【正文】 rategy of trading目 錄摘要ABSTRACT第1章 緒論 ………………………………………………………………………………………………..…1 選題背景與研究意義 ................................................................................................1 研究思路與方法 ........................................................................................................2 創(chuàng)新之處與不足 ........................................................................................................2第2章 我國融資融券的現(xiàn)狀 ………………………………………………………………………….….3 我國融資融券的現(xiàn)狀 ................................................................................................3 融資融券的介紹 ..............................................................................................3 融資融券交易與普通證券交易的差異 ..........................................................4 我國融資融券的特點(diǎn)................................................................................................5 我國融資特點(diǎn)的分析 ......................................................................................5 我國融券特點(diǎn)的分析 ......................................................................................6第3章 融資融券業(yè)務(wù)的主要模式 ……………………………………………………………………….8 以美國為代表的市場化模式 ....................................................................................8 以日本為代表的集中授信模式 ................................................................................8 以中國臺(tái)灣為代表的雙軌制模式 ............................................................................9第4章 融資融券政策對(duì)證券市場的影響 …………………………………………………….11 融資融券政策對(duì)證券市場運(yùn)行的影響 ..................................................................11 對(duì)市場波動(dòng)性的影響 ....................................................................................11 對(duì)市場流動(dòng)性的影響 ....................................................................................11 融資融券政策對(duì)各個(gè)機(jī)構(gòu)的影響 ..........................................................................12 對(duì)證券公司的影響 ........................................................................................12 對(duì)商業(yè)銀行的影響 ........................................................................................14 對(duì)基金公司的影響 ........................................................................................14第5章 融資融券政策對(duì)投資者投資策略的影響 …………………………………………………..16 融資融券政策對(duì)投資者的主要影響 ......................................................................16 融資融券對(duì)投資策略選擇的影響 ..........................................................................17 融資融券風(fēng)險(xiǎn)下投資策略的影響 ..........................................................................21 在保護(hù)投資者方面可能存在的漏洞 ......................................................................23第6章 研究結(jié)論及政策建議 ……………………………………………………………………………29 主要結(jié)論 ..................................................................................................................29 政策建議 ..................................................................................................................29第7章 展望 …………………………………………………………………………………………………30參考文獻(xiàn) ……………………………………………………………………………………………………...31致 謝 …………………………………………………………………………………………………………..32圖目錄圖11 上證指數(shù)月K線圖………………………………………………………………………..1圖31 美國市場化模式………………………………………………………………………….8圖32 日本集中授信模式……………………………………………………………………….9圖33 臺(tái)灣雙軌制模式………………………………………………………………………...10圖51 浦發(fā)銀行2012年1月至7月走勢情況…………………………………………………16圖52 2012年10月至2013年3月融資融券余額情況………………………………………23表目錄表21 總結(jié)融資融券與普通證券交易的差異………………………………………………….5表41 融資融券對(duì)市場波動(dòng)性的影響………………………………………………………...11表42 2013年第一季度部分證券公司融資融券業(yè)務(wù)利息收入占比統(tǒng)計(jì)…………………...13表51 浦發(fā)銀行2012年12月至2013年3月融資融券交易情況…………………………..24 第1章 緒論 選題背景與研究意義2010年3月30日，上交所、深交所分布發(fā)布公告，表示將于2010年3月31日起正式開通融資融券交易系統(tǒng)，開始接受試點(diǎn)會(huì)員融資融券交易申報(bào)。 Protect investors。關(guān)鍵詞：融資融券；賣空；保護(hù)投資者；轉(zhuǎn)融券；交易策略MARGIN POLICY ANALYSIS OF THE IMPACT ON THE STOCK MARKET AND INVESTMENT STRATEGYABSTRACTMargin trading, also known as credit transactions, means investors provide collateral to the pany’s securities for margin trading business qualification, to borrow funds to purchase securities or borrow securities to sell. The introduction of margin trading business, have a plex impact on the securities market and investment strategy. For the stock market itself, the introduction of margin trading business, is conducive to stabilizing the market, reduce market volatility and price discovery function. For the participation of the main stock market, the introduction of the margin is conducive to the increased interest ine from brokerage, revenue diversification. For us ordinary investors, the introduction of margin trading, brought us a new profit model. Our early development of the securities market, investors rely on experience to earn profits, margin trading requires us ordinary investors a good grasp of this investment tool. Overall, the margin policy has a plex impact on the stock market and investment strategy. Detailed analysis will be behind.This article through the impact of margin trading on the securities market and investor’s investment strategy analysis and investigation, and discuss our country margin trading policies may face challenges and looking for loopholes that may exist in the protection of investors.This article first the status of the implementation of margin, and analyzed its characteristics and the different modes of overseas margin policy. The second part discuss the impact of the margin policy on securities market price, brokerage revenue diversification analysis. Part three standing on an ordinary investor’s point of view, the impact of this policy on investor trading strategies and new profit model analysis, bined with the traditional mode of China’s securities market, discuss margin policy is whether or not protect better the interests of ordinary investors.KEYWORDS: Margin。第三部分站在一個(gè)普通投資者的角度，這一政策對(duì)投資者的主要影響和融資融券對(duì)投資者交易策略的影響和融資融券的特殊風(fēng)險(xiǎn)下投資者投資策略的影響進(jìn)行分析，并結(jié)合中國證券市場的傳統(tǒng)模式下，討論融資融券政策有沒有更好的保護(hù)普通投資者的利益。本文首先對(duì)中國A股市場和融資融券在我國推行的現(xiàn)狀進(jìn)行分析，并對(duì)我國融資融券的特點(diǎn)進(jìn)行分析，及海外融資融券政策的不同模式，舉出美國市場化授信模式、日本集中授信模式和中國臺(tái)灣雙軌制模式的優(yōu)勢與不足。具體會(huì)在后面進(jìn)行詳細(xì)的分析。與我們證券市場發(fā)展初期，投資者靠經(jīng)驗(yàn)來賺取利潤所不同，融資融券