融资融券研究综述与未来展望

Literature Review and Future Prospects on Short Selling and Margin Trading

融资融券制度改变了原来市场中只能买多不能卖空的“单边市”状态,对整个市场以及其中的各参与方都产生了重要影响。本文结合我国融资融券制度的特点,从融券交易和融资交易两个方面对融资融券与市场效率、公司治理和决策以及其他利益相关者的相关文献进行了完整而细致的梳理,并进行了相应的评述。本文认为,融资融券的相关研究应当将西方的卖空理论与中国融资融券交易的特点相结合,并且从制度和交易两个层面检验融资融券的作用机理,从而搭建起考察中国融资融券制度政策效果的完整理论框架。

Short selling and margin trading ends the unilateral status of capital market where investors can only buy long but not sell short. It has significant impacts on the whole market and every participant. This paper does the literature review about the relation between short selling and margin trading and market efficiency, corporate governance and decision, and other stakeholders based on the characteristics of China's short selling and margin trading program. Therefore, this paper indicates that there need to be a comprehensive theoretical framework to study the economic consequences of China's short selling and margin trading program, which combines western short selling theory with China's institution with the asymmetric short selling and margin trading and tests the influence mechanism of short selling and margin trading in both program and trading perspectives.