做空机制

对我国基金公司而言，做空机制的推出既是机遇又是挑战。

As for the fund companies , the introduction of Short-Mechanism is not only an opportunity but also a challenge .

股指期货和融资融券都属于市场做空机制，对我国股票市场具有里程碑式的意义。

Stock index futures and margin trading are both belong to Short-Mechanism , has the milestone significance to our country .

缺乏做空机制和衍生工具，意味着难以进行对冲。

The absence of short selling and derivatives makes hedging difficult .

我国股票市场引入做空机制的研究

The Research of Leading into Short - Mechanism in our Stock Market

通过做空机制，投资者可以使用股指期货进行投资组合套期保值，从而实现双边交易。

With the short mechanism , investors can hedge by using stock index futures .

存在做空机制下的债券投资理念革新新编辑手记

New Ideas of Bond Investment

股指期货交易：构建二板市场做空机制的一种选择

Stock Index Futures Trade : A System Option for Setting up the Short Hedge Mechanism on the Second Bond Market

由于股指期货引入了做空机制，这将对我国券商自营部门的投资策略和手段产生重要影响。

Because it introduces short mechanism , it would have an important impact on investment strategies and means for self-brokerage departments .

但是，股指期货的做空机制和高杠杆效应，也为证券市场带来了巨大的风险。

However , the short selling mechanism and high leverage effect of stock index futures , also bring great risks to the securities market .

而修正后的可转换债券二项式方法则是从另一个角度（市场缺乏做空机制）来对可转债定价方法进行的分析。

The modified binomial method for convertible bonds is another way ( lack of short the market mechanism ) to the pricing method for convertible debt analysis .

2010年4月16日股指期货正式上市交易，这标志着国内资本市场真正意义上的指数做空机制的产生。

The listing of stock index futures means , in a sense of that , there is a short mechanism in our capital market in April 16,2010 .

实证研究结论，行业资产配置组合的风险调整后收益明显优于市场基准；做空机制的引入能够有效的提高资产配置效率。

Empirical results , industry asset allocation portfolio risk-adjusted return is better than market benchmarks ; short introduction of the mechanism can effectively improve the efficiency of asset allocation .

在微观方面，通过拓展涨停板的功能、鼓励上市公司回购股票以及禁止做空机制等措施，以抑制非理性泡沫的产生。

At the microcosmic aspect , through extending the functions of raising limit , encouraging listed companies to repurchase shares , as well as prohibiting fictitious transaction to suppress irrational bubbles .

这对深入揭示行业间传导机制和轮动规律具有重要作用。第三，引入做空机制，构建了积极行业配置模型。

This could have an promotion to reveal deep industry wheeled regulation and transfer mechanisms . Thirdly , the introduction of short-mechanism and the build of a positive industry allocation model .

当投资者事先拥有大量股票头寸时，做空机制对套利交易没有影响，对股指期货交易的影响十分有限；

When the investors hold a large amount of stock positions , sales mechanism will not impact arbitrage , and its impacts on the stock index futures transaction is very limited ;

然而，融资融券交易制度带来的毕竟是我国从来没有尝试过的做空机制，在给证券市场带来机遇的同时也带来了严峻的挑战。

However , margin trading , after all , brought the " short " mechanism to our country which we have never tried . It brings opportunities as well as a serious challenge .

由于缺乏做空机制，中国证券市场上的投资者只能通过单边做多的交易方式才能盈利，投资者面临巨大的系统性风险。

Due to the lack of a mechanism , the Chinese stock market investors can only be resolved through unilateral means do more transactions can be profitable , investors are facing a huge systemic risks .

经过十几年的发展，我国的证券市场不断壮大，但长久以来，中国A股市场只能做多，缺乏做空机制。

Through decades of development , the securities industry of China is stronger and stronger , but a stock market in China has always stock shorting in a long time and also lacks of the stock shorting mechanism .

统计套利是一种可以脱离市场趋势判断在较低的投资风险下获得稳定收益，获取超额绝对回报的市场中性策略，该策略只适用于有做空机制的市场。

Statistical arbitrage is one kind of market neuter strategy without regard of market trend . This strategy can gain more stable earnings under lower investment risk which is only suit for market with short mechanism and long mechanism .

从实践层面来看，量化投资是近十年来兴起的一个新的投资理念和投资方法，而我国股票市场长期以来尚未建立有效的做空机制。

From the practical level , quantitative investment is rise in nearly a decade of a new investment ideas and methods , but Chinese stock market has not yet set up an effective mechanism of short during the long time .

究其原因可能有二：一是可转债市场还比较小，流动性比较差，市场价格发现功能受到制约；二是市场缺乏做空机制，可转换债券的套利策略难以实现。

The reasons of the underpricing include : the low liquidity of convertible bonds , which restricts the price-founding function of the market , and the lack of short-sell , which can achieve free arbitrage if the market prices departure the equilibrium prices .

同时，由于我国询价制度中对投资者的保护，要求参与配售的机构有一定的限售期，而且二级市场缺乏做空机制，导致投资者乐观情绪的成为高定价发行得以成功的市场基础。

Meanwhile , the inquiry system of investor protection , requires agencies involved in placing a certain moratorium , and the lack of short secondary market mechanisms , resulting in a high investor optimism , the success of the pricing issue for the market .

证券市场在本质上应该是一个做多机制与做空机制相互制衡的市场，期望中国在保证司法公正和有效性的前提下，进行证券信用交易制度建设。

In essence , the securities market should be a mechanism to do more with the mechanism of checks and balances of the market . We expect to ensure judicial fairness and the effectiveness of the law , and construct securities trading credit system .