| With the capital market experienced several decades’ change, the whole securities industry is in the process of from a traditional stock brokerage role to a comprehensive financial services provider, and the stock repurchase financing and the stock pledge financing, the two important securities companies’ loan business have been launched from 2011 and 2013, which injected the new vitality to the securities industry.More than one year, benefits from the efficiency, the study and understanding of stocks and the customer advantage, the financial market based on stock collateral loan business is extremely turned to securities companies, and stock pledge financing business gradually replace the original banks and trust company, which have been become a core business of the securities company’s development. At the same time, the securities industry due to the numerous competitors and the lower the access threshold, it has quickly become a hand to hand combat.Though these kinds of loan business opened a innovation and it has become an important part of the securities company profits, they have defects and shortcomings, such as the interest rate is not stable, capital sourcing difficulty, financing is not flexible and risks.This paper discusses through the rational use of the securities margin trading rules, mainly ETF or blue chip shares as the underlying securities, through the "selling the borrowed securities, financing to purchase the same and settle them both" three steps operation to realize the loan business. It can be an effective solution to the current loan business problems, repay the debts in any time, and expand the subject securities range, and stable financing rates.Through the research on sample investors questionnaire, obtains that loan business of securities companies still have a larger space to grow up and the loan effectiveness meet the market demand will become a key factor in the competition, at the same time in the SWOT analysis, it proves that the financing securities loan under the method of the securities margin trading is feasible and has competitive ability. The paper has formulated the securities margin trading financing mode of securities companies’ loan operation scheme, including content approval process, transaction process, risk control and emergency treatment s.It also points out that the securities margin trading financing as a kind of loan business will face the potential regulatory supervise, lower barriers to entry, not sufficient due diligence and trading source limitation. At last,the margin trading financing are derived and extended, and the possibility of the maximum amount of financing mode is discussed.Although at present the business still has many areas need to explore and perfect, there is no doubt that the securities margin trading financing business implement can further promote and optimize the securities company’s current loan business, including its complementary channel attribute can attract more customers, competitive advantage with the different service, and obtain more profit. |
