随着我国资本市场的快速发展,市场对金融创新的呼声越来越高。“创新”不仅是打破市场发展瓶颈的原动力,也是建立多层次证券市场的客观需要,更是推动市场基本职能发挥作用的力量源泉。在过去的一年中,我国资本市场在制度创新和产品创新方面均有较大的突破。而适时推出金融期货、融资融券等新业务, 也逐渐披提上了议事日程,成为下一阶段市场创新的目标。规范我国证券业存在的“地下”融资,以及打通银行信贷资金进入股市的合规渠道,形成统一互联的金融市场,是我国证券市场迫切需要解决的现实问题。由此而引发的“融资融券”话题, 再次在业内迅速升温,成为市场普遍关注的焦点。适时地推出证券融资融券交易,已经成为各方共同的愿望。在期待的同时,也应对融资融券业务有个清醒的认识。它是一把双刃剑,会将机会与风险同时放大。因此,建立完善的风险控制体系,就成为当前制度设计阶段的重中之重。一方面,我们希望建立一个多层次、成熟的资本市场;另一方面,也要吸取历史的教训,尽量少走弯路。如果市场各方携起手来,共同推进融资融券业务的创新,相信终会形成一个多赢的局面。 With the rapid development of China’s capital market, the market is more and more demanding of financial innovation. “Innovation” is not only the driving force for breaking the bottleneck of market development, but also the objective need to establish a multi-level securities market. It is also the source of strength for promoting the basic functions of the market. In the past year, the capital market in our country both made great breakthroughs in system innovation and product innovation. The timely introduction of financial futures, margin trading and other new businesses, but also gradually put on the agenda, become the next phase of market innovation goals. Regulating the “underground” financing in China’s securities industry, as well as opening up the compliance channels for bank credit funds to enter the stock market and forming a unified and interconnected financial market are real problems that China needs to solve in the securities market. The resulting “margin financing” topic, once again rapidly warming in the industry, has become the focus of widespread concern in the market. The timely launch of securities margin trading has become a common aspiration of all parties. While looking forward to, we should also have a clear understanding of margin trading business. It is a double-edged sword that will magnify both opportunities and risks. Therefore, the establishment of a sound risk control system has become the most important part of the current system design stage. On the one hand, we hope to establish a multi-layered and mature capital market. On the other hand, we should learn from the lessons of history and try our best to avoid detours. If all parties in the market join hands and work together to promote the innovation of margin financing and securities lending business, I believe they will eventually form a win-win situation.