论无纸化环境下证券账户的系统重要性

Systemic Importance of Securities Account in the Environment of Dematerialization

在无纸化环境下,证券账户不仅仅是非凭证式证券的存放空间和记账工具,更是投资者持有证券、行使权利的权利凭证,是无纸化证券的表彰形式。证券账户集中体现了投资者、证券公司与中央证券登记机构之间的法律关系,是维护证券交易结算顺利实现的基石,证券权利的创设、转让、担保、公示等需要借助证券账户来完成。在我国,证券市场基本上完成了无纸化改革,证券账户具有系统重要性。

In the environment of dematerialization, securities account is not only storage space and bookkeeping tool of uncertificated securities, but also right certificate of investor to hold securities and exercise right. Securities account is the recognition form of uncertificated securities. Securities account epitomizes the legal relationship among investor, securi- ties company and the Central Securities Registration Institution, which is the cornerstone of securities transaction and settlement. The creation, transfer, guarantee and publicity of securities right need to be completed by means of securities account. In China, the reform of dematerialization in securities market is basically accomplished, and securities account has systemic importance.