我国债券市场引入融券机制的制度设计

本文阐述了我国债券市场引入融券机制的基本依据及制度安排,从宏观和微观两个层面论述了融券机制的必要性,分析了国际融券市场的发展趋势,从政策、技术、风险控制、机构选择和实现方式等角度提出引入融券机制的若干重要建议。

This paper expounds on the feasibility of introducingsecurities lending in China bonds market and the relevant systemdesign. The necessity of securities lending system is looked intofrom macro and micro point of view, with an analysis of thedevelopment trend of international securities lending market.Proposals are put forward, with consideration of state policies, ITissues, risk control and selection of agencies to conduct thisbusiness.