摘要
本文在考察我国证券市场融资融券业务运行现状的基础上,剖析了该业务中存在的问题。研究发现,市场规模相对较小,融资业务和融券业务发展不平衡是目前面临的主要问题。通过对试点券商的实地调研,本文发现,转融通机制缺乏、风险对冲较少、风险防范制度过严、融资融券标的范围过窄、投资者资金利用率较低以及多年来做多的投资惯性是导致上述问题的本质原因。最后,本文提出了相应的政策建议。
The paper analyzes the problems of margin trading business in China and base on which will further make the corresponding policy recommendations. We find the major problems are the scale of margin trading business is relatively small, and financing business has unbalanced development corresponding to securities lending business. Through interviews with some security companies, we find them lack of ref inancing mechanisms and risk hedging methods. Besides, risk prevention system is too restrictive, the small scope of margin target, low utilization of funds investors, and investors’ inhabits also led to the above reasons. Finally, we put forwards corresponding policy recommendations.
出处
《证券市场导报》
CSSCI
北大核心
2010年第10期19-23,共5页
Securities Market Herald
关键词
融资融券
转融通机制
风险防范
Margin Trading
Ref inancing Mechanisms
Risk Prevention System
