融资融券制度对我国证券市场的影响的探讨.doc

融资融券制度对我国证券市场的影响的探讨

摘  要
在证券市场上，融资融券交易业务和制度体系发挥着非常重要的作用。因此，很多国家都适应了这个经济大趋势的发展建立起适合本国政治经济文化相应的融资融券交易制度。经过了多年的时间证明，融资融券机制具有发现市场合理价格、提高市场流动性、优化证券市场价格形成、优化金融市场资源配置的作用。我国的证券市场体系的构建和发展有西方欧美国家的经验可鉴，必须在审视其经验和吸取教训的基础上，实事求是的从我国国情实际和市场状况出发，认真地需求适合我国自身的融资融券机制，来完善并进一步推动我国证券市场的发展。
本论文最着力研究的方向，是融资融券机制对我国证券市场的影响以及相关的对策和建议。在研究方法上，通过对主要发达国家和地区融资融券交易制度的比较，深入分析我国制度的发展历程，以借鉴他国的精华为我国所用，构建适合我国的融资融券制度。本文正文分为四个部分，首先融资融券相关的理论综述；其次，通过分析中国证券公司融资融券制度与海外证券公司融资融券制度的比较，来分析我国融资融券目前的状况及与世界融资融券发达地区的差异；第三部分提出中国融资融券制度的推出对证券市场的影响，包括投资者、券商、个股行业及整个市场四方面，第四部分根据分析的结果，提出对完善中国融资融券制度的建议。
 
关键词：融资融券；证券市场；影响
 
ABSTRACT：
  We have to admit that margin trading plays a very important role in the securities trading. Many countries have adapted to the development of this economic trend for their own political and economic culture to establish the appropriate margin trading system. After years of practice in various countries, for all to see is that margin trading mechanism finds a reasonable market price, improves market liquidity, optimizes the price formation of the securities market, the role of financial markets and the allocation of resources. On October 5, 2008, acknowledged by the State Council, the CSRC announced that the Commission will launch pilots of margin trading business of securities companies. Instantly ten years walking away, during this period, the width of the business and the scale of the capital of the securities companies continue to grow. China's securities market must survey the experiences and lessons of other countries at the same time, seriously to adjust and improve their own securities credit trading mechanism.
  The focus of the paper is on the Securities Credit Trading Mechanism of China and some personal analysis of the impact of some coping strategies. The research method uses the comparison of margin trading system of major developed countries and regions, and the in-depth analysis of the development process of our system in order to learn the essence of his country for our own use. After the introduction, there are four parts, stating m the basic content of the margin, development background, the main features and optional modes to proceed. By analyzing the comparison of Securities Credit Trading Mechanism of China and some overseas, we can have a clear sight of the gap between the developed areas and China. Then I come up with an idea of the influence of margin trading to the securities market of China, such as investors, brokerages, stock trades and markets. According to the results of the analysis, I put forward my views to promote China's favorable operating margin. Finally the last part is the conclusion of the article.

Key words: securities credit trading mechanism；securities market；influence

目录
引言 3
1理论综述 4
1.1理论背景 4
1.2文献回顾 5
2融资融券业务模式的国际比较以及我国的现实选择 6
2.1美国融资融券制度 6
2.2日本融资融券制度 7
2.3台湾融资融券制度 8
2.4我国融资融券制度 9
2.4.1我国证券公司融资融券发展历程 9
2.4.2集中授信模式是我国的现实选择 10
3融资融券对证券市场的影响 11
3.1对投资者的影响--杠杆效应带来的双重影响 11
3.2对券商的影响 12
3.3对个股和行业的影响 13
3.4对市场的影响 14
4对我国融资融券制度的发展建议 15
4.1分步骤、分阶段有序推出融资融券制度 15
4.2逐步适时加大开放力度 16
4.3建立健全信息披露制度 16
4.4进一步完善证券公司的体制建设 16
4.5加强对投资者理论知识和风险意识的教育 16
4.6减少市场制度层面的不确定性 17
主要参考文献 18
致谢 19