| As an enormous avails investment instrument, securities margin trading receives more and more welcome from the countries and regions all over the world. For the said reason, the Securities Law of PRC revised in 2005 lifted the ban of margin trading in legal consideration. And with the following relevant regulations on margin trading, the preliminary general structure for securities margin trading of China has been set up. Margin trading is on the point of pilot stage at present, but that is just a first step comparing with the long way to go. Because of the distinctive leverage effect, securities margin trading brings about gigantic risks together with enormous avails to investor. To prevent risks arising from securities margin trading is now a very tough issue before legislators. This thesis uses methods of comparison analysis, with a focus on legal control of risk arising from the securities margin trading, to probe to relevant issues on supervision legislation of securities margin trading and plans to put forward some legislation suggestions on setting up or improving the Chinese operating rules and supervision of securities margin trading by means of using the experiences of mature security market for reference on margin trading, hoping that it will contribute to the improvement for the investor protection and security market of China.Other than preface and epilogue, the scheme of the discussion is divided into four chapters as follows. Chapter 1 gives a discussion on the necessity and the risk analysis of securities margin trading. Firstly, it is from the connotative and denotative meanings of securities margin trading to generally introduce securities margin trading system. Next this chapter describes the necessity of securities margin trading. Then it further discloses the risks and reasons of the securities margin trading, the basic values and method of the laws control on the securities margin trading risk control to make a study basic point for the full text.Chapter 2 discusses the system preparing and the deficiency of securities margin trading. After introducing the institutional change, this chapter describes the securities margin trading system at present stage, pointing out the deficiency of margin trading.Chapter 3 explicates the familiar modes and methods of securities margin trading. This chapter emphasizes the legal systems of securities margin trading in America, Japan and China Taiwan. Through using the successful experience of the said three typical modes for reference, it proposes the enlightenment and the general idea on the legal operating rules of the legal control on margin trading risks.Chapter 4 is to make detailed the actual risk control of securities margin trading in China. On the base of the aforesaid chapters, this chapter points out the perfected suggestions on the legislative guiding ideology, mode choice, market admittance, supervision system, legal liability and so on of margin trading in order to form a securities margin trading system according with Chinese practice, which includes static risk prevention, dynamic risk monitoring and risk management for the legal risk control beforehand, nowadays and afterwards. |
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