我国证券市场引入信用交易机制研究

A Study on the Introduction of Margin Transaction Mechanism to China's Securities Market

信用交易机制是沟通货币市场和资本市场之间资金流动的重要通道,因其所特有的功能和运作机理而成为发达国家证券市场上通行的交易机制。在我国证券市场,因人们漠视其功能,顾忌其风险,至今尚未引入这一机制,导致我国证券市场运作机制残缺。从我国证券市场现状看,引入信用交易机制不仅是必要的,而且也是可行的。

Margin transaction mechanism is an important channel connecting the fund flow between monetary market and capital market. Owing to its special function and operational mechanism, it is popular in the securities markets in developed countries. Due to people's ignorance of its function and scruple of its risks, the margin transaction mechanism has not been introduced into China's securities market, leading to China's securities market's deficiency. By analyzing its characteristics, effects, risks and the supervision on it, this paper discusses the feasibility of the introduction of the mechanism into China's securities market and the necessity.<P>