摘要
股票市场的配资业务是"两融业务"(即融资融券业务)发展的产物,是与"两融业务"相伴而生的。"两融业务"培育了投资者的杠杆意识,配资业务填补了"两融业务"的市场空隙。配资业务有其风险,但也有其积极作用和存在的合理性、必然性。配资业务作为"非正规金融",在"互联网+"的背景下,对它的正确态度应该是疏而不是堵。建议在《非存款类放贷组织条例》中加入与配资有关的内容,规定配资机构的行政许可,同时规定融资杠杆的最高比例。在此之下,证监会制定专门的管理办法,实施信息透明度监管、投资者适当性管理、账户托管监管等。总之,不是法律改变社会,而是社会改变法律。
With the development of the margin trading business,the underground margin trading business was born and expanded.The margin trading business fosters the lever awareness of investors,meanwhile the underground margin trading business fills the gap of the margin trading business.The underground margin trading business has its risks,but it also has its positive effects with justified rationality and necessity of its existence.Under the background of'Internet+',our correct attitude to the underground margin trading business,one form of informal finance,should be leading rather than blocking.Our proposal is to add relevant contents of the underground margin trading business in the'Non-deposit Lending Organizations Ordinance',i.e.make licensing requirements for the underground margin trading business,and stipulate the highest proportion of financing leverage.Under this Ordinance,the CSRC should enact a special regulation to ensure information transparency,investor-suitness management,and account supervision management,etc.In short,it is not the law that changes the society,but the society that changes the law.
出处
《财经法学》
2015年第6期14-24,共11页
Law and Economy
基金
北京市社会科学基金重点项目"民间融资的法律规制研究"(项目编号:15FXA008)
关键词
融资融券
配资
HOMS系统
法律规制
Margin trading
Underground margin trading
HOMS system
Legal regulation
