我国融资融券的现存问题及研究对策.docVIP

本科生毕业论文 我国融资融券的现存问题及研究对策 A study of the existing problems and Countermeasures ofChinas margin 二o—三年六月 摘要 本文首先阐述了融资融券基本理论，对比分析了海外三种典型的融资融券发展模 式及其特征，并总结了对我国开展融资融券业务的启示;然后，深入考察了我国证券币 场融资融券业务运行现状，发现虽然我国融资融券业务规模日益增长，但总得来说和 海外成熟市场规模相比还是太小，融券业务远远落后于融资业务，融券融券所有的调 节市场功能发挥有限。透过现象剖析该业务中存在的问题，通过对券商的实地调研及 证券交易相关数据实证分析，发现缺乏转融通业务、上市公司质量不高、信用体系尚 未建立、投资者做多惯性以及现有规则制度存在缺陷等是导致上述问题的木质原因。 最后，立足丁?我国资木市场特征、借鉴海外成熟证券市场发展和运作经验，针对我国 融资融券业务中存在的问题提出了相应的解决对策，以期对我国证券公司发展壮大本 业务提供有所价值的建议。 关键词：融资融券 转融通 证券金融公司 Abstract This article has elaborated the margin basic theory at first, analysised comparativly overseas three typical margin financing mode and its development characteristics, and summarized the enlightenment to our country to carry out margin financing business based on developing experience.And then, in-depth study of Chinas securities market financing business operation status, found that although the financing securities loan service the growing scale in our country, but the margin scale is too small comparied with overseas mature market, the securities loan service is far behind the financing securities lending business and all the regulation of market functions is limited .Through the analysis of the phenomenon, based on the field survey and brokerage securities market transactions related to data analysis, find that the lack of security financing, the quality of listed companies being not high, credit system having not yet been established, many investors making inertia, as well as existing rules and system flaws were the nature reasons of the problem .Finally, in view of our country s financing securities loan business problems, puts forward some corresponding measures, based on Chinas capitai market characteristics and draw lessons from overseas mature securities market development and operational experience，with a view to provide some valuable suggestion to Chinas securities companies to develop and strengthen their business. Key words: Security Financing Refinancing Securities Finan