當前位置：法律圖書館>>法治動態>>法規釋義>>證監會有關部(bu)門負責人就證券公司(si)融資(zi)融券業(ye)務試(shi)點答記(ji)者問
證監會有關部門負責人就證券公司融資融券業務試點答記者問
//cciia.org.cn 2010-3-31 9:39:13 來源：上海證(zheng)券交易所(suo)
六大措(cuo)施控制融(rong)資融(rong)券業務(wu)風險(xian)－證(zheng)監會有(you)關(guan)部門負責人就證(zheng)券公司融(rong)資融(rong)券業務(wu)試點答記(ji)者(zhe)問
◎證券公司應制定選擇客戶的具體標準
◎證券公司向客戶融資、融券應當收取一定比例的保證金
◎客戶融資買入、融券賣出的證券，不得超出規定范圍
◎證券公司融資、融券的金額占其凈資本的比例應符合證監會規定
◎證券公司應當逐日盯市
◎當(dang)融資(zi)融券交易(yi)活(huo)動出現異常時，證券交易(yi)所可以(yi)暫停(ting)其交易(yi)
日前，中國證監會發布《證券公司融資融券業務試點管理辦法》（以下稱《試點管理辦法》）和《證券公司融資融券業務試點內部控制指引》，正式啟動了證(zheng)券(quan)公(gong)司融(rong)資融(rong)券(quan)業務試點(dian)。證(zheng)監會有關部門負責(ze)人就市場普遍關心的問(wen)(wen)題回答了記者的提問(wen)(wen)。
何謂融資融券
問：什么是(shi)融(rong)資(zi)融(rong)券(quan)業務？什么是(shi)融(rong)資(zi)融(rong)券(quan)交(jiao)易？融(rong)資(zi)融(rong)券(quan)交(jiao)易與(yu)普通證(zheng)券(quan)交(jiao)易有何不同？
答：融(rong)資(zi)融(rong)券(quan)業(ye)務(wu)(wu)，是(shi)指(zhi)證(zheng)(zheng)(zheng)券(quan)公司(si)向客戶出(chu)借(jie)資(zi)金供(gong)其(qi)(qi)買入證(zheng)(zheng)(zheng)券(quan)、出(chu)借(jie)證(zheng)(zheng)(zheng)券(quan)供(gong)其(qi)(qi)賣(mai)出(chu)的(de)經(jing)營(ying)活(huo)動(dong)。客戶向證(zheng)(zheng)(zheng)券(quan)公司(si)借(jie)入資(zi)金買入證(zheng)(zheng)(zheng)券(quan)、借(jie)入證(zheng)(zheng)(zheng)券(quan)賣(mai)出(chu)的(de)交易活(huo)動(dong)，則稱為融(rong)資(zi)融(rong)券(quan)交易，又稱信(xin)用交易。融(rong)資(zi)融(rong)券(quan)業(ye)務(wu)(wu)是(shi)對證(zheng)(zheng)(zheng)券(quan)公司(si)而(er)言的(de)，融(rong)資(zi)融(rong)券(quan)交易則是(shi)對證(zheng)(zheng)(zheng)券(quan)公司(si)的(de)客戶，也(ye)就是(shi)投資(zi)者而(er)言的(de)。
融(rong)資(zi)融(rong)券(quan)(quan)交(jiao)易(yi)又分為(wei)融(rong)資(zi)交(jiao)易(yi)和融(rong)券(quan)(quan)交(jiao)易(yi)兩類(lei)。投(tou)資(zi)者(zhe)向證券(quan)(quan)公司(si)借(jie)入資(zi)金買(mai)入證券(quan)(quan)，為(wei)融(rong)資(zi)交(jiao)易(yi)；投(tou)資(zi)者(zhe)向證券(quan)(quan)公司(si)借(jie)入證券(quan)(quan)賣出，為(wei)融(rong)券(quan)(quan)交(jiao)易(yi)。
融資融券(quan)交(jiao)易(yi)與大家熟悉的普通證券(quan)交(jiao)易(yi)，主要有以(yi)下幾點區別：
一是(shi)投資(zi)者從事(shi)普通證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)交(jiao)易(yi)，買(mai)入(ru)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)時，必須事(shi)先有足(zu)額(e)資(zi)金；賣(mai)出(chu)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)時，則(ze)必須有足(zu)額(e)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)。而(er)從事(shi)融資(zi)融券(quan)(quan)交(jiao)易(yi)則(ze)不同，投資(zi)者預(yu)測(ce)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)價格將(jiang)要上漲(zhang)而(er)手(shou)頭沒(mei)有足(zu)夠(gou)的資(zi)金時，可以(yi)向證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)公(gong)司借(jie)入(ru)資(zi)金買(mai)入(ru)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)；預(yu)測(ce)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)價格將(jiang)要下跌而(er)手(shou)頭沒(mei)有證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)時，則(ze)可以(yi)向證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)公(gong)司借(jie)入(ru)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)賣(mai)出(chu)。
