本较为成熟的融资融券业务运行模式，结合我国证券市场现状找出若干适用于中国融资融券业务发展的对策，为中国融资融券业务的发展壮大，以及为我国证券市场的进一步发展起到促进作用。文章首先对融资融券相关的理论进行梳理，阐述了融资融券交易的基本内涵、特点、主要功能和对证券市场的影响；然后对中国融资融券运行现状进行了详细的分析，包括我国融资融券业务的发展历程、制度体系、取得的成果、存在的问题和原因；随后比较了中国和日本融资融券机制的相似性，并详细介绍了日本融资融券业务模式的特点和优势；最后在借鉴日本融资融券交易机制的同时，结合我国证券市场现状提出了若干促进中国融资融券业务发展的有效对策。
[Abstract]:China's securities market was established in 1990. After more than 20 years of development, it now has a certain scale and competitiveness. However, due to the single trading mode in our securities market and the lack of legal financing channels, To a certain extent, these problems expand the risk of securities trading, thus harming the legitimate rights and interests of investors. In 2010, China's securities market formally launched the pilot operation of margin trading, which to a certain extent effectively solved the above problems. It is an important measure for the reform and development of China's capital market to launch the pilot project of margin trading business. It also injects new vitality into the securities market of our country, which will improve the trading system of our country's securities market. It is of positive significance to promote the stable development of Chinese capital market and reform and innovation. Since the securities market started in March 2010, it has been more than two years since then. The pilot operation of margin financing and short selling in China has made some achievements, at the same time, it also shows some problems that need to be improved and solved. Since the pilot operation, while the CSRC has promoted the pilot business of margin and short selling to be formally transferred to the stage of regular supervision, it has also been constantly improving and improving the trading system of margin trading in order to meet the needs of business development. These measures have promoted the smooth operation of the securities market in China to a certain extent, including the implementation of the transfer business, the increase in the number of margin and securities companies, and the expansion of the underlying securities. However, with the regular development of margin and margin business in China, more and more securities companies will join the ranks, and the regulatory requirements and trading system requirements for margin and short margin business will be continuously raised. Therefore, it is necessary to further improve the actual operation of China's securities market on the basis of the existing trading system. China's margin and margin system was introduced in October 2011. By comparing it with that of the world's major securities markets, we can see that China's margin lending system is similar to the centralized credit lending model adopted by Japan. Therefore, this paper aims to find out some countermeasures suitable for the development of China's margin and margin business by referring to Japan's more mature operation mode of margin and margin business and combining the current situation of China's securities market, in order to promote the development of China's margin and margin business. And for the further development of China's securities market to play a role in promoting. Firstly, the paper combs the theory of margin trading, expounds the basic connotation, characteristics, main functions and impact on the securities market of margin trading, and then makes a detailed analysis of the current situation of margin trading in China. It includes the development course, system system, achievements, problems and reasons of margin trading in China, and then compares the similarity of margin mechanism between China and Japan. It also introduces the characteristics and advantages of the Japanese margin and margin business model in detail, and at last puts forward some effective countermeasures to promote the development of China's margin and margin business by referring to the Japanese margin trading mechanism and combining with the current situation of China's securities market.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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