| I. The purpose and significance of this thesisSecurities lending and securities financing transactions is a mature trading system in overseas securities markets. The basic function of the stock market is playing an important role in infrastructure. Securities lending financing mechanisms can enhance trading liquidity of the market and cushion the volatility in the markets. We find that the market at reasonable prices, hedging and profit organization to create the positive effects of improving market mechanisms, and promoting innovative financial products. As an important means of optimizing the allocation of financial resources and means, Securities lending timely introduction of financing transactions for the development of the financial market in China's securities market as a whole has an important strategic significance.China's securities market is in a stage of rapid development. Market size and rapid growth have made significant progress in building a standardized. The development of the securities market will stimulate internal demand for credit transactions, as well as promoting the relevant legal system environment changes. Not long ago, the "Securities Act" and the related regulations promulgated,so the conditions are basically mature market, the system of financing securities lending operations entered a substantive stage.II. Research logic and research methodBased on the mature foreign securities markets and the history of the development of the system of financing transactions, with securities lending comparative study of body systems and empirical analysis of the actual level of development of China's securities market. The author developed market system primarily through a comparative study China's securities market also conducted an in-depth test of the actual situation. In conclusion other scholars on the basis of research results, overseas financing securities lending securities trading system's basic experience, put forward their views and ideas. The whole article theoretical research and empirical research, in order to achieve a tight and complete analysis of the article.III. Main content of this thesisThe main content of this paper is divided into four chapters. The first chapter is divided into three sections, expounded the equity financing transactions securities lending content, features and functions. Securities lending securities financing transactions with financial leverage, dredge funds, credit control and the dual characteristics. Its active role in price formation mechanism is to improve and enhance the rate of fairness,enhance market liquidity and consistency,to provide investors with a new profit model, the ability to enhance their investment risk. In a negative impact on the expansion of bank credit and increase the financial risks; or effect is likely help increase stock market volatility; fueling speculation in the stock market atmosphere, breeding manipulation of stock prices, disrupted the market order. Finally, the empirical analysis of the short selling on the market function.Chapter II comprises two sections.Securities lending major financing transactions to countries with a mature market system and the history of the development of specific system-depth comparative study come up with the following revelation : Securities lending is financing the internal market demand, the development of the securities market, short-selling is the only way to institutionalization; Securities lending activities of the need to implement the necessary financing; Securities lending in the financing system of the East Asian region is a common denominator in the development of the securities market to a certain size they are the basis for add to the existing system established; Securities lending financing system needs to consider the establishment of the financial structure, the level of development of the market. regulation; Second, a step-by-step implementation of development financing securities lending, it is necessary to improve the monitoring system.Chapter 3 analyzes financing securities lending transactions carried out, meaning and reality. China's securities market in the city there is an obvious feature of unilateralism, there are the more obvious volatility, volatility, overall financial market volatility and underground nature of the danger and need to introduce financing securities lending. Securities lending is financing the development of the financial derivatives trading system based on the primary market is conducive to the successful issuance of the securities. It is an inherent requirement of improving the stock market ,is conducive to cultivating institutional investors, help promote coordinated development of the money market and securities market. Listed companies in China's securities market, the volume growth is the size of the market and investors. The market scale has been shown. China's stock market has a strong capacity to resist risks in the stock market made big increase. This is a credit to engage in securities transactions in the current conditions.Chapter 4 discusses how the introduction of securities lending financing transactions. When the market-oriented model of the Credit Corporation directly in the management of the current industry conditions, promoting credit finance companies rely on a professional securities transactions difficult. Corporation transaction settlement funds and focus on third-party depository transactions can control the risks.We should set up a stringent trading rules to control credit transactions of various risks, construction of scurities lending and other financing mechanisms. Securities lending income securities financing transactions, while also enlarged enlarged risk, credit risk, market risk, liquidity risk, operational risks, legal risks and systemic risk.IV. The contribution and viewpoint of this thesisThe paper's main points and empirical analysis of the contribution of short selling on the market function. Securities lending mature market for overseas financing transactions conducted in-depth studies and reached a basic experience. China's securities market introduction of a credit transaction, the securities companies should take direct credit market model. Securities lending in China's securities market to introduce a financing transaction, pay attention to guarding against credit risk, market risk, liquidity risk, operational risks, legal risks and systemic risk, paying particular attention to the design of the system of risk control.V. The shortcoming of this thesisThis issue needs further study on the financing mechanism securities lending transaction is something new. and related research are scattered, in this comparative study, data collection and other aspects are still many flaws. It is to be hoped that the teachers and students criticized the correction!... |
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