关于我国开展融资融券业务的研究

发布时间：2018-01-01 07:23

本文关键词：关于我国开展融资融券业务的研究　出处：《中南民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：一直以来我国的证券市场存在明显的单边特征，只有股票上涨才有获利的机会,所以市场上的交易者往往把股价不断推高,造成价格严重偏离价值。2006年6月以来,中国证券市场迎来了持续不断上涨的大牛市,上证指数从1300点持续攀升至5000点以上,点数增长了4倍。2007年牛市曾一度向6000点发展，，造成了大量的经济泡沫，而2008年牛市破灭后股价开始一度下跌直至指数跌到2000点左右，造成了股市的剧烈动荡。为了稳定股价，结束我国的单边市场，中国证监会引入了做空机制。2008年4月23日，国务院正式出台《证券公司监督管理条例》和《证券公司风险处置条例》，对证券公司开展融资融券业务作出规范。2008年10月5日，中国证监会宣布启动融资融券业务试点。目前，我国的融资融券业务正处于发展时期，但在试点过程中还是出现了不少问题，需要我们对融资融券业务不断的进行完善。本文以融资融券为研究对象，分析了融资融券对我国证券市场的影响，确实融资融券业务给券商带来了新的利润增长点、丰富了投资者的选择、稳定市场以及价格发现。但是我们也不能忽略融资融券业务可能会给金融体系带来的威胁，比如信用扩张风险以及过度投机风险。同时以开展融资融券试点业务以来的交易量，利润等数据作为依据，对我国融资融券业务的现状进行分析，指出我国融资融券业务总体规模过小，交易费用过高，融资和融券业务发展极不平衡——融券的做空功能几近摆设等。另外,除了融资融券的自身条件的限制外，还有我国不健全的金融市场的外部影响，例如,市场监管、担保机制以及转融通机制的缺失也严重限制了我国融资融券业务的发展。针对限制我国融资融券业务发展的这些因素，首先应该扩大融资融券的总体规模以及融券的标的股票的数量等，解决限制融资融券业务发展的自身条件，其次应该加快转融通机制建立以及监管机制和担保机制的完善，为我国融资融券业务的发展提供良好的外部环境。对于转融通交易模式的选择，笔者借鉴国外主流的转融通授信模式，提出了将融资业务和融券业务分开成两个相对独立的部分，分别采用不同的运作模式。融资业务采用相对市场化模式，而融券业务采用双轨制信用模式。
[Abstract]:Since China's securities market has the obvious characteristics of the unilateral, only stock prices have the opportunity to profit, so the market traders tend to stock prices continue to push up, causing price deviation from the value of.2006 since June, Chinese stock market ushered in a continuous rise in the bull market, the Shanghai composite index continued to rise from 1300 points to the above 5000 points, an increase of 4 times the.2007 bull market once to 6000 point, resulting in a large number of economic bubble, and starts dropped to around 2000 in 2008 after the bursting of the bull market, the stock market caused severe turbulence. In order to stabilize prices, the end of China's unilateral market, Chinese securities will introduce the short selling mechanism in.2008 in April 23rd, the State Council officially promulgated regulations of supervision and management of securities companies and securities companies "Risk Disposal Ordinance, the securities company to carry out financing vouchers for business In October 5th.2008, China Securities Regulatory Commission announced the launching of the pilot scheme for margin trading. At present, China's margin trading business is in its developing stage, but there are still many problems in the pilot process, which requires us to continuously improve the margin trading business.
In this paper, the margin as the research object, analyzes the influence of margin trading on China's stock market, indeed marginfinance can bring new profit growth point, the rich investors choose, to stabilize the market and price discovery. But we can not ignore the margin trading business may bring threats to the financial system, such as expansion of credit risk and excessive speculative risk. At the same time to carry out transactions since the pilot margin of business, profit and other data as the basis, the status quo of China's financing business analysis, pointed out that the overall size of China's margin trading business is too small, high transaction costs, margin financing and business development is not extremely balanced -- short margin function nearly decoration and so on. In addition, in addition to the margin of their own conditions, and our imperfect financial market external influence, for example, market Supervision, guarantee mechanism and the lack of refinancing mechanism also seriously restrict the development of the margin trading business in China. According to the limit of our margin business development of these factors, should first expand the margin of the overall size and the margin of the underlying stock quantity, the solution limits the development of the margin trading business of their own conditions, perfect secondly, should speed up the refinancing mechanism and supervision mechanism and guarantee mechanism, to provide a good external environment for the development of China's margin trading business. For refinancing transaction mode choice, referring to foreign mainstream refinancing credit model, put forward the financing and securities lending business is divided into two relatively independent parts respectively, using different operation mode. The relative market financing mode, and the credit trading business track mode.

【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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