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降低门槛的两融无法替代配资

2017-09-22 07:42:43   中国经济网

近期随着股市复苏,场外违规配资业务又开始猖獗,财经专家皮海洲建议通过降低两融门槛来抑制配资业务。本栏认为,两融和配资业务区别太大,即使降低门槛,也无法替代配资,抑制配资宜采用投资者风险教育等其他方法。

两融业务作为合规的融资行为,必然要受到很多方面的制约,例如杠杆比例,配资可以做到1比10,融资业务肯定不行,合规的融资业务势必要考虑投资者的风险承受程度,不可能一个跌停板就让投资者赔光,如果两融也放纵到这个程度,那与配资又有何异?此外就是两融股票的范围,目前能够开展两融业务的股票,大多是流动性相对较好、业绩和成长性相对稳定的安全股票,如果降低门槛到全部股票,那么ST股、新股全都能够开展两融业务,一旦出现风险,流动性危机就会出现,这也不符合两融业务的合规本质。

所以,本栏认为不管两融业务如何降低门槛,都不可能将参与非法配资的投资者拉回。想要让投资者远离配资,一定要让投资者清楚认识到配资的风险巨大,这种风险包括但不限于股价的波动,还有其他道德层面的风险。

例如投资者参与配资业务,一般都被要求将资金打入出资方的账户,此时这部分资金如果出资方出现资金链问题,或者是刻意不支付给投资者,投资者很难要回,因为这一业务自始就是非法的,很难使用法律武器加以保护。

更有甚者,假如哪个骗子开发一套模拟炒股系统,投资者转入资金后就被安排使用模拟炒股软件进行交易,骗子自始至终就不进行场内报单,最后不管投资者盈利或者亏损,投资者想要要回投资的时候都无法实现,这就是一个骗局。

即使是真的配资平台,也有投资者意想不到的风险,假如某个平台有个超级大户参与配资,结果买入的股票连续跌停,大户的股票在跌停板卖不出去,最终不仅自己亏光了钱,还欠了平台一大堆钱。但是平台的钱除了投资者转入的资金外,绝大多数的资金可能都来自于银行理财,即当银行发现整个平台的保证金不足以维护理财资金安全的时候,就会强行平仓整个配资平台的全部持股,结果整个平台爆仓,即使是获利的投资者,也无法拿到自己的本金和收益。

本栏认为,管理层应该向投资者充分揭示场外非法配资的其他风险,这些风险配资平台是不会告诉投资者的,认识到这些风险,将有可能让部分投资者望而却步。但必然还会有少数投资者以“大无畏”的精神去拼死一搏。本栏建议对于开展配资平台的机构,管理层可以直接以非法集资罪名加以取缔,同时对于将理财资金提供给配资平台的银行加以顶格处罚,在巨大的风险成本之下,配资平台的利润也将大幅下降,甚至亏损,这也能在一定程度上抑制非法配资业务的生存空间。

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