本文選題：融資融券 + 經營模式　； 參考：《吉林大學》2014年碩士論文

【摘要】：融資融券交易，又稱證券信用交易，是指投資者向具有融資融券業務試點資格的證券公司提供擔保物，借入資金買入上市證券（融資交易）或借入上市證券并賣出（融券交易）的行為。融資融券業務，是指證券公司向客戶出借資金供其買入上市證券或者出借上市證券供其賣出，并收取擔保物的經營活動。 融資融券交易是境外證券市場普遍實施的一項成熟交易制度，目前，絕大多數成熟市場和新興市場允許融資融券交易。有關資料顯示，融資融券交易量占證券交易總量的比重：美國為16%-20%，日本為15%，我國臺灣地區為20%-40%。 在我國，融資融券業務是證券市場的一項創新業務。2010年3月31日，上海、深圳證券交易所正式接受證券公司的融資融券交易申報，這標志著我國經過4年精心準備的融資融券交易，已然正式進入市場操作階段。總體來看，我國證券公司融資融券業務運行規范，取得了預期中的效果。試點證券公司穩妥有序的擴大，資本市場各項功能的進一步完善，融資融券業務技術系統安全穩定、運作合規，操作流程逐步完善，風險控制實現了“可測、可控、可承受”的基本構架，融資融券業務在我國的開展也得到了“準備充分、低調務實、平穩有序、穩步發展”的認可。然而，融資融券交易制度帶來的畢竟是我國從來沒有嘗試過的“做空”機制，在給證券公司帶來機遇的同時，也帶來了嚴峻的挑戰。 本文通過選取我國首批開展融資融券業務的試點證券公司——廣發證券為例，分別從經營和風險控制兩個層面，分析融資融券交易模式的選擇和業務的開展，對廣發證券在息費收入、業務模式、業務創新上的積極影響，同時分析該業務可能帶來的潛在風險，通過現階段業務開展以來存在的一系列問題，給出相應的對策研究，并提出合理化建議和解決措施，力求在不斷探索和革新中，，穩步發展融資融券業務，在借鑒國外先進經驗的同時，結合本國證券市場現狀，不斷提升廣發證券的業務創新能力，逐步向國際化接軌。
[Abstract]:Margin trading, also known as securities credit trading, refers to the provision of collateral by investors to a securities company that has the qualification to conduct a pilot business of margin trading, The act of borrowing money to buy listed securities (financing transactions) or to borrow listed securities and sell them (margin trading). Margin trading refers to the business of securities companies lending funds to clients to buy listed securities or lending listed securities for sale and collecting collateral. Margin trading is a mature trading system widely implemented in overseas securities markets. At present, most mature markets and emerging markets allow margin trading. Relevant data show that the proportion of margin trading volume to total securities trading volume is 16-20 in the United States, 15 in Japan and 20-40 in Taiwan. In China, margin trading is an innovative business in the securities market. On March 31, 2010, the Shanghai and Shenzhen Stock exchanges formally accepted the securities companies' margin trading declaration. This marks that China has entered the stage of market operation after 4 years of carefully prepared margin trading. Generally speaking, the securities companies in China have achieved the expected results by regulating the operation of margin trading. The pilot securities companies have expanded steadily and orderly, the various functions of the capital market have been further improved, the technical system of margin trading is safe and stable, the operation is in compliance, the operation process has been gradually improved, and the risk control has been achieved "measurable and controllable," "affordable" basic framework, margin financing business in China has also been "fully prepared, low-key pragmatic, stable and orderly, steady development" recognition. However, margin trading system has brought about a "short selling" mechanism that has never been tried in China, which brings opportunities as well as severe challenges to securities companies. This article selects the first batch of China's pilot securities company, Guangfa Securities, as an example, analyzes the choice of margin trading mode and the development of the business from the two aspects of management and risk control. The positive influence of Guangfa Securities on interest income, business model, business innovation, and the potential risks brought by this business are analyzed, and a series of problems existing since the current business development are analyzed, and the corresponding countermeasures are given. The paper also puts forward some reasonable suggestions and solutions, and strives to steadily develop the margin and margin business in the course of continuous exploration and innovation. While drawing lessons from foreign advanced experience and combining with the present situation of domestic securities market, it constantly promotes the business innovation ability of Guangfa Securities. Step by step to internationalization.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.39

【參考文獻】

相關期刊論文 前10條

1 孫堯斌;;我國融資融券制度探析[J];北京市經濟管理干部學院學報;2009年01期

2 王敏玉;;我國開展融資融券業務的必要性及其對策[J];商業研究;2008年06期

3 盧太平;宋根苗;;我國融資融券業務模式的選擇[J];財會月刊;2009年11期

4 朱曉會;;券商開展融資融券業務的風險及其控制[J];重慶科技學院學報(社會科學版);2008年09期

5 李涓;;談談融資融券業務的風險控制[J];管理觀察;2009年07期

6 曹慧娟;王曉帆;;融資融券業務對證券公司的影響及風險控制[J];經營管理者;2010年08期

7 黎元奎;我國證券市場引入信用交易機制研究[J];湖北經濟學院學報;2003年04期

8 陳沁梅;;防范融資融券業務風險的對策建議[J];經濟研究導刊;2011年08期

9 劉中文;李軍;;拓展融資融券業務對證券市場的影響[J];金融經濟;2007年04期

10 羅榮華;;融資融券交易下證券公司的自律管理[J];內江科技;2007年02期

本文編號：1918658