中国交易所回购市场法律问题分析被引量：2

Analysis of legal Issues Arising from Repo Market in Chinese Stock Exchange

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摘要中国债券回购市场诞生于1991年,在近20年的发展历程中,它为各类市场主体构建了重要的短期融资平台,对推进中国金融体制改革和金融市场创新做出了积极贡献。但市场的发展道路并不平坦,其间长期充斥着各类违规违法现象,造成了巨额交易损失,对中国金融秩序和安全构成严重威胁,且虽经数次整顿仍反复发生。中国回购市场的问题主要成因于现行金融体制与金融发展客观需求间存在的体制性冲突,成立于体现浓郁"中国特色"的法律制度构造,爆发于市场主体利用制度缺陷、铤而走险式的不当交易行为。问题的彻底解决应当从完善法律制度和改革金融体制两个方面共同努力,既要建立与回购交易本质属性和经济功能相适应的恰当的法律规则体系,又要遵循金融发展的客观规律,结束不恰当的金融市场分割局面,解除不必要的各种金融限制,建立统一、开放、顺畅流动的稳定、高效的金融系统,从而剥离回购市场承载的过多与其交易性质不相符合的额外功能,使其恢复应有面貌。 Established in 1991 and in the past 20 years, China＇ s repo market has shaped an important short-term debt-credit platform and offered an effective management tool for financial assets and financial allocation for various kinds of participants in market, thus making a positive contribution to the promotion of reform of financial system and of an innovative financial market in China. However, the growth of financial market has not been smooth, being full of all kinds of violation of law and regulations. This situation has resulted in enormous business losses and posed serious threat to China＇ s financial order and security. It is necessary for us to explore the root cau- ses leading to these problems, and find out effective approaches to solve them thoroughly. This article analyzes the deviation of functional place of repos and defects in institutional design of China＇ s on-exchanges repo market from perspectives of both financial and legal systems. The author believes that problems faced by repo market are resulted from the systematic conflict between cur- rent financial system and objective needs of financial development, caused by framework of legal system carrying strong ＂Chinese characteristics＂, and stimulated by improper and reckless business conducts by market participants making use of the institutional defects. On the basis of this, the author points out that the establishment of a healthy repo market should depend on the following two efforts--the improvement of legal system and the reform of Chinese financial system. Only in this way, can we realize a sound and safe growth of China＇ s repo market and promote its prosperity in a lasting way.

作者王旸

机构地区中国政法大学民商经济法学院

出处《环球法律评论》 CSSCI 北大核心 2010年第6期81-95,共15页 Global Law Review

关键词回购市场银券对付(货银对付) 三方回购交易中央交收对手代理和隐名经纪

分类号 D922.287 [政治法律—经济法学]

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