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1、山西財(cái)經(jīng)大學(xué)碩士學(xué)位論文我國(guó)融資融券交易法律問(wèn)題研究姓名：劉永健申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：經(jīng)濟(jì)法學(xué)指導(dǎo)教師：張旭娟2011-03-07我國(guó)融資融券法律問(wèn)題研究摘要融資融券交易是海外發(fā)達(dá)證券市場(chǎng)一種成熟的交易制度，最早起源于美國(guó)，是證券信用交易的一種形式，包括融資和融券兩個(gè)部分。融資融券交易機(jī)制具有提高市場(chǎng)流動(dòng)性、緩沖市場(chǎng)波動(dòng)、發(fā)現(xiàn)市場(chǎng)合理價(jià)格、對(duì)沖避險(xiǎn)和為機(jī)構(gòu)創(chuàng)造盈利等積極效應(yīng)，是完善證券市場(chǎng)機(jī)制，促進(jìn)金融產(chǎn)品創(chuàng)新，優(yōu)化金融市場(chǎng)資源配置的重要手段和途徑；同時(shí)，這種交易方式也能導(dǎo)致投機(jī)性等負(fù)面影響。我國(guó)曾經(jīng)在法律法規(guī)中明文禁止實(shí)行融資融券業(yè)務(wù)。2006年新《證券法》頒布，隨后相
2、關(guān)法規(guī)、辦法也陸續(xù)出臺(tái)。我國(guó)的融資融券業(yè)務(wù)于2010年3月已經(jīng)正式啟動(dòng)。但是，我國(guó)證券市場(chǎng)仍處于加速轉(zhuǎn)軌時(shí)期，一些深層次的體制問(wèn)題仍然阻礙著證券市場(chǎng)的進(jìn)一步快速發(fā)展。鑒于我國(guó)的融資融券交易剛剛啟動(dòng)，在立法和司法實(shí)踐方面都面臨著許多問(wèn)題。本文分析現(xiàn)階段在我國(guó)全面推行融資融券業(yè)務(wù)仍存在的法律沖突和空白等制度設(shè)計(jì)問(wèn)題，例如與《信托法》、《擔(dān)保法》的銜接、權(quán)益沖突等問(wèn)題。通過(guò)對(duì)系統(tǒng)制度設(shè)計(jì)改進(jìn)及完善，解決這些問(wèn)題，以確保融資融券交易的健康發(fā)展?！娟P(guān)鍵詞】融資融券交易證券市場(chǎng)證券法制度設(shè)計(jì)讓與擔(dān)保1我國(guó)融資融券法律問(wèn)題研究AbstractMargintradingisaforeign
3、-developedstockmarkettradingsystem,originatedintheUnitedStates,isasecuritiescredittransactions,includingtwoformsofmargintradingandshortsell.Margintradingmechanismistoimprovemarketliquidity,marketvolatilitybufferandreasonablemarketpricediscovery,hedging,andanimportantwaytocreateprofitandmea
4、nsimprovingstockmarketmechanismeffectively,promotinginnovationoffinancialproductsandoptimizingtheallocationofresources.Thetradingmechanismandtheoperationofitsuniquefeaturesareverypopularamongtheinvestorsbecauseofitsspecialmechanismandgreatattractiontoinvestors;however,itcanleadtospeculativ
5、eandothernegativeeffects.Chinahadeveranexplicitprohibitioninthelawsandregulationsabouttheimplementationofmargintradingbusiness.Chinesesecuritymarkethasdevelopedovertenyears.In2006,thenew"SecuritiesLaw"andrelevantregulationsweredecreed.Marginpurchasesandshortsalesinourcountryhasbeenjustoper
6、atedonMarch31,2010.However,toaccelerateChina'ssecuritiesmarketisstillintransitionperiod,somedeep-seatedproblemsstillhamperthefurtherrapiddevelopmentofChina'ssecuritiesmarket.InviewofthemargintradinginChinahasjuststarted,thelegislationandjudicialpracticearefacingmanyproblems.Thispaperanalys
7、esthecurrentmargininthebusinessofthefullimplementationofconflictoflawsthatstillexistsuchassystemdesignissuesandgaps,forexample,theconvergenceandrightsconflictin"TrustLaw"and"SecurityLaw".Throughimprovingthedesignofthesystemandperfectingthesystem,ensurethehealt