二是投資(zi)(zi)(zi)者從事普通(tong)證(zheng)(zheng)(zheng)(zheng)券(quan)交(jiao)易時(shi)，其與證(zheng)(zheng)(zheng)(zheng)券(quan)公司之(zhi)間只(zhi)存(cun)在委(wei)托買(mai)(mai)賣(mai)的關(guan)系(xi)，因此不(bu)需要向(xiang)(xiang)證(zheng)(zheng)(zheng)(zheng)券(quan)公司提供擔保；而從事融資(zi)(zi)(zi)融券(quan)交(jiao)易時(shi)，其與證(zheng)(zheng)(zheng)(zheng)券(quan)公司之(zhi)間不(bu)僅(jin)存(cun)在委(wei)托買(mai)(mai)賣(mai)的關(guan)系(xi)，還(huan)存(cun)在資(zi)(zi)(zi)金(jin)或證(zheng)(zheng)(zheng)(zheng)券(quan)的借貸關(guan)系(xi)，因此還(huan)要事先以現金(jin)或證(zheng)(zheng)(zheng)(zheng)券(quan)的形式向(xiang)(xiang)證(zheng)(zheng)(zheng)(zheng)券(quan)公司交(jiao)付一定比例的保證(zheng)(zheng)(zheng)(zheng)金(jin)，并將融資(zi)(zi)(zi)買(mai)(mai)入的證(zheng)(zheng)(zheng)(zheng)券(quan)和融券(quan)賣(mai)出所得資(zi)(zi)(zi)金(jin)交(jiao)付證(zheng)(zheng)(zheng)(zheng)券(quan)公司，作為(wei)擔保物。
三是(shi)投資(zi)(zi)者從(cong)事普通(tong)證(zheng)券(quan)(quan)(quan)交易(yi)(yi)時，風(feng)險完(wan)全由其自行承(cheng)擔，可以買賣所有在證(zheng)券(quan)(quan)(quan)交易(yi)(yi)所上(shang)市交易(yi)(yi)的證(zheng)券(quan)(quan)(quan)；而從(cong)事融資(zi)(zi)融券(quan)(quan)(quan)交易(yi)(yi)時，如不能按時、足(zu)額償還資(zi)(zi)金或證(zheng)券(quan)(quan)(quan)，還會(hui)給證(zheng)券(quan)(quan)(quan)公司帶(dai)來風(feng)險，所以投資(zi)(zi)者只能在與證(zheng)券(quan)(quan)(quan)公司約定的范圍內(nei)買賣證(zheng)券(quan)(quan)(quan)。
引入(ru)融(rong)資(zi)融(rong)券有何積極意(yi)義(yi)
問(wen)：允許證券公(gong)司(si)開展融(rong)(rong)資(zi)融(rong)(rong)券業務、引入融(rong)(rong)資(zi)融(rong)(rong)券交易(yi)有何積極(ji)意義和作用？
答：一(yi)(yi)般認為(wei)，融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)具有四(si)大(da)基(ji)本功(gong)(gong)能(neng)。一(yi)(yi)是價(jia)(jia)(jia)格發現功(gong)(gong)能(neng)。融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)機制的(de)(de)(de)(de)(de)存在(zai)(zai)，可以(yi)(yi)將更多的(de)(de)(de)(de)(de)信息(xi)融(rong)(rong)入(ru)(ru)證(zheng)券(quan)(quan)的(de)(de)(de)(de)(de)價(jia)(jia)(jia)格，使之能(neng)更充分地反映證(zheng)券(quan)(quan)的(de)(de)(de)(de)(de)內在(zai)(zai)價(jia)(jia)(jia)值。二(er)是市(shi)(shi)場(chang)(chang)穩定功(gong)(gong)能(neng)。完(wan)整的(de)(de)(de)(de)(de)融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)，一(yi)(yi)般要通過方向相反的(de)(de)(de)(de)(de)兩次買賣(mai)(mai)完(wan)成，即融(rong)(rong)資(zi)(zi)(zi)買入(ru)(ru)證(zheng)券(quan)(quan)的(de)(de)(de)(de)(de)投(tou)(tou)(tou)資(zi)(zi)(zi)者，要通過賣(mai)(mai)出(chu)所(suo)買入(ru)(ru)的(de)(de)(de)(de)(de)證(zheng)券(quan)(quan)，償(chang)還向證(zheng)券(quan)(quan)公司借入(ru)(ru)的(de)(de)(de)(de)(de)資(zi)(zi)(zi)金；融(rong)(rong)券(quan)(quan)賣(mai)(mai)出(chu)的(de)(de)(de)(de)(de)投(tou)(tou)(tou)資(zi)(zi)(zi)者，則(ze)要通過買入(ru)(ru)所(suo)賣(mai)(mai)出(chu)的(de)(de)(de)(de)(de)證(zheng)券(quan)(quan)，償(chang)還向證(zheng)券(quan)(quan)公司借入(ru)(ru)的(de)(de)(de)(de)(de)證(zheng)券(quan)(quan)。因此，融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)機制具有一(yi)(yi)定的(de)(de)(de)(de)(de)減緩證(zheng)券(quan)(quan)價(jia)(jia)(jia)格波動的(de)(de)(de)(de)(de)功(gong)(gong)能(neng)，有助于(yu)(yu)市(shi)(shi)場(chang)(chang)內在(zai)(zai)的(de)(de)(de)(de)(de)價(jia)(jia)(jia)格穩定機制的(de)(de)(de)(de)(de)形成。三是流動性增(zeng)強(qiang)功(gong)(gong)能(neng)。融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)可以(yi)(yi)在(zai)(zai)一(yi)(yi)定程度上放大(da)證(zheng)券(quan)(quan)供求，增(zeng)加市(shi)(shi)場(chang)(chang)交(jiao)易(yi)(yi)量，從而活躍證(zheng)券(quan)(quan)交(jiao)易(yi)(yi)，增(zeng)強(qiang)證(zheng)券(quan)(quan)市(shi)(shi)場(chang)(chang)的(de)(de)(de)(de)(de)流動性。四(si)是風(feng)險管理(li)功(gong)(gong)能(neng)。融(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)不僅可以(yi)(yi)為(wei)投(tou)(tou)(tou)資(zi)(zi)(zi)者提供新的(de)(de)(de)(de)(de)交(jiao)易(yi)(yi)工(gong)具，而且還有利于(yu)(yu)改變證(zheng)券(quan)(quan)市(shi)(shi)場(chang)(chang)“單邊市(shi)(shi)”的(de)(de)(de)(de)(de)狀況，方便投(tou)(tou)(tou)資(zi)(zi)(zi)者規避市(shi)(shi)場(chang)(chang)風(feng)險。
