证券融资交易规制逻辑及制度反思

发布时间：2018-05-17 19:55

  本文选题：证券融资交易 + 资管　； 参考：《清华法学》2017年06期

【摘要】：证券融资交易须遵循审慎规制逻辑,其以券商、非券商投资机构、信用机构或其他机构与机构融资交易行为之间的资本关联为基础。这一规制逻辑根源于机构在投资者与机构自有资本或融入资金之间的信用转换及其生成的信用风险与系统性风险。我国券商保证金交易及券商或银行资管的证券融资交易,与券商、非券商投资机构及信用机构以自有资本或融入资金为依托的证券融资交易对应。证券融资交易审慎规制逻辑的建立,可为我国大资管背景下证券融资交易规则的一致性及资本市场内系统性风险的防范,提供更为深刻的视角和更为统一的逻辑。证券融资交易的审慎规制逻辑,以银行资管、券商资管和其他融资机构的法律性质的重新厘定、审慎规制规则的建立及证券保证金交易规则的扩展为进路。
[Abstract]:The transaction of securities financing should follow the logic of prudential regulation, which is based on the capital relationship between securities firms, non-brokerage investment institutions, credit institutions or other institutions and institutional financing transactions. The logic of this regulation is rooted in the credit conversion between the investor and the institution's own capital and its generated credit risk and systemic risk. Margin trading and securities financing transactions managed by securities firms or banks in China correspond to securities financing transactions in which securities firms, non-securities investment institutions and credit institutions rely on their own capital or integration funds. The establishment of the logic of prudential regulation of securities financing transactions can provide a more profound perspective and a more unified logic for the consistency of securities financing trading rules and the prevention of systemic risks in the capital market under the background of large capital management. The logic of prudential regulation of securities financing trading is the redetermination of the legal nature of bank capital management, securities firm capital management and other financing institutions, the establishment of prudential regulation rules and the expansion of securities margin trading rules.
【作者单位】： 中国政法大学民商经济法学院;
【分类号】：D922.287
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本文编号：1902648