胡妙证券市场引入融资融券制度的研究.docxVIP

胡妙证券市场引入融资融券制度的研究 胡妙证券市场引入融资融券制度的研究 胡妙证券市场引入融资融券制度的研究 证券市场引入融资融券交易制度的研究 纲要：我国证券市场正处在飞快发展阶段，市场规模快速增添，规范化建设获得重要进展。市场的发 展不单激发了证券信誉交易的内在需求，也推动了有关法律制度环境的改革。融资融券交易制度怎样 引进，成了目前理论界和实践领域关注的焦点问题。本文主要从证券市场融资融券交易概括、融资融 券交易体制在发达证券市场中的演进、我国证券市场引入融资融券交易的必需性与可行性剖析以及我 国证券市场引入融资融券交易的现实策略等四方面的问题着手，对改革和完美我国引入融资融券交易 制度的详细策略剖析和必需的配套举措问题作了阐述。别的，文章同时也指出融资融券制度存在高风 险性，一定运用法律、看管以及行业自律等多种手段共同努力，才能达到理想成效。 要点词： 融资融券；交易制度；卖空；证券金融企业；风险管理 The research of introducing ofsecurities 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 lendingsystem, 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 序言 1/17 在我国成立证券市场的早期，韩志国 (1994) 就号召引入信誉交易制度，戴相龙 (2000) 也曾提出引入信誉交易制度，成立短期融资企业交流钱币市场和资本市场的假想。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“交流货 币市场和资本市场的对接渠道”，周正庆