与封闭式回购相比,开放式回购具有增强市场流动性、发现市场价格、套利及规避价格风险等功能,但历史经验表明,如果调控管理不当,开放式回购蕴含的做空动能将爆发出巨大的杀伤力,因此,需要全面研究开放式回购卖空机制的风险性质,并在此基础之上做出相应的制度保障和措施安排。 Compared with the closed repurchase, open repurchase has the functions of enhancing market liquidity, finding market price, arbitrage and avoiding price risk. However, historical experience shows that the open short repo will contain short-term kinetic energy if mismanagement is not properly managed Therefore, it is necessary to conduct a comprehensive study of the risk nature of the open-buyback short sale mechanism and make corresponding institutional guarantees and measures on the basis of this.