券商新型融资融券产品开发与研究

发布时间：2018-04-04 05:01

本文选题：股票　切入点：融资融券　出处：《浙江大学》2017年硕士论文

【摘要】：目前人们普遍认为造成2015年我国国内股市股灾的主要原因是由于过多使用杠杆资金交易使得国内股市的流动性风险急剧积累,泡沫一旦破裂又没有相关对冲工具,对于投资者造成的则是无尽的损失。这其中就包括了融资融券的杠杆交易。对于各个券商而言,如何更好地设计自身的融资融券业务?如何更好地保障融资融券业务的实施,将其控制在风险控制的范围之内?对于投资者而言,如何能够保障将使用融资融券业务的风险降到最低?这是融资融券业务在国内发展过程中各有关方面必须讨论的重要话题。在本文当中,笔者首先对于融资融券的基本概念进行了介绍,对于融资融券的特征进行了阐述,并且集中分析了融资融券业务的价值与风险。笔者通过对比分析的方式,分析了我国融资融券业务以及美国、日本、台湾、香港等地区的融资融券业务的区别与特点,进而运用SWOT分析模型分析了我国融资融券业务所具有的优势和劣势,以及其在发展和实施过程中的机遇与威胁,为后文的融资融券业务设计提供了理论支持。在融资融券业务设计过程当中,笔者首先讨论了融资融券业务的设计原则与总体设计思路,随后笔者分别从业务决策与授权体系,融资融券业务客户的筛选与授信,融资融券业务的利息与费用的计算方面,进行了详细的阐述,对于融资融券业务的主要流程,笔者也进行了设计。此外,笔者还为某券商设计了一个可以适用于在2015年“股灾”之后股票价格整体下行的大环境下可以操作的融资融券产品。从本文的研究当中我们可以看到,与一般的股票经纪业务不同,融资融券业务无论是从盈利模式,风险控制还是对于信息系统需求方面,都有着非常独特的要求。而融资融券业务的设计核心,一是在于对客户进行征信调查以及授信额度的审批过程。二则是在融资融券业务实施过程当中,对于业务流程、风险控制和强制平仓等重点环节得严格把控,只有这样才能将风险降低到可控的范围内,让融资融券业务带来的收益大于其所要承担的风险。
[Abstract]:At present, it is widely believed that the main reason for the stock market crash in China in 2015 is that the excessive use of leveraged funds has caused the domestic stock market to accumulate liquidity risks rapidly, and once the bubble burst, there is no relevant hedging tool.The damage to investors is endless.This includes the leveraged trading of margin financing.For each brokerage, how to better design their own margin business?How to better protect the implementation of margin trading business and control it within the scope of risk control?How can investors be guaranteed to minimize the risk of using margin trading?This is the financing margin business in the domestic development of the relevant parties must discuss an important topic.In this paper, the author first of all introduced the basic concept of margin margin, described the characteristics of margin margin, and focused on the analysis of the value and risk of margin and margin business.By means of comparative analysis, the author analyzes the differences and characteristics of margin and short margin business in China, as well as in America, Japan, Taiwan, Hong Kong and other regions.Then using the SWOT analysis model to analyze the advantages and disadvantages of margin trading in China, as well as the opportunities and threats in the process of development and implementation, which provides theoretical support for the design of margin trading business in the future.In the process of designing margin and margin business, the author first discusses the design principles and overall design ideas of margin and margin business, and then the author respectively from the business decision-making and authorization system, margin and margin business customer selection and credit.The calculation of interest and expense of margin business is described in detail, and the main process of margin trading is also designed.In addition, the author also designed a securities firm that can operate under the overall downward environment of stock prices after the 2015 "stock crash".From the research of this paper, we can see that, unlike the general stock brokerage business, margin financing business has a very unique requirement in terms of profit model, risk control and information system requirements.The core of the design of margin and margin business is the credit investigation and the approval process of credit line.Second, during the implementation of the margin financing business, the key links such as business process, risk control and forced closing of positions must be strictly controlled. Only in this way can the risk be reduced to a manageable range.Let the margin business bring more revenue than it has to bear the risk.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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