融资融券的系统性风险管理研究

Studies of Systemic Risk Management of Security Financing Transactions

融资融券交易会给金融体系稳定带来威胁,可能引发系统性的金融风险。该文分析了融资融券交易的顺周期性及其导致的关联度对金融体系稳定的威胁,提出防范和管理融资融券交易系统性风险的关键是加强数据库建设。文章详细论述了融资融券交易系统性风险管理的数据搜集方式,分析了每种数据搜集方式的利弊并对如何管理融资融券交易的系统性风险提出了相应的政策建议。

Security financing transactions can threaten financial stability, and can lead to systemic risk. This paper analyzes how security financing can threaten financial stability through the pro-cyclicality mechanism and inter-connectedness between financial institutions, and puts forwards the argument that the base point of managing systemic risk brought by security financing is database construction. So this paper thoroughly discusses how database can be established and each ways＇ benefits and cost. Finally, this paper gives advices on security financing systemic risk management.