关于“裸卖空”和“CDS裸卖空”的经济分析及启示

Economic Analysis on Naked Short Sale and CDS Naked Short Sale

金融危机后,欧美监管当局针对证券市场"裸卖空"和"CDS裸卖空"制定了包括短期禁令在内的各种新政策。这些新政使得相关问题再度引起热议。本文针对这一热点,在理清卖空、证券市场裸卖空以及"CDS裸卖空"概念的基础上,指出了"CDS裸卖空"与证券市场裸卖空在众多方面存在的本质性区别。与此同时,文章对欧美监管当局关于卖空和裸卖空的监管政策演变和最新动态进行了简要介绍。最后,文章还总结了欧美监管当局的相关新政对我国发展金融市场的启示。

After the financial crisis,new policies regarding Naked Short Sale and the so-called CDS Naked Short Sale have been set out by the European and US regulators.The purpose of this study is to clarify the significant differences between the CDS Naked Short Sale and other kind of Naked Short Sale by comparing their definitions and economic impact.Meanwhile,the evolution of western regulatory policy about Short Sale is introduced in this paper and the policy implications to the Chinese financial market development are also summed up at the end.