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证券回购是金融机构之间以有价证券作抵押的短期资金融通行为,证券在这项交易过程中只是一种抵押物,并不是所有权的转移。1993年下半年以来国家实行金融宏观调控,对同业拆借市场进行清理、整顿和规范。一些金融机构就以证券回购的名义拆借资金、吸收存款,使得证券回购业务发展迅速,各家银行、信托投资公司、证券公司、企业财务集团公司等金融机构也竞相办理该项业务。在一定程度上促进了资金的融通,但由于证券回购具体规定还不够完善和一些金融机构的违规经营,证券回购市场存在不少问题。
Securities repurchase is a short-term financial intermediation between financial institutions with securities as collateral. Securities are just a collateral in this transaction and not a transfer of ownership. Since the second half of 1993, the state has implemented macro-control of the financial sector to clean up, rectify and standardize the inter-bank borrowing market. Some financial institutions borrowed funds and absorbed deposits in the name of securities repurchase. As a result, the securities repurchase business developed rapidly. Financial institutions such as banks, trust and investment companies, securities companies and enterprise finance conglomerates also competed for the business. To a certain extent, promoted the financing of funds. However, due to the incomplete provisions on the securities repurchase and the non-compliant operation of some financial institutions, there are many problems in the securities repurchase market.