证券公司通过融资融券进行类贷款业务的研究

发布时间：2018-02-27 09:37

本文关键词： 证券公司融资融券类贷款　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：经历了资本市场数十载的变迁和洗礼,目前整个证券行业正在由传统的股票经纪角色向资本市场的综合金融服务商转变,2011年约定式购回交易和2013年股票质押回购交易两项重要的证券公司类贷款业务相继推出,给了转型中的证券行业一股新的活力。短短的一年多时间里,受益于证券公司的业务效率、对股票标的研究和先天性证券账户优势等因素,证券公司融资业务正逐步替代原有银行类、信托类的质押融资业务。与此同时,由于证券行业内竞争者众多以及业务门槛准入较低,而各个公司又都在迫切转型,新发展出来的融资市场格局已经迅速成为了短兵相接的白刃战,目前市场上的融资需求往往存在多家证券公司激烈竞争。新推出的两项类贷款业务虽然开辟了证券公司融资类业务创新的先河,短时间内成为了证券公司的重要盈利组成部分,但这两项业务的本身均具有作为融资手段的一些缺陷和不足,比如利率水平不稳定,资金对接难度较大,融资灵活性不够,担保体系的风险较高等。基于目前的现状,本文重点探讨了通过合理利用融资融券的交易规则,主要以ETF或蓝筹股票作为标的,通过“融券卖出+融资买入+现券还券”三步交易的操作方式,实现证券投资者能够方便地通过融资融券的方式获得贷款,而该贷款方式可以有效的解决贷款担保期间内质押股票不能抛售的问题,可实现随借随还的融资服务,扩大了可担保标的证券的范围,稳定了融资利率并解决资金对接难等困境。研究通过对样本投资者的问卷市场调研得出目前证券公司的类贷款业务仍存在着的较大的成长空间,有效的满足市场需求将成为竞争中的关键要素,同时在swot分析后,论证得出融资融券方式下的类贷款业务在现有市场环境下推广具有较强的可实现性和竞争能力。本文结合业务的实际情况,制定了证券公司融资融券方式下类贷款操作的具体方案,包括审批流程、交易流程、风险控制及突发事件处理等环节内容。在业务方案设计的同时,也指出融资融券作为类贷款业务的通道面临潜在监管收紧,门槛壁垒较低,程序有效率而风控不充分,以及可交易券源有限等问题。最后,对于通过融资融券的贷款业务进行了衍生与扩展,探讨了通过过户交易方式实现该模式下融资额度最大化的可行性。尽管通过融资融券的类贷款业务还具有诸多领域需要去探索和完善,但是毋庸置疑的是该方案的落实可以进一步促进和优化证券公司目前的融资类业务,其互补性的通道属性可以吸引更多的融资人,其差异化的服务可以在竞争中能够取得先机,其成本优势可以创造更大的盈利空间。
[Abstract]:After decades of change and baptism in the capital markets, At present, the entire securities industry is changing from its traditional role as a stockbroker to a comprehensive financial service provider in the capital market. Two important securities company loan businesses, namely, the contractual buyback transaction in 2011 and the stock pledge repurchase transaction in 2013, have been launched one after another. In a short period of more than a year, it has benefited from factors such as business efficiency of securities companies, research on stock standards and inherent advantages of securities accounts, etc. The financing business of the securities company is gradually replacing the original bank, the pledge financing business of the trust type. At the same time, because of the numerous competitors in the securities industry and the low entry threshold of the business, each company is in urgent transition. The new development of the financing market has rapidly become a war of war. At present, there is often fierce competition among many securities companies in the financing demand in the market. Although the two new loan businesses have opened up the first step in the innovation of the financing business of the securities companies, they have become an important profitable part of the securities companies in a short period of time. However, the two businesses themselves have some shortcomings and shortcomings as a means of financing, such as the unstable level of interest rates, the difficulty of capital docking, the lack of flexibility in financing, the high risk of the guarantee system, and so on. In this paper, we mainly discuss how to use the trading rules of margin and short margin reasonably, mainly taking ETF or blue-chip stock as the target, and how to use the three-step trading method of "selling short securities to buy and return securities". To realize that securities investors can easily obtain loans through margin financing, which can effectively solve the problem that the pledge stocks cannot be sold during the period of loan guarantee, and can realize the financing services with loan. It expands the scope of the guaranteed underlying securities, stabilizes the financing interest rate and solves the difficulties of capital docking. Through the questionnaire market investigation of the sample investors, it is concluded that there is still a large room for growth of the securities companies' lending business. Meeting the market demand effectively will become the key factor in the competition, and after the swot analysis, It is proved that the loan business in the form of margin financing has strong realizability and competitive ability in the present market environment. In this paper, the specific scheme of loan operation under securities company margin financing mode is established, including approval process, transaction flow, risk control and emergency handling, etc. At the same time, the business scheme is designed at the same time, It also points out that margin financing as a channel for lending business faces potential regulatory tightening, low threshold barriers, efficient procedures and inadequate risk control, and limited sources of tradable securities. Finally, For the loan business through margin lending has been derived and expanded, This paper discusses the feasibility of maximizing the amount of financing in this mode by means of transfer transactions, although there are still many fields to be explored and perfected for the loan business through margin lending. However, there is no doubt that the implementation of this scheme can further promote and optimize the current financing business of securities companies, and its complementary channel attributes can attract more financiers, and its differentiated services can take the lead in the competition. Its cost advantage can create greater profit space.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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