市场,至今已经经历了 20于年。在这20年中,
中国的证券金融市场经历了低谷和高峰,但是都在不断完善、成熟、创新中。进入新
千年后,随着国外金融机构的进入以及金融创新的推进,对我国的金融市尝金融机
构形成了极大的挑战,客观上要求我国的金融市场和金融机构能够更快的成熟起来,
参与到国际金融的大家庭中去,抵御住国际资本的冲击
证券公司作为金融市场的一员,特别是我国的证券公司,长久以来由于历史、政
策等的原因已经远远落后于先进国家的证券公司,在国内更是远远落后于银行、保险
等金融机构,这客观上要求证券公司加快成长的步伐,强大起来。为了使证券公司尽
快的成熟起来,强大起来,能够迎接未来更加激烈的竞争,2010年,证券行业迎来了
证券业创新的元年,这一年证券金融市场推出了融资融券业务,该项业务将在一定程
度上改变证券公司被动经营的局面,提高主动经营的能力。融资融券是指证券公司可
以为客户提供资金支持供客户买入标的上市证券,或者给客户提供标的上市证券供其
卖出,证券公司收取佣金和利息,同时提高客户对证券公司的依存度。由于融资融券
业务是一项金融创新业务,它能够给证券公司带来收入,增强证券公司的竞争力,所
以该项业务的竞争特别激烈
国泰君安证券是国内最大的证券公司之一,持有证券行业的全牌照,拥有强大的
资本实力和广大的客户资源,融资融券业务己经走在了国内很多证券公司的前端。但
是,即使是这样,国泰君安证券公司融资融券业务的幵展依然面临着巨大的竞争压力,
稍有不慎就有可能被其它证券公司超越。因为要做好融资融券业务,需要充分综合公
司自身的所有资源,制定合理的战略战术,顾虑到所涉及的主观、客观、宏观、微观
因素,才能找到一套好的幵展融资融券业务的业务模式,包括公司业务战略、具体工
作方法,业务制度、营销模式等
文章通过国泰君安融资融券业务开展的实证分析,主要是通过对融资融券业务的
理论进行阐述,结合国泰君安证券公司融资融券业务的战略、业务营销模式、业务制
度、交易策略、市尝客户等进行综合分析,希望能找到一套更加适合国泰君安证券
公司融资融券业务发展的新模式,形成一个行业规范。有利于证券公司开展融资融券
业务,也有利于客户利用融资融券进行投资,获取更大的经济价值,减少亏损,达到
我国金融市尝金融机构、金融投资者多赢的局面
关键词:金融市场,融资融券,国泰君安证券,金融创新,模式改革
Abstract
Since 1992, China had a securities finance market,hasexperience -d20 years. In these
20 years, China's securities finance market has experienced the trough and the peak, but all
in theconstantlyimprove, maturity, innovation. After two thousand year, with the entry of
foreign financial institutions and financial innovation, to our country's financial markets,
financial institutions has formed great challenge, isnecessary for our country's financial
markets and financial institutions can fas -ter to mature, to participate in the community of
international finance, resist the impact of the international capital market.
Securities Company as a member of the financial markets, especially China's securities
companieshas been far behind the advanced countries in the securities of the company,in-
domesticis far behind the banking, insurance and other financial institutionsbecause
ofhistory, policy and so onfor a long time.lt is necessary for securities companies to speed
up the pace ofgrowth, stronger. As soon as possible in order to make the securities company
to mature, strong, able to meet the future even more fierce competition, in 2010, the
securities industry usher in the first innovation of the securities Indus -try, securities finance
market this year introduced a margin trading, the business will change the passive
management of the securities company to a certain extent, improve the ability of active
manage- ment. Margin refers to the method whereby a securities company may provide
financial support for the customer to buy the underlying listed securities, or listed securities
for it to sell to provide target, commissions and interest of the securities company, at the
same time improve customer dependence of securities companies. Because the margin is a
financial innovation business, it can bring income to the securities company; enhance the
competitiveness of the securities company, so the business competition is particularly
fierce.
GTJA securities is one of the nation's largest securities firm, holds a full license, the
securities industry has a strong capital strength and extensive customer resources, margin
trading has walked in the front end of many securities companies in China. But, even so,
GTJA securities margin trading company development is still faced with the huge pressure
in
of competition, are likely to be affected by any carelessness beyond other securities
company. Because to securities lending and borrowing business, it is necessary to fully
integrated company own all of the resources, develop a reasonable strategy and tactics, and
concerns the subjective, objective, macro and micro factors, to find a good developing
margin trading business model, including the company's business strategy and concrete
working method, system, marketing business model,etc.
Articles by GTJA securities lending and borrowing business to carry out the empirical
analysis, mainly on the theory of margin trading, combined with the GTJA securities
margin trading company marketing strategy, business model, business system, trading
strategies, market, customer and so on carries on the comprehensive analysis, hoping to
find a more suitable for GTJA securities margin trading company in the development of
new pattern, forming an industry standard. For securities firms to carry out margin trading,
also is helpful for clients to use margin to invest, to obtain greater economic value, reduce
losses, to China's financial markets, financial institutions, financial investorsmultive
won situation.
Key Words: Financial markets, Margin. GTJA securities, financial innovation, model
innovation