融资融券业务研究:一个文献综述  

Literature Review on Margin Financing Business

作　　者：王敏[1] 黄新莹 黄超[3] WANG Min HUANG Xinying HUANG Chao(School of Accounting, Shandong University of Finance and Economics, Jinan 250014, China Department of Economic Management, Heze Vocational College, Heze 274031, China School of Accounting, Shanghai University of Finance and Economics, Shanghai 200433, China)

机构地区：[1]山东财经大学会计学院,山东济南250014 [2]菏泽职业学院经济管理系,山东菏泽274031 [3]上海财经大学会计学院,上海200433

出　　处：《山东财经大学学报》2017年第1期1-10,共10页Journal of Shandong University of Finance and Economics

基　　金：国家自然科学基金项目"上市公司IPO发审监管效率的研究:基于‘关系’与‘舆情’视角的分析"(71372038);上海财经大学研究生创新基金项目"卖空机制下的诉讼风险与审计收费研究"(2015110649)

摘　　要：作为一种创新型市场交易机制,融资融券业务在证券市场上发挥着重要作用。相关文献的现有研究大都基于不同的理论基础,研究视角具有一定的局限性,而且研究结论并不统一。我国融资业务和融券业务同时实施且融资业务长期占据主导地位,但国内学者大都只关注融券业务实施的经济后果,往往忽视了对于融资业务和融资融券失衡现象的考察。通过系统梳理国内外相关文献,对融资融券业务的基本概念、制度背景、实施动因以及经济后果等方面的研究成果进行了总结,探讨了该领域研究存在的问题,提出了相关对策建议。As an innovative market trading mechanism, margin trading business plays a vital role in~ stock markets. The existing researches on relevant literature are based on different theoretical basis, limited in study perspectives, and have no unified research conclusions. In China, financing business and margin business are simultaneously implemented with the former holding a long-term dominant position, but most domestic scholars focus only on the economic consequences of margin business, thus ignoring the investigation of the imbalance between financing business and margin financing business. By systematically sorting out the relevant literature at home and abroad, this paper sums up the research findings on margin financi background, implementation motivation and economic consequences, ng di business in its basic concept, institutional scusses the problems existing in this field, and puts forward the possible future research directions and related policy suggestions.

关 键 词：卖空机制 融资融券 定价效率 崩盘风险 公司治理 

分 类 号：F380.91[经济管理—产业经济]