此外，在我(wo)國現(xian)階(jie)段，允許證(zheng)(zheng)(zheng)券公(gong)司(si)開展融資融券業務(wu)試(shi)點，還是拓寬(kuan)證(zheng)(zheng)(zheng)券公(gong)司(si)業務(wu)范圍、改善證(zheng)(zheng)(zheng)券公(gong)司(si)盈利模式的有益探索。
開(kai)展(zhan)融資(zi)融券條件(jian)是否成熟
問：為(wei)什么我國過去(qu)禁止(zhi)證券公(gong)司(si)向客戶融資、融券？目前是否具(ju)備允(yun)許證券公(gong)司(si)開展融資融券業務的條件？
答：對投(tou)(tou)資(zi)(zi)者而言(yan)(yan)，如果(guo)(guo)對市(shi)場走勢判斷正確，從事融資(zi)(zi)融券(quan)(quan)(quan)(quan)交(jiao)易可以放(fang)大(da)(da)(da)盈(ying)利，但如果(guo)(guo)買(mai)(mai)賣(mai)方向錯誤，也(ye)可能放(fang)大(da)(da)(da)虧損；對證券(quan)(quan)(quan)(quan)公司而言(yan)(yan)，開(kai)展融資(zi)(zi)融券(quan)(quan)(quan)(quan)業務(wu)可以增加盈(ying)利來源，但如果(guo)(guo)不(bu)能有效控(kong)制客戶違(wei)約風險(xian)，也(ye)會(hui)承受較大(da)(da)(da)的(de)損失；對整個市(shi)場而言(yan)(yan)，融資(zi)(zi)融券(quan)(quan)(quan)(quan)交(jiao)易可以放(fang)大(da)(da)(da)市(shi)場證券(quan)(quan)(quan)(quan)供求、活躍市(shi)場交(jiao)易，但如果(guo)(guo)融資(zi)(zi)買(mai)(mai)入和融券(quan)(quan)(quan)(quan)賣(mai)出的(de)證券(quan)(quan)(quan)(quan)（即標的(de)證券(quan)(quan)(quan)(quan)）流(liu)通(tong)量小(xiao)、市(shi)場管理不(bu)當(dang)，也(ye)容易產生過度(du)投(tou)(tou)機等負面作用(yong)。
過去(qu)，由于上市(shi)(shi)公(gong)(gong)(gong)司(si)(si)(si)流(liu)通股(gu)本規模小、證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)風(feng)險控(kong)制能(neng)(neng)力(li)(li)弱、投(tou)資(zi)(zi)(zi)者結構(gou)不(bu)合(he)理(li)、證(zheng)(zheng)(zheng)券(quan)(quan)(quan)監管經(jing)(jing)驗(yan)不(bu)足等(deng)原因，我(wo)國(guo)法律嚴(yan)格(ge)禁止(zhi)證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)向客(ke)戶融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)。近年來，在國(guo)務院的(de)(de)正確領(ling)導(dao)和(he)有(you)關(guan)部門的(de)(de)大力(li)(li)支(zhi)持下，股(gu)權分置改革、提高上市(shi)(shi)公(gong)(gong)(gong)司(si)(si)(si)質量、證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)綜合(he)治理(li)、大力(li)(li)發展機構(gou)投(tou)資(zi)(zi)(zi)者等(deng)一系(xi)列(lie)改革發展工(gong)作深(shen)入推進，證(zheng)(zheng)(zheng)券(quan)(quan)(quan)市(shi)(shi)場(chang)基(ji)礎性制度建設取得積極(ji)進展，已經(jing)(jing)出現一批(pi)符合(he)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)要求(qiu)的(de)(de)上市(shi)(shi)證(zheng)(zheng)(zheng)券(quan)(quan)(quan)，部分優質證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)的(de)(de)風(feng)險控(kong)制能(neng)(neng)力(li)(li)和(he)內部管理(li)水(shui)平(ping)有(you)了提高，投(tou)資(zi)(zi)(zi)者的(de)(de)投(tou)資(zi)(zi)(zi)經(jing)(jing)驗(yan)和(he)風(feng)險承擔能(neng)(neng)力(li)(li)也在增強(qiang)，允許(xu)證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)開(kai)展融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)業務試(shi)點的(de)(de)基(ji)本條件已經(jing)(jing)具備。因此，修(xiu)訂(ding)后的(de)(de)《證(zheng)(zheng)(zheng)券(quan)(quan)(quan)法》規定，經(jing)(jing)證(zheng)(zheng)(zheng)監會(hui)(hui)批(pi)準，證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)可以(yi)為客(ke)戶買賣(mai)證(zheng)(zheng)(zheng)券(quan)(quan)(quan)提供(gong)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)服(fu)務。