The Establishment And Improvement Of China 's Securities And Credit Trading System

The margin transaction, as an important stock transaction method, can irritate investors to invest more actively and excite the stock market, and what's more, to promote the coordinative development of currency market and capital market consequently. But in our country, for the purpose of defending from the risk, it had been forbidden to carry out the margin transaction for a long time. As the stock market develops and the study goes deeper, many scholars and experts show their different opinions. After a long-time study, in 2005, the law finally opens the door for the margin transaction by amending the security law. In this circumstances while the society attending to and waiting for the debut of the margin transaction scheme, I choose the establishment and consummation of the margin transaction as my subject, and hope to do some help for the design and establishment of margin transaction in our country via my study and discussion.Besides the introduction and conclusion, there are mainly four parts of the thesis. The first part introduces the basic identification, mode and the key characteristics of the margin transaction, and on the base of it, analyses legal relationships during the margin transaction. Besides, the author has done some gains and risks analysis of the margin transaction. The second part introduces the main margin transaction systems in different countries and areas including the USA, Japan and Taiwan. Basing on the introduction, the author summarizes and analyses the characteristics of different systems. In the third part of the thesis, after a brief retrospect on the development of the laws and rules about the margin transaction in our country, the author points out the great significance of the amendment of the security law and the permission of the margin transaction to our economy at this progressive stage. In the fourth part, basing on the analysis and comparison in the foreparts, the author not only visualizes the model of the margin transaction different from other scholars but also give her suggestions on the steps and the specific supervision system of the margin transaction according to the facts in our country.