CAJ | 학술논문

本文通过综述三十年来国际上关于卖空限制对股票市场影响的研究，发现目前对该课题的研究重点在两方面，一是卖空限制对股票价格影响，另外一个是卖空限制对股票市场稳定性的影响。大多数的研究结果表明卖空限制会引起股票价格被高估，但是允许卖空则容易导致股票市场不稳定。国际上大多数的发达国家允许卖空股票，有些亚洲国家或者地区则是部分限制卖空。目前我国对于是否开发股票指数期货和是否放松卖空限制有激烈的争论。在这个问题上我们也许可以借鉴国外的经验，考虑一条渐进改革之路：先部分的有条件的允许卖空，然后等市场成熟后再完全放开卖空限制。
본문통과종술삼십년래국제상관우매공한제대고표시장영향적연구，발현목전대해과제적연구중점재량방면，일시매공한제대고표개격영향，령외일개시매공한제대고표시장은정성적영향。대다수적연구결과표명매공한제회인기고표개격피고고，단시윤허매공칙용역도치고표시장불은정。국제상대다수적발체국가윤허매공고표，유사아주국가혹자지구칙시부분한제매공。목전아국대우시부개발고표지수기화화시부방송매공한제유격렬적쟁론。재저개문제상아문야허가이차감국외적경험，고필일조점진개혁지로：선부분적유조건적윤허매공，연후등시장성숙후재완전방개매공한제。
This paper reviews the literatures about the effects of short- sale constraints on stock markets in the latest 30 years. After investigation we found that recent research is focusing on two aspects： the effects of short- selling constraints on stock prices and the effects on market stability. Most research shows that stock prices tend to be upward biased due to short- selling comtraints. However, short- selling may potentially destabilize stock markets. Most developed countries allow short- selling in their stock markets and some Asian countries or regions conditionally allow short- selling. Now we have an intense debate about whether we should run stock options and loose short- selling constraints. Considering other countries＇ experience, we might innovate step by step： conditionally allow short- selling first, and then completely loose the constraints when the market becomes matured.