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近期,关于推出融资融券试点问题的讨论已逐渐降温。这个曾在去年全球金融危机蔓延,我国股市暴跌的情况下被视为“救市稻草”的金融工具,在随着大盘指数的回升,及相关政策的退隐下似乎淡出了人们的视线。不禁使人怀疑宣布启动融资融券试点只是“姿态救市”的表现或是投石探路的环节之一。该业务若被正式实行,影响的受众颇为广泛。被称为集天使和魔鬼于一身的融资融券,之所以遭到业内外人士的热烈争议则主要因为它对不同市场主体带来的“利好”或“利空”的双边效益。本文从剖析争议入手,根据我国市场特征和定性定量研究结论,为融资融券的后续之路探秘,并提出制度建议。
Recently, the discussion on launching the pilot issue of margin trading has gradually cooled down. This financial instrument, which was considered “bailout straw” when the global financial crisis spread last year and its stock market plummeted, seems to have faded out of sight with the rebound of the broader market index and related policies. Can not help but suspect that the pilot announced the launch of margin financing is only “gesture rescue ” performance or one of the stone pathfinder. If this business is formally implemented, the audience affected is quite extensive. Known as the angel and the devil in one of the margin financing, the reason why the industry was heated controversy outsiders are mainly because of its different market players to bring “good ” or “bad ” bilateral benefits. Based on the analysis of the market characteristics and the qualitative and quantitative research results in our country, this essay explores the follow-up of margin financing and securities lending and puts forward the system suggestions.