文档介绍：RESEARCH ON RISK MANAGEMENT OF MARGIN TRADING IN PANY — AS AN EXAMPLE OF G PANY A Dissertation Submitted to the Graduate School of Henan University in Partial Fulfillment of the Requirements for the Degree of Master of Business Administration By Gao Ge Supervisor: Professor. Li Xingong May,2013 摘要融资融券在我国刚刚起步,算是近几年证券创新业务的一种,但在发达国家,融资融券早已经成为了最普遍的业务种类。在过去,因为上市公司的股本不够大,券商没有完成股权分置和综合治理,并且自身的问题颇多,风险控制能力弱,国家明令禁止此项业务的开展。自从 2010 年3月交易所的主机接收了融资融券的委托申请,对券商和投资者来说,这项以前无法触及的业务已经进入了实际可操作阶段。融资融券不仅仅可以双边交易,同时也给这个市场融入了活水,成为股票价格下跌时可以回避风险的工具。因为在这种创新的交易模式下,不仅可以使券商得到了更多的佣金收入,而且自有资金能够有更多的投资方向,通过融资,向投资者提供资金,收取融资利息。融资融券也可以利用差异化的投资顾问服务吸引更多大客户的注意,成为抢占大客户资源的利器。鱼和熊掌不能兼得,有利益的同时也会遇到更多的风险,这就对中国的证券监管部门在交易规则的设计以及证券公司在对自身的防风险内部控制能力上要求的更高。怎样权衡风险管理与经济效益之间的关系,怎样维护市场的公平性,并且利用规则本身的效应来发挥市场内在的作用,保护投资者的利益,这些都值得监管层和证券公司在制定相关制度时多加考量。本文主要研究证券公司融资融券风险管理体系是否合适,通过对 G证券公司内部控制制度、集中监控系统和合规管理的实际效果来验证目前监管机构和券商在融资融券业务风险管理方面分别进行的的制度设计是否合适,并提出相应的建议。关键词:融资融券,证券公司,风险控制 I ABSTRACT Margin trading in our country has just started in recent years, it isa kind of securities business innovation in China. But in developed countries, margin trading has e the mon types of services. In the past, because the pany capital is not big enough, panies did plete separation prehensive treatment, its own problem is quite a lot and the risk control ability is weak, this business is forbidden. Since March 2010, exchange host receives the margin by application, to brokers and investors, this business has entered the actual operational stage. Margin trading may not only bilateral trade, also give the market into the running water, when stock prices dropped, it can bea tool to avoid the risk. Because of this kind of innovation trading mode, it not only can make the brokers got mission e, but also provide investors with funds and make interest charge. Margin trading also can use differentiated investment consulting services to attract more customers' attention. High yield high risk. It requires higher ability of China securities supervision departmen