对客户交易结算资金存管模式改革的建议——兼论建立中国证券银行的设想  

Reform Proposal on Deposit of Clients' Funds

作　　者：牛冠兴 卢兴前[1] 

机构地区：[1]招商证券股份有限公司

出　　处：《证券市场导报》2003年第9期4-11,共8页Securities Market Herald

摘　　要：我国客户交易结算资金改革的方针应为:“疏堵并举、标本兼治,既要能够防范风险,又要能够有利于证券业的发展,不能失之偏颇。”我国客户交易结算资金改革的最终目标和最佳方案是建立以证券银行为核心的、保证金存管与券商融资相统一的证券银行制。The way clients' funds are kept and the low rules-violating cost seems to be the cause of the frequent misappropriation of clients' funds by securities firms. But fundamentally it is the current financing system that is to be blamed. As bank loans to securities firms were illegal in China, this practice was terminated with the split of securities and banking industries years ago. As a result, securities firms plagued with financing problems had to violate rules in order to survive fierce market competition. The experience of Korea and Taiwan proves that securities finance corporations that engage in deposit of clients' fund as well as securities finance might be the best solution for China at the current stage.

关 键 词：客户交易结算资金 中国 有价证券 证券公司 资产质量 证券市场 券商 改革 金融风险 

分 类 号：F832.39[经济管理—金融学] F832.51