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融资融券交易在我国正式启动已逾七年,若要将其稳定股市的作用切实得到发挥,首要之义是清楚两融对于股票在现实经济中的运转规则。清楚了解之后才能帮助监管部门对市场的管理行之有效,在应对风险时将损失降低。本文将融资融券两种交易的作用机制分开研讨,通过对比使两融的影响机制更加清晰,以期为我国两融业务的监管提供科学的决策依据。
The practice of margin trading has been officially launched in our country for more than seven years. To effectively exert its role of stabilizing the stock market, the primary meaning is to understand the rules governing the operation of the stock in the real economy. Clear understanding of the regulatory agencies to help the market after the effective management of the loss will be reduced in response to the risk. In this paper, we discuss the mechanism of the two types of trading in margin financing and securities lending separately, and make the mechanism of the two financial lending more clear by comparing with each other so as to provide a scientific basis for the regulation of our financial business.