| I. The purpose and significance of this thesisSecurities lending and securities financing transactions is a mature trading system in overseas securities markets. It is an important basis for the security market exerting its fundamental function. Securities lending and securities financing mechanisms can cushion the volatility in the markets and enhance trading liquidity of the market. 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 at 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 methodIn the first place, this thesis reviews and overviews the research achievement and literatures in the securities lending and securities financing transactions.And then, elaborating the basic concepts of securities lending and securities financing transactions, and researching the influence of securities lending and securities financing transactions in HongKong stock market with empirical analysis method. Then, it analyzes the securities lending and securities financing transactions of China and overseas with comparative study method,and points out the differences of this system between these countries. At last, proposing some policy recommendations to perfect China' securities lending and securities financing transactions system.This thesis developed market system primarily-through a comparative study of 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 is theoretical research and empirical research, in order to achieve a tight and complete analysis.III. Main content of this thesisThe main content of this paper is divided into six chapters.The first chapter is divided into two sections, reviewing and overviewing the research achievement and literatures in the securities lending and securities financing transactions system. For this system has established for a long time in developed, securities markets,the researches in main foreign countries focus on empirical analysis field.On the contrary,the domestic scholars'research achievements focus on normative research stage.The second chapter comprises three sections, expounded the equity financing transactions securities lending content, features and functions. Securities lending securities financing transactions with financial leverage, the dual characteristics,dredge funds, credit control and with the principle of spotting trading.Its active role in price formation mechanism is to improve and enhance the rate of fairness, enhance market liquidity and consistency; to widen the investment channels,shunt bank savings;to enhance the assets'liquidity of security company, impetus the innovation of profit model; to promote the development of institutional investors, the ability to deduce 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, to research the influence of securities lending and securities financing transactions in HongKong stock market with empirical analysis method, verify the function of cushion the volatility of this transaction system.Chapter 3,Chapter 4,Chapter 5 analyzes the securities lending and securities financing transactions of China and overseas in operation mode,the basis of micro-operation,macro-regulatory system and mechanism with comparative study method, and points out the differences of this system between these countries. The conclusion is that each country should establish the securities lending and securities financing transactions system which can suited to their own national conditions. Only this, it can exert the transactions system'active role and avoid the negative effect at the same time.Chapter 6 proposes some policies recommendations to perfect China' securities lending and securities financing transactions system.IV. The contribution and viewpoint of this thesisThis paper researches the influence of securities lending and securities financing transactions in HongKong stock market with empirical analysis method, verify the function of cushion the volatility of this transaction system. It analyzes the securities lending and securities financing transactions of China and overseas in operation mode,the basis of micro-operation,macro-regulatory system and mechanism with comparative study method,and points out the differences of this system between these countries and the causes of generating these differences.The author deems that each country should establish the securities lending and securities financing transactions system which can suited to their own national conditions. Only this, it can exert the transactions system'active role and avoid the negative effects. At the same time, the paper reviews and overviews the research achievement and literatures in the securities lending and securities financing transactions system systematic and comprehensive, to make the paper more substantial and convincing.V. The shortcoming of this thesisFor the securities lending and securities financing transactions system is one new thing in China, it is at the pilot stage today, the domestic scholars'research achievements focus on normative research stage, the empirical analysis is nearly blank, the empirical analysis achievements of some domestic scholars which uses the data of HongKong or Taiwan security market can not represent the China market. By reviewing and overviewing the research achievement and literatures in the securities lending and securities financing transactions system, the paper summaries several methods of empirical analysis, once the China domestic implements the securities lending and securities financing transactions system and produces related data, we can use this data to research the topic with the empirical analysis method further. Overall, the related research are scattered, in this comparative study, data collection arid other aspects are still many flaws. It is to be hoped that the teachers and students criticized the correction!... |
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