融资融券在我国证券市场的发展现状及问题探讨

发布时间：2018-01-06 21:19

本文关键词：融资融券在我国证券市场的发展现状及问题探讨　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：沪深股市自1990年成立以来，虽然只有短短的23年的历程，，但是我国的证券市场却经历了翻天覆地的变化：投资品种越来越多，投资规模越来越大，制度建设不断完善，法律体系不断规范。但是与海外成熟的证券市场相比，做空机制的缺乏仍然是我国证券市场的致命伤，所以融资融券的推出对于我国的证券市场来说是必然要走的道路，它不仅增加了股市的流动性，满足了投资者多样化的投资需求，同时可以使投资者的资金进行最大效率的应用，改变了我国多年以来的“单边市”的格局。本文从融资融券交易的概念入手，首先研究了融资融券自身的特征，然后分析其与证券市场的互相制约与影响。同时与一些比较成熟的海外证券市场进行了对比分析，总结出国际上三大信用账户的授信模式，即我国台湾市场的混合授信模式；日本市场的集中授信模式；美国市场的分散授信模式，经过以上三种模式的比较，研究出一种相对适合我国市场发展的融资融券授信模式，同时，提出了我国应该组建证券金融公司，来实现资金和证券的转融通的建议；进一步对当今我国证券市场融资融券制度现状问题进行了深入的分析研究，提出完善我国证券市场引入融资融券交易制度的策略；最后，对我国现行的融资融券发展情况进行了展望，并提出了一些基本的建议和对策。
[Abstract]:Shanghai and Shenzhen stock market since its inception in 1990, although only a short period of 23 years, but China's securities market has experienced changes in turn the world upside down: investment more and more varieties, the scale of investment is more and more big, the continuous improvement of the system, the legal system and norms. But compared with the overseas mature stock market, the lack of short mechanism still the securities market of our country is fatal, so the introduction of margin transaction is the inevitable way to go for China's securities market, it not only increases the liquidity of the stock market, to meet the diverse investment needs of investors, investors can make money at the same time, the application of maximum efficiency, changed our country over the years "unilateralism" pattern.
This article from the concept of margin trading with the characteristics, firstly studies the margin itself, and then analyze the mutual influence and restriction and the securities market. At the same time compared with some mature foreign securities market, summed up the three major international credit account credit model, mixed credit model in China market in Taiwan the Japanese market; credit model; decentralized credit model of the U.S. market, after comparing the above three models, developed a relatively suitable for China's market development margin credit mode, at the same time, put forward our country should set up a securities finance company, to achieve the funds and securities refinancing proposal further; the financial system of China's securities market situation in-depth analysis and research, put forward to perfect our securities market introduction of margin trading system. In the end, the current development of financing margin in China is prospected, and some basic suggestions and countermeasures are put forward.

【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【引证文献】