全球股票市场卖空交易机制的演进与发展分析  

The Evolution and Development of the Short-selling in Global Stock Markets

作　　者：陈晗[1] 王霖牧 

机构地区：[1]中国金融期货交易所,上海200122

出　　处：《证券市场导报》2012年第9期37-45,共9页Securities Market Herald

摘　　要：双向交易是资本市场的基本制度,目前全球主要市场均已建立卖空机制,双向交易成为资本市场普遍选择。文章从股票市场卖空交易机制的建立伊始,回顾了双向交易机制从建立到初步发展——被质疑——逐步完善并被广泛认可的演进过程。文章详细介绍了1929年全球股灾后股票卖空市场发生的巨大变革,包括完善交易制度、纳入法律监管范畴等,追踪了2008年金融海啸中海外市场禁止股票卖空的事件,深入分析了"禁空令"对市场的影响。2011年欧债危机中欧洲六国重拾限空令,但美英德没有跟进,表现出这些监管机构相较2008年,对股票卖空的态度发生了明显的转变。文章认为,双向交易历史悠久,是资本市场不可或缺的基础交易制度和有机组成部分,是资本市场的客观需求产物和内在稳定机制,是我国资本市场健康发展的基础。然而,发展双向交易的同时,必须严格监管,禁止裸卖空,重点打击利用双向交易进行市场操纵的企图。Two-way trade is a fundamental regime of capital market. Global markets have established short-selling trade which is most capital markets＇ choice. This study reviews short-selling from its establishment to development, suspicion, further improvement and to finally wide acceptance. This paper also introduces the big revolution in stock market after 1929 crash, including trading rules melioration, incorporation into regulatory framework for capital markets etc. In addition, this study analyses the influence on short-selling bans during 2008 financial crisis. However, compared to 2008, in 2011 6 countries in Euro zone retook short-selling bans while US, UK and Germany did not, which indicated regulatory attitude had changed. In summary, two- way trade is the capital market essential fundamental system, is a product of objective practice, and is inherent stable mechanism. In spite of the development of two-way trade, capital market should adopt tight supervision on market manipulation by shortselling and insist on naked short-selling bans.

关 键 词：卖空交易 裸卖空 双向交易 限制裸卖空 

分 类 号：F830.9[经济管理—金融学]