The Study Of The Problem Of The Financing Guarantee System In China

With the People’s Republic of China Securities law amendments introduced inOctober2005, our country securities company officially allowed to conductsecurities financing business.Frequent international securities financing, margintrading into finance as well as industry-wide focus on security.In the discussion ofthe draft of People’s Republic of China Property law,Margin on security has been ahot topic, carefully considered, ultimately property rights law will exclude suchguarantees, resulting in margin probe into security problems were put on hold.Arguesthat the Property law to exclude such guarantees, for it was a new turn for the better,it can bypass conventional security systems developed, but in their own exclusiveareas.Financing to expand the scale of capital markets, active capital markets tradingactivities; but as economic leverage function, to expand the size of the securitiestrading at the same time to enlarge the investment risk, against safety and health ofthe stock market. Therefore to establish and perfect the system of the margin ofguarantee is the key to ensure the sustainable and healthy development of capitalmarket in China.This comprehensive analysis of financing guarantee status,exploring legal issues and practical problems, and external financing guaranteesystem model, demonstration mode of financing guarantee system in China, and theconcludes with perfection of financing guarantee system in China.The text is dividedinto four parts.The first part, summary of financing guarantee system in China. Mainlyintroduces the meaning of the guarantee system of our country, analysis our countrymargin guarantee legal relationship, clarify the nature of the guarantee system of ourcountry margin for the following analysis.The second part, the paper expounds the present situation and trouble of theguarantee system of our country margin. Content includes three aspects: first,according to our country margin guarantee system of relevant laws and regulations, explain our country margin guarantee set mode, the margin collateral and guaranteethe right of ownership and punish ownership of exercise, such as the status quo.Second, based on the existing in margin system structure, analyzing the legalproblems of guarantee system, including lack of higher-level law support, andconflicts with the principle of trust and the principle of statutory real right. Finally,start from the practice of our country financing collateral, describing problems inpractice of financing guarantee system in China.The third part, the guarantee system of margin of overseas study. Based on theproblem of margin guarantee system in our country, the main investigation from thefollowing three aspects:first analysis United States financing guarantees system,study the way they deal with similar issues, seeking available on their advancedexperience of financing guarantee system in China; second, analysis Japan offinancing guarantees system, and from analysis can reference experience; last, visitsTaiwan of financing guarantees system, analyze the way to resolve similar problems,and looking for experience in financing guarantee system in China.Part four, based on the current situation of the guarantee system of our countryfinancing, absorbs the advanced experience of overseas financing guarantee system,and put forward the improvement of the system of financing collateral. First,amendment the Securities law of the People’s Republic of China, established thefinancing guarantee mode of credit transactions, solve the lack of higher-level lawsupport of financing guarantee system in our country; Second, the establishment ofsecurities trading discipline regulators, strengthen self-discipline securities regulatorycapacity, prevent margin trading risks; Finally, clear margin guarantee the legalresponsibility in our country, including civil responsibility, administrativeresponsibility and criminal responsibility, and take legal action to prevent moralhazard of the securities trading.