融资融券、杠杆控制和资本市场监管

Securities Margin Trading,Leverage Control and Capital Market Supervision

金融杠杆是金融机构最为典型的特征,而去杠杆是"三去一降一补"的供给侧结构性改革的核心要义。近年来资本市场上融资融券交易逐步放开,在一定程度上可平抑资本市场动荡,也可成为投机手段增加股票价格波动,亟需通过适度监管合理控制其杠杆水平。本文采用基于Agent的计算经济学研究方法,构建了融资融券交易的股票交易市场的仿真模型,通过对资本市场宏观和微观指标的分析,论证了金融杠杆的合理区间并进行了优化。本文还提出,前瞻指引、宏观审慎和激励相容应成为制定融资融券杠杆监管政策的基本理念和价值取向。

Financial leverage is the most typical feature of a financial instltutton, t^e-~ew~,~ essence of the Supply-side Reform. In recent years securities margin trading has been opening up gradually. It can stabilize the capital market turmoil to some extent, and also become a means of speculation to Increase stock price volatility. It is urgent to control the leverage by appropriate regulation. This paper uses the research method of Agent-based computational economics, constructs the simulation model of Margin trading. Through the analysis of the macro and micro indexes of the capital market, demonstrates the reasonable range of financial leverage and optimizes the leverage, This paper also proposes that Forward Guidance, Macro Prudential and Incentive Compatibility should be the basic idea and value orientation of establish margin trading regulatory policies.