我国融资融券交易法律问题研究（法学）.pdf

山西财经大学
硕士学位论文
我国融资融券交易法律问题研究
姓名:刘永健
申请学位级别:硕士
专业:经济法学
指导教师:张旭娟
2011-03-07
我国融资融券法律问题研究
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摘要�
融资融券交易是海外发达证券市场一种成熟的交易制度,最早起
源于美国,是证券信用交易的一种形式,包括融资和融券两个部分。�
融资融券交易机制具有提高市场流动性、缓冲市场波动、发现市
场合理价格、对冲避险和为机构创造盈利等积极效应,是完善证券市
场机制,促进金融产品创新,优化金融市场资源配置的重要手段和途
径;同时,这种交易方式也能导致投机性等负面影响。�
我国曾经在法律法规中明文禁止实行融资融券业务。��年新
《证券法》颁布,随后相关法规、办法也陆续出台。我国的融资融券
业务于��年�月已经正式启动。��
但是,我国证券市场仍处于加速转轨时期,一些深层次的体制问
题仍然阻碍着证券市场的进一步快速发展。鉴于我国的融资融券交易
刚刚启动,在立法和司法实践方面都面临着许多问题。本文分析现阶
段在我国全面推行融资融券业务仍存在的法律冲突和空白等制度设
计问题,例如与《信托法》、《担保法》的衔接、权益冲突等问题。
通过对系统制度设计改进及完善,解决这些问题,以确保融资融券交
易的健康发展。�
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【关键词】融资融券交易证券市场证券法制度设计
让与担保
1
我国融资融券法律问题研究
Abstract
Margin trading is a foreign-developed stock market trading system, originated in
the United States, is a securities credit transactions, including two forms of margin
trading and short sell.
Margin trading mechanism is to improve market liquidity, market volatility
buffer and reasonable market price discovery, hedging, and an important way to
create profit and means improving stock market mechanism effectively, promoting
innovation of financial products and optimizing the allocation of resources. The
trading mechanism and the operation of its unique features are very popular among
the investors because of its special mechanism and great attraction to investors ;
however, it can lead to speculative and other negative effects. China had ever an
explicit prohibition in the laws and regulations about the implementation of margin
trading business.
Chinese security market has developed over ten years. In 2006, the new
�ecurities Law" and relevant regulations were decreed. Margin purchases and short
sales in our country has been just operated on March 31, 2010.
However, to accelerate China's securities market is still in transition period, some
deep-seated problems still hamper the further rapid development of China's securities
market. In view of the margin trading in China has just started