摘 要:融资融券是在发达国家证券市场广泛开展的一项业务，是证券市场走向成熟的标志。我国从完全禁止到开禁试点再到2010年3月31日正式开展融资融券业务，经历了很长时期。融资融券业务的开展是完善我国证券市场的重要举措，不仅有利于提高我国市场的流动性，扩大投资者和券商的收益，还可以促进市场自由化发展。但是融资融券业务带来益处的同时也带来了许多风险，比如放大投资者损失，加剧市场波动等等。因此，要想充分发挥融资融券业务给我国证券市场带来的影响，必须要有效地控制其风险。
本文主要通过对国外风险控制的经验研究对比，结合我国的一些具体情况提出一些针对我国市场的风险控制对策。文章介绍了融资融券业务开展以来在我国的发展情况和不足。通过对发展现状的描述提出目前我国融资融券业务存在哪些值得关注的风险。在文章的第二章及第五章介绍了在美国的直接授信模式、日本的集中授信模式和台湾的双轨制模式下，各国家或者地区是如何完善监管体制，控制业务的风险，通过的不同模式下风险控制措施的比较，找出成熟市场风险控制的共同点，得到一些我国风险监管的启示。
关键词：融资融券；发展历程；授信模式；对比；风险控制
Abstract:Margin trading in the securities markets of developed countries to carry out a wide range of business, is a sign of maturity of the market. China, from a complete ban to lifting the ban to official launch of margin trading business, has experienced a very long time. To carry out margin trading business is an important measure to improve China's securities market, and help to improve our market liquidity, to expand investors and brokerage income, and to promote the development of market liberalization. But the margin trading business also brought a number of risks, such as zoom in investor losses, exacerbating market volatility. Therefore, in order to give full play to China's securities market impact of margin trading business, we must effectively control the risk.
This article raises some margin business risk control measures in China through comparison study on overseas experience in risk control, combined with some of our specific situation. Article introduces margin since the launching of the business developments and shortcomings. We find out there are some risks of concern through the description of the current margin business development in China. Chapter 5 focuses on the direct credit of the United States model, centralized credit model in Japan and Taiwan, the two-track mode, showing each country or region how to improve the regulatory system, control of the business risk and the comparison of the risk control measures by different modes, finding common ground, as the revelation of risk regulation in China.
Keywords: Margin trading; development; credit model; contrast; risk control
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