【作者】 卫绪华；

【导师】 汪鑫；

【作者基本信息】 广西大学 ， 民商法学， 2007， 硕士

【摘要】 当今，融券交易在现代证券市场中发挥着越来越重要的作用，同时也加大了证券公司、证券出借方和证券借入方等市场参与者的风险。因此，在我国引入融券交易后，为保障我国融券交易的健康发展，应当完善融券交易风险控制的立法，建立健全相关的法律控制制度。本文既借鉴又超越我国传统上从经济学、金融学的角度探讨融券交易风险控制的方法，在分析融券交易风险种类及诱因的基础上，辩证地借鉴国外相关的研究成果和立法经验，针对我国融券交易市场可能存在的风险问题，构建如下具体的法律控制制度：一是规定设立具有转融通职能的证券金融公司；二是要求完善外部监管和自律监管相结合的监管机制；三是要求加强对证券公司、投资客户和标的证券资格的审查；四是规定合理设置账户管理制度、合同标准化设置制度、信息披露制度、保证金制度、卖空价格限制制度、信用额度管理制度、除权处理制度和风险基金制度等。我国融券交易风险的法律控制制度应当达到安全与效率平衡的目标，既要防止保护市场安全的限制过强而影响市场效率，又要做到有效控制风险以避免市场的崩溃，保护市场参与者的合法权益，使融券交易发挥积极作用，推进我国融券交易市场的健康发展。更多还原

【Abstract】 As Securities lending transactions are playing an important role in modern securities market, there is a trend for securities legislations to control risk more strongly for those market participants exposed to risks, such as securities companies, securities lenders and securities lenders and securities borrowers. With the growth of securities lending transactions in China, we should control risks with securities lending transactions by law.The paper bases on the types and sources of risk, takes the overseas research achievement and legal experience as references, starts with the developing course and demand of China security market in order to break through the traditional method to discuss risks control from the main aspects of economics and finance and construct a comprehensively legal control system of risks presented in securities lending. The measures to control the risks by law are as follows: firstly to set up the security financial companies to offer credit; secondly to perfect the supervising system including external supervision and self-discipline; furthermore to enhance the qualification examination to security companies, investors and target securities; finally to establish sound systems of margin account management, contracts standardization setting, the public disclosure of information, margin performance bonds, the uptick rule and the zero—plus tick rule, regulation on credit limits, ex-rights disposal, risk fund and so on.To construct legal control system of risks of securities lending transaction, it should not only prevent an over high security responsibility from affecting the efficiency of market, but also control effectively to a certain extent to avoid the crash of securities market, consequently, to defend the legitimate rights of investors. Above all, the ultimate goal of risk control system of China is to control the risks of Securities lending transactions, make sure of the positive effects of Securities lending transactions and finally facilitate the development of securities market.更多还原