我国融资融券交易法律制度研究

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1、融公司，完善监管机构的协调机制等，我们期待未来融资融券业务试点结束、正式实施时，能够解决这些问题，确保我国融资融券制度的健康发展。关键词证券市场，融资融券，制度设计ABSTRACTMarginpurchasesandshortsalesisamaturesystemwidelyadoptedbyoverseassecuritiesmarkets，includingtwopartsofmargintradingandshortselling．Marginpurchasesandshortsaleshass

2、omeactiveeffectssuchasadvancingmarketliquidity,mitigatingmarketvolatility,formingreasonableprices，hedgingtherisksandmakingprofitsfortheinstitutions．Itisanimportantwaytoimprovemarketmechanism，pushaheadtheproductsinnovationandpromotetheresourcesreasonabled

3、isposal．Inamaturesecuritiesmarket，Marginpurchasesandshortsalesisverypopularbecauseofitsspecialmechanismandgreatattractiontoinvestors．But，margintransitioncanleadtospeculation．So，inordertopreventthosenegativeimpactsbroughtbymargintradingandshortselling，Chi

4、neselawsandregulationshadforbiddenthiskindoftransactionforalongtime．However,in2006，newsecuritieslawandregulationsweredecreed，whichpavedthewayfortheintroducingofmarginpurchasesandshortsalesintoChinesesecuritiesmarket，whichmeanstheconditionsofthesecurities

5、markethavegraduallymaturedandthecarry-outofmarginpurchasesandshortsaleshasenteredasubstantivestage．Aftertenyearsofdevelopment，Chinesesecuritymarkethasgainedgreatachievementsinmanyrespects．But，undeniably，Chinesesecuritymarketisstillinthetransitionalperiod

6、，someproblemsaredirectlyrestrictingitsdevelopment．Recently,thedevelopmentofmarginpurchasesandshortsalesinourcountryisstillinpreliminarystage，thusabasicpremiseofthepilotistocorrectlyevaluatethepracticalexperiencesofoverseassecuritiesmarkets．Basedonacompre

7、hensiveandin-depthstudyofthehistoryandsystemsdesignofmarginpurchasesandshortsalesinforeignsecuritymarkets，aswellastakingtheoverallsituationofChinesesecuritiesmarketintoconsideration，thispaperinsiststhatit’Sveryimportanttointroducemarginpurchasesandshorts

8、alesintoChinesesecuntymarket．Besides，anumberofbasicissuesinvolvedinpreliminarystagehavebeendiscussed，suchastheparticipants，thestandardsofsubjectsecuritiesandtherateofmarginrequirementetc，whichconstitutesa．fundamentalinstit