浅析科创板转融通业务对我国证券市场多空平衡机制的影响

The Impact of Refinancing Business of STAR Market on Multi-empty Balance Mechanism of Chinese Stock Market

我国资本市场多空机制发展不均衡,以融券为代表的做空机制长期跛足,影响着证券市场功能的完善。本文在对我国科创板转融通业务现状分析的基础上,通过探讨《科创板转融通证券出借和转融券业务实施细则》中对科创板转融通业务中券源扩大的规定,分析总结了科创板融券业务的发展对于完善多空双方平衡的促进作用和存在的问题,并提出针对性意见,为完善我国的证券市场提供理论依据,对更好地促进我国资本市场走向成熟、使资本市场更好地为我国的社会主义建设服务具有现实意义。

The development of the multi-empty Balance Mechanism in China’s capital market is not balanced,and the short-selling mechanism represented by securities lending has been lame for a long time,affecting the improvement of the securities market function.Based on the analysis of the current situation of STAR market’s refinancing business,this paper discusses the provisions of the expansion of the stock sources of STAR market in the Regulations,and analyzes and summarizes the role of the development of STAR market’s refinancing business in promoting the multi-empty balance and its existing problems,and puts forward targeted opinions to provide a theoretical basis for improving China's securities market.It is of practical significance to better promote Chinese capital market to mature,make the capital market better serve Chinese socialist construction.