| Back from the establishment of Shanghai Stock Exchange in 1990, the stock market in China is over ten years old now. During the past more than ten years, the stock market developed from zero to enormous progress in market capacity, transaction measures and supervision rules, etc. it has greatly impelled economic development, China's reform and opening. According to statistics, the stock ratio in GDP (Proportion of market value of stock in GDP) has increased from 10.2% in 1993 to 50% in 2001; the total number of public companies has increased from 13 in 1993 to 1171 in March 2002; the market value of stock has reached RMB 4,305,055 million Yuan, which has increased 3586 times. â‘ Therefore, some people declared China stock market is developing with surprising speed, it has gone through the road in a decade that the advanced countries had spent a century."â‘¡However, compare with accelerating and huge potential economy in China, China stock market is still in baby time of growth. In aspect of ratio of market value of stock in GDP, the market value of stock shares only 50% of GDP, the circulating value of stock shares only 15%, any this ratio is normally over 100% in advanced countries and regions, this number is 60%-70% even in advancing countries.â‘¢ Looking at the number of public companies, in 1997, public companies listed in London Stock Exchange was over 2650, among which there were 485 overseas companies; Public companies listed in New Yord Stock Exchange was 2500, its transaction amount shared 60% of the total stock transaction in the world; Public companies listed in Tokyo Stock Exchange was over 1777, among which there were 110 overseas companies and the total capital amount in market was near USD 4.5 trillion.â‘£ For these figures we may see that, compare with advanced countries, stockmarket in China is still young and there is relative huge space for development. And just because of this, with the background of economic transition, the new China stock market had unavoidably occurred all types of problems during its growth, such as low circulating of stock, too simple transaction method, irrational market structure, lagging in market risk prevention and supervision system, etc.. if these problem still exist, the healthy & rapid development of stock market would be impossible. Thus expanding transaction method, accelerate rational circulating of stock is the substantial task we are facing; And one of the most powerful measures to settle the problems in China stock market would be stock credit transaction.Stock transaction method is one of the most fundamental factors of stock market. Major stock transaction methods in the world includes: Spot transaction, futures transaction, share index futures transaction, option transaction and credit transaction.â‘ According to applicable laws, the current time of China stock market allows only spot transaction method for stock transaction, all futures transaction, share index futures transaction, option transaction and credit transaction are strictly forbidden by laws. Among which, as an importance stock transaction method, the credit transaction plays the role of irritating investors to invest actively and excite the stock market, adjusting supply & demand balance of stock; But for long, the academic society of China believes that it has relatively big gambling risk, it may increase stock market risk and cause earthquake of stock market and furthermore, it can destroy the market operation system. With development of stock market and deeper study, many scholars had given opposite ideas. Actually, most advanced countries allow credit transaction in stock market, which had shown its positive role in exciting market, stabilize stock price and accelerate rational circulating of stock. According to statistics, three quarters of members of New York Stock Exchange have in different degrees, participated in credit transaction. From this we can see, credit transaction is a transaction method with risk and profit, it has multiple influence to stockmarket, we can not simply say it will only increase market gambling risk. Change the conventional idea for credit transaction system and give thorough analysis to credit transaction, thus to design a credit transaction system that suits the current situation of China stock market, will for sure has important theoretical and practical meaning to the healthy development of stock market.The author had chosen "Study on laws and regulations for stock credit transaction" as research task, and tried to borrow overseas and Taiwan stock credit transaction experiences. The author hoped to construct a credit transaction system applicable to China stock market with legal and regulatory study and economic analysis to credit transaction. After analysis to the necessity and feasibility, the author believes: As an important stock transaction method, credit transaction is able to be conducted in China stock market.The first part of essay has introduced general theory of stock credit transaction, such as definition, format, features, influence, etc. of stock credit transaction, it has deeper analysis to influence of credit transaction and relationship between parties of credit transaction, this can facilitate understanding to credit transaction; In the second part, stock credit transaction system in U.S., Japan and Taiwan is introduced for comparison, including laws and regulations of these three countries and regions regarding stock credit transaction, this can be precious experience for designing credit transaction system for China stock market; In the third part, the design ideas of China stock credit transaction system if given based upon analysis to necessity and feasibility of conducting credit transaction in China stock market, the key point is to construct law and regulation system for stock credit transaction in China. |
