东北证券融资融券业务发展对策研究

发布时间：2018-04-30 00:02

本文选题：证券公司 + 融资融券　；参考：《吉林大学》2013年硕士论文

【摘要】：融资融券业务是我国证券市场的一项重大的创新业务，是完善证券市场交易机制的基础性制度安排，为证券市场引入了“卖空”机制。它是海外证券市场普遍实施的一项成熟的交易制度，有利于充分发挥证券市场的功能，为投资者和证券公司提供了新的盈利模式。融资融券的推出，对于投资者将产生深远影响。它有利于为投资者提供多样化的交易手段和风险回避措施；有利于提高投资者的资金使用效率；有利于增加反映证券价格的信息。融资融券业务对证券公司同样具有积极意义。它有利于提高证券公司融资渠道的有效性；有利于促进证券公司建立新的盈利模式；有利于推动证券公司的产品和服务创新。东北证券股份有限公司于2012年6月获得融资融券业务试点转常规后第一批开展融资融券业务资格，开业一年以来，业务发展势头良好，业务规模获得较快增长，但在开展业务的过程中也遇到一些问题。本文以东北证券融资融券业务为主线，通过与海外证券市场三种较为典型的业务模式：以美国为代表的市场化分散授信模式、以日本为代表的单轨制集中授信模式、以我国台湾地区为代表的双轨制集中授信模式的比较分析，对我国证券市场融资融券业务发展历程：完全禁止、逐步放松、快速启动、高速发展等阶段的回顾，结合东北证券融资融券业务开展业务一年以来的数据，与我国证券市场开展融资融券业务的证券公司横向比较分析，对东北证券融资融券业务的市场地位做出判断，并提出业务开展至今面临的主要问题：第一，投资者数量增长遇到瓶颈；第二，融资与融券发展不均衡；第三，资金瓶颈；第四，业务人员素质需要进一步提高等。本文继而从内部因素和外部因素两个角度分析了影响东北证券融资融券业务发展的因素，内部因素主要包括：开户数量，融资融券投资者数量是影响融资融券业务发展的首要因素；授信额度，投资者授信额度越高，可参与融资融券交易的数额越大，对融资融券余额的影响也可能越大；时间推移，也是影响融资融券业务发展的一个因素，从投资心理角度对投资者行为做出一定判断；证券公司经纪业务实力与融资融券业务发展息息相关；证券公司资金实力也是融资融券业务发展的基础和保障。外部因素有：市场情况，融资融券本质上仍然是证券交易业务，其交易情况与证券市场呈相同规律；市场资金情况，市场资金是否充裕能够直接影响融资融券业务的开展；市场标的证券数量，标的证券扩大，融资融券业务发展也将随之加速。本文选取了影响因素中可量化程度较高的开户数量、时间推移、市场情况和市场资金情况四组数据进行了回归分析并得出结论。本文在最后一部分对东北证券融资融券业务发展提出了对策建议，包括：改善服务理念；加强投资者教育工作；优化业务流程并降低准入门槛；融资融券业务资金精细化管理；积极扩充融券券源并关注转融券业务动向。
[Abstract]:Margin trading is a major innovation business in China's securities market. It is the basic institutional arrangement for perfecting the trading mechanism of the securities market and the introduction of "short selling" mechanism for the securities market. It is a mature trading system widely implemented in the overseas securities market, which is beneficial to the full play of the function of the securities market and for investors and evidence. The voucher company provides a new profit model.
The introduction of financing margin will have a far-reaching impact on investors. It is beneficial to provide investors with diversified trading means and risk avoidance measures, to improve the efficiency of investors' use of funds and to increase the information that reflects the price of securities. It will improve the effectiveness of the financing channels of the securities companies, promote the establishment of a new profit model for the securities companies, and promote the innovation of the products and services of the securities companies.
In June 2012, Northeast Securities Limited by Share Ltd received the first batch of financing margin business after obtaining the financing margin business. For one year, the business has been developing well and the business scale has been growing rapidly, but there are also some problems in the process of business.
This paper is based on the three typical business models of the securities market in the northeast of China: the centralized and distributed credit model represented by the United States as the representative of the United States, and the comparative analysis of the two track system of centralized credit system represented by the Taiwan region of China. The development course of voucher market financing: complete prohibition, gradual relaxation, rapid start, high speed development and other stages, combined with the data of the securities margin business of Northeast China for one year, the comparative analysis of securities companies carrying out margin business in China's securities market, and the margin trading of securities in Northeast China. The market position makes a judgment, and puts forward the main problems that the business is facing today: first, the growth of the investor's quantity is met with the bottleneck; second, the development of financing and margin trading is not balanced; third, the capital bottleneck; fourth, the quality of the business personnel needs to be further improved.
This paper then analyzes the factors affecting the development of securities margin business in Northeast Securities from two aspects of internal and external factors. The internal factors include the number of open accounts and the number of margin investors is the primary factor affecting the development of margin financing business; the credit quota, the higher the credit quota of the investors, can participate in the margin exchange. The greater the amount of ease, the greater the impact on the margin balance of financing; time lapse is also a factor affecting the development of margin lending business, making a certain judgment on investors' behavior from the perspective of investment psychology; the strength of securities brokerage business is closely related to the development of margin trading, and the financial strength of securities companies is also a fusion. The external factors include the market situation, the financing margin is still the securities trading business in essence, its trading situation is the same as the securities market; the market capital situation, the adequacy of market funds can directly affect the development of financing margin business; the number of market standard securities, the standard securities expansion. The development of financing margin business will also accelerate. This paper selects the number of open accounts which can be quantified in the influencing factors, the time lapse, the market situation and the market capital of the four groups of data to carry out the regression analysis and draw a conclusion.
The last part of this paper puts forward some countermeasures and suggestions on the development of securities margin business in Northeast China, including improving the service concept, strengthening the educational work of investors, optimizing the business process and reducing the access threshold; the finely management of financing margin business funds, actively expanding the source of coupons and paying attention to the trend of voucher business.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】