浅析证券信用交易制度

在我国证券市场初建时期,为了防范金融风险,我国证券法规定只允许证券现货交易,禁止证券信用交易.这一规定,虽然有效地限制了过度投机,避免造成证券市场的风险,但同时也付出了牺牲市场活力的代价.近年来,随着证券市场规范化程度的提高,证券信用交易进入证券法修改的议事日程中.从长远来看,对于沟通资本市场与货币市场以缓解和释放整个金融系统的风险也是有着重要意义.

On the System of Securities Credit Trades

In the early year of securities market construction,our securities law allows securities companies to spot trading prohibit margin requirement to avoid financial risks,namely prohibit financing and securities loan business.Although that law efficiently restrains excessive speculation,avoiding causing more securities market risks,at the same time,it pays a lot in losing market activity.Recently,with the rise of securities market standardization,opening margin requirement will be take reconsideration to securities law amendment agenda.And in the long run,it will be beneficial to connect capital market and money market to release the whole financial risks.