金融危机后全球卖空监管政策比较及启示

Comparison and implications of short selling regulatory policies after the global financial crisis

本次金融危机的爆发引起了全球监管者对卖空监管的重视。在金融危机的背景下,如何防范卖空可能带来的负面作用特别是系统性风险,值得我们深入分析和借鉴。本文全面梳理和比较了金融危机后各国(地区)卖空监管政策的演变,对具体监管手段,如禁止卖空与裸卖空、强化申报和披露制度、规范交割机制、设置断路器以及报升机制等进行了分析。本文认为,我国卖空监管措施严格,有利于控制风险,但没有建立灵活的以参与主体为主的申报制度,监管措施及流程比海外复杂。未来,我国需吸收海外申报制度灵活性的优点,谨慎放宽卖空监管措施,对标的结构合理优化,逐步扩大标的证券,完善申报制度,研究建立豁免权的可行性,鼓励有利于市场的卖空行为,但应避免短期内政策频繁变更。

The subprime crisis draws the regulators＇ attention to short selling, especially how to avoid the severe negative affects, e.g. systematic risk, caused by the short selling during financial crises. This paper summarizes and compares the evolutions of different countries＇ regulatory policies and analyzes some specific measures of implementation, e.g. the prohibition of short selling or naked short selling, the strengthening of reporting and disclosure system, the standardization of the delivery, the setting of circuit breaker or uptick etc.. After systematically reviewing, this paper finds that regulatory policies in China are strict and are beneficial to control risks but without the flexible reporting system, the regulatory measures and process are more complex then overseas＇ . Finally, this paper suggests that in the future China should appropriately relax the regulatory policies on short selling, for example, we can gradually expand target securities, improve the reporting system, and study the feasibility of establishment of exemption to encourage some trading which is in favor of the market, however, should avoid the frequent changes of policies in short term.