L证券公司融资融券业务方案设计
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摘要
融资融券交易又称“证券信用交易”,自2010年3月我国融资融券业务正式推出,目前已经有25家证券公司获批开展融资融券业务的试点工作。从目前国际市场融资融券业务的发展来看,融资融券业务必将成为我国证券公司一个丰厚的利润增长点。这对于目前正处于收入结构调整阶段的L证券公司来说,融资融券业务的开展无疑是一个不可错过的机会。
目前整个行业对于融资融券业务的理解和展业模式的管理还停留在摸索阶段,即使初期试点的25家证券公司,在业务扩展上,也是小规模的尝试。对于如何根据融资融券业务特点进行组织架构设计,风险控制,客户选择及产品定价等方面的理论基础和实践经验还都不成熟。而这些却恰恰又是融资融券业务在我国能否长期发展下去的决定因素。正是基于以上观点,本文试图从组织架构设置,风险控制,业务推广,客户关系管理,信息化建设,产品定价等方面阐述融资融券业务展业所应采用的业务方案。
融资融券不同于传统的通道与资讯服务的经纪业务,它具备一定的信贷关系,同时对于投资收益也具有杠杆放大效应。这些特征决定了融资融券业务在方案设计方面不能简单遵循以往传统经纪业务模式。本文的整体方案充分考虑了融资融券业务的这一特征,使方案开展更符合业务特征。当然,由于目前国内还没有成熟的管理模式可供参考,方案设计方面缺少足够的实践基础做支撑。因此,整个方案的可行性方面还需要在以后的展业过程当中加以验证。
Since the launch of margin trading business in March2010,25securities firms have engaged in margin trading qualifications. Through the international financing business research, it is not difficult to draw the margin financing business will give our country securities companies to bring new profit growth point. L securities company is currently in the adjustment phase of the revenue structure, the margin trading business is undoubtedly an opportunity not to be missed.
Margin business is still in early stages of development, Although there are25Securities companies in the pilot work of the margin trading business, but the overall business scale and impact is still relatively small. Lack of experience in organizational structure, risk control, customer marketing, and product pricing, these experiences is to determine the determinants of the margin trading business in China long-term steady development go. It is based on the points mentioned above, this article attempts to set up the organizational structure, risk control, business promotion, customer relationship management, information system, product pricing, and other aspects margin business feasibility of the program design.
However, the margin trading business is different from the traditional brokerage business of securities companies. Securities companies and investors have a lending relationship, At the same time, investment results have the leverage amplification effect. These properties determine the margin trading business in program design can not simply follow the traditional brokerage business model. The overall program is fully taking into account these features of the margin trading business. But, not yet a mature management model available for reference, the program design will inevitably lack the practical basis. Therefore, the feasibility of the program also need to be verified after the exhibition industry process.
目前整个行业对于融资融券业务的理解和展业模式的管理还停留在摸索阶段,即使初期试点的25家证券公司,在业务扩展上,也是小规模的尝试。对于如何根据融资融券业务特点进行组织架构设计,风险控制,客户选择及产品定价等方面的理论基础和实践经验还都不成熟。而这些却恰恰又是融资融券业务在我国能否长期发展下去的决定因素。正是基于以上观点,本文试图从组织架构设置,风险控制,业务推广,客户关系管理,信息化建设,产品定价等方面阐述融资融券业务展业所应采用的业务方案。
融资融券不同于传统的通道与资讯服务的经纪业务,它具备一定的信贷关系,同时对于投资收益也具有杠杆放大效应。这些特征决定了融资融券业务在方案设计方面不能简单遵循以往传统经纪业务模式。本文的整体方案充分考虑了融资融券业务的这一特征,使方案开展更符合业务特征。当然,由于目前国内还没有成熟的管理模式可供参考,方案设计方面缺少足够的实践基础做支撑。因此,整个方案的可行性方面还需要在以后的展业过程当中加以验证。
Since the launch of margin trading business in March2010,25securities firms have engaged in margin trading qualifications. Through the international financing business research, it is not difficult to draw the margin financing business will give our country securities companies to bring new profit growth point. L securities company is currently in the adjustment phase of the revenue structure, the margin trading business is undoubtedly an opportunity not to be missed.
Margin business is still in early stages of development, Although there are25Securities companies in the pilot work of the margin trading business, but the overall business scale and impact is still relatively small. Lack of experience in organizational structure, risk control, customer marketing, and product pricing, these experiences is to determine the determinants of the margin trading business in China long-term steady development go. It is based on the points mentioned above, this article attempts to set up the organizational structure, risk control, business promotion, customer relationship management, information system, product pricing, and other aspects margin business feasibility of the program design.
