融資融券制度對(duì)我國(guó)證券市場(chǎng)的影響的探討

摘  要
在證券市場(chǎng)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(guó)家都適應(yīng)了這個(gè)經(jīng)濟(jì)大趨勢(shì)的發(fā)展建立起適合本國(guó)政治經(jīng)濟(jì)文化相應(yīng)的融資融券交易制度。經(jīng)過(guò)了多年的時(shí)間證明，融資融券機(jī)制具有發(fā)現(xiàn)市場(chǎng)合理價(jià)格、提高市場(chǎng)流動(dòng)性、優(yōu)化證券市場(chǎng)價(jià)格形成、優(yōu)化金融市場(chǎng)資源配置的作用。我國(guó)的證券市場(chǎng)體系的構(gòu)建和發(fā)展有西方歐美國(guó)家的經(jīng)驗(yàn)可鑒，必須在審視其經(jīng)驗(yàn)和吸取教訓(xùn)的基礎(chǔ)上，實(shí)事求是的從我國(guó)國(guó)情實(shí)際和市場(chǎng)狀況出發(fā)，認(rèn)真地需求適合我國(guó)自身的融資融券機(jī)制，來(lái)完善并進(jìn)一步推動(dòng)我國(guó)證券市場(chǎng)的發(fā)展。
本論文最著力研究的方向，是融資融券機(jī)制對(duì)我國(guó)證券市場(chǎng)的影響以及相關(guān)的對(duì)策和建議。在研究方法上，通過(guò)對(duì)主要發(fā)達(dá)國(guó)家和地區(qū)融資融券交易制度的比較，深入分析我國(guó)制度的發(fā)展歷程，以借鑒他國(guó)的精華為我國(guó)所用，構(gòu)建適合我國(guó)的融資融券制度。本文正文分為四個(gè)部分，首先融資融券相關(guān)的理論綜述；其次，通過(guò)分析中國(guó)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(lái)分析我國(guó)融資融券目前的狀況及與世界融資融券發(fā)達(dá)地區(qū)的差異；第三部分提出中國(guó)融資融券制度的推出對(duì)證券市場(chǎng)的影響，包括投資者、券商、個(gè)股行業(yè)及整個(gè)市場(chǎng)四方面，第四部分根據(jù)分析的結(jié)果，提出對(duì)完善中國(guó)融資融券制度的建議。
 
關(guān)鍵詞：融資融券；證券市場(chǎng)；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(xiàn)回顧 5
2融資融券業(yè)務(wù)模式的國(guó)際比較以及我國(guó)的現(xiàn)實(shí)選擇 6
2.1美國(guó)融資融券制度 6
2.2日本融資融券制度 7
2.3臺(tái)灣融資融券制度 8
2.4我國(guó)融資融券制度 9
2.4.1我國(guó)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(guó)的現(xiàn)實(shí)選擇 10
3融資融券對(duì)證券市場(chǎng)的影響 11
3.1對(duì)投資者的影響--杠桿效應(yīng)帶來(lái)的雙重影響 11
3.2對(duì)券商的影響 12
3.3對(duì)個(gè)股和行業(yè)的影響 13
3.4對(duì)市場(chǎng)的影響 14
4對(duì)我國(guó)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(shí)加大開(kāi)放力度 16
4.3建立健全信息披露制度 16
4.4進(jìn)一步完善證券公司的體制建設(shè) 16
4.5加強(qiáng)對(duì)投資者理論知識(shí)和風(fēng)險(xiǎn)意識(shí)的教育 16
4.6減少市場(chǎng)制度層面的不確定性 17
主要參考文獻(xiàn) 18
致謝 19