【作者】 袁华涛；

【导师】 卢岚；

【作者基本信息】 西南财经大学 ， 金融学， 2007， 硕士

【摘要】 一、选题意义证券融资融券交易是海外证券市场普遍实施的一种成熟的交易制度,是证券市场基本职能发挥作用的重要基础。融资融券交易机制具有提高市场流动性、缓冲市场波动、发现市场合理价格、对冲避险和为机构创造盈利的积极效应,是完善证券市场机制,促进金融产品创新,优化金融市场资源配置的重要手段和途径。适时引进融资融券交易对我国证券市场乃至整个金融市场的发展有着重要的战略意义。我国证券市场正处在飞速发展阶段,市场规模迅速增长,规范化建设取得重大进展。市场的发展不仅激发了证券信用交易的内在需求,也推动了相关法律制度环境的变革。不久前新《证券法》及相关法规、管理办法的颁布为融资融券业务的推出奠定了法律和政策基础,证券市场的各项基础条件已基本成熟,融资融券制度的推行进入实质性操作阶段。融资融券交易制度的如何引进,也是当前理论界和实践领域关注的焦点。二、本文的研究思路和研究方法本文通过对发达成熟证券市场融资融券交易制度的发展历史及具体制度进行深入比较研究和实证分析,结合我国证券市场发展的实际水平,对我国现阶段引入证券融资融券交易制度的重要意义、条件进行了深入的研究和分析并相应提出了我国证券市场引入融资融券交易的制度构想,以期对我国证券市场建立信用交易制度的实践提供一定的借鉴和参考。研究方法上,本文主要通过发达市场交易制度进行了比较研究,并对我国证券市场的实际情况进行了深入的考查,在总结国内其他学者研究成果的基础上,借鉴海外证券融资融券交易制度的基本经验,提出了自己的观点和思路。整篇文章通过理论研究与实证研究相结合、力求达到文章分析研究的严密和完整。三、本文的主要内容本文共分为四章。第一章共分三节,阐述了证券市场融资融券交易的内涵、特点和功能。证券融资融券交易具有财务杠杆性、资金疏通性、信用双重性和可调控性的特点。其积极作用为:完善股价形成机制,增强股票交易的公平性;增强证券市场的流动性和连续性;为投资者提供新的盈利模式,增强其规避投资风险的能力。消极影响表现在扩张银行的信用规模,增加金融风险;具有助涨助跌效应,加大股市波动幅度;助长股市投机气氛,滋生操纵股价行为,扰乱市场秩序。最后,实证分析了卖空的稳定市场功能。第二章包括两节内容,主要对海外成熟证券市场融资融券交易制度的发展历史及具体制度进行深入比较研究,得出以下启示:融资融券是证券市场的内在需求,卖空制度化是证券市场发展的必由之路;对融资融券活动需要实施必要的限制;东亚地区的融资融券制度的一个共同点在于他们都是在证券市场发展到一定规模的基础上作为现有制度的补充而建立的;建立融资融券制度需要考虑该国金融结构、市场的发达程度、监管的水平;其次应该按部就班的实施,融资融券协调发展,要健全监管制度。第三章主要分析我国证券市场开展融资融券交易的必要性、意义和现实条件。我国证券市场存在明显的单边市特征,存在着较为明显的波动聚集、波动持续现象,市场整体波动性较大以及地下金融的危害性,需要引入融资融券。融资融券交易是发展金融衍生工具的制度基础,有利于一级市场证券的成功发行,是完善股票市场的内在要求,有利于培养机构投资者,有利于促进货币市场与证券市场协调发展等。我国证券市场上市公司数量、市场规模以及投资者数量增长很快,证券市场的规模优势已经显现。我国股市的强大容量,使得股市抵抗风险能力大增强,这就为我国开展证券信用交易提供了现实条件。第四章论述了如何引进融资融券交易。当采取市场化的证券公司直接授信模式,在目前分业管理条件下,靠一个专业融资公司推动信用证券交易难度大;证券公司实施交易结算资金第三方存管和集中交易,能控制融资风险。应该设立一套严密的交易规则来控制信用交易中的各种风险,包括融资融券相关机制的构建等。证券融资融券交易在放大收益的同时也在放大风险,有信用风险、市场风险、流动性风险、操作风险、法律风险和系统风险。四、本文的主要观点与贡献实证分析了卖空的稳定市场功能。对海外成熟证券市场的融资融券交易进行了深入的比较研究,并得出基本经验。我国证券市场引入信用交易,应以采取市场化的证券公司直接授信模式。我国证券市场在引入融资融券交易过程中,注意防范信用风险、市场风险、流动性风险、操作风险、法律风险和系统风险,尤其要注意制度设计中对风险的控制。五、本文的不足之处及需要进一步研究的问题由于融资融券交易机制对我国是新兴事物,而相关的研究较为零散,所以本文在比较研究、数据收集等方面尚存在许多纰漏。还望老师和同学批评指正!更多还原

【Abstract】 I. The purpose and significance of this thesisSecurities lending and securities financing transactions is a mature trading system in overseas securities markets. The basic function of the stock market is playing an important role in infrastructure. Securities lending financing mechanisms can enhance trading liquidity of the market and cushion the volatility in the markets. We find that the market at reasonable prices, hedging and profit organization to create the positive effects of improving market mechanisms, and promoting innovative financial products. As an important means of optimizing the allocation of financial resources and means, Securities lending timely introduction of financing transactions for the development of the financial market in China’s securities market as a whole has an important strategic significance.China’s securities market is in a stage of rapid development. Market size and rapid growth have made significant progress in building a standardized. The development of the securities market will stimulate internal demand for credit transactions, as well as promoting the relevant legal system environment changes. Not long ago, the "Securities Act" and the related regulations promulgated,so the conditions are basically mature market, the system of financing securities lending operations entered a substantive stage.II. Research logic and research methodBased on the mature foreign securities markets and the history of the development of the system of financing transactions, with securities lending comparative study of body systems and empirical analysis of the actual level of development of China’s securities market. The author developed market system primarily through a comparative study China’s securities market also conducted an in-depth test of the actual situation. In conclusion other scholars on the basis of research results, overseas financing securities lending securities trading system’s basic experience, put forward their views and ideas. The whole article theoretical research and empirical research, in order to achieve a tight and complete analysis of the article.III. Main content of this thesisThe main content of this paper is divided into four chapters. The first chapter is divided into three sections, expounded the equity financing transactions securities lending content, features and functions. Securities lending securities financing transactions with financial leverage, dredge funds, credit control and the dual characteristics. Its active role in price formation mechanism is to improve and enhance the rate of fairness,enhance market liquidity and consistency,to provide investors with a new profit model, the ability to enhance their investment risk. In a negative impact on the expansion of bank credit and increase the financial risks; or effect is likely help increase stock market volatility; fueling speculation in the stock market atmosphere, breeding manipulation of stock prices, disrupted the market order. Finally, the empirical analysis of the short selling on the market function.Chapter II comprises two sections.Securities lending major financing transactions to countries with a mature market system and the history of the development of specific system-depth comparative study come up with the following revelation : Securities lending is financing the internal market demand, the development of the securities market, short-selling is the only way to institutionalization; Securities lending activities of the need to implement the necessary financing; Securities lending in the financing system of the East Asian region is a common denominator in the development of the securities market to a certain size they are the basis for add to the existing system established; Securities lending financing system needs to consider the establishment of the financial structure, the level of development of the market. regulation; Second, a step-by-step implementation of development financing securities lending, it is necessary to improve the monitoring system.Chapter 3 analyzes financing securities lending transactions carried out, meaning and reality. China’s securities market in the city there is an obvious feature of unilateralism, there are the more obvious volatility, volatility, overall financial market volatility and underground nature of the danger and need to introduce financing securities lending. Securities lending is financing the development of the financial derivatives trading system based on the primary market is conducive to the successful issuance of the securities. It is an inherent requirement of improving the stock market ,is conducive to cultivating institutional investors, help promote coordinated development of the money market and securities market. Listed companies in China’s securities market, the volume growth is the size of the market and investors. The market scale has been shown. China’s stock market has a strong capacity to resist risks in the stock market made big increase. This is a credit to engage in securities transactions in the current conditions.Chapter 4 discusses how the introduction of securities lending financing transactions. When the market-oriented model of the Credit Corporation directly in the management of the current industry conditions, promoting credit finance companies rely on a professional securities transactions difficult. Corporation transaction settlement funds and focus on third-party depository transactions can control the risks.We should set up a stringent trading rules to control credit transactions of various risks, construction of scurities lending and other financing mechanisms. Securities lending income securities financing transactions, while also enlarged enlarged risk, credit risk, market risk, liquidity risk, operational risks, legal risks and systemic risk.IV. The contribution and viewpoint of this thesisThe paper’s main points and empirical analysis of the contribution of short selling on the market function. Securities lending mature market for overseas financing transactions conducted in-depth studies and reached a basic experience. China’s securities market introduction of a credit transaction, the securities companies should take direct credit market model. Securities lending in China’s securities market to introduce a financing transaction, pay attention to guarding against credit risk, market risk, liquidity risk, operational risks, legal risks and systemic risk, paying particular attention to the design of the system of risk control.V. The shortcoming of this thesisThis issue needs further study on the financing mechanism securities lending transaction is something new. and related research are scattered, in this comparative study, data collection and other aspects are still many flaws. It is to be hoped that the teachers and students criticized the correction!更多还原