However, the margin trading business is different from the traditional brokerage business of securities companies. Securities companies and investors have a lending relationship, At the same time, investment results have the leverage amplification effect. These properties determine the margin trading business in program design can not simply follow the traditional brokerage business model. The overall program is fully taking into account these features of the margin trading business. But, not yet a mature management model available for reference, the program design will inevitably lack the practical basis. Therefore, the feasibility of the program also need to be verified after the exhibition industry process.
引文
1周荣.融资租赁信托计划的定价问题研究.浙江大学经济学院[J].2008
1史春魁.金融风险管理理论论述.和田师范专科学校学报：汉文综合版[J].2007年3期
2李永浩.中国建设银行济宁分行大客户管理方案研究[D].山东大学.2005
1黄少娜.证券公司开展融资融券业务研究.经济与社会发展[J].2010年8期
1行业信息.中国证券业协会网站.http://www.sac.net.cn/newcn/home/info_detail.jsp?info_id=1320806354100&info_type=CMS.STD&cate_id=1210 243478100
[1]希特.战略管理：概念与案例(吕巍,译)[M].8版.北京：中国人民大学出版社.2009.
[2]菲利普,科特勒,凯勒.营销管理(梅清豪,译)[M].北京：中国人民大学出版社.2001.
[3]约翰,米勒斯.股价指数期货与期权(寰宇财务顾问公司,译)[M].北京：经济科学出版社.2000.
[4]工方华,吕巍.战略管理[M].北京：机械工业出版社.2008.
[5]米什金,埃金斯.金融市场与金融机构(张荣,刘波译)[M].北京：机械工业出版社,2008.
[6]中国银行国际金融研究所课题组.新一轮市场化改革—“十二五”金融改革热点探讨[M].人民出版社.2010.
[7]洪志勇.融资融券风险法律控制比较研究[D].上海交通大学.2010.
[8]中国证监会法律部.证券公司监督管理条例证券公司风险处置条例释义[M].2008.
[9]黄晓.融资融券业务对我国证券公司的影响研究[D].首都经济贸易大学.2010.
[10]李群.中国证券公司服务价值提升研究[D].山东大学.2010.
[11]韩萌.我国证券公司风险管理体系设计[D].中国政法大学.2010.
[12]哈格.《信息时代的管理信息系统》(原书第6版)[M].机械工业出版社.2007.
[13]严薇,赵宏宇.《企业信息化管理创新探析》《中国市场》[J].2007年52期.
[14]成红,郑家祥.《业务流程再造与IT技术的关系》《电子科技大学学报(社科版)》[J].2000年01期.
[15]国泰君安证券研究所.证券业业绩超预期佣金率下降[J].20110118.
[16]刘海龙,王惠.金融风险管理[M].中国财政经济出版社.2009.
[17]陆岷峰.商业银行产品定价[M].北京：中国人民大学出版社.2005.
[18]朱翼.积极发展我国证券经纪业务[M].华东经济管理.2004,(3).
[19]王滨.我国券商盈利模式的现状及改善对策[M].当代经济.2005,(5)
[20]中国证券业协会.融资融券业务知识手册[M].中国财政经济出版社.2006.
[21]李艳.融资融券法律机制研究.法律出版社[M].2011.
[22]皖君.融资融券.中国科学技术出版社[M].2008.
[23]中国证券监督管理委员会公.证券公司融资融券业务管理办法[Z].2011.
[24]中国证券业协会.融资融券交易风险揭示书必备条款[Z].2006.
[25]中国证券业协会.融资融券合同必备条款[Z].2006.
[26]上海证券交易所.上海证券交易所融资融券交易实施细则[Z].2011.
[27]深圳证券交易所.深圳证券交易所融资融券交易实施细则[Z].2011.
[28]Morck.R,Yeung,Yu W. The information content of stock markets:why do emerging markets have synchronous stock price movements. Journal of Financial Economics,2000.
[29]Amihud,Yakov and Haim Mendelson, Illiquidity and Stock Returns, Financial Analysts Journal,1986, (42).
[30]Nelson Conditional Heteroskedastieity in Asset Returns A New Approach[J] . Eeonometriea.1991.
[31]Ray Y, Chou,Jie-Haun Lee et al. The effect of futures introduction on market volatility and information transmission. Journal of Financial Studies,2002,(8).
[32]Morgan J P. Risk Metric Technical Document[M]. New York.1995.
[33]中国证券登记结算有限责任公司.中国证券登记结算有限责任公司融资融券登记结算业务实施细则[Z].2011.
[34]上半年国民经济保持平稳较快增长.国家统计局网站.http://www.stats.gov.cn/was40/gjtjj_detail.jsp?channelid=5705&record=9955.
