股票卖空机制的市场效应及监管-金融学专业论文.docxVIP

I I 摘 要 摘 要 2010 年 3 月 31 日深沪两市融资融券试点正式启动，标志着卖空机制在中国大陆证 券市场正式诞生。这一机制的诞生改变了之前中国大陆市场单边市的局面，有利于进一 步提高证券市场的资金增量，也使证券价格更接近其真实价值，还为我国的投资者带来 了新的盈利模式，但应看到，卖空交易为市场提供了虚拟的供求关系，加上我国证券市 场还不完善，我们必须警惕由此带来的潜在风险。因此，完善金融监管体制，加强对金 融市场和金融机构的监管，是推出卖空机制的要求，也是维持金融体系稳定的保证。 本文从卖空机制对股市的影响为出发点，分析卖空机制对股票市场的波动性、流动 性及定价效率的影响，并研究卖空机制带来的潜在风险。另外，本文站在市场主体与政 府监管部门两个角度，着重分析市场监管与卖空机制的相互作用，分析随着卖空机制的 发展，卖空机制与监督的关系，并明确双方责任。最后，本文分析中国大陆市场引入卖 空机制后出现的问题，并结合欧美发达市场和新兴市场的经验，为我国卖空机制的完善 提出可实施的建议，同时为创造新型的投资品种提供理论基础。 关键词 卖空机制 波动性 流动性 金融监管 II II Abstract Abstract March 31, 2010 deep Shanghai two city margin pilot official start, marks shorting mechanism in mainland China securities market formally birth. This mechanism has changed before the birth of Chinese mainland market unilateral city situation, to further enhance the securities market capital increment, also make the prices of securities closer to its real value, but also for domestic investors brings new profit model, but should see, short selling for market provides virtual supply demand relationship, plus our country securities market is not perfect, we must be alert to the potential risk arising therefrom. Therefore, perfect the financial supervision system, to strengthen the financial markets and supervision of financial institutions, was launched shorting mechanism of demand, is also maintain financial system is stable guarantee. This article from shorting mechanism of equities influence as the starting point, shorting mechanism analysis of stock market volatility, liquidity and pricing efficiency, and studies the influence of shorting mechanism brings potential risks. In addition, this paper stood in the market main body and the government supervision department from two angles, and focuses on analysing market supervision and shorting mechanism of interaction analysis as shorting mechanism of development, shorting mechanism and supervision relations and clear bilateral responsibility. Finally, this paper introduced the analysis of the Chinese mainland ma