融资融券授信模式及其对证券市场影响

Influence on Security Exchange of Raising Funds and Stocks

在当前的估值水平下,融资融券业务不会对二级市场产生大的负面冲击,一旦市场出现泡沫,融券做空机制将在一定程度上限制市场的泡沫程度。融资融券业务开展初期还会刺激股票市场换手率上升。在结构性方面,会引起标的股票的市场关注程度提高,并对绩差股有长期不利影响。获试点资格的券商以及银行板块上市公司将从中受益。融资融券对投资者的影响体现在提供了新的盈利模式并有助于价值投资理念的强化。

By the estimated value nowadays, the raising funds and stocks will not cause great negative impact to the second market. Once bubble occurs, the raising stock short hedge mechanism will limit the bubble in the market to a certain degree. To raising funds and stocks will increase the turnover rate in the stock market. In structure, it will increase the market analyst follow- ing on underlying stocks and lead long negative impact to the bad performance stock. The selected quasi-stock companies and bank listed companies will benefit from it. The influence of raising funds and stocks on investors lies in the offer of new benefit model and can strengthen the perception of investment.