全球融资融券模式比较及对中国启示.pdfVIP

论文摘要 融资融券又称信用交易, 指证券公司向投资者出借资金供其买入证券, 或出借证券 供其卖出的经营活动。包括券商对投资者融资、融券和金融机构对券商的融资、融券。 融资融券交易又分为融资交易和融券交易两类。从国外成熟成熟的证券市场上 ,融资融 券已成为基础交易制度的一个重要组成部分。 在中国随着证券市场的不断快速发展，单边股市和传统业务已经满足不了投资者的 需求。投资者和券商也亟待融资融券创新业务的增加投资策略和盈利模式，在市场的千 呼万唤中融资融券业务也即将推出。本文主要研究适合我国的融资融券业务的制度，找 出适合我国国情的授信模式和监管制度。通过 ADF、协整、Granger 检验方法对香港市 场进行实证分析，得出融券业务并未对造成香港市场指数大幅波动。并且通过比较分析 的方法比较美国、日本、台湾的三种授信模式和监管制度，结合我国自身国情，分析我 国融资融券的必要性，以及未来我国融资融券授信模式应该分“三步走”战略，并且分 析融资融券推出后对证券业和银行业的影响，最后分析了我国融资融券的监管制度和提 出了未来发展的建议。 关键词：融资融券 ; 授信模式; 监管制度 Abstract Abstract AAbbssttrraacctt Margin Lending, also knownas margin trading, means that the securities company lend money for its investors to buy securities, or lending of securities sold for their customers in business activities. Securities companys do margin lending for investors, and financial institutions do margin lendingfor securities companys. Margin trading lendingtransactions are divided intotwo types ofmargin lendingtransactions. Mature stock markets abroad,it is animportant part.for marginlendingtradingsystem which has become the basis . With the rapid development of securities markets in China, unilateral stock market and traditional business has been unable to meet the needs of investors. Investors and securities companies also need margin lending in order to increase investment strategy and profit model.At the same time, the margin lending business is also about to carry out. This paper studies the marginlendingof our business systems, identify appropriate national method of capital and security financing and monitoring system. Through the ADF, Cointegration, Granger test onthe empiricalanalysis ofthe HongKongmarket, margin lendingbusiness has not effect on volatility of HongKongs market index. Through a comparative analysis of the methods the United States, Japan,