此次(ci)我(wo)會(hui)(hui)制定、發布《證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)業務試(shi)點管理(li)辦法》和(he)《證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)業務試(shi)點內部控(kong)制指引》，就是(shi)落(luo)實修(xiu)訂(ding)后的(de)(de)《證(zheng)(zheng)(zheng)券(quan)(quan)(quan)法》，穩步(bu)(bu)推進證(zheng)(zheng)(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)司(si)(si)(si)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)業務試(shi)點的(de)(de)重要步(bu)(bu)驟。
我(wo)們說目前已經(jing)(jing)具備開展融(rong)資(zi)(zi)(zi)(zi)融(rong)券業務試點的(de)(de)基本條件，并不意(yi)味著(zhu)開展這(zhe)項業務沒有風(feng)(feng)(feng)(feng)險(xian)(xian)。即使(shi)是在成(cheng)熟(shu)市場，融(rong)資(zi)(zi)(zi)(zi)融(rong)券也是一(yi)項風(feng)(feng)(feng)(feng)險(xian)(xian)較(jiao)高(gao)的(de)(de)業務，對(dui)投(tou)(tou)資(zi)(zi)(zi)(zi)者的(de)(de)證(zheng)券投(tou)(tou)資(zi)(zi)(zi)(zi)經(jing)(jing)驗和風(feng)(feng)(feng)(feng)險(xian)(xian)承擔能力(li)、證(zheng)券公(gong)(gong)司的(de)(de)風(feng)(feng)(feng)(feng)險(xian)(xian)控(kong)(kong)制(zhi)水平都有較(jiao)高(gao)的(de)(de)要(yao)求。投(tou)(tou)資(zi)(zi)(zi)(zi)者要(yao)充(chong)分認識融(rong)資(zi)(zi)(zi)(zi)融(rong)券交(jiao)易的(de)(de)風(feng)(feng)(feng)(feng)險(xian)(xian)，只(zhi)有在具備一(yi)定的(de)(de)證(zheng)券投(tou)(tou)資(zi)(zi)(zi)(zi)經(jing)(jing)驗和相應的(de)(de)風(feng)(feng)(feng)(feng)險(xian)(xian)承擔能力(li)，并了解(jie)相關業務規則后，才能參與這(zhe)種交(jiao)易；證(zheng)券公(gong)(gong)司也要(yao)慎重(zhong)對(dui)待這(zhe)項新業務，增(zeng)強風(feng)(feng)(feng)(feng)險(xian)(xian)意(yi)識，建立健全風(feng)(feng)(feng)(feng)險(xian)(xian)控(kong)(kong)制(zhi)機制(zhi)，本著(zhu)對(dui)投(tou)(tou)資(zi)(zi)(zi)(zi)者負責、對(dui)公(gong)(gong)司自身負責的(de)(de)態(tai)度，謹慎選擇客戶、防范違約風(feng)(feng)(feng)(feng)險(xian)(xian)和操作風(feng)(feng)(feng)(feng)險(xian)(xian)，不可片(pian)面追求盈利而放松風(feng)(feng)(feng)(feng)險(xian)(xian)控(kong)(kong)制(zhi)。
為何(he)要(yao)“先試點、后(hou)推開”
問：開展(zhan)融資融券業務(wu)為什么要堅持(chi)“先試點(dian)、后(hou)推開”的原則？
答(da)：規范的(de)(de)融資(zi)融券(quan)(quan)(quan)業(ye)務(wu)和(he)(he)融資(zi)融券(quan)(quan)(quan)交易(yi)(yi)，對(dui)我國市(shi)場而言，是一(yi)個(ge)全(quan)新的(de)(de)事(shi)物；對(dui)這一(yi)新事(shi)物，市(shi)場各方，包括證(zheng)(zheng)券(quan)(quan)(quan)公司(si)(si)、投資(zi)者、證(zheng)(zheng)券(quan)(quan)(quan)交易(yi)(yi)所和(he)(he)監管機構等，都需要一(yi)個(ge)認識(shi)、了(le)解和(he)(he)把握的(de)(de)過程，有(you)關(guan)規則也(ye)有(you)一(yi)個(ge)在實(shi)踐中不斷完善(shan)的(de)(de)過程。為了(le)積極穩妥(tuo)地做好(hao)有(you)關(guan)工作，降低可(ke)能產生的(de)(de)風險，我會采取了(le)“先試(shi)(shi)點(dian)、后推開”的(de)(de)辦(ban)法。在實(shi)施步驟上，初期只(zhi)批準(zhun)少(shao)數優質證(zheng)(zheng)券(quan)(quan)(quan)公司(si)(si)開展(zhan)融資(zi)融券(quan)(quan)(quan)業(ye)務(wu)試(shi)(shi)點(dian)，試(shi)(shi)點(dian)公司(si)(si)只(zhi)能將(jiang)自(zi)有(you)證(zheng)(zheng)券(quan)(quan)(quan)和(he)(he)資(zi)金出借給(gei)客戶，客戶買(mai)賣的(de)(de)標的(de)(de)證(zheng)(zheng)券(quan)(quan)(quan)僅(jin)限(xian)于證(zheng)(zheng)券(quan)(quan)(quan)交易(yi)(yi)所公布范圍內的(de)(de)上市(shi)證(zheng)(zheng)券(quan)(quan)(quan)。待試(shi)(shi)點(dian)取得經驗、有(you)關(guan)規則進(jin)一(yi)步完善(shan)后，再批準(zhun)其(qi)他具備(bei)條件的(de)(de)證(zheng)(zheng)券(quan)(quan)(quan)公司(si)(si)從(cong)事(shi)這一(yi)業(ye)務(wu)，并逐步擴(kuo)大證(zheng)(zheng)券(quan)(quan)(quan)公司(si)(si)融資(zi)融券(quan)(quan)(quan)業(ye)務(wu)的(de)(de)資(zi)金和(he)(he)證(zheng)(zheng)券(quan)(quan)(quan)來源。這樣做，有(you)利于及時發(fa)現(xian)和(he)(he)解決問題、糾正(zheng)可(ke)能存(cun)在的(de)(de)偏(pian)差，同時也(ye)有(you)利于減(jian)緩市(shi)場震動。
