__融资融券试点的制度安排和制度完善.pdf

融资 券试点的制度安排和制度完善 ——基于投资者权益保护视角的分析 王晓国 （中国证券业协会，北京 100033） 摘要： 融资融券交易试点正面临制度完善的重大课题。本文从投资者权益保护 的视角对融资融券交易试点制度进行了案例分析，研究我国融资融券业务试点的 制度安排、制度缺陷和政策建议。本文率先尝试了评价融资融券业务试点的制度 体系，发现其制度机制基本保障了投资者融资融券交易的市场准入权、资产安全 权、广泛知情权、公平交易权、服务保证权、投资收益权等六项合法权益 从投 资者权益保护角度看，试点制度层次清楚、基本完整、结构失衡、机制欠缺、效 率不足 建议出台长远规划、转融通制度、市场准入的调整制度、投资者权益保 护评价制度等政策，扩大试点、提高效率。 关键词：融资融券 投资者权益保护；转融通 Abstract: Margin trade experiment in Chinese capital market is facing advance to its system. Based on the direction of investor rights and interests protection, the paper carried through one case study on system design and shortage and policy advice of margin trade experiment in Chinese capital market. The paper evaluated the system in existence of margin trade experiment in Chinese capital market firstly, and discovered that the system and mechanism in existence have safeguarded the market admittance rights and the asset security rights and the awareness rights and the fair trade rights and the service guarantee rights and the investment interests rights and so on, in the meantime its levels being clearly, its content being integrated , its structure being unbalanced, its mechanism being unbalanced, its efficiency being lower. After studied thoroughly, the paper put out policy advice including one long term plan and the intermediate finance system and the adjustment system of market admittance and the valuation system of investor rights and interests protection in order to upgrade its efficiency. Key words: 作者简介：王晓国，管理学博士，研究员，中国证券业协会发展战略工作委员会 副主任，研究方向: 资本市场监管。 中图分类号：F839.91 文献标识码：A 1 引言 稳妥推进融资融券业务试点是2010 年全国期货监管的一项重点工作。事实 上，融资融券交易制度是资本市场的一项重要的基础性制度。2006 年 1 月1 日 实施的《中华人民共和国证券法》，将“证券公司不得从事向客户融资或者融券 的证券交易活动”修订为“证券公司为客户买卖证券提供融资融券服务，应当按 照国务院的规定并经国务院证券监督管理机构批准”，