Study On Construction Of The Law System Of Securities Margin Transaction In Our Country

The securities margin transaction is an extensive and popular model of securities trading in many countries and areas at present. Margin transaction is based on the credit and it includes financing and securities loan. In the course of the capital circulation, through the credit granted, margin transaction enlarge the fluidity and amount of securities bargaining in time and spacial. It can communicate the capital market and the money market availably, open widely the approach of the stockjobber financing and enlarging the property scale, and it also can change the unilateral character of the secrities market, provide the instrument of evading the risk to the investor, at the same time, the securities margin transaction can active investment, increase the efficiency of the stock market resources' installing, and promote the stock market development. Therefore, margin transaction is regarded as a fair and orderly mechanism factor of stock bargaining.The margin transaction system of U.S., Japan and Taiwan represents respectively market model, specialization model and osculant model. From their historic course of margin transaction law system, we can conclude that which model is choosed and how to regulate the margin transaction is related to one country's level of development of securities market and the structure of economic system. Margin transaction of U.S.,Japan and Taiwan are related to closely their history and market situation, and formate all kinds of law systems. absorbing earnestly the essence of these systems has the important useing for reference for our country developping margin transaction from now on. Via the the comparison and analysis, we can transplant the part of U.S., Japan and Taiwan's margin transaction system which is in keeping with our country, exerting the late comer advantage effectively.Along with our country economy swift and violent development, at present it is very necessary for our country to lead into the margin transaction moderatly. In addition, the emendation of the securities law and the secrities market development for more than ten yearses continuously and the matureation of the investment idea and the development of the stockjobber lay the law foundation and provide the material, technique terms for our country's leading into the securities margin transaction, now our country leads into the securities margin transaction is viable. Setting up our country's law system of margin transaction should regard efficiency as the value orient, and we should understand and control the risk of the margin transaction prudently and...