我国资本市场引入“做空攻击模式”法律制度研究

Legal System of Introducing“Short Selling Attack Mode”into China's Capital Market

“做空攻击模式”能有效平衡资本市场交易量,并将对上市公司形成强大的市场化自我约束力,该模式在境外资本市场已被广泛适用。我国资本市场的健康发展存在引入“做空攻击模式”的必要性,同时,国内相关做空工具的启用及相关案例也为该模式的推广积累了较强的实践经验。当前,我国应充分借鉴美国等资本市场的制度经验,在合理的制度设计理念基础上,通过改进融券业务规则、设立做空熔断规则、增加做空机构信息披露义务及确立监管机构正式调查标准等制度措施,积极培育我国“做空攻击模式”的良好市场环境,并为该模式在我国的长远发展提供科学有效的制度供给。

The“short selling attack mode”can effectively balance the trading volume of the capital market,and will form a strong market-oriented self-discipline of listed companies.This mode has been widely applied in overseas capital markets.For the healthy development of China’s capital market,it is necessary to introduce“short selling attack mode”.In addition,,the use of domestic short selling tools and the development of relevant cases have accumulated strong practical experience for the promotion of this mode.At present,China should fully draw on the institutional experience of capital markets such as that of the United States,and based on reasonable concept of system design,actively cultivate a good market environment for China’s“short selling attack mode”and provide scientific and effective system supply for the long-term development of this model in our country through institutional measures such as improving rules of securities margin trading,establishing short selling circuit breaker rules,increasing the information disclosure obligations of short sellers,and establishing formal investigation standards of regulators.