| Having developed for 20 years, Chinese securities Dealers'System is more complete now .The Securities companies, which are operating orderly, have good asset quality and high profitability. They become more and more important in Chinese financial market. But they have many difficulties, companied with the complete financing courses of Chinese banks, insurance companies and trust companies. It limits the securities dealers` financial function and effects the complete frame of Chinese financial System. As same as the commercial bank, insurance companies and trust companies, the securities dealers and the professional financial institutions, which enforce equity -debt ratio management and risk management. They are different in functions and place from the other financial institutions in the market, but we can not deprive their financing status in the domestic fundamental financial market just because of this. According to the history, Chinese securities dealers have many problems in financing. From 1998,the voile, of the securities dealers financing sources ,becomes much higher. In 1999, several laws and policies to encourage securities dealer'financing have been constituted. The leaders have found the importance of this problem and got the necessary plan to settle it. Under this background, quartiles the securities dealers'financing demand, studies the successful experience from abroad, paradels the main ways of the securities dealers' financing, presents the conception of constructing the financing model of Chinese securities dealers and has much significance in the theory and reality.The article includes four chapters.In first chapter, we can understand the content of the securities dealer and the meaning of developing securities dealer. Securities dealer is refer to the securities management institution in China. Accompany with the development of Chinese security market and the consummation of the laws, the range of the securities dealer is different now. After the 'separation of Banking and Security'and the 'separation of Security and Trust 'with the Commercial Banking Act'and the Security Act'into effect, the Securities dealer is refer to the securities company which operates the securities business only in this article. Securities dealer is a financial institution, meanwhile it is a financial enterprise which operates by itself, risk by itself and keep by itself. It is an important part in the whole security market, possessing the function of participation campus .It is also a bridge between the investors and the financiers in the security market. The function and quality of the securities dealer is being realized now, at the same time the scientific and ruling of the securities dealer'system is being completed. Constructing the financing model of the Securities dealers becomes a significant systematic project. It is help the securities dealer to role itself in the financial market. It is help to complete Chinese financing and financial system. It is help the central bank to enforce the financial adjustment and control in the market, to create the marketing environment .It is help Chinese securities company participate international competition. And it is help for Chinese industry reform.We discuss the general theory of securities dealer financing, and summarize the properties, the method and the structure of the securities dealer financing. Dealer–financing is defined as the process when the dealers try to raise funds to reach their aims. As a special financial institution, the security dealer is strictly regulated over equity capital when it is established for the purpose of safety. To meet the legal requirement on capital, the security dealers have an interior need for financing. Furthermore, the traditional business and quickly changing modern business have new requirements on the capability raise funds, the scale of financing and the structure of it. The way of financing can be classified according to various directions. The factors, which affect the security dealers' choice on th... |
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