Research On The Margin Trading Business Of Securities Companies In China

Securities market in our country after decades of evolution, although it is short of marketization, but constantly enrich various investment products innovation, constantly innovation and perfect the monetary Institution, the credit trading setup preliminary build, market supervisory system is gradually mature, has been completely have all necessary terms about development of credit transactions. The import of short selling mechanism in our country caused a great stir in the securities market, its profound and huge, investors’ enthusiasm also rising rapidly in short. Two melts the launch of the trading system to a certain extent, can effectively play to the resource allocation function, smooth degree of fare hike in our securities market and achieve the price discovering in order to assists clients to evade trading hazard and prevent the share price undulation. Securities companies, as one of important market participants in the process of securities margin, the securities firm can obtain stable interest and commission income not only, also be able to change the operation model and innovate product in order to obtain more profits. Therefore, to find and solve our country securities company to carry out the two financial transactions are faced with the problem of the securities market is a top priority.Report from the domestic and foreign literature research and practice, the current problems of securities margin and risk assessment of research rarely, specifically for research is few of securities companies in our country, the author hope that through this article research, to the study of the theory of the risk of securities margin find a small breakthrough, to clarify the securities margin trading companies are faced with the problem and risk, further guide the actual business development direction, to ensure a virtuous circle in China securities market and healthy development.This paper combines the actual conditions of our country securities market condition and social economic and cultural background, we targeted research the present situation of margin trading of securities companies in China. The research suggests that the import of short sales trading, introducing brings positive effect to the development of China’s brokerage, greatly increased spreads and pilot manage commission revenue, and makes the pilot brokerage customers more diversified, in the meantime also contributed to the benign competition between brokers. But we can also see the securities lending and borrowing business launch in to bring new business models and brokerage profit growth also brought some to brokerage business problems and risks. At present, the main business of the securities company to carry out the two melting are faced with the problem is a margin is the overall size is still small; The second is lack of varieties of securities business development; The third is the development financing, securities polarization serious; The fourth is interest rate and borrowing rate are too high; The fifth is to increase the risks of securities two financial transactions.In the qualitative analysis the present situations of our securities companies to carry out margin trading and are faced with the problem. In this paper, the GuoYuan securities margin trading company situation and problems of empirical research on marching and risk as the breakthrough point, using the data from the real business based on fuzzy comprehensive evaluation method, to apply quantitative analysis to credit risk of margin trading and obtain interrelated results. This paper compares the foreign developed capital market securities short sale business transaction mode, select the diversified credit mode, Japan’s "single" centralized credit model and Chinese Taiwan "double-track" centralized credit model, and these three classic mode of operating system, merit and demerit of every mode selection reason carried on the minute comparative study, summarized on the basis of this analysis, it provides valuable experience for securities companies in the future development in China. After analysis of the overseas business management pattern, And on this basis, the article USES the method of normative analysis, securities companies in China are put forward according to the existing problems in the margin trading policy advice, to some extent, hope to be able to control the risk of margin trading, avoid or reduce the problem of margin trading, to the securities company of good operation, sound development of securities market to provide certain indicative price.