浅谈融资融券对我国证券市场各方的影响及对策

Influence of Margin Trading Business on all Parties of Security Market and Countermeasures

融资融券业务自2010年3月31日正式启动交易试点以来,作为券商创新业务的重点,备受市场的关注。最近这两年证监会又在酝酿转融通业务,预计今年年底推出转融通的概率很大,从本质上来说,转融通只是融资融券的升级版,这更加剧了证券市场各方对两融业务的探讨与分析。融资融券交易是我国资本市场推进基础性制度建设的一项重要举措,对完善证券交易机制、形成合理规范的资金、证券融通渠道建设有着重要意义。作为一种创新产品,做空机制的引入,将改变我国"单边市"的格局,对证券市场各参与主体都将产生深远的影响,对我国金融体系的发展有着里程碑的意义。

Margin trading business since trading pilot was officially launched on March 31,2010,as the brokerage innovative business focused much attention in the market.The last two years,the SFC in the brewing refinancing operations launched by the end of this year,the probability of refinancing is expected for refinancing an upgraded version of the margin,which is exacerbated by the securities market parties to financial Discussion and Analysis of business.Margin trading is an important measure to promote the construction of basic system of China＇s capital market is of great significance to improve securities trading mechanism to form a reasonable specification funds,securities intermediation channel construction.As an innovative product,the introduction of short-mechanism,will change the pattern of China＇s ＂unilateral market＂,will have a profound impact on the securities market participating body,the development of China＇s financial system has the significance of the milestone.