| Margin trading, which is also known as Securities Trading of credit, is a financial product that the investors can borrow fund to purchase bonds from the securities company or sell bonds to get fund, including margin trading from the securities trader to the investor and from the financial institution to the securities trader. Since the securities market of our country started the margin trading business, the regulatory authority and the investors have been concentrate their attention on how to set up a regulatory system and control system which are fit for the development of the nationwide securities market and bring the risk of margin trading business into effect with effective management and control.Margin trading has been developing vigorously for several years in the west securities market and has built a mature trading system and management control system, which has a significant impact on the whole financial market. The margin trading business has the advantages of increasing the flow rate of the capital market, buffering the impact caused by the stock fluctuation of the securities market on the capital market,finding the approximation points of the market's equilibrium price and providing a good environment to finance for the market participants. To some extent, margin trading has improved the diversification of trading means as well as the creative efforts of the financial derivatives, and it also works as an accelerator for the improvement of the trade practices and the optimization of the distribution of resources in the capital market. At present, the securities market of our country is in the developmental stage, not only the external environment but also the internal management structure is not enough mature. Margin trading pushed out just now and is in the trial stage. If it develops well, it can strengthen the market, or it zoom doubtingly in the underdog effect.This thesis analyses and studies the risk of our country's margin trading business and how to manage and control the risks. Chapters 1 set forth the background, significance and purpose of the research, conclude the current research situation at home and abroad with its central ideas and descript the main components and research methods of this thesis. It analyses the characteristics of margin trading in the Chapter 2. Chapter 3 analyses the risks that margin trading is faced with during its development. Chapter 4 points out some problems on five sides on controlling the risks of our country's margin trading business on account of the present situation of risk controlling, such as the imperfection of the rules and regulations, the inflexibility of the security deposit system, the information asymmetry of the market, the limitation of securities trader's liquidity and the irrationality of the internal management structure of the securities company. Compared with the risk control models in America and Taiwan, we can gain enlightenment about the control of the margin trading risks from their experiences, which is mentioned in Chapter 5. Chapter 6, combining with the theories of the control of the margin trading risks and using the advanced models and experience of other countries for reference, offers a proposal on how to structure the controlling system of the margin trading risks. Generally speaking, how to control the margin trading risks properly and seeking the controlling system that conforms to the situation in our country and adapts to the present situation of the security market is concerned with that whether the margin trading business can carry out entirely and that the security market can develop healthily, which is also the purpose to do this research. |
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