試點證券公司應具備哪些條件
問(wen)：開展融(rong)資融(rong)券(quan)業(ye)務試點的證券(quan)公司應(ying)該具備哪些基(ji)本條件？
答：《試(shi)點管(guan)理辦法》規(gui)定，證(zheng)券(quan)公(gong)司開展融(rong)資融(rong)券(quan)業(ye)(ye)(ye)務試(shi)點必(bi)須(xu)(xu)經(jing)證(zheng)監會(hui)批(pi)準，未經(jing)批(pi)準，任何證(zheng)券(quan)公(gong)司不得向客戶融(rong)資融(rong)券(quan)，也不得為客戶與(yu)客戶、客戶與(yu)他(ta)人之間的融(rong)資融(rong)券(quan)活動提(ti)供任何便利和(he)服務。申請開展融(rong)資融(rong)券(quan)業(ye)(ye)(ye)務試(shi)點的證(zheng)券(quan)公(gong)司，必(bi)須(xu)(xu)具(ju)備已經(jing)被中國證(zheng)券(quan)業(ye)(ye)(ye)協(xie)會(hui)評(ping)審為創新(xin)試(shi)點類公(gong)司、從事證(zheng)券(quan)經(jing)紀業(ye)(ye)(ye)務三年以上(shang)、經(jing)營行(xing)為規(gui)范(fan)、財務狀況良好等七(qi)項條件。
值(zhi)得說明的是(shi)，《試(shi)點(dian)管(guan)理辦法》特別要求，申請(qing)試(shi)點(dian)的證(zheng)(zheng)券公(gong)(gong)司，其客(ke)(ke)戶(hu)交易(yi)(yi)結(jie)算(suan)(suan)資(zi)(zi)(zi)金第(di)三(san)方(fang)(fang)存(cun)管(guan)方(fang)(fang)案(an)應當已經我會認可，并且已對(dui)實施進度作出明確安(an)排；同時規定，證(zheng)(zheng)券公(gong)(gong)司只能向(xiang)交易(yi)(yi)結(jie)算(suan)(suan)資(zi)(zi)(zi)金已經納入第(di)三(san)方(fang)(fang)存(cun)管(guan)的客(ke)(ke)戶(hu)融(rong)資(zi)(zi)(zi)、融(rong)券。這樣規定，一(yi)是(shi)為(wei)了再次傳遞監管(guan)機構(gou)督促(cu)證(zheng)(zheng)券公(gong)(gong)司加快對(dui)客(ke)(ke)戶(hu)交易(yi)(yi)結(jie)算(suan)(suan)資(zi)(zi)(zi)金實行(xing)第(di)三(san)方(fang)(fang)存(cun)管(guan)的信息，進一(yi)步推動第(di)三(san)方(fang)(fang)存(cun)管(guan)工作；二是(shi)為(wei)了保障客(ke)(ke)戶(hu)資(zi)(zi)(zi)產的安(an)全，防止證(zheng)(zheng)券公(gong)(gong)司挪用客(ke)(ke)戶(hu)交易(yi)(yi)結(jie)算(suan)(suan)資(zi)(zi)(zi)金向(xiang)客(ke)(ke)戶(hu)融(rong)資(zi)(zi)(zi)。
此外，《試(shi)點(dian)(dian)(dian)管理(li)辦法(fa)》規定(ding)，證券(quan)公(gong)(gong)(gong)司(si)申請開(kai)展融(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)券(quan)業(ye)務(wu)(wu)試(shi)點(dian)(dian)(dian)，應當向我會(hui)(hui)提(ti)(ti)交股(gu)東(dong)會(hui)(hui)或(huo)(huo)股(gu)東(dong)大(da)會(hui)(hui)的決(jue)議等申請材(cai)料(liao)。證券(quan)公(gong)(gong)(gong)司(si)開(kai)展融(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)券(quan)業(ye)務(wu)(wu)試(shi)點(dian)(dian)(dian)，實際上是擴大(da)業(ye)務(wu)(wu)范圍，而業(ye)務(wu)(wu)范圍是公(gong)(gong)(gong)司(si)章(zhang)(zhang)程(cheng)必須(xu)記載的事項(xiang)。由于(yu)融(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)券(quan)是一(yi)(yi)項(xiang)新業(ye)務(wu)(wu)，目前證券(quan)公(gong)(gong)(gong)司(si)的章(zhang)(zhang)程(cheng)都(dou)沒有(you)規定(ding)公(gong)(gong)(gong)司(si)可(ke)以(yi)從事這(zhe)(zhe)一(yi)(yi)業(ye)務(wu)(wu)，因此要(yao)開(kai)展這(zhe)(zhe)項(xiang)業(ye)務(wu)(wu)的試(shi)點(dian)(dian)(dian)，應當修改公(gong)(gong)(gong)司(si)章(zhang)(zhang)程(cheng)。按照《公(gong)(gong)(gong)司(si)法(fa)》的規定(ding)，修改公(gong)(gong)(gong)司(si)章(zhang)(zhang)程(cheng)，應當由股(gu)東(dong)會(hui)(hui)或(huo)(huo)股(gu)東(dong)大(da)會(hui)(hui)作出決(jue)議。