裸卖空、卖空型操纵与股指期货做空监管研究

Naked Short Selling,Short Selling-related Manipulation and Selling in Stock Index Futures

卖空机制可促进证券市场的定价有效性和流动性,但也易伴生投机和操纵。裸卖空是对日后交割无保障的卖空,故凭空增加了证券的市场供应量,因而更具风险性。与卖空有关的操纵方式包括发布虚假性利空信息、影响行情、卖空权重股等。美国在2008年金融危机后加大了对卖空的规制,包括调整报价规则和严格控制证券交付时间、增强经纪商清收责任。欧盟模式与之类似,均属于以市场为基础的规制。中国对融券卖空实行零加价规则,在技术上无法实行裸卖空。股票指数期货中更不存在裸卖空操纵,其在设计上也并非天然有利于做空,不应对之盲目限制。

Short selling can serve useful market purposes,including providing market liquidity and pricing efficiency.But it also potentially has a harmful impact on the market when it is used improperly for speculation and manipulation.Naked short selling is short selling without a guarantee for the future delivery of the securities,so it increase the uncovered supply of the securities in the market,causing more risk to the trading.Manipulation acts related with short selling including disseminating false information,influencing trading and selling high-weighed stocks.After the 2008 Crisis,the U.S.adjusted bid rules,took measures to ensure the delivery of the stocks,and restricted short selling when a stock is experiencing significant downward price pressure.EU also adopted a regulation model based on the market mechanism.P.R.China has a zero-plus tick rule and there is no room for naked short selling.Naked short selling has no relation with stock index futures whose designs are not necessarily easier for short selling.It is unwise to restrict stock index futures.