融资融券风险解析  

An Analysis of the Risk of Securities Margin Trading

作　　者：张渝[1] 

机构地区：[1]绵阳师范学院经济与管理学院,四川绵阳621006

出　　处：《绵阳师范学院学报》2016年第10期35-39,64,共6页Journal of Mianyang Teachers＇ College

基　　金：绵阳师范学院教改项目"经管专业信息经济学课程定位及教改设计"(Mnu-JY1313)

摘　　要：作为一种金融衍生工具,融资融券业务对投资者及证券公司具有不同的效应。对于投资者,会放大其盈利或亏损,放大倍数取决于保证金比例。保证金比例越低,放大作用越强。投资者获得盈利或亏损,取决于其对后期走势的预判是否正确。对于证券公司,该项业务会带来稳定的无风险收益。通过融资融券业务对参与各方所产生效应的比较分析,有助于正确认识金融服务与经济发展的关系,厘清金融创新的发展思路。As a financial derivative, margin purchase and short sale transaction affects investors companies differently. The margin trading could enlarge investors＇ both profits and losses. Enlargem and securities ent factor depends on margin ratio. The lower is the ratio, the greater is the enlargement factor. The investor＇s return is subject to whether he could forecast the late market trend correctly. In addition, the margin trading could contribution risk - free incomes to securities companies steadily. To compare the effects of the margin trading, it is helpful to correctly understand the relationship between economic developments and financial services, and clarify the train of thought of financial innovations.

关 键 词：融资融券 风险 保证金制度 标准差 机制设计 

分 类 号：F830.91[经济管理—金融学]