再者，融(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)券(quan)業(ye)務(wu)(wu)是一(yi)(yi)項(xiang)風(feng)險較高的業(ye)務(wu)(wu)，公(gong)(gong)(gong)司(si)是否能開(kai)展這(zhe)(zhe)項(xiang)業(ye)務(wu)(wu)、承擔相應的風(feng)險，也以(yi)由股(gu)東(dong)會(hui)(hui)或(huo)(huo)股(gu)東(dong)大(da)會(hui)(hui)決(jue)定(ding)為宜。這(zhe)(zhe)也是保障(zhang)股(gu)東(dong)對(dui)公(gong)(gong)(gong)司(si)重(zhong)要(yao)事務(wu)(wu)的知(zhi)情(qing)權、決(jue)策權的要(yao)求(qiu)。將來，待證券(quan)公(gong)(gong)(gong)司(si)的章(zhang)(zhang)程(cheng)對(dui)這(zhe)(zhe)一(yi)(yi)業(ye)務(wu)(wu)作了規定(ding)后，可(ke)以(yi)考(kao)慮調整要(yao)求(qiu)申請人提(ti)(ti)交股(gu)東(dong)會(hui)(hui)或(huo)(huo)股(gu)東(dong)大(da)會(hui)(hui)決(jue)議的規定(ding)。
我(wo)會受理(li)證(zheng)券公(gong)(gong)(gong)司(si)的(de)(de)(de)試(shi)點(dian)(dian)申請后(hou)，將按(an)照《試(shi)點(dian)(dian)管理(li)辦法》規(gui)定的(de)(de)(de)條件和程(cheng)序(xu)，對(dui)申請人(ren)的(de)(de)(de)財務(wu)狀況(kuang)、合規(gui)經(jing)營情況(kuang)、內控水(shui)平等進行常規(gui)審核，并組織有(you)關專家按(an)照公(gong)(gong)(gong)正的(de)(de)(de)程(cheng)序(xu)對(dui)申請人(ren)的(de)(de)(de)試(shi)點(dian)(dian)實施(shi)方(fang)案進行評審，嚴格按(an)照標(biao)準選(xuan)擇(ze)試(shi)點(dian)(dian)公(gong)(gong)(gong)司(si)，成熟一家推出一家。許(xu)可(ke)條件是(shi)公(gong)(gong)(gong)開(kai)的(de)(de)(de)，判斷(duan)標(biao)準是(shi)客觀(guan)的(de)(de)(de)，評審程(cheng)序(xu)是(shi)公(gong)(gong)(gong)正的(de)(de)(de)，最(zui)后(hou)作(zuo)出的(de)(de)(de)許(xu)可(ke)決定也會是(shi)公(gong)(gong)(gong)正、公(gong)(gong)(gong)平的(de)(de)(de)。
會否沖擊其他證(zheng)券(quan)公司
問：允許少數證(zheng)券公(gong)司進行融資(zi)融券業務試點，會不(bu)會對(dui)其他證(zheng)券公(gong)司帶來沖擊？
答(da)：允許少數證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)開展(zhan)(zhan)融資(zi)融券(quan)(quan)業務試(shi)(shi)點(dian)(dian)，確有(you)可能(neng)引起客(ke)(ke)戶(hu)在證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)之(zhi)間的(de)(de)轉(zhuan)(zhuan)移(yi)，從(cong)(cong)而對其他(ta)證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)的(de)(de)證(zheng)券(quan)(quan)經紀(ji)業務帶來(lai)一(yi)(yi)定的(de)(de)影響。但應(ying)當指(zhi)出的(de)(de)是(shi)，被(bei)批準(zhun)試(shi)(shi)點(dian)(dian)的(de)(de)證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是(shi)優(you)質公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)，這種(zhong)基于(yu)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)資(zi)質差異的(de)(de)客(ke)(ke)戶(hu)轉(zhuan)(zhuan)移(yi)是(shi)一(yi)(yi)種(zhong)正常現象，有(you)利于(yu)形成對證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)的(de)(de)正向激勵機制。考慮到客(ke)(ke)觀上不(bu)是(shi)所有(you)的(de)(de)優(you)質公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)都會(hui)同時(shi)(shi)獲準(zhun)開展(zhan)(zhan)試(shi)(shi)點(dian)(dian)，為(wei)了(le)避免不(bu)必要的(de)(de)客(ke)(ke)戶(hu)轉(zhuan)(zhuan)移(yi)，保持行業的(de)(de)相(xiang)對穩定，同時(shi)(shi)也為(wei)了(le)方便證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)了(le)解客(ke)(ke)戶(hu)，《試(shi)(shi)點(dian)(dian)管理辦(ban)法》規(gui)定，證(zheng)券(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)不(bu)得向在本(ben)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)從(cong)(cong)事證(zheng)券(quan)(quan)交易不(bu)足(zu)半年(nian)的(de)(de)客(ke)(ke)戶(hu)融資(zi)、融券(quan)(quan)。以后，隨著試(shi)(shi)點(dian)(dian)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)范(fan)圍(wei)的(de)(de)逐步(bu)擴大，客(ke)(ke)戶(hu)在優(you)質公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)之(zhi)間由此而轉(zhuan)(zhuan)移(yi)的(de)(de)可能(neng)性會(hui)越(yue)來(lai)越(yue)小。
