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伴随着我国资本市场的不断完善和发展,股指期货和融资融券的推出已被证监会作为2010年的一项重点工作列上议事日程。2010年将是中国金融衍生品元年,融资融券和股指期货的推出将终结我国股票市场没有做空机制的历史,将对未来资本市场的发展产生极为深远的影响。本文尝试从融资融券推出对证券市场和证券公司的两方面影响来探讨给资本市场带来的变化。
With the continuous improvement and development of China’s capital market, the introduction of stock index futures and margin trading has been put on the agenda of the CSRC as a key work in 2010. 2010 will be the first year of China’s financial derivatives. The introduction of margin financing and stock index futures will end the history of China’s stock market without a short mechanism and will have far-reaching impact on the future development of the capital market. This article attempts to explore the implications for capital markets from the impact that margin trading offers on both the securities and securities firms.