摘要
证券卖空包括借券、卖券、还券三个基本环节, 从证券借贷授信主体作用性来看,证券卖空制度表现为四种模式:证券公司授信模式、证券金融公司授信模式、投资者直接授信模式、登记结算机构授信模式,它们各自体现不同的优势特征。各主要证券市场发展经验表明,卖空机制模式的选择,与一国或地区的证券市场基础和金融体系监管模式密切相关。
Securities shortage includes borrowing securities,selling securities and return securities.There are four modes of securities shortage,securities company financing mode,securities and financial company financing mode,investor directly financing mode,clearing and registering company financing mode.The different modes have different advantages.The experience in the development of main securities markets shows that in a country or region the selection of shortage mode is related to its securities market basis and its financial regulatory mode.
出处
《南昌大学学报（人文社会科学版）》
北大核心
2005年第1期33-38,共6页
Journal of Nanchang University(Humanities and Social Sciences)
关键词
证券
卖空
模式
证券借贷
信用交易
融资融券
securities
shortage
mode
securities borrowing and lending
margin trading
long and short sales
