中国证券金融公司：理论依据、角色定位与治理结构

摘要

The modern system of securities market efficiency theory shows that securities finance company is an expedient choice for the current development of margin financing in China, which also determines that China Securities Finance Company will play double roles as both subjects of refinancing business and organizer and facilitator of securities market. Then we investigate the development experience of Japan Securities Finance Company, and find that we can take it for reference, establishing treasury department, margin loan department and settlement custody department, additionally research department to promote the development of margin financing market process. When it comes to risk management, the method of distributed control and centralized management can be adopted to reduce and control all kinds of risks.%现代证券市场制度效率理论表明,证券金融公司的成立是促进我国融资融券业务发展的客观需要和必然选择,这决定了中国证券金融公司作为转融通的业务主体以及融资融券市场组织者、建设者和推动者这一双重角色。通过考察日本证券金融公司的主要做法,我们认为其成功经验为中国证券金融公司提供了有益的借鉴,也即：在组织架构和治理结构上,建议设立资金证券部、借贷交易部和托管与结算部等类似的业务部门,并增设＂研究部＂之类的专业研究部门,以充分发挥中国证券金融公司市场组织者、建设者和推动者的功能;在风险管理上,建议运用统一的量化风险管理模型来度量信用风险、市场风险、流动性风险、操作风险和技术风险,并采用分散控制和集中管理的方法,尽可能降低和控制中国证券金融公司面临的各种风险。