论文部分内容阅读
场外配资作为有融资融券业务资格的证券公司开展“两融业务”交易的补充,其“非正规金融”的地位一经确立,即经过了从受到以证监会为主体的金融监管部门的全盘抑制到非完全放开的有条件许可的从禁到疏的动态逻辑过程。“两融业务”与场外配资的关系分析揭示了互联网金融创新背景下作为对于投资者具有旺盛需求的必要性存在与产生不断扩大的风险的优点与弊端并存的场外配资业务现状,亦折射并检验了依循法律规则规制路径的场外配资业务是否合乎官方对于2016年股市预期的需要。以比较法研究考察场外配资的国际法律规则后,对我国场外配资合同效力的论战做出探究,最终进行对于场外配资业务的法律监管建议的法律思考。
As a securities company qualified for margin financing and securities lending business, “OTC finance” has been supplemented by “off-premise financing”, and its “informal finance” status has been strengthened after it has been approved by the CSRC The overall supervision of the financial regulator has been restrained from a non-completely liberal dynamic logical process of banning to forcing. Analysis of the Relationship between Two-Finance Business and Off-site Financing Reveal Off-exchange Financing Business as the Necessity of Having Strong Demand for Investors and the Advantages and Disadvantages of Increasing Risk under the Background of Internet Financial Innovation The status quo reflects and examines whether the OTC business following the legal regulatory path is in line with the official demand for the 2016 stock market. After studying the international legal rules of inspecting the out-of-pocket capital with the comparative law, this article probes into the polemics of the effectiveness of the OTC legal capital contract and finally carries out the legal thinking on the legal supervision and advice of OTC capital business.