一、引言——融资融券交易担保制度何去何从融资融券本质上是一种信用经济,它可以帮助投资者有效规避市场风险,稳定股价,并且在一定程度上保障市场活跃性,促进资金融通,刺激市场创新。但是融资融券作为杠杆式的投资工具具有“双刃剑”效应,放大了效益的同时也必然放大风险。所以,对于信用市场不发达的我国来讲,对融资融券交易的展开一直谨慎对待, I. INTRODUCTION - Where to go for the guarantee system for margin trading The margin trading is essentially a kind of credit economy. It can help investors effectively avoid market risks and stabilize the stock price. To a certain extent, it can guarantee the market activity and promote the financial intermediation. Stimulate market innovation. However, as a leveraged investment instrument, margin trading has a double-edged sword effect, which enlarges the benefit and enlarges the risk at the same time. Therefore, for our country with underdeveloped credit market, the commencement of margin trading has been treated cautiously,