香港地区融资融券业务风险管理经验借鉴及启示

The Practical Experience of Risk Management of Margin Trading Business in Hong Kong

融资融券业务具有杠杆与卖空机制,往往会给证券市场带来更大的风险。借鉴发达国家和地区融资融券业务风险监控体系,对于提升融资融券风险预警水平具有极其重要的实践意义。本文借鉴香港地区融资融券事前、事中和事后控制风险的经验,从投资者准入、融资融券标的证券范围、保证金比例、维持保障比例、卖空限制、临时性危机处理等方面进行分析,并提出中国大陆控制融资融券风险的建议。

Margin trading business with leverage and short selling mechanism often may tend to bring grcater risk of the securities market. It is a very important practical significance to learn from the risk monitoring experience of the margin trading business in the developed countries and regions, which may help improving the level of risk early warning of margin trading. The article should learn from the cx-ante, in-between and cx-post experiences of controlling margin risk in Hong Kong, and all these are analyzed in view of an investor access, the scope of the underlying securities in margin trading, margin ratio, maintenance guarantee ratio , restrictions on short selling, temporary crisis management , etc. In the end, these suggestions about controlling the risks of margin trading arc put forwards in China.