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论文编号：	9254
作者编号：	2120142594
上传时间：	2017/6/14 17:26:51
中文题目：	转融通下融资融券对证券公司的风险管理研究
英文题目：	Research on Risk Management of Securities Companies
指导老师：	齐岳
中文关键字：	融资融券;转融通;风险管理
英文关键字：	margin trading; refinancing; risk management
中文摘要：	融资融券业务在中国金融市场上从出现到发展的过程是一个多轮审查、不断讨论、制定并完善法律法规的过程。自2005年10月新修订的《证券法》为融资融券业务提供法律保障开始，到2006年《证券公司融资融券试点管理办法》相关规定正式出台。融资融券业务给我国金融市场注入了新的活力，拓宽了证券公司的业务范围，在过去的十年间取得了出色的成就和长足的进步。从2010年推出的6家证券公司首批融资融券试点，截至2016年12月份我国已取得融资融券业务的证券公司共有93家、营业部共有8635家，融资融券交易金额共计约为8656.29亿元，全国开户共计约850万户，融资融券标的证券共972只。然而，我国的融资融券业务在开展的10年里，逐步暴露出的融资、融券业务发展不平衡、标的券数量有限等问题。“转融通”的出现为一定程度上为业务的开展提供了更多有效的资金和证券的支持，打破了原来融资融券业务的不平衡现象，并就业务发展过程中由于受到授信模式限制而产生的问题采取了有针对性的解决措施。总之，转融通的出现使融资融券业务更为完整。本文首先回顾相关理论，与世界各国发达金融市场的融资融券授信模式进行了简要比对；其次，探索和分析转融通下的融资融券业务对我国证券市场、证券公司带来的正、反两方面的影响，得出转融通下的融资融券业务能增强证券和资金的流动性、丰富投资者的投资方式、完善价格发现机制、帮助投资者管理风险并对冲增加市场内在稳定性等正面影响，并且会潜在杠杆交易风险、强制平仓风险、监管风险、加剧市场短期波动、投资者自身风险等，如监管不利，将会引起或加剧金融风险，对整个金融体系的稳健运行带来危害。以H证券公司作为案例，从阐述其业务开展基础情况、具体业务优势、融资融券业务开户及交易流程入手、风险管理现状，得出H证券公司融资融券业务发展过程中存在的风险及问题，如两融规模发展不均衡、客户专业知识不足导致投资缺乏理性、风险控制指标有待更新、流动性风险等，进而分析如何对H证券公司开展风险管理，得出方法及建议：一、严格遵守市场外部监管；二、加强内部监管控制；三、进一步推动转融通制度的发展与运行；四、将加强投资者教育、投资者适当性管理放在突出位置；五、完善风险控制指标、建立健全信用风险评估体系。指出证券公司对转融通下融资融券业务的风险管理策略，应积极响应一行三会精神，在系统性金融风险犹存的环境背景下，规范杠杆融资，将业务规模控制在合理范围内，依法监管、严格控制杠杆比例过高的股票融资类结构化产品；加强投资者教育工作与投资者的适当性管理工作；积极加强对各类股市杠杆融资的风险监测和预警等结论。
英文摘要：	The emergence and development of margin trading in China's financial market is a process of many rounds of review, discussion, formulation and improvement of laws and regulations. Since October 2005, the newly revised Securities Law provides legal guarantee for margin trading business, and the relevant regulations for the trial management of securities lending and margin trading companies were formally promulgated by 2006. Margin trading has injected new vitality into China's financial market, broadened the scope of the securities companies and made great achievements and made great progress in the past ten years. From the 2010 launch of the 6 securities companies margin of the first pilot, as of 2016 December, China has made the business of securities margin trading company has 93 business department, a total of 8635, margin trading amount totaling approximately 865 billion 629 million yuan, the national accounts totaling about 8 million 500 thousand households, the underlying securities margin of 972. However, in the 10 years of our margin trading business, the problems such as the unbalanced development of financing and margin trading and the limited amount of the underlying securities have been gradually exposed. "Refinancing" provides more effective support for development of funds and securities to a certain extent for the business, breaking the original margin trading imbalances, and business development process due to limited credit mode problems have taken measures for the. In a word, the refinancing has made the margin trading business more complete. This paper first reviews the relevant theory, made a brief comparison with other countries in the world developed financial market margin credit model; secondly, to explore and analyze the impact of refinancing under the margin trading on China's securities market, securities companies, two aspects, the refinancing under the margin financing business can enhance liquidity and the rich investors of securities and funds investment, improve the price discovery mechanism, increase the management risk and help investors to hedge the market intrinsic stability of positive effects, and potential risk, leverage forced liquidation risk regulation risk, investors exacerbate short-term fluctuations in market risk, such as supervision, will cause or exacerbate financial risks harm, stable operation of the entire financial system. In the H securities company as a case, from the basic situation, to carry out its business specific business advantage, margin trading account and transaction process of risk management, status quo, problems and risks that H securities margin financing business in the process of development, such as two the size of the financial development is not balanced, the lack of professional knowledge to customers lack of a rational investment and risk control indicators need to be updated, liquidity risk, and analyze how to carry out the risk management of H securities company, the methods and suggestions: first, strictly abide by the market supervision; two, strengthen internal supervision and control; three, to further promote the development and operation of refinancing system; four, strengthening the education of investors and investors management in a prominent position; five, improve the risk control indicators, establish the credit risk evaluation system. The risk management strategy that securities companies for refinancing under the financing business, should actively respond to line three in the context of spirit, financial risks remain of the system, standardize the leverage, business scale control in the reasonable scope, supervision according to law, strictly control the stock financing lever of high proportion of structured products; strengthen investor education and investor appropriate management work actively; strengthen the various types of stock market leverage risk monitoring and early warning.
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