证券做空机制与风险监管

Short-Mechanism and Risk Supervision of the Security

2010年中国融资融券业务试点的开展和股指期货的正式启动,标志着我国证券市场正式引入做空机制。做空机制为投资者提供了避险工具,在促进金融创新、避免单边市、优化股票市场结构,促使股市长期、健康发展有着深远的意义。但投资者在运用做空机制的同时也面临一系列的风险,空机制使用者应恰当使用做空机制,正确识别和科学管理做空机制所带来的风险。

Pilot project of margin trading and implement of stock index futures signify China＇ s security market leads in the short-mechanism. Short-mechanism provides the hedging instruments s for the investors, and has a significance in promoting financial innovation, avoiding the unilateral market, optimizing the structure of the stock market, and facilitating the long-term and healthy development of the stock market. But the investor faces a series of risks in applying the short-mechanism. The users of shortmechanism should apply the short-mechanism properly, and discriminate and manage the risk caused by short-mechanism.