中國“信用交易”的規範體系 與裁判標準研究

Research on the Legal Norm and Juridical Standard of “Credit Transaction” in China

隨著中國經濟和金融的市場化程度不斷加深，信用交易這種杠杆化的交易模式在許多領域必然產生、甚至野蠻生長，它不僅存在於中國有監管的交易所市場內部，更大量地存在於無監管的規範化市場外部，導致了證券市場、期貨市場、現貨市場、房地產市場等的許多起整體性異常波動事件。雖然，這些事件的產生有比較複雜的原因，但信用交易無疑起到了重要的推動作用。中國目前正在進行各項金融法的全面修訂，在此過程中，充分認識信用交易的基本類型、規範界限、監管界限，設定它們的糾紛裁判標準，明確監管機關、各方當事人之間的責任分配原則是目前必須解決的問題。本文試圖在前人比較零散的分析基礎上對此進行系統性研究，以得出中國現行法律完善的綜合性結論。

The credit transactions are emerging in many fields with China's financial marketization, deepening in not only exchange market but also external market. It leads to abnormal fluctuations in the stock market, the futures market, the spot market, the real estate market etc. although there are complex reasons causing abnormal fluctuations. Besides, China is planning to amend all of its financial laws which makes it important to clarify the fundamental type, legal norm limits, regulatory limits, juridical standard and responsibility allocation during the process. This paper attempts to make a systematic research on the basis of previous scattered research in order to make a comprehensive conclusion of the current legal perfection in China.