融券卖空机制下的虚假信息传播问题及防范——中信证券暴跌案例
发布时间：2019-05-19 14:22
【摘要】：我国自2010年3月在A股市场推出融资融券试点以来,融券卖空机制通过主动卖空操作为看空的投资者提供平台,与融资交易相配合,促进价格发现,提高信息披露质量和市场效率。但是这种反向获利方式也可能诱发道德风险,使得一些卖空"庄家"利用卖空机制原理,发布虚假的负面消息,拉低股价,获取收益,从而影响了资本市场的健康发展。
[Abstract]:Since the launch of the margin trading pilot in the A-share market in March 2010, the short selling mechanism has provided a platform for bearish investors through active short selling, coordinated with financing transactions, and promoted price discovery. Improve the quality of information disclosure and market efficiency. However, this reverse profit method may also induce moral hazard, which makes some short sellers make use of the principle of short selling mechanism to issue false negative news, lower the stock price and obtain the income, thus affecting the healthy development of the capital market.
【作者单位】： 北京工商大学商学院;
【分类号】：F832.51;G206
[Abstract]:Since the launch of the margin trading pilot in the A-share market in March 2010, the short selling mechanism has provided a platform for bearish investors through active short selling, coordinated with financing transactions, and promoted price discovery. Improve the quality of information disclosure and market efficiency. However, this reverse profit method may also induce moral hazard, which makes some short sellers make use of the principle of short selling mechanism to issue false negative news, lower the stock price and obtain the income, thus affecting the healthy development of the capital market.
【作者单位】： 北京工商大学商学院;
【分类号】：F832.51;G206
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