关于我国证券市场引入转融通机制的思考

2011年10月26日,证监会发布《转融通业务监督管理试行办法》。12月5日,两融标的证券正式从90只扩容至285只。两融试点转入常规,转融通推出进入冲刺阶段。转融通的推出必将推动我国证券市场的发展和完善。但转融通对我国证券市场而言毕竟是新生事物,虽有美国、日本、我国台湾地区的经验可以借鉴,但其发展背景和市场情况与中国内地毕竟差距巨大。在我国证券市场试点引入转融通的过程中,还有很多问题是需要我们去关注并思考的。

Thinking of China stock market introducing into securities lenders mechanism

October 26,2011,CSRC issued "Refinancing business supervision and management Trial Procedures".December 5,the subject of margin trading officially expanded from 90 to 285.Margin trading pilot became regular.Refinancing launched in its final stages.Refinancing will surely promote the development and improvement of China’s securities market.Refinancing,to China’s securities market,after all,is totally new.Although we can learn from the United States,Japan and Taiwan’s experience,but its development background and market conditions is totally different from China.There are many issues we need to pay attention and think about when China’s securities market introduced refinancing mechanism.