本文選題：股市融資 + 交易信用��； 參考：《東華大學(xué)》2014年碩士論文

【摘要】：在海外投資市場(chǎng),融資融券是一項(xiàng)普遍實(shí)施的成熟交易制度,是證券市場(chǎng)基本職能發(fā)揮作用的重要基礎(chǔ)之一,它不僅會(huì)提高市場(chǎng)的價(jià)格發(fā)現(xiàn)效率,完善市場(chǎng)質(zhì)量,也會(huì)對(duì)交易活躍度的提高產(chǎn)生非常積極的作用。隨著股權(quán)分支改革,上市公司治理,大力發(fā)展機(jī)構(gòu)投資者,證券公司綜合治理等一系列改革發(fā)展工作的深入推進(jìn),證券市場(chǎng)基礎(chǔ)性制度建設(shè)取得了積極進(jìn)展,開(kāi)展融資融券業(yè)務(wù)的市場(chǎng)環(huán)境已經(jīng)成熟。在此背景下,經(jīng)證監(jiān)會(huì)批準(zhǔn),2010年3月31日,滬深交易所開(kāi)始正式接受來(lái)自第一批包括國(guó)泰君安,國(guó)信證券,中信證券等在內(nèi)的多家試點(diǎn)券商對(duì)融資融券交易申報(bào),這意味著經(jīng)過(guò)4年準(zhǔn)備的融資融券交易已進(jìn)入市場(chǎng)操作階段。那么中國(guó)融資融券業(yè)務(wù)中的融資業(yè)務(wù)現(xiàn)在的運(yùn)行狀況如何?我們應(yīng)該從哪些方面去完善中國(guó)現(xiàn)有的融資制度。 鑒于融資融券交易業(yè)務(wù)在中國(guó)起步較晚,滬深股市均引入報(bào)升規(guī)則進(jìn)行賣(mài)空約束,且制定的保證金比率較高(杠桿作用弱),加之首批試點(diǎn)券商和標(biāo)的證券數(shù)量較小,致使機(jī)構(gòu)投資者與散戶投資者多持觀望態(tài)度,融資融券交易業(yè)務(wù)有效成交量不足,因此,研究融資制度的完善,對(duì)推動(dòng)中國(guó)融資融券的健康發(fā)展具有積極的現(xiàn)實(shí)意義。 本文以官方現(xiàn)有融資機(jī)制以及民間融資現(xiàn)狀作為研究對(duì)象,結(jié)合一般投資人對(duì)現(xiàn)有融資的要求以及政府推出融資融券的根本出發(fā)點(diǎn),而對(duì)現(xiàn)有融資機(jī)制進(jìn)行創(chuàng)新,從而使得融資融券制度變得更加完善與人性化,并且根據(jù)存在多年的民間融資與官方融資業(yè)務(wù)進(jìn)行了詳細(xì)的對(duì)比,從而對(duì)上述問(wèn)題問(wèn)題進(jìn)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.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.5

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