胡妙-证券市场引入融资融券制度的研究.docVIP

证券市场引入融资融券交易制度的研究 摘 要：我国证券市场正处在飞速发展阶段，市场规模迅速增长，规范化建设取得重大进展。市场的发展不仅激发了证券信用交易的内在需求，也推动了相关法律制度环境的变革。融资融券交易制度如何引进，成了当前理论界和实践领域关注的焦点问题。本文主要从我国证券市场引入融资融券交易等四面的问题着手，对改革和完善我国具体策略分析和必要的配套措施问题作了论述。此外，文章同时也指出存在，必须运用法律、等多种手段共同努力，才能达到理想效果。The research of introducing of securities borrowing and lending mechanism in the stock market Abstract：The stock market of our country is in a stage of rapid development. With the rapid growth of market scale, standardize construction has made a signaficant progress. The development of stock market not only?stimulates the internal demand of credit trading, but also gives a push to the environmental change of related law system. How to introduce the?trasaction system of securities borrowing and lending, has been brought into focus to the theory circle and pratice field. This thesis,?starting from?the overview of securities borrowing and lending in stock market; the evolution of securities borrowing and lending system in developed stock market; the analysis of necessity and feasibility?of introducing securities borrowing and lending transaction; and the realistic?strategy of introducing this transaction, etc., expatiates the specific strategy analysis and necessary supporting measures of?reformation?as?well as?improvement of securities borrowing and lending. In addition, this thesis also points out the high risk of securities borrowing and lending system,?thus it can only?get?good effect with the joint efforts by using the law, supervision and the self-control of this industry, etc. Keyword： securities borrowing and lending; trading system; short sales; securities finance company; risk management 前 言 在我国建立证券市场的初期，韩志国(1994)就呼吁引入信用交易制度，戴相龙(2000)也曾提出引入信用交易制度，建立短期融资公司沟通货币市场和资本市场的设想。在2003年4月举行的“中国金融改革与发展高级论坛”上，尚福林(2003)提出要“沟通货币市场和资本市场的对接渠道”，周正庆(2003)提出“允许组建证券融资公司”而这正是引入信用交易机制的题中应有之义。2006年新《证券法》和《证券公司融资融券业务试点管理办法》的实施，为证券市场融资融券交易的推出创造了条件。 这里所说的融资融券实际上是二级市场上的保证金信用交易，它主要有两种形式：融资买空交易和融券卖空交易。所谓融资买空交易，又称保证金多头交易，指投资者出于对市场价格将上扬的预期，支付一定比例的保证金，同时由经纪人垫付期于款项而