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1、融资融券问题探讨杨玉龙2012年10月Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.主要内容Part 1融资融券业务最新变化解读Part 2融资融券操作新方式与技巧Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.Part 1融资融券业务最
2、新变化解读Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.Part1、融资融券业务新变化1、启用合约概念2、融券相关负债的变化3、负债当日可直接归还4、维持担保比例算法5、保证金比例下调Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.1、启
3、用合约概念变化之一:升级前融资融券交易成功后,产生融资融券的负债包括以下内容融资/融券负债费用负债其他负债利息Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.1、启用合约概念变化之一:升级后启用合约概念,每一笔融资融券交易形成一个独立合约。产生融资融券合约包含以下内容 合约金额负债本金 合约费用交易费用、印花税、过户费等 合约利息产生的利息Evaluation only.Created with Aspose.Sli
4、des for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.1、启用合约概念变化之二:升级前直接还款与卖券还款(假定卖券无负债)的顺序没有区别,都是按照融资交易的先后顺序,先借先还。比如做了两笔融资买入,一笔武钢股份10号,一笔宏源证券12号,则还款时,会自动先还武钢股份的负债,还完之后,还有多的,才会归还宏源证券的负债Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-
5、2011 Aspose Pty Ltd.1、启用合约概念变化之二:升级后卖券还款无变化,直接还款时,可直接选定合约,按照合约来进行归还,实现后借的也可先还作用:了结负债时更为灵活例,1号,2号分别做融资买入宏源证券与武钢股份,合约号分别为10、11,则可手动选择归还合约11Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.融资合约1合约相关图片Evaluation only.Created with Aspose.Sl
6、ides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.融资合约2合约相关图片Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.融券合约1合约相关图片Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright
7、 2004-2011 Aspose Pty Ltd.融券合约2合约相关图片Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.当日合约合约相关图片Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.未平仓合约1合约相关图片Evaluation on
8、ly.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.未平仓合约2合约相关图片Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.2、融券相关负债的变化升级前进行融券卖出交易时,产生的各项费用佣金、印花税、上海证券过户费等,会在账户的现金资产中扣除。如果客户无现金资产或现金资
9、产不够,就会产生其他负债,计入“其他负债”并开始记收利息。Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.2、融券相关负债的变化升级后融券卖出时,产生的费用从现金资产中扣除若无现金资产,则计入“代扣收费用”,不计利息,账户内一旦有可用资金,即会扣除。Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyri
10、ght 2004-2011 Aspose Pty Ltd.3、负债当日可直接归还之前融资融券负债,当日不可直接还款或直接还券。升级之后,当日产生的负债,当日即可直接还款和还券。当日融资买入、直接买入的证券,可用于直接还券(深圳ETF除外)直接还券可用数量=持仓可用数量+当日融资买入数量+当日普通买入数量Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.4、维持担保比例算法(全部证券资产+全部资金资产+融资买入未成交资产
11、+融券卖出未成交资产) (融资合约金额+融资买入未成交金额+融券市值+融券卖出未成交市值+负债利息+合约交易手续费用+其他费用);(负债总额+融资买入未成交金额+融券卖出未成交市值)Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.维持担保比例的重要意义:1、表示总资产与负债的比例正常值范围不得低于130%低于130%时,会被预警,必须在2个交易日内转入资产,并且比例达到150%2、对担保物的转出有限制高于300%时才
12、能转出大于300%的那部分资产Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.关于维持担保比例的例解资产负债情况 维持担保比例可行操作计算公式总资产30万总负债25万120%转入担保资产7.5万25*1.5-30总资产30万总负债20万150%一切正常总资产30万总负债8万375%可转出担保物6万30-8*3Evaluation only.Created with Aspose.Slides for .NET 3.5
13、 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.5、保证金比例下调保证金比例下调了:由0.8/0.9下调为0.6/0.6好处:杠杆比率放大了100万额度,做满,原来需要80万保证金或者114.3万证券(粗估);现在需要60万保证金或者85.7万证券。做满额度只需更少保证金,您的资金利用效率更高!Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.Par
14、t 2融资融券操作新方式与技巧Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.Part2、融资融券操作新方式与技巧对冲套现通过融资融券功能,做两笔对冲交易,可以套取现金,并能够转账出来使用Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.您是
15、否碰到过这样的情况1、股票资产无法动用,但是想买股票2、资金全在股票账户里头,不想卖股票,但是其他地方需要用钱,从银行贷款太慢、从亲戚借欠人情、其他方式成本太高Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.对冲套现,可以帮您轻松解决这些问题只需进行融资与融券两笔正反操作即可具体操作方式如下:第一步、将担保物转入信用账户第二步、进行融券操作,融券卖出一只股票第三步、进行融资操作,融资买入同样数量的同一只股票Evalu
16、ation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.第四步、融券负债平仓第五步、第二天转出现金第六步、资金周转过后,转入现金,融资负债平仓Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.对冲套现,一般情况下,最多可以套取担保物总值30%的现金例如,账户转
17、入担保股票100万元可以进行两笔操作1、融券卖出某股票30万元2、融资买入某股票30万元3、用买入的股票直接还券,了结融券负债4、转出现金30万元5、交易成本:进出佣金+印花税+上海过户费Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.对冲套现的优势:1、成本低,仅仅背负融资负债利息,年息8.5%2、速度快,操作仅需2到3个交易日,即可套出现金3、操作简便,只需开通融资融券账户,在家里电脑上操作即可,不须来回跑4、灵活度高,随用随取;用完即还,不产生不利影响Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.非常感谢您的聆听Evaluation only.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Copyright 2004-2011 Aspose Pty Ltd.