融资融券业务对上海证 券市场股价影响分析-analysis of the influence of margin trading and short selling on the stock price of shanghai securities market.docxVIP

摘要融资融券在我国推出的时间不长，对于金融证券行业来说，是一个全新的事物。对中国证券市场的各方影响几何，对实际操作中的风险评估、券的来源、投资组合设计、风险控制和防范来说都是一个全新的挑战。本课题正是要试图解决其中的一些棘手问题，为中国证券市场的健康发展提供一些决策参考依据。本文介绍融资融券业务的基础理论，对融资融券可能产生的影响效应进行分析，根据国内外相关研究及市场发展动态，介绍中国融资融券的经营模式和发展情况。文章重要在于融资融券对上海股票市场影响的实证分析，通过格兰杰因果关系检验模型，选取融资融券规模与大盘走势的关系、融资融券规模与个股走势的关系，以浦发银行、中兴通讯、中国太保三支个股的股价走势关系为研究对象，对融资融券与股市的联系进行分析，随后提出上海证券市场融资融券业务的存在问题及改进对策，建立健全证券公司的内控体制，建立健全客户信用管理体制，加强制度建设和监管，严格规范证券公司融资融券业务行为，加强对内幕交易和操纵股市行为的监管及惩处，提高证券折算率和保证金的比例，给融资融券客户设置一定的门槛。融资融券业务的推出，对我国企业投融资功能的完善具有重大意义。任何披露和缺陷都可能诱使国内外投机家的涌入，其参与者的进入和禁入机制设计都可能对我国证券市场的健康稳步发展造成不可估量的影响。关键词：融资融券；上海证券市场；风险控制IABSTRACTMargininourlaunchtimeisnotlong,forthefinancialsecuritiesindustry,isanewthing.ImpactonChinassecuritiesmarketpartiesgeometry,theactualoperationoftheriskassessment,thesourceofcoupons,portfoliodesign,riskcontrolandprevention,itisanewchallenge.ThistopicistryingtosolvesomethornyproblemsforthehealthydevelopmentofChinassecuritiesmarkettoprovidesomedecision-makingreference.Thispaperintroducesthebasictheoryofmargintradingbusinessonthepossibleimpactofmargineffectsanalysis,accordingtodomesticandforeignresearchandmarketdevelopment,andintroducedChinamarginbusinessmodelanddevelopment.ArticlesimportantthatthemarginimpactontheShanghaiStockMarketAnalysisbyGrangercausalitytestmodel,selectthesizeandmarkettrendmarginrelationsmarginsizeandmoversrelationshiptotheShanghaiPudongDevelopmentBank,ZTEcommunications,ChinaPacificInsurancessharepricebetweenthreestocksforthestudy,andthestockmarketonthelinkmarginanalysis,followedbyproposedShanghaistockmarketmargintradingbusinessproblemsandimprovementmeasures,establishasoundinternalcontrolsystemofsecuritiescompanies,establishandimprovecustomercreditmanagementsystem,strengthenthesystemconstructionandsupervision,strictlyregulatebusinessconductmargintradingsecuritiescompaniestostrengtheninsidertradingandmarketmanipulationregulationofbehaviorandpunishment,improveconversionratesandsecuritiesmarginratiotomarginclientssetacertainthreshold.Theintroductionofmargintradingbusiness,investmen