融券卖空监管的法律思考--兼析金融危机前后的美国卖空监管

A Legal Thought on Short Sale of Securities Lending

卖空是一把"双刃剑",它在提高市场流动性、稳定市场价格、完善价格发现机制的同时,也容易被滥用成为操纵市场、驱使股价下跌的工具,因此迫切需要对其进行有效监管。美国作为卖空监管的旗帜国家,一举一动都影响着其它国家的相关法律和政策变化。美国在危机前后针对卖空采取了一系列措施和制度,通过对其主要措施和制度的反思和评估,可以发现,限制或禁止卖空以及提价规则的实际效果有限,而断路器规则和信息披露制度对于监管卖空有重要的作用。鉴于我国的融券卖空交易刚刚推出、从理论到制度都尚有诸多不足的现状,建议树立正确的卖空理念,对提价规则进行本土化检验,设立断路器规则,完善信息披露制度,以更好的应对随后可能出现的问题,保护投资者的利益,促进证券市场的稳定发展。

Short selling is a＂double-edged sword＂,which can be easily abused to manipulate the market and to drive share price down while improving liquidity and stabilizing the market price.Therefore,the effective supervision is in urgent need.The United States was the leading country on supervision of short selling,every move of whom influence other countries＇law and policy.Before and after the crisis,The United Stateshas taken a series of measures and systems against short selling.Through reflection and assessment of its mainmeasures and systems,we can find that limit or prohibit short selling as well as the uptick rule has a limitedeffect,while the circuit breaker rules and information disclosure system for the regulation of short selling havean important role.Given China＇s short selling has just launched,both the theory and the system have many inadequacies,we should establish correct concept on our short selling system,give localized test to uptick rule,set up circuit breaker rules,improve the information disclosure system in order to better respond to subsequentproblems,protect the interests of investors and promote the stable development of the securities market.