Construction Of Supervisory Law System Of The Securities Credit Transaction In China

Securities credit transaction is a relative form of trading to securities spot transaction, which has both broad and narrow meanings. This paper only discusses the narrow meaning that refers to margin trading. Securities credit transaction is different from securities spot transaction, because of its specialty of financial leverage, financial flexibility and credit dualism. So securities credit transaction has dual function of expanding the profit and the risk. But review the overseas mature securities credit market, there are almost no market to not carry out securities credit transaction just because of the high-risk. On the contrary, most of the overseas markets effectively play positive role of the securities credit transaction to make market more active, by appropriate regulation to control the potential high-risk.Introducing of the short selling by developing securities credit transaction is very important to China's securities market which has oversimplified product, lack of innovation and has low leverage. Securities credit transaction will change the long-term unilateral market, be benefit to make investment rich, make market more active, meanwhile, it is benefit to fight underground credit transaction, and strengthen the regulation of securities market. Currently developing the securities credit transaction is an important measure for China's capital market to promote the construction of basic system, and the construction and perfection of supervisory law system of the securities credit transaction is a necessary prerequisite and significant guarantee for orderly developing the securities credit transaction.This paper will be divided into three parts to introduce, analyze and evaluate of supervisory law system of the securities credit transaction in China:The first chapter is"summary of basic theory of securities credit transaction and regulatory system". First, by analyzing the definition and characteristics of securities credit transaction, broadly understand the connotation, extension, means of exchange, and function of securities credit transaction. Secondly, combined with analyzing the development process of China's securities market and the background of the financial crisis of 2008, describe the significance of developing the securities credit transaction to perfect China's securities market. Finally, outline the importance and the basic content of the supervisory law system of the securities credit transaction.The second chapter is"comparison of the main mode of the securities credit transaction and regulatory system". Through the comparative analysis of the trade pattern, legal system framework for supervision, regulators and regulatory measures of the securities credit transaction in United States, Japan, China's Taiwan, summarize the characteristics of overseas supervisory law system of the securities credit transaction and the inspiration and reference for China.The third chapter is"analysis and improvement of supervisory law system of the securities credit transaction in China". First, introduce and comment on supervisory law system of the securities credit transaction in China, by analyzing the legal system, regulators and regulatory measures of it. Secondly, in the basis of grasping the basic theory of the securities credit transaction and regulatory system, and the construction and development of the supervisory law system of the securities credit transaction at home and abroad, from the macro point of view, put forward the effective improvement suggestions on the construction of supervisory law system of the securities credit transaction in China.