本文選題：融資融券　切入點(diǎn)：信用交易　出處：《上海交通大學(xué)》2012年碩士論文

【摘要】：融資融券業(yè)務(wù)在我國(guó)的發(fā)展態(tài)勢(shì)可謂蒸蒸日上，，市場(chǎng)規(guī)模持續(xù)攀升、標(biāo)的證券逐步放開(kāi)，其提升資本市場(chǎng)效率的作用正逐步發(fā)揮，前景十分廣闊。然而在業(yè)務(wù)高速發(fā)展的同時(shí)，我們也應(yīng)該清醒地認(rèn)識(shí)到業(yè)務(wù)發(fā)展過(guò)程中將會(huì)面臨的諸多挑戰(zhàn)，這將影響業(yè)務(wù)的可持續(xù)發(fā)展，從而影響其對(duì)資本市場(chǎng)促進(jìn)作用的發(fā)揮。本文采用定性、定量分析相結(jié)合的方法識(shí)別問(wèn)題，借助戰(zhàn)略管理理論以及行為金融理論，通過(guò)邏輯推導(dǎo)和數(shù)據(jù)分析來(lái)分析問(wèn)題，最終結(jié)合分析結(jié)果形成解決問(wèn)題的對(duì)策。 通過(guò)定性分析，本文提出我國(guó)融資融券行業(yè)內(nèi)有可能出現(xiàn)惡性競(jìng)爭(zhēng)、參與交易的投資者盈利情況不容樂(lè)觀這兩個(gè)主要挑戰(zhàn)，并將問(wèn)題的癥結(jié)歸結(jié)為一點(diǎn)，即參與融資融券業(yè)務(wù)的投資者盈利情況亟待改善。通過(guò)對(duì)投資者行為指標(biāo)與收益率的多元回歸和分組分析，本文揭示了投資者的平均持股天數(shù)、交易的證券品種數(shù)、集中度、止盈止損等行為與其收益率之間的關(guān)系。最后，本文針對(duì)業(yè)務(wù)發(fā)展的挑戰(zhàn)提出了強(qiáng)化制度建設(shè)、優(yōu)化投資者結(jié)構(gòu)、加強(qiáng)中介機(jī)構(gòu)分類(lèi)服務(wù)和分級(jí)管理、改善投資者的投資行為等多項(xiàng)對(duì)策。
[Abstract]:Margin of the business in the development of our country is on the upgrade, the size of the market continues to rise, the underlying securities gradually liberalized, improve the efficiency of capital market is gradually play a role, the prospect is very broad. However, with the rapid development of business at the same time, we should also be soberly aware of the many challenges facing business will be in the process of development, sustainable this will affect the business development, and its influence on the capital market to promote the role of. This paper uses the method of qualitative and quantitative analysis of the combination of the identification problem, with strategic management theory and behavioral finance theory, through the analysis of logical deduction and data analysis, combined with the analysis of the final results in the formation of the countermeasures to solve the problem.
Through qualitative analysis, this paper put forward our margin in the industry are likely to vicious competition, investors involved in the transaction profit situation is not optimistic about the two major challenges, and the crux of the problem boils down to one point, that is involved in margin trading business profitability of the investor needs to be improved. By multivariate regression and subgroup analysis of investor behavior the index and rate of return, this paper reveals the average holding number of investors, the securities traded varieties, concentration, the relationship between the full stop behavior with its rate of return. Finally, according to the business development challenges put forward to strengthen the system construction, optimize the structure of investors, strengthen intermediary service classification and grading management to improve the investment behavior of investors and other countermeasures.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51

【參考文獻(xiàn)】

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本文編號(hào)：1702042