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1、融公司，完善監(jiān)管機(jī)構(gòu)的協(xié)調(diào)機(jī)制等，我們期待未來融資融券業(yè)務(wù)試點(diǎn)結(jié)束、正式實(shí)施時(shí)，能夠解決這些問題，確保我國(guó)融資融券制度的健康發(fā)展。關(guān)鍵詞證券市場(chǎng)，融資融券，制度設(shè)計(jì)ABSTRACTMarginpurchasesandshortsalesisamaturesystemwidelyadoptedbyoverseassecuritiesmarkets，includingtwopartsofmargintradingandshortselling．Marginpurchasesandshortsaleshass
2、omeactiveeffectssuchasadvancingmarketliquidity,mitigatingmarketvolatility,formingreasonableprices，hedgingtherisksandmakingprofitsfortheinstitutions．Itisanimportantwaytoimprovemarketmechanism，pushaheadtheproductsinnovationandpromotetheresourcesreasonabled
3、isposal．Inamaturesecuritiesmarket，Marginpurchasesandshortsalesisverypopularbecauseofitsspecialmechanismandgreatattractiontoinvestors．But，margintransitioncanleadtospeculation．So，inordertopreventthosenegativeimpactsbroughtbymargintradingandshortselling，Chi
4、neselawsandregulationshadforbiddenthiskindoftransactionforalongtime．However,in2006，newsecuritieslawandregulationsweredecreed，whichpavedthewayfortheintroducingofmarginpurchasesandshortsalesintoChinesesecuritiesmarket，whichmeanstheconditionsofthesecurities
5、markethavegraduallymaturedandthecarry-outofmarginpurchasesandshortsaleshasenteredasubstantivestage．Aftertenyearsofdevelopment，Chinesesecuritymarkethasgainedgreatachievementsinmanyrespects．But，undeniably，Chinesesecuritymarketisstillinthetransitionalperiod
6、，someproblemsaredirectlyrestrictingitsdevelopment．Recently,thedevelopmentofmarginpurchasesandshortsalesinourcountryisstillinpreliminarystage，thusabasicpremiseofthepilotistocorrectlyevaluatethepracticalexperiencesofoverseassecuritiesmarkets．Basedonacompre
7、hensiveandin-depthstudyofthehistoryandsystemsdesignofmarginpurchasesandshortsalesinforeignsecuritymarkets，aswellastakingtheoverallsituationofChinesesecuritiesmarketintoconsideration，thispaperinsiststhatit’Sveryimportanttointroducemarginpurchasesandshorts
8、alesintoChinesesecuntymarket．Besides，anumberofbasicissuesinvolvedinpreliminarystagehavebeendiscussed，suchastheparticipants，thestandardsofsubjectsecuritiesandtherateofmarginrequirementetc，whichconstitutesa．fundamentalinstit
