融資融券制度對我國證券市場的影響的探討

摘  要
在證券市場上，融資融券交易業(yè)務(wù)和制度體系發(fā)揮著非常重要的作用。因此，很多國家都適應了這個經(jīng)濟大趨勢的發(fā)展建立起適合本國政治經(jīng)濟文化相應的融資融券交易制度。經(jīng)過了多年的時間證明，融資融券機制具有發(fā)現(xiàn)市場合理價格、提高市場流動性、優(yōu)化證券市場價格形成、優(yōu)化金融市場資源配置的作用。我國的證券市場體系的構(gòu)建和發(fā)展有西方歐美國家的經(jīng)驗可鑒，必須在審視其經(jīng)驗和吸取教訓的基礎(chǔ)上，實事求是的從我國國情實際和市場狀況出發(fā)，認真地需求適合我國自身的融資融券機制，來完善并進一步推動我國證券市場的發(fā)展。
本論文最著力研究的方向，是融資融券機制對我國證券市場的影響以及相關(guān)的對策和建議。在研究方法上，通過對主要發(fā)達國家和地區(qū)融資融券交易制度的比較，深入分析我國制度的發(fā)展歷程，以借鑒他國的精華為我國所用，構(gòu)建適合我國的融資融券制度。本文正文分為四個部分，首先融資融券相關(guān)的理論綜述；其次，通過分析中國證券公司融資融券制度與海外證券公司融資融券制度的比較，來分析我國融資融券目前的狀況及與世界融資融券發(fā)達地區(qū)的差異；第三部分提出中國融資融券制度的推出對證券市場的影響，包括投資者、券商、個股行業(yè)及整個市場四方面，第四部分根據(jù)分析的結(jié)果，提出對完善中國融資融券制度的建議。
 
關(guān)鍵詞：融資融券；證券市場；影響
 
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

目錄
引言 3
1理論綜述 4
1.1理論背景 4
1.2文獻回顧 5
2融資融券業(yè)務(wù)模式的國際比較以及我國的現(xiàn)實選擇 6
2.1美國融資融券制度 6
2.2日本融資融券制度 7
2.3臺灣融資融券制度 8
2.4我國融資融券制度 9
2.4.1我國證券公司融資融券發(fā)展歷程 9
2.4.2集中授信模式是我國的現(xiàn)實選擇 10
3融資融券對證券市場的影響 11
3.1對投資者的影響--杠桿效應帶來的雙重影響 11
3.2對券商的影響 12
3.3對個股和行業(yè)的影響 13
3.4對市場的影響 14
4對我國融資融券制度的發(fā)展建議 15
4.1分步驟、分階段有序推出融資融券制度 15
4.2逐步適時加大開放力度 16
4.3建立健全信息披露制度 16
4.4進一步完善證券公司的體制建設(shè) 16
4.5加強對投資者理論知識和風險意識的教育 16
4.6減少市場制度層面的不確定性 17
主要參考文獻 18
致謝 19