如(ru)何控制融(rong)資融(rong)券風險
問：《試(shi)點(dian)管理(li)辦法》對融資融券試(shi)點(dian)規定了哪(na)些風險(xian)控制措施？
答：為控(kong)制融(rong)(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)業務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)險(xian)，防止市(shi)場(chang)操(cao)縱(zong)和(he)非正常波動(dong)，《試點管(guan)理辦法》參(can)考境外成熟(shu)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)(de)做法，結合(he)我國實際，規(gui)定(ding)(ding)了一系列風(feng)(feng)險(xian)控(kong)制措施：一是規(gui)定(ding)(ding)，證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)應當(dang)了解客(ke)(ke)(ke)戶的(de)(de)(de)(de)(de)(de)(de)基本情況，制定(ding)(ding)選擇客(ke)(ke)(ke)戶的(de)(de)(de)(de)(de)(de)(de)具體標準，向(xiang)具有相應的(de)(de)(de)(de)(de)(de)(de)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)投資(zi)經驗(yan)、風(feng)(feng)險(xian)承擔能(neng)力和(he)良好的(de)(de)(de)(de)(de)(de)(de)資(zi)信狀況的(de)(de)(de)(de)(de)(de)(de)客(ke)(ke)(ke)戶提供(gong)融(rong)(rong)(rong)(rong)資(zi)、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)服務(wu)(wu)；二是規(gui)定(ding)(ding)，證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)向(xiang)客(ke)(ke)(ke)戶融(rong)(rong)(rong)(rong)資(zi)、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)，應當(dang)收取一定(ding)(ding)比(bi)例的(de)(de)(de)(de)(de)(de)(de)保(bao)證(zheng)(zheng)(zheng)(zheng)金(jin)(jin)，并規(gui)定(ding)(ding)客(ke)(ke)(ke)戶融(rong)(rong)(rong)(rong)資(zi)買入(ru)的(de)(de)(de)(de)(de)(de)(de)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)和(he)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)賣出(chu)(chu)所得資(zi)金(jin)(jin)，也自動(dong)成為對證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)擔保(bao)物(wu)；三(san)是規(gui)定(ding)(ding)，客(ke)(ke)(ke)戶融(rong)(rong)(rong)(rong)資(zi)買入(ru)、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)賣出(chu)(chu)的(de)(de)(de)(de)(de)(de)(de)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)，不得超出(chu)(chu)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)交(jiao)(jiao)易(yi)所規(gui)定(ding)(ding)的(de)(de)(de)(de)(de)(de)(de)范圍；四是規(gui)定(ding)(ding)，證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)向(xiang)全體客(ke)(ke)(ke)戶、單一客(ke)(ke)(ke)戶和(he)單一證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)資(zi)、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)額占(zhan)其(qi)(qi)凈(jing)資(zi)本的(de)(de)(de)(de)(de)(de)(de)比(bi)例等風(feng)(feng)險(xian)控(kong)制指(zhi)標，應當(dang)符(fu)合(he)證(zheng)(zheng)(zheng)(zheng)監會(hui)的(de)(de)(de)(de)(de)(de)(de)規(gui)定(ding)(ding)；五是規(gui)定(ding)(ding)，證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)應當(dang)逐日盯市(shi)，并在客(ke)(ke)(ke)戶未能(neng)按期補足擔保(bao)物(wu)或者到期未償還(huan)債務(wu)(wu)時，依據合(he)同約定(ding)(ding)實行強制平倉；六是規(gui)定(ding)(ding)，證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)交(jiao)(jiao)易(yi)所可以(yi)對每一證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)市(shi)場(chang)融(rong)(rong)(rong)(rong)資(zi)買入(ru)量和(he)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)賣出(chu)(chu)量占(zhan)其(qi)(qi)市(shi)場(chang)流(liu)通量的(de)(de)(de)(de)(de)(de)(de)比(bi)例、融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)賣出(chu)(chu)的(de)(de)(de)(de)(de)(de)(de)價格(ge)作出(chu)(chu)限制性(xing)規(gui)定(ding)(ding)，并可以(yi)對融(rong)(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)交(jiao)(jiao)易(yi)指(zhi)令(ling)進行前端檢查，當(dang)融(rong)(rong)(rong)(rong)資(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)交(jiao)(jiao)易(yi)活動(dong)出(chu)(chu)現異常時，可以(yi)暫(zan)停交(jiao)(jiao)易(yi)。
