基于中美战略博弈视角的资本市场做空机制比较研究  

A Comparative Study on the Short Selling Mechanism of Capital Market Based on the Perspective of China-U.S.Strategic Competition

作　　者：朱冬梅 张颖[1] ZHU Dongmei;ZHANG Ying(School of Economics and Management,Southeast University,Nanjing 211189,China)

机构地区：[1]东南大学经济管理学院,南京211189

出　　处：《中国证券期货》2024年第1期4-9,共6页Securities & Futures of China

基　　金：国家重点研发计划(2021QY2100)资助。

摘　　要：中美关系是当今世界上最为重要的国家间关系,值此百年未有之大变局,金融作为现代经济的制高点,近年来加剧竞争的大国博弈日益转向非传统的经济金融领域。自2021年以来,在美中概股不断遭遇市场做空,已严重影响我国的海外金融利益。本文通过分析中美博弈发展历程及演化机制,尤其是拜登政府执政以来的对华政策,比较研究了中美资本市场做空机制的做空主体、做空模式、监管制度、引发风险及其对我国的影响。本文研究为我国面对复杂多变的国际环境如何始终保持定力,有效应对美国对我国实施资本市场做空的持续打压提供理论支撑。China-U.S.relations are the most important inter-country relations in the world.Within a wider context of the once-in-a-century changes,finance as the commanding height of modern economy,the intensified competition between big countries has increasingly turned to non-traditional economic and financial fields in recent years.Since 2021,Chinese stocks in the U.S.have been continuously suffered from short blow,which has seriously affected China s overseas financial interests.This paper first analyzes the development history and the underlying mechanism of the China-U.S.relations,especially the Biden administration s policy towards China.Then the paper compares and studies the short-selling subjects,short-selling modes,regulatory systems,possible risks of the short selling mechanism of the U.S.-China capital markets and the impact on China.The research in this paper provides theoretical support for how our country can always maintain its determination in the face of a complex and volatile international environment and effectively respond to the continuous suppression by shorting in the capital market of the United States.

关 键 词：中美博弈 做空机制 融资融券 监管体系 

分 类 号：F83[经济管理—金融学]