The Study Of A Securities Company's QFII Client For Participation Of Margin Financing And Securities Borrowing/Lending

After the reform and opening up,the rapid development in the past three decades in the 1990 s has basically shaped the structure of China's capital market in multiple levels and wide areas..This is a new historical period for the development of the domestic capital market.All market participants,especially securities companies,are in a critical period of business transformation and development.The Shanghai and Shenzhen stock exchanges have proposed constructive aspects of new regulations on the science and technology board and the GEM(Growth Enterprice Market)respectively.The amendments have made the original margin financing/re-financing businesses(margin financing,securities borrowing/lending and refinancing business)facing new business development opportunities for QFII and other overseas institutional investors to better participate.This paper takes A Securities Company as an example,systematically analyzes the development status and core competitive elements of the margin financing/re-financing services of A Securities Company by using the value chain analysis tool in basic competitive strategy framework theory,and focuses on the use of resource-based theory Analytical models such as RBV(Resourced Based View)VRIO(Value,Rarity,Imitability,Organization)tool for identifying the competitive strength and business opportunities for A Securities Company 's external business development in the current new policy environment;according to the current QFII client field of the company 's traditional advantages,it combs how to further promote the specific direction of the margin financing/re-financing businesses and explores the construction under the existing system QFII's participation in the margin financing/re-financing business scenarios and the main operational risks,and ultimately build a complete and effective solution for QFII client participation in financing and securities lending business program system.A perfect securities company QFII customer Margin/Re-financing business plan will help to improve the service capacity of securities companies provided to QFII clients,will reduce the operating risk of leveraged businesses including securities lending business,and will effectively protect the rights and interests of foreign institutional investors such as QFII.It would also promote the healthy and steady development of the Chinese securities industry.Such research would also provide a practical reference for the industry's standards for serving overseas institutional clients,and it has proven the universal application of Porter's theoretical framework stated in his Competition Strategy.