如何確保擔保證券和資金(jin)安全
問(wen)：怎(zen)樣保障投資者交付證(zheng)券公司(si)、用于向證(zheng)券公司(si)提供擔保的資金(jin)和證(zheng)券的安全？
答：前(qian)面已(yi)經介紹，在(zai)(zai)融(rong)(rong)資(zi)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)交(jiao)易(yi)中，投(tou)資(zi)者交(jiao)付證券(quan)(quan)(quan)(quan)(quan)公(gong)司(si)的(de)(de)資(zi)金和證券(quan)(quan)(quan)(quan)(quan)，包括(kuo)其融(rong)(rong)資(zi)買入的(de)(de)證券(quan)(quan)(quan)(quan)(quan)和融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)賣出所得資(zi)金，都是對證券(quan)(quan)(quan)(quan)(quan)公(gong)司(si)的(de)(de)擔保(bao)物(wu)，其性(xing)(xing)質與(yu)在(zai)(zai)普通證券(quan)(quan)(quan)(quan)(quan)交(jiao)易(yi)中投(tou)資(zi)者委托證券(quan)(quan)(quan)(quan)(quan)公(gong)司(si)保(bao)管的(de)(de)資(zi)金和證券(quan)(quan)(quan)(quan)(quan)不同。由(you)其作為擔保(bao)物(wu)的(de)(de)性(xing)(xing)質和融(rong)(rong)資(zi)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)交(jiao)易(yi)的(de)(de)特點所決定(ding)，《試點管理辦法》規(gui)(gui)定(ding)，證券(quan)(quan)(quan)(quan)(quan)公(gong)司(si)應當將這(zhe)部(bu)分資(zi)金和證券(quan)(quan)(quan)(quan)(quan)，分別(bie)存(cun)入以(yi)自己(ji)的(de)(de)名義在(zai)(zai)商(shang)業銀行開立的(de)(de)客戶信(xin)用交(jiao)易(yi)擔保(bao)資(zi)金賬(zhang)(zhang)戶和在(zai)(zai)登記結算公(gong)司(si)開立的(de)(de)客戶信(xin)用交(jiao)易(yi)擔保(bao)證券(quan)(quan)(quan)(quan)(quan)賬(zhang)(zhang)戶中。為了(le)(le)保(bao)障這(zhe)部(bu)分資(zi)金和證券(quan)(quan)(quan)(quan)(quan)的(de)(de)安全，《試點管理辦法》作了(le)(le)以(yi)下規(gui)(gui)定(ding)：
一是(shi)規定，證(zheng)券(quan)公司(si)應(ying)當為每一融資融券(quan)業務客戶(hu)開立(li)實名信用證(zheng)券(quan)賬戶(hu)，用于記(ji)載(zai)其(qi)擔(dan)保證(zheng)券(quan)的(de)明細數據，并(bing)委(wei)托登記(ji)結算公司(si)對客戶(hu)信用證(zheng)券(quan)賬戶(hu)內的(de)數據進行(xing)維護。
二是規定，證(zheng)券(quan)公(gong)司應(ying)當(dang)參照客戶交易(yi)結算資(zi)金(jin)第三(san)方存管(guan)的(de)方式，通過存管(guan)協議委托商業銀行為每一客戶開(kai)立實名信用資(zi)金(jin)賬(zhang)戶，用于(yu)記載其擔保資(zi)金(jin)的(de)明(ming)細(xi)數據，商業銀行依據存管(guan)協議負責(ze)維護擔保資(zi)金(jin)的(de)明(ming)細(xi)數據。
三是規定，證券(quan)公(gong)司(si)應當向客戶(hu)送交對賬(zhang)單，并為客戶(hu)提供其信(xin)用證券(quan)賬(zhang)戶(hu)和(he)信(xin)用資金(jin)賬(zhang)戶(hu)內數(shu)據的查(cha)詢(xun)(xun)服務；客戶(hu)也可以通過(guo)登記結(jie)算公(gong)司(si)和(he)商業銀行查(cha)詢(xun)(xun)有(you)關(guan)數(shu)據。
四是規定(ding)，證券公司應當在登記結(jie)算公司開(kai)立專門的(de)交收賬戶(hu)，用(yong)于客戶(hu)融資(zi)融券交易(yi)的(de)證券和資(zi)金結(jie)算。
五(wu)是(shi)規定，除為客戶(hu)進行融資(zi)融券交(jiao)易的結(jie)算、收(shou)取(qu)客戶(hu)歸還的證(zheng)券和(he)(he)資(zi)金、按照約定處(chu)分擔保(bao)物等情形外(wai)，任何人不(bu)得動用客戶(hu)的擔保(bao)證(zheng)券和(he)(he)資(zi)金。
按照以上(shang)規定，客戶(hu)交付(fu)證券(quan)公(gong)司的(de)擔(dan)保證券(quan)和擔(dan)保資金(jin)，都是在第三(san)(san)方機構(gou)的(de)監控之下(xia)且封閉運(yun)行的(de)，客戶(hu)可以隨時查詢其變動情況，因此(ci)其安全性的(de)維(wei)護(hu)與第三(san)(san)方存(cun)管下(xia)的(de)客戶(hu)交易結(jie)算資金(jin)一樣，是有(you)制度安排的(de)。
日期：2010-3-31 9:39:13 | 關閉