国内证券信用交易制度探讨

Discussion of the Credit Trading System of Domestic Securities

信用交易是国外证券市场普遍采用的交易方式之一,在我国《证券法》修订前,信用交易被视为“非法”行为,《证券法》修订后,信用交易被赋予了合法地位。本文认为,我国推出信用交易制度,将进一步完善证券市场运行机制,架起货币市场与资本市场之间的桥梁,有利于改变我国股票市场“资金市”的特点促进市场的平稳运行,有利于中央银行对股市进行宏观调控,并对证券发行提供有力支持,减轻扩容对二级市场的压力,对投资者、证券公司、商业银行、保险公司、社保基金等市场主体产生积极影响。文章提出,我国的信用交易制度应采取“准市场化”的信用交易模式,建立证券公司信用交易营业许可制度,界定融资、融券交易的证券,设立信用账户、分离账户和特别备忘账户,建立信用交易额度控制与调整制度,建立证券公司资券转融通机制,建立信用交易的多层次监管体系。

The author puts forward that credit trading is one of the most common mode of trading in foreign securities market. In China, before the revision of the Securities Law of the People＇s Republic of China, credit trading was regarded as ＂illegal＂ behavior. But, after the revision of this law, it is becoming legal. The author maintains that the introduction of this trading system will be beneficial to the whole market. In introducing this trading system, we should, adopt ＂quasimarketization＂ mode of credit trading, formulate the system of operational license for securities corporations, and so on.