| Margin requirement is a kind of mature transaction system in foreign developed security market. Transaction in financing and securities loan are the two major forms.Margin requirement plays an important role in promoting security market's prosperity, guiding investors' capital flow which in consequence to promote the coordinative development of currency market and capital market as well.Titled with Margin Requirement System, through comparison of legal systems in countries and districts of the US, Japan and Taiwan PRC. etc., this article analyses the major subjects in margin requirement legal system, and on which basis put forward the proposal for the framework of establishment of margin requirement legal system in China.Besides preamble and conclusion, this article incorporates four parts.The important function of margin requirement system is introduced in the preamble of this article, esp. the practical meaning of establishing this system in China, which is the fundamental reason for research undertaken in this subject.Part 1 is about the basic margin requirement system. Through introduction of basic identification, development mode and key characteristics, the specific economic effect of margin requirement is interpreted and therefore the necessity to introduce such transaction system into Chinese security market is stressed.Part 2 discusses about the necessity to establish the margin requirement system in China. Currently, the security companies in China need bulk of capital to meet the requirement for promotion of competence, innovation of new business, and expand of comprehensive scale. While simultaneously, due to multi-restriction by legal and market system and etc., it is impossible to collect sufficient supporting capital through the currently available channels. Based on the conflicts between the requirement and provision for capital, the necessity for introduction of margin requirement system into Chinese security market and its function in communicating currency and capital market, improving security companies' competence, consummating security market, implementing state macroscopical adjustment and control is outlined.Part 3 focuses on comparison research on the credit transaction system adopted by foreign security company. First introduces the 3 typical credit transaction modes performed respectively in the USA, Japan and Taiwan PRC in this part, this article analyses 3 types of financing and securities loan mechanism, the respective mechanism's characteristic and development trend is thereby induced and abstracted so as to provide reference to establishment of Chinese margin requirement system.Part 4 displays the basic designation of China security margin requirement system, which composes the core part of this article. The article addresses that the direction for marketing the security development is set fixed. While under the current circumstances of undeveloped financial market and insufficiency of market credit in conjunction, to promote margin requirement can only be carried out in professional security financial organism's transitional operation, and accompanied by establishment of systems of deposit, security qualification identification, mortgage rate etc., to withstand risks by adopting legal, administrative, market and industry supervision so as to promote the establishment and development of margin requirement in China.Upon research and analysis of the 4 parts, this article concludes that every system have its advantages and disadvantages, while to verify a system proper or not is subject to the market's real demand, as well as evaluation after balancing interest advantages and disadvantages. Negative effects of margin requirement such as possible crazy speculation activities and dramatic roaring and dropping in price can be controlled by imposing strict restriction upon objects, duration, facility, deposit proportion, interest rate, penalty measures of capital and security financing activities. From the point of view of development, whe... |
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