我国开放式回购交易卖空机制的风险性研究

isk analysis of short selling China's open-ended repo

与封闭式回购相比,开放式回购具有增强市场流动性、发现市场价格、套利及规避价格风险等功能,但历史经验表明,如果调控管理不当,开放式回购蕴含的做空动能将爆发出巨大的杀伤力,因此,需要全面研究开放式回购卖空机制的风险性质,并在此基础之上做出相应的制度保障和措施安排。

Compared with close-ended repo, open-ended repo can strengthen market liquidity, discover market prices, arbitrage and hedge price risk.However, experience shows that without proper adjustment and management,short selling of open-ended repo could be devastating.Thus,the risk nature of the open-ended repo short selling mechanism should be researched and relevant system guarantees and measures should be established based on this research.