证券回购的法律解释

Legal Interpretation of Securities Counter-purchase

关于证券回购的法律性质,主要有抵押贷款说和附条件买卖说等两种做法和观点。两种不同法律性质的证券回购,在法律关系结构和法律风险方面存在着显著差异。基于我国目前的信用环境,同时着眼于交易主体利益之平衡以及金融风险的防范,将证券回购定性为附条件买卖乃现实的理性选择。

There are two main doctrines on the legal character of securities counter-purchase: doctrine of collateral loan and doctrine of conditional sale .And, there exist marked differences in the legal relationship structure and legal risk between the two different sorts of securities counter-purchase. In view of current credit circumstances in China, balancing of interest between dealers and prevention of financial risk, characterizing securities counter-purchase as conditional sale is a real reasonable choice.