融资融券（又作融资融券交易）【英】

securities margin trading

译文来源

Report on the Work of the Government, 2011. via: http://www.gov.cn/english/official/2011-03/15/content_1825268_5.htm

定义

融资融券又被人们称之为“证券信用交易”或者“保证金交易”,它指的是具有融资融券相关业务资格的证券公司在收到投资人员提供的担保物后,向其提
供资金以买入证券的行为或者向其提供其证券并卖出的行为。“融资”,顾名思义，就是一种借入资金的行为,具体指的是投资人员手中可以使用的资金有限,而又对某只股票的未来价格十分看好,在这种情况下,具有融资融券相关资格的证券公司向投资人员收取一定比例的保证金后,向其提供资金用于胸买该股票,并到约定的期限后连本加息收回的交易行为；“融券”指的是认为某只股票的价格未来会下跌,但手中又没有该只股票,在这种情况下,具有融资融券相关资格的证券公司向投资人员收取一定比例的保证金后,向其提供一定数量的该股票以供其卖出的交易行为。融资融券送种信用交易机制最早出现于十七世纪初期的西方国家荷兰,距今己有四百多年的历史。到目前为止,西方发达国家资本市场中的这种信用交易制度己经相当成熟,成为大多数国家证券市场基础交易制度的一个重要组成部分。（陈爽，2015：1）
总体来说，融资融券交易关键在于一个“融”字，有“融”投资者就必须提供一定的担保和支付一定的费用，并在约定期内归还借贷的资金或证券。2008年4月23日国务院颁布的《证券公司监督管理条例》对融资融券做了如下定义：融资融券业务，是指在证券交易所或者国务院批准的其他证券交易场所进行的证券交易中，证券公司向客户出借资金供其买入证券或者出借证券供其卖出，并由客户交存相应担保物的经营活动。（via：　　http://baike.baidu.com/link?url=kxwQ6x2VxcsVxmNCna6g0-oKhg5I42oY7_g7j6k
M2AhvB6xmx35bKzPw-Q2ixnvRWhFH1a0rKpCgehamBj6lC1jIz_WJ2HRM546sa
EkYGSiCDxHkDgImAU80tRRdsFwo9cunQC-UIBhn2IyF9xb1Yw6Cz1wkGGjGPa
entQjeoXDIzIrQ3_EjeZ5j9XLCYrXw7QkMe45PFrqX_6tmJ5y83uzDYcxkc9HNF8MWSFW3BKu）

定义来源

[1] 陈爽. 融资融券对我国证券市场的影响[D]. 山东大学硕士论文，2015.
[2] 融资融券. via:
http://baike.baidu.com/link?url=kxwQ6x2VxcsVxmNCna6g0-oKhg5I42oY7_g7j6k
M2AhvB6xmx35bKzPw-Q2ixnvRWhFH1a0rKpCgehamBj6lC1jIz_WJ2HRM546sa
EkYGSiCDxHkDgImAU80tRRdsFwo9cunQC-UIBhn2IyF9xb1Yw6Cz1wkGGjGPa
entQjeoXDIzIrQ3_EjeZ5j9XLCYrXw7QkMe45PFrqX_6tmJ5y83uzDYcxkc9HNF8MWSFW3BKu

例句

1. 国有大型商业银行股份制改革顺利完成，政策性金融机构改革、农村信用社改革积极推进；平稳解决上市公司股权分置问题，创业板、股指期货和融资融券顺利推出，债券市场稳步发展；深入推进保险业改革开放；人民币汇率形成机制改革有序推进，跨境贸易人民币结算试点不断扩大。——《2011年政府工作报告》，2011

1. The reform to convert large state-owned commercial banks to stockholding companies was smoothly completed, and the reform of policy-based financial institutions and rural credit cooperatives is well underway. We steadily resolved the issue of floating non-tradable shares of listed companies; successfully launched the ChiNext stock market; and introduced stock index futures and securities margin trading. The market for government bonds developed steadily. We deepened the reform and opening up of the insurance industry. Orderly progress was made in reforming the mechanism for setting the RMB exchange rate, and the trials of settling cross-border trade accounts in RMB were constantly expanded. -Quoted from Report on the Work of the Government, 2011.

2. 全面深化金融体制改革，国有大型商业银行股份制改革顺利完成，政策性金融机构改革有序推进，农村信用社改革成效明显，银行业新监管标准实施，创业板、股指期货和融资融券业务相继推出，保险业改革开放深入推进，人民币汇率形成机制不断完善，利率市场化和资本项目可兑换改革稳步推进，建立宏观审慎政策框架，扩大人民币在跨境贸易和投资中的使用。——《2013年政府工作报告》，2013

2. We comprehensively deepened reform of the financial system. Specifically, we smoothly completed the transformation of large state-owned commercial banks into joint-stock companies and carried out reform of policy-based financial institutions in an orderly way. We made notable achievements in reforming rural credit cooperatives, implemented new oversight and supervision standards in the banking industry, launched the ChiNext stock market, and introduced stock index futures and securities margin trading. We deepened reform of the insurance industry and opened it wider. We improved the mechanism for setting the RMB exchange rate, made steady progress in making interest rates more market-based and promoting the RMB’s convertibility under capital accounts, established a macroprudential policy framework, and expanded the use of the RMB in cross-border trade and investment. -Quoted from Report on the Work of the Government, 2013.

网络参考例句

例句 1：
我国沪深两市于2010年3月31日推出的融资融券业务为研究卖空机制对资产定价效率的影响提供了难得的自然实验环境。本文利用2009年4月至2013年12月中国A股市场的数据，通过比较融资融券标的股票和非融资融券标的股票，以及股票加入和易l出融资融券标的前后的定价效率，发现融资融券交易的推出有效改善了中国股票市场的价格发现机制，融资融券标的股票的定价效率得到了显著提高。本文还发现，融券卖空量与定价效率之间存在正相关关系，融券卖空量越大，股票的定价效率越高。进一步研究显示，融资融券交易通过提高股票流动性、降低信息不对称程度和增加持股宽度，从而提高定价效率。——“卖空机制提高了中国股票市场的定价效率吗？——基于自然实验的证据”，载于《经济研究》2015年04期
The introduction of margin trading mechanism in the Chinese stock market provides a natural experimental environment for studying how short selling affects price efficiency. Using the margin trading data between April 2009 and December 2013, this paper compares the price efficiency for stocks that are eligible for margin trading and those that are not eligible, and the price efficiency before and after an approval (or denial) of margin trading for individual stocks. Our empirical evidence suggests that the introduction of margin trading mechanism significantly improves stock price efficiency. We also find there is a positive correlation between mitigating short-selling flow and price efficiency. A further study shows that margin trading can function as a mechanism for information asymmetry, increasing market liquidity and stock ownership breadth.

例句 2：
研究发现，与政策制定者的初衷相反，整体上，融资融券制度的实施不仅没有降低相关标的股票的股价崩盘风险，反而恶化了其崩盘风险。进一步的分析表明，这种负面效应，主要源自融资融券政策设计的两个