| As an important credit transaction method,margin financing and securities lending plays an important role in improving the market mechanism,activating the securities market,increasing investment methods,and improving the efficiency of capital utilization.In March 2010,China officially launched a trial for margin financing and short selling.This institutional innovation has changed the lack of short-selling mechanism in China's securities market and provided investors with a new trading model and profitability tool.After eight years of development,the number of securities under financing and securities lending was expanded from 90 to 975,and the balance of margin financing and securities lending was from zero to a daily average of trillion.The development of innovative services,such as margin financing and securities lending,provides small and medium-sized securities companies with development opportunities to expand their own businesses.However,in the development of margin financing and securities lending business,there have also been problems such as the homogenization of the development model of the financial business,the huge gap between the financing transaction and the short selling transaction,and the single product issue.Under the background of deepening financial reforms and encouraging the development of brokerage business innovation,the government will resolve the development of a securities dealer's margin financing and securities lending business through analysis,and provide development reference for medium and small-sized securities firms to catch up with large and medium-sized securities companies through innovative businesses.This article takes the development of Zheshang Securities margin financing and securities lending business as an example.Based on summarizing the current status of domestic and foreign margin financing and securities lending business,it uses methods such as literature induction and quantitative analysis.To sort out the current practices and operating conditions of the securities and securities lending business in the aspects of customer development,business operations,and risk control,etc.Analyze the business innovation system formed by the Zheshang Securities' s margin financing and securities lending business in terms of fund sources,departmental cooperation,and risk control.It also clarified that there are problems in the development of margin financing and securities lending business,such as unbalanced development of financing and securities lending business,capital bottlenecks,regionalized operations,and single product.Based on the experience in the development of margin financing and securities lending business at home and abroad,Zheshang Securities put forward development countermeasures and suggestions for the development of the two financing businesses and provided reference for small and mediumsized securities companies to develop innovative services such as margin financing and securities lending.This article through the innovation analysis of the Zheshang Securities margin financing and securities lending business,has a strong guiding role in achieving the innovation and development of the securities industry,improve the securities market trading mechanism,and has a good practical significance for the development and transformation of small and medium-sized securities companies. |