[35]证券期货监督管理信息公开目录.中国证券监督管理委员会网站.http://www.csrc.gov.cn/pub/zjhpublic/..
[36]数据服务.中国金融期货交易所网站.http://www.cffex.com.cn/fzjy/tjsj/ndtj/.
1史春魁.金融风险管理理论论述.和田师范专科学校学报：汉文综合版[J].2007年3期
2李永浩.中国建设银行济宁分行大客户管理方案研究[D].山东大学.2005
1黄少娜.证券公司开展融资融券业务研究.经济与社会发展[J].2010年8期
1行业信息.中国证券业协会网站.http://www.sac.net.cn/newcn/home/info_detail.jsp?info_id=1320806354100&info_type=CMS.STD&cate_id=1210 243478100
[1]希特.战略管理：概念与案例(吕巍,译)[M].8版.北京：中国人民大学出版社.2009.
[2]菲利普,科特勒,凯勒.营销管理(梅清豪,译)[M].北京：中国人民大学出版社.2001.
[3]约翰,米勒斯.股价指数期货与期权(寰宇财务顾问公司,译)[M].北京：经济科学出版社.2000.
[4]工方华,吕巍.战略管理[M].北京：机械工业出版社.2008.
[5]米什金,埃金斯.金融市场与金融机构(张荣,刘波译)[M].北京：机械工业出版社,2008.
[6]中国银行国际金融研究所课题组.新一轮市场化改革—“十二五”金融改革热点探讨[M].人民出版社.2010.
[7]洪志勇.融资融券风险法律控制比较研究[D].上海交通大学.2010.
[8]中国证监会法律部.证券公司监督管理条例证券公司风险处置条例释义[M].2008.
[9]黄晓.融资融券业务对我国证券公司的影响研究[D].首都经济贸易大学.2010.
[10]李群.中国证券公司服务价值提升研究[D].山东大学.2010.
[11]韩萌.我国证券公司风险管理体系设计[D].中国政法大学.2010.
[12]哈格.《信息时代的管理信息系统》(原书第6版)[M].机械工业出版社.2007.
[13]严薇,赵宏宇.《企业信息化管理创新探析》《中国市场》[J].2007年52期.
[14]成红,郑家祥.《业务流程再造与IT技术的关系》《电子科技大学学报(社科版)》[J].2000年01期.
[15]国泰君安证券研究所.证券业业绩超预期佣金率下降[J].20110118.
[16]刘海龙,王惠.金融风险管理[M].中国财政经济出版社.2009.
[17]陆岷峰.商业银行产品定价[M].北京：中国人民大学出版社.2005.
[18]朱翼.积极发展我国证券经纪业务[M].华东经济管理.2004,(3).
[19]王滨.我国券商盈利模式的现状及改善对策[M].当代经济.2005,(5)
[20]中国证券业协会.融资融券业务知识手册[M].中国财政经济出版社.2006.
[21]李艳.融资融券法律机制研究.法律出版社[M].2011.
[22]皖君.融资融券.中国科学技术出版社[M].2008.
[23]中国证券监督管理委员会公.证券公司融资融券业务管理办法[Z].2011.
[24]中国证券业协会.融资融券交易风险揭示书必备条款[Z].2006.
[25]中国证券业协会.融资融券合同必备条款[Z].2006.
[26]上海证券交易所.上海证券交易所融资融券交易实施细则[Z].2011.
[27]深圳证券交易所.深圳证券交易所融资融券交易实施细则[Z].2011.
[28]Morck.R,Yeung,Yu W. The information content of stock markets:why do emerging markets have synchronous stock price movements. Journal of Financial Economics,2000.
[29]Amihud,Yakov and Haim Mendelson, Illiquidity and Stock Returns, Financial Analysts Journal,1986, (42).
[30]Nelson Conditional Heteroskedastieity in Asset Returns A New Approach[J] . Eeonometriea.1991.
[31]Ray Y, Chou,Jie-Haun Lee et al. The effect of futures introduction on market volatility and information transmission. Journal of Financial Studies,2002,(8).
[32]Morgan J P. Risk Metric Technical Document[M]. New York.1995.
[33]中国证券登记结算有限责任公司.中国证券登记结算有限责任公司融资融券登记结算业务实施细则[Z].2011.
[34]上半年国民经济保持平稳较快增长.国家统计局网站.http://www.stats.gov.cn/was40/gjtjj_detail.jsp?channelid=5705&record=9955.
[35]证券期货监督管理信息公开目录.中国证券监督管理委员会网站.http://www.csrc.gov.cn/pub/zjhpublic/..
[36]数据服务.中国金融期货交易所网站.http://www.cffex.com.cn/fzjy/tjsj/ndtj/.