本文選題：證券融資交易 + 資管�。� 參考：《清華法學(xué)》2017年06期

【摘要】：證券融資交易須遵循審慎規(guī)制邏輯,其以券商、非券商投資機(jī)構(gòu)、信用機(jī)構(gòu)或其他機(jī)構(gòu)與機(jī)構(gòu)融資交易行為之間的資本關(guān)聯(lián)為基礎(chǔ)。這一規(guī)制邏輯根源于機(jī)構(gòu)在投資者與機(jī)構(gòu)自有資本或融入資金之間的信用轉(zhuǎn)換及其生成的信用風(fēng)險(xiǎn)與系統(tǒng)性風(fēng)險(xiǎn)。我國(guó)券商保證金交易及券商或銀行資管的證券融資交易,與券商、非券商投資機(jī)構(gòu)及信用機(jī)構(gòu)以自有資本或融入資金為依托的證券融資交易對(duì)應(yīng)。證券融資交易審慎規(guī)制邏輯的建立,可為我國(guó)大資管背景下證券融資交易規(guī)則的一致性及資本市場(chǎng)內(nèi)系統(tǒng)性風(fēng)險(xiǎn)的防范,提供更為深刻的視角和更為統(tǒng)一的邏輯。證券融資交易的審慎規(guī)制邏輯,以銀行資管、券商資管和其他融資機(jī)構(gòu)的法律性質(zhì)的重新厘定、審慎規(guī)制規(guī)則的建立及證券保證金交易規(guī)則的擴(kuò)展為進(jìn)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.
【作者單位】： 中國(guó)政法大學(xué)民商經(jīng)濟(jì)法學(xué)院;
【分類號(hào)】：D922.287
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本文編號(hào)：1902648