2021年度胡妙证券市场引入融资融券制度的研究.doc

证券市场引入融资融券交易制度研究 摘 要：国内证券市场正处在飞速发展阶段，市场规模迅速增长，规范化建设获得重大进展。市场发展不但激发了证券信用交易内在需求，也推动了有关法律制度环境变革。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焦点问题。本文重要从证券市场融资融券交易概述、融资融券交易机制在发达证券市场中演进、 国内证券市场引入融资融券交易必要性与可行性分析以及国内证券市场引入融资融券交易现实方略等四方面问题着手，对改革和完善国内引入融资融券交易制度详细方略分析和必要配套办法问题作了阐述。此外，文章同步也指出融资融券制度存在高风险性，必要运用法律、监管以及行业自律等各种手段共同努力，才干达到抱负效果。 核心词：融资融券；交易制度；卖空；证券金融公司；风险管理 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 在国内建立证券市场初期，韩志国(1994)就呼吁引入信用交易制度，戴相龙()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我市场设想。在4月举办“中华人民共和国金融改革与发展高档论坛”上，尚福林()提出要“沟通货币市场和资我市场对接渠道”，周正庆()提出“容许组建证券融资公司”而这正是引入信用交易机制题中应有之义。新《证券法》和《证券公司融资融券业务试点管理办法》实行，为证券市场融资融券交易推出创造了条件。 这里所说融资融券事实上是二级市场上保证金信用交易，它重要有两种形式