资本市场债券代持交易违规案例研究——以国海证券“萝卜章”为例  

A Research on the Violation of Bonds Holding Transaction in Capital Market——Take the Sealand Securities “Radish Seal” as an Example

作　　者：朱敏 臧展[1] 吴雪华 熊颖 ZHU Min;ZANG Zhan;WU Xuehua;XIONG Ying(School of Finance,Nanjing Audit University,Nanjing 211815)

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《常州工学院学报》2018年第3期57-62,共6页Journal of Changzhou Institute of Technology

摘　　要：随着资本市场的发展,本应合法且给金融机构带来便利的债券代持业务也拥有了一些新的"功能属性",即杠杆操作。这样一种被当作杠杆工具的债券代持交易逐渐成为金融机构扩大营业收入、粉饰财务报表、规避监管的手段,已经严重威胁到资本市场的健康长远发展。通过国海证券"萝卜章"事件的发展过程,从潜在风险角度对债券代持交易进行分析,最后针对本次案件提出一些防范风险的措施及建议,以促进金融市场的长治久安,这对于规范资本市场、减少金融犯罪具有重大意义。With the development of the capital market,the bond holding business,which should be legitimate and bring convenience to the financial institutions,also has some new＂functional attributes＂,that is leverage operation. Such a bond holding transaction,which is regarded as a leverage tool,has gradually become an means for financial institutions to expand business income,to whitewash financial statements and to avoid institutional supervision. It has seriously threatened the long-term development of the health of capitalmarket. Through the development process of the ＂Radish Seal＂in the Sealand Securities,this paper firstly analyzes the bond holding transactions from the perspective of potential risks. Finally,it puts forward some measures and suggestions to prevent the potential risks,to promote the long-term and sound development of the financial market. It is also of great significance to standardize the capital market and reduce f inancial crimes.

关 键 词：国海证券 债券代持 杠杆操作 风险防范 

分 类 号：F830.91[经济管理—金融学]