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场外配资业务作为与场内“两融”业务对应的金融工具,通过杠杆化手段放大了A股市场系统性风险。2015年证监会清理场外配资业务后,大量场外配资业务强行平仓引发的民事纠纷进入司法程序。场外配资行为必将在证券市场上长期存在,探讨场外配资行为在民事法律领域内如何处理,有助于回应证券市场的行政监管,协助规范证券市场的健康发展。场外配资不能简单地等同于民间借贷或委托理财,而是具有金融衍生品性质的非典型合同,在证券市场系统性风险调控制度未完全建立的背景下,民事司法实践不宜将场外配资合同认定为有效。但否定其效力的同时,应当综合多种因素适当分配民事责任,实现实体公正。
OTC business as a financial instrument corresponding to the “two financial ” business in the venue, amplified systemic risk in the A-share market through leverage. After the SFC cleaned up the OTC business in 2015, a large number of civil disputes arising from the forced liquidation of OTC business entered the judicial process. Off-line capital distribution behavior will inevitably exist in the securities market for a long time, to explore the off-line capital acts in the field of civil law how to deal with, help to respond to the securities market administrative regulation, to help regulate the healthy development of the securities market. OTC funding can not simply be equated with private lending or trust financing, but rather with atypical contracts of financial derivative nature. Under the background that the system of systemic risk control in the securities market is not fully established, it is not appropriate for civil judicial practice Capital contract recognized as valid. However, while denying its effectiveness, it should comprehensively allocate civil liability and achieve substantive fairness based on various factors.