融资融券对我国证券市场的影响分析

发布时间：2018-01-03 19:08

本文关键词：融资融券对我国证券市场的影响分析　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：在海外市场,融资融券交易制度已普遍实施,虽然A股市场自2010年3月推出融资融券业务试点,但融资融券制度的不完善严重制约其发展,与海外成熟市场相比,其规模依然偏低。2012年8月31日,A股市场正式推出转融通机制,使得A股市场融资融券业务制度进一步完善,这将推动A股市场的融资融券业务进入一个全新的发展阶段,尤其是卖空机制的完善将对A股市场产生革命性的影响。本文首先介绍了融资融券基本概况和经典的几种融资融券交易机制,以探讨适合A股市场的融资融券交易机制。然后将融资融券这一宏观层面的制度创新和微观层面的市场参与者相结合,主要从证券市场指数、证券公司和投资者三个方面来分析融资融券将对我国证券市场产生的影响。最后,对这三个方面的影响进行了总结。本文的主要结论：Granger因果关系实证的结果表明：沪深300指数的涨跌幅是融资融券各指标的变化率的Granger原因,而融资融各指标的变化率不是沪深300指数涨跌幅的Granger原因；融资融券可以提高我国证券公司佣金和利息收入,改善其“靠天吃饭”的盈利模式；融资融券以卖空和杠杆为基础给投资者带来了多样化的投资策略和新的盈利模式,为个人投资者和机构投资者乃至整个市场带来金融创新的广阔平台。
[Abstract]:In overseas markets , the financing and margin trading system has been generally implemented . Although the A - share market has been piloted in March 2010 , its development is seriously restricted . Compared with the overseas mature market , its size is still low . On August 31 , 2012 , the A - share market officially launched the transfer - and - financing mechanism , which will further improve the financing and margin trading system of the A - share market , especially the improvement of the short - selling mechanism will have a revolutionary influence on the A - share market . This paper first introduces the basic general situation of financing bonds and the classic financing and margin trading mechanism to discuss the financing and margin trading mechanism which is suitable for the A - share market . Then , the author combines the macro - level system innovation with the market participants at the micro level to analyze the impact of the financing bonds on China ' s security market . Finally , the impact of these three aspects is summarized . The main conclusion of this paper is that the empirical results show that the fluctuation of the Shanghai - Shenzhen 300 index is the causality of the rate of change of the indexes of the financing bills , and the rate of change of financing and melting indexes is not the causality of the fluctuation of the Shanghai - Shenzhen 300 index ; the financing bonds can improve the commission and interest income of the securities companies in China and improve the profit - and - profit pattern of the " back - to - day meal " ; and the financing bonds bring diversified investment strategies and new profit - profit patterns to investors on the basis of short selling and leverage , thus bringing the broad platform for financial innovation for individual investors and institutional investors and even the whole market .

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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