CAJ | 