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2015年夏,我国证券市场发生的股灾源于杠杆机制的滥用,千军万马加杠杆背后是金融分业监管带来的监管盲点与疏漏。监管层救市以及灾后清理场外配资的监管举措也引起较大非议,甚至引起不同监管部门之间的龃龉。本文从法律视角对我国证券市场股票配资加杠杆的路径及交易结构进行全面解析,展示了在多元杠杆机制背后法律、技术与市场演进带来的微观活力与宏观系统性风险,分析了监管层主要执法措施存在的思路偏差,并提出改进监管的若干建议以回应杠杆机制对于证券市场格局的影响以及由此带来的监管定位的变化。
In the summer of 2015, the stock market crash in China’s securities market stems from the abuse of leverage mechanism. Behind the mighty force plus leverage is the regulatory blind spots and omissions brought by the financial sub-regulation. Regulatory bailout and post-disaster cleanup of off-site regulatory funds have also caused greater criticism, or even lead to misgivings between different regulatory authorities. This paper comprehensively analyzes the path of stock capital plus equity leverage and trading structure in China’s securities market from a legal perspective, and demonstrates the micro-vitality and macro-systemic risks brought by law, technology and market evolution behind the diversified leverage mechanism. The main ideas of law enforcement measures deviate, and put forward some suggestions to improve supervision in response to the impact of leverage on the stock market structure and the resulting regulatory changes.