试论融资融券业务对我国证券市场的影响

融资融券业务是建立在市场对未来投资预期基础上衍生出来的一种金融工具。2008年10月5日，中国证监会发布了《中国证监会近期正式启动证券公司融资融券业务试点工作》的通知，这既给我国证券市场带来机遇，也使其面临更加严峻的挑战，从远期看将会对促进我国资本市场稳定发展与改革创新具有积极意义。本文首先对融资融券进行理论概述，进而从市场主体和证券市场两个视角分析融资融券的影响效应，并进一步提出了完善我国融资融券制度的政策建议。

The Impact of Securities and Margin Financing Businesses on the Securities Market in China

Securities and margin financing businesses is a derived fi- nancial instruments built on the business market which is expected to invest in the future.The Chinese Securities Regulatory Commission issued the notice of China＇s Securities Regulahwy Commission officially launch securities and margin financing businesses operations in the near future on October 5, 2008. This will bring opportunities for Chinese securities market, also cause it to face with a more stern challenge.It has a positive significance of promoting the stable development and reforming innovation of China＇s capital market from the long-term view.This article first carries on the theory outline to margin purchase and short sale;And then it analyses the impaction from two main perspective of market main body and stock market;Finally,it proposes recommendations of improving the system of securities and margin financing businesses in our country.