監(jian)管部(bu)門對融資(zi)融券業務(wu)違(wei)規行(xing)為(wei)的處罰(fa)是很(hen)正(zheng)常的監(jian)管行(xing)為(wei)，市場不必過分解讀(du)

“監(jian)管部(bu)門(men)對(dui)融(rong)資(zi)(zi)(zi)融(rong)券(quan)(quan)業務(wu)違規行為的(de)(de)(de)(de)處罰是很(hen)正常(chang)的(de)(de)(de)(de)監(jian)管行為，市場不(bu)必過分解讀，這種處罰有(you)(you)(you)利于未來融(rong)資(zi)(zi)(zi)融(rong)券(quan)(quan)業務(wu)的(de)(de)(de)(de)健康發展(zhan)。”一位大型(xing)券(quan)(quan)商負責人在(zai)接受本報(bao)記者采訪時(shi)表示，融(rong)資(zi)(zi)(zi)融(rong)券(quan)(quan)是一項(xiang)風(feng)險較(jiao)(jiao)高(gao)的(de)(de)(de)(de)業務(wu)，對(dui)投(tou)資(zi)(zi)(zi)者的(de)(de)(de)(de)證(zheng)券(quan)(quan)投(tou)資(zi)(zi)(zi)經(jing)驗和(he)風(feng)險承擔(dan)能力、證(zheng)券(quan)(quan)公司(si)的(de)(de)(de)(de)風(feng)險控制水平都(dou)有(you)(you)(you)較(jiao)(jiao)高(gao)的(de)(de)(de)(de)要求，若證(zheng)券(quan)(quan)公司(si)不(bu)能對(dui)融(rong)資(zi)(zi)(zi)融(rong)券(quan)(quan)風(feng)險管理體(ti)系進行及時(shi)有(you)(you)(you)效的(de)(de)(de)(de)完善，對(dui)整個行業的(de)(de)(de)(de)發展(zhan)都(dou)將產生不(bu)利影響，而(er)監(jian)管部(bu)門(men)對(dui)融(rong)資(zi)(zi)(zi)融(rong)券(quan)(quan)風(feng)險的(de)(de)(de)(de)及時(shi)監(jian)控是保證(zheng)這項(xiang)業務(wu)健康發展(zhan)的(de)(de)(de)(de)基礎。

1月(yue)(yue)16日，證(zheng)監會對12家券(quan)商(shang)開出兩(liang)融罰(fa)(fa)單，中信、海通(tong)、國泰(tai)君安 3家業內領頭券(quan)商(shang)被叫停新開兩(liang)融賬戶(hu)三個月(yue)(yue)，刷新了(le)融資(zi)融券(quan)領域監管處罰(fa)(fa)的(de)上限。而這次處罰(fa)(fa)也引(yin)發了(le)市場(chang)的(de)大(da)地震，1月(yue)(yue)19日，上證(zheng)綜指大(da)跌7.7%，收于3116.35點(dian)，下挫260點(dian)。

“市場的(de)反應有些過了。”很多業內人士接(jie)受本報記者采訪時都如此表(biao)示。因為(wei)在處罰(fa)部分違規券商的(de)同時，證監會也明確表(biao)示“從檢查結果看(kan)，目前，證券公司(si)融資融券等融資類業務總體(ti)運行(xing)平穩，風險(xian)相對可控(kong)，未發現重大違法(fa)違規行(xing)為(wei)。”

一(yi)位(wei)券(quan)(quan)商(shang)人士(shi)表示(shi)，融(rong)(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)業(ye)務(wu)是國外成(cheng)熟(shu)市場普(pu)遍開展的(de)(de)業(ye)務(wu)，規范(fan)的(de)(de)融(rong)(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)業(ye)務(wu)能為(wei)資(zi)(zi)本市場提供充足的(de)(de)資(zi)(zi)金，也有(you)利于疏導銀行資(zi)(zi)金的(de)(de)正常流(liu)向。但是即使是在成(cheng)熟(shu)市場，融(rong)(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)也是一(yi)項風(feng)險(xian)較高(gao)的(de)(de)業(ye)務(wu)，與普(pu)通證(zheng)券(quan)(quan)交(jiao)易(yi)(yi)存在的(de)(de)政策風(feng)險(xian)、市場風(feng)險(xian)、違約風(feng)險(xian)等(deng)比較，融(rong)(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)存在特有(you)風(feng)險(xian)，如證(zheng)券(quan)(quan)投資(zi)(zi)虧損放大風(feng)險(xian)、被強制平倉的(de)(de)風(feng)險(xian)、交(jiao)易(yi)(yi)成(cheng)本增(zeng)加的(de)(de)風(feng)險(xian)、標的(de)(de)證(zheng)券(quan)(quan)范(fan)圍(wei)調整、暫停(ting)交(jiao)易(yi)(yi)或終止上市風(feng)險(xian)等(deng)。因此，融(rong)(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)(quan)交(jiao)易(yi)(yi)對證(zheng)券(quan)(quan)公(gong)司的(de)(de)內(nei)部風(feng)險(xian)管(guan)理是一(yi)次大考驗。

據了(le)解，在美(mei)國 ，每個賬(zhang)戶中融資額(e)度的(de)(de)(de)基(ji)本標準是(shi)由(you)美(mei)聯儲確定的(de)(de)(de)，一旦美(mei)聯儲規(gui)(gui)定了(le)最低(di)保證金比例(li)后，融資的(de)(de)(de)最高(gao)限(xian)額(e)就是(shi)交(jiao)(jiao)易總(zong)額(e)與借方賬(zhang)戶中保證金之間(jian)的(de)(de)(de)差(cha)額(e)。日本的(de)(de)(de)信用交(jiao)(jiao)易實際(ji)上被(bei)證券(quan)金融公(gong)司所壟(long)斷和控(kong)制，政府行使(shi)監(jian)管職能(neng)的(de)(de)(de)大藏省，只需(xu)通(tong)過控(kong)制證券(quan)金融公(gong)司融資融券(quan)額(e)度，就可以實現(xian)對信用交(jiao)(jiao)易規(gui)(gui)模和總(zong)量的(de)(de)(de)控(kong)制。

而在中國(guo)，監管部門制(zhi)(zhi)定(ding)(ding)的(de)(de)《證(zheng)券公(gong)(gong)司融(rong)(rong)資(zi)融(rong)(rong)券業務試點(dian)內部控(kong)制(zhi)(zhi)指引》也對券商(shang)融(rong)(rong)資(zi)融(rong)(rong)券交(jiao)易提(ti)出了(le)嚴(yan)格的(de)(de)風(feng)(feng)險(xian)防(fang)(fang)范要(yao)求，采(cai)取了(le)嚴(yan)密(mi)的(de)(de)風(feng)(feng)險(xian)防(fang)(fang)范措(cuo)施，例如，規定(ding)(ding)證(zheng)券公(gong)(gong)司應(ying)當了(le)解(jie)客戶的(de)(de)基(ji)本情況，制(zhi)(zhi)定(ding)(ding)選擇客戶的(de)(de)具體標(biao)準(zhun)，向具有(you)相應(ying)的(de)(de)證(zheng)券投資(zi)經(jing)驗、風(feng)(feng)險(xian)承(cheng)擔能力和良好(hao)的(de)(de)資(zi)信(xin)狀況的(de)(de)客戶提(ti)供融(rong)(rong)資(zi)、融(rong)(rong)券服務；規定(ding)(ding)客戶融(rong)(rong)資(zi)買入、融(rong)(rong)券賣出的(de)(de)證(zheng)券，不得超出證(zheng)券交(jiao)易所(suo)規定(ding)(ding)的(de)(de)范圍(wei)等。將(jiang)風(feng)(feng)險(xian)限(xian)制(zhi)(zhi)在合理的(de)(de)范圍(wei)，最(zui)大限(xian)度保(bao)護投資(zi)者(zhe)利益(yi)。

“參加(jia)融(rong)(rong)(rong)(rong)(rong)資融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)最重(zhong)要的是(shi)風險控制，只有把好風險控制這道大關，才(cai)能順利地進行融(rong)(rong)(rong)(rong)(rong)資融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)，‘兩(liang)融(rong)(rong)(rong)(rong)(rong)’罰單也會成為券(quan)(quan)商(shang)完(wan)善(shan)融(rong)(rong)(rong)(rong)(rong)資融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)風險控制體系的推動力。”一位券(quan)(quan)商(shang)融(rong)(rong)(rong)(rong)(rong)資融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)部負責人感慨。

英大(da)證券(quan)(quan)首席經濟學家(jia)李大(da)霄在接受采(cai)訪時也(ye)表示，證監會(hui)這次堅決的態度(du)，是把融資融券(quan)(quan)的風(feng)險監控擺在重要的位置。對于證監會(hui)的這次決定，短期對券(quan)(quan)商股會(hui)有一定影響，但(dan)大(da)家(jia)也(ye)不必過(guo)于恐慌。