证券融资融券交易又称“证券信用交易”,包括券商对投资者的融资、融券和金融机构对券商的融资、融券四种。市场通常说的“融资融券”,是指券商为投资者提供融资和融券交易。简单地说,融资就是由券商或者其他专门的信用机构为投资者购买证券提供融资。而融券就是做空机制,客户可以从证券公司或者其他专门的信用机构借来证券卖出,在未来的某一时间再到市场上买回证券归还。融资融券在世界范围主要有两种模式:一是以欧美、中国香港为代表的分散信用模式,由券商等金融机构独立向客户提供;二是日本、韩国、中国台湾的集中信用模式,成立专门的证券融资公司,向客户提供融资融券。在现阶段,融资融券业务的开展将打通货币市场和证券市场之间的通道,为高水位的货币市场减压,为低水位的证券市场引来合规资金入市。股权分置改革后存量股票将分步施行全流通,还有数量众多的新股也势必将发行,证券信用交易方式将对资本市场的良性发展提供资金支持。 Securities margin trading, also known as “securities credit transactions,” including brokers to investors financing, margin financing and financial institutions to broker financing, margin trading four. The market commonly referred to as “margin financing and securities lending” means that securities firms provide investors with financing and margin trading. Simply put, financing is by the broker or other specialized credit agencies for investors to buy securities to provide financing. The margin is a short mechanism, customers can borrow securities from securities companies or other specialized institutions to borrow securities sold at some time in the future to buy back the securities on the market. There are two main modes of margin trading in the world. One is the decentralized credit model represented by Europe and the United States and Hong Kong, China, which is provided to clients by financial institutions such as brokerages. The second is the centralized credit model set up by Japan, South Korea and Taiwan Specialized securities financing company, to provide customers with margin financing. At this stage, the development of margin financing and securities lending business will open the channel between the money market and the securities market, reduce the pressure on the high-water money market and attract compliance funds to the low-water securities market. After the non-tradable shares reform, the stock will be fully circulated in stages and a large number of new shares will be issued as well. The securities credit transaction will provide financial support for the healthy development of the capital market.