官方与民间股市融资机制的互补与优化

发布时间：2018-04-23 03:10

本文选题：股市融资 + 交易信用　；参考：《东华大学》2014年硕士论文

【摘要】：在海外投资市场,融资融券是一项普遍实施的成熟交易制度,是证券市场基本职能发挥作用的重要基础之一,它不仅会提高市场的价格发现效率,完善市场质量,也会对交易活跃度的提高产生非常积极的作用。随着股权分支改革,上市公司治理,大力发展机构投资者,证券公司综合治理等一系列改革发展工作的深入推进,证券市场基础性制度建设取得了积极进展,开展融资融券业务的市场环境已经成熟。在此背景下,经证监会批准,2010年3月31日,沪深交易所开始正式接受来自第一批包括国泰君安,国信证券,中信证券等在内的多家试点券商对融资融券交易申报,这意味着经过4年准备的融资融券交易已进入市场操作阶段。那么中国融资融券业务中的融资业务现在的运行状况如何?我们应该从哪些方面去完善中国现有的融资制度。鉴于融资融券交易业务在中国起步较晚,沪深股市均引入报升规则进行卖空约束,且制定的保证金比率较高(杠杆作用弱),加之首批试点券商和标的证券数量较小,致使机构投资者与散户投资者多持观望态度,融资融券交易业务有效成交量不足,因此,研究融资制度的完善,对推动中国融资融券的健康发展具有积极的现实意义。本文以官方现有融资机制以及民间融资现状作为研究对象,结合一般投资人对现有融资的要求以及政府推出融资融券的根本出发点,而对现有融资机制进行创新,从而使得融资融券制度变得更加完善与人性化,并且根据存在多年的民间融资与官方融资业务进行了详细的对比,从而对上述问题问题进行了研究和解答。
[Abstract]:In the overseas investment market, margin financing is a mature trading system that is widely implemented, and it is one of the important bases for the basic function of the securities market. It will not only improve the market price discovery efficiency, but also improve the market quality. Will also have a very positive effect on the increase of trading activity. With the deepening of a series of reform and development work, such as the reform of equity branches, the governance of listed companies, the vigorous development of institutional investors and the comprehensive governance of securities companies, positive progress has been made in the construction of the basic system of the securities market. The market environment for margin trading has matured. Against this background, with the approval of the CSRC, on March 31, 2010, the Shanghai and Shenzhen exchanges officially accepted several pilot securities firms, including Guotai Junan, Guoxin Securities, CITIC Securities, and so on, to declare margin trading and margin trading. This means that after 4-year preparation of margin trading has entered the stage of market operation. So what is the operation of the financing business in China? What should we do to improve China's existing financing system? In view of the late start of margin trading in China, both the Shanghai and Shenzhen stock markets have introduced short-selling rules to restrain short selling, and the margin ratio developed is relatively high (weak leverage, combined with the small number of the first batch of pilot securities firms and underlying securities. As a result, institutional investors and retail investors hold a wait-and-see attitude, and the trading volume of margin trading is insufficient. Therefore, it is of positive practical significance to study the perfection of financing system to promote the healthy development of margin trading in China. This article takes the official existing financing mechanism as well as the private financing present situation as the research object, unifies the general investor to the existing financing request and the government to launch the financing margin the basic starting point, but carries on the innovation to the existing financing mechanism. In order to make the margin financing system more perfect and humanized, and according to the existence of many years of private financing and official financing business to carry out a detailed comparison, so as to study and answer the above questions.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.5

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