股票交易是一种信用交易。我国从股票市场成立之初就严禁股票透支交易,但时至今日,透支交易行为不仅没有被严格禁止,反而还有日渐之势。我认为,这除了各方参与者的切身利益之外,还在于我们对禁止股票透支交易行为的规定有许多问题不甚明确。 一、谁是股票透支交易行为的法律主体 从一般交易过程来看,股票透支交易是投资者和证券商的共同行为。但是,股票透支交易行为的法律主体是投资者,而不是证券商。首先,投资者与证券商之间是一种代理关系,在代理关系中,代理人的 Stock trading is a credit transaction. Since the beginning of the establishment of the stock market in our country, stock overdraft transactions are strictly forbidden. However, overdraft trade has not only been strictly prohibited but has been on the rise. In my opinion, apart from the immediate interests of all the participants, there are still many problems we have in the regulation of the ban on overdraft of shares. First, who is the legal subject of the stock overdraft transaction From the general transaction process, the stock overdraft transaction is a joint act of investors and securities firms. However, the law of stock overdraft transactions is the investor, not the securities firm. First of all, there is an agency relationship between the investor and the securities firm. In the agency relationship, the agent’s