广发证券发展融资融券业务的对策研究

发布时间：2018-05-21 09:34

本文选题：融资融券 + 经营模式　；参考：《吉林大学》2014年硕士论文

【摘要】：融资融券交易，又称证券信用交易，是指投资者向具有融资融券业务试点资格的证券公司提供担保物，借入资金买入上市证券（融资交易）或借入上市证券并卖出（融券交易）的行为。融资融券业务，是指证券公司向客户出借资金供其买入上市证券或者出借上市证券供其卖出，并收取担保物的经营活动。融资融券交易是境外证券市场普遍实施的一项成熟交易制度，目前，绝大多数成熟市场和新兴市场允许融资融券交易。有关资料显示，融资融券交易量占证券交易总量的比重：美国为16%-20%，日本为15%，我国台湾地区为20%-40%。在我国，融资融券业务是证券市场的一项创新业务。2010年3月31日，上海、深圳证券交易所正式接受证券公司的融资融券交易申报，这标志着我国经过4年精心准备的融资融券交易，已然正式进入市场操作阶段。总体来看，我国证券公司融资融券业务运行规范，取得了预期中的效果。试点证券公司稳妥有序的扩大，资本市场各项功能的进一步完善，融资融券业务技术系统安全稳定、运作合规，操作流程逐步完善，风险控制实现了“可测、可控、可承受”的基本构架，融资融券业务在我国的开展也得到了“准备充分、低调务实、平稳有序、稳步发展”的认可。然而，融资融券交易制度带来的毕竟是我国从来没有尝试过的“做空”机制，在给证券公司带来机遇的同时，也带来了严峻的挑战。本文通过选取我国首批开展融资融券业务的试点证券公司——广发证券为例，分别从经营和风险控制两个层面，分析融资融券交易模式的选择和业务的开展，对广发证券在息费收入、业务模式、业务创新上的积极影响，同时分析该业务可能带来的潜在风险，通过现阶段业务开展以来存在的一系列问题，给出相应的对策研究，并提出合理化建议和解决措施，力求在不断探索和革新中，，稳步发展融资融券业务，在借鉴国外先进经验的同时，结合本国证券市场现状，不断提升广发证券的业务创新能力，逐步向国际化接轨。
[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.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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