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融资融券和场外配资是2015年我国股市剧烈异常波动的主要成因。两者都具有三种功能:融资、杠杆交易和提供看涨做多和看跌做空的下注机制。但融资融券是监管机构支持的合法机制,而场外配资则是灰色融资方式,大多已经被叫停。融资融券和场外配资鼎盛期间提供了过度流动性,干扰了股票市场的估值。融资融券和场外配资成忠,有相关法律规定所造成的原因,也有执法理念和执法实践所造成的原因。
Margin financing and off-balance sheet funding are the major causes of the dramatic and volatile fluctuations in China’s stock market in 2015. Both have three functions: financing, leveraged trading and a betting mechanism that offers bullish and bearish bets. However, margin financing and securities lending is the legal mechanism supported by the regulatory agencies, while the OTC funding is a gray financing method, and most have been halted. Over-liquidity was provided during the heights of margin trading and over-the-counter financing, disrupting the valuation of the stock market. Margin financing and over-arching allotment are due to the relevant laws and regulations, as well as to the law enforcement concepts and enforcement practices.