场内证券出借涉及的证券权属变更研究  

A Review of Change of Securities Ownership Issues in Exchange-Based Securities Lending

作　　者：张橙逸 ZHANNG Chengyi(Equity Derivatives Business Department,Guolian Minsheng Securities)

机构地区：[1]国联民生证券股权衍生品业务部

出　　处：《金融市场研究》2025年第3期39-50,共12页Financial Market Research

摘　　要：随着资本市场的发展,国内证券借贷业务的创新,相关业务实践中涉及的证券出现了权属变更的争议。文章从制度和操作两个层面进行分析,根据遵循实质重于形式原则认为出借证券的权属未发生变更,而担保证券的权属则从证券借入人变更成为证券出借人,并建议在实践中注意防范借入人通过信用担保证券账户规避司法查询,视情放开其他限售股的出借限制,向出借人充分提示证券出借期间投票权的丧失。With the development of the capital market and the introduction of the borrowing and lending of domestic securities,disputes have arisen as a result of the ownership changes to the securities involved.This article provides an analysis of the issue from both institutional and operational levels.It argues that according to the principle of“substance over form”the ownership of lent securities does not change,while the ownership of guaranteed securities does change from the securities borrower to the securities lender.The article recommends that attention be paid to preventing the borrower from circumventing judicial inquiries through the credit guaranteed securities account.It also calls for easing restrictions on lending other restricted shares,and giving sufficient notice to the lender of the loss of voting rights while the securities are on loan.

关 键 词：信用担保证券 信托财产 出借证券 权属变更 

分 类 号：F83[经济管理—金融学]