论中国融券交易风险法律控制的原则

The Principle of Risk Control with Securities Lending Transactions by Law

在我国引入融券交易后,为了保障融券交易健康发展,应当完善融券交易风险控制的立法,坚持客观评价风险、区分风险种类、区分风险承受者等风险法律控制原则,根据风险控制的阶段性价值选择进行制度选择,使风险控制与效率提高之间达到和谐的平衡,既有效控制风险,又尽可能地降低监管成本、提高市场效率,最终确保融券交易市场高效、稳定、有序发展。

With the growth of securities lending transactions in China, the present paper proposes that we should control risks with securities lending transactions by law to guarantee its healthy development. We should estimate the risks of securities lending transactions objectively and distinguish the categories of risks as well as risk takers. We should also construct legal control system of risks of securities lending transaction according to its phasic value, which should not only control risks effectively to a certain extent to avoid the crash of the securities market, but also prevent an over high security responsibility from affecting the efficiency of market.