文档介绍：首都经济贸易大学
硕士学位论文
融资融券业务对我国证券公司的影响研究
姓名:黄晓
申请学位级别:硕士
专业:金融学
指导教师:徐洪才
20100301
摘要
融资融券制度作为现代证券市场中的重要交易制度,对完善整个市场的资源配置
功能起着不可或缺的作用。2008 年 10 月 5 日,中国证监会宣布,经国务院同意,证
监会将启动证券公司融资融券业务试点工作,融资融券业务将按照试点先行、逐步推
开的原则进行。我国证券市场已有了十几年的发展历程,这期间,证券公司的资本规
模和业务范围也在不同程度上有所扩大,随着做空机制的引入,证券公司势必要在自
身管理和盈利模式等方面加以调整和完善。
本文重点探讨的问题,是融资融券对我国证券公司产生的影响及应对策略分析。
文章采用定性分析和比较分析的方法对证券公司融资融券业务的相关问题加以研究。
希望证券公司能够借着融资融券业务的开展实现自身的规范运营和进一步发展。
本文在引言之后分为六部分,首先是对融资融券业务的概述,介绍有关融资融券
的基本理论;第三章介绍三种主要的融资融券业务模式,并分析了不同模式下证券公
司所受的影响,进而总结出我国从中所受的启示;第四章和第五章是文章的主体部分。
第四章重点研究融资融券业务在我国的发展历程,以及试点阶段的融资融券模式对证
券公司的影响;第五章重点从证券公司面临的机遇和挑战两个层面进行探讨;第六章
提出加强风险控制的措施和一些相关的对策建议,最后是文章的结论部分。

关键词:融资融券证券公司影响
I
Abstract
As an important trading system in modern securities market,margin trading system
plays an indispensable role in improving the resource distribution of the market. On
october 5, 2008, the CSRC announced that, by the State Council's consent, the
Commission will launch the pilot program of margin trading business for securities
companies, with "pilot first, and gradually pushing" as the principle. China's securities
market has been developed for over ten years, and during these years, the securities
company's capital size and scope of business has also expanded in varying degrees. With
the introduction of the short-mechanism, the panies will have to get their
management and profit mode to be adjusted and improved.
The important issues this thesis will probe into is the impact of the margin trading on
panies in China, and the coping strategies. In this thesis, the author adopt
qualitative analysis parative analysis to study the related issues of margin purchase
and short sale. We hope that through the development of the margin trading business, the
panies would standardize their operations and get further development.
In this thesis, after the introduction, there are six parts, and the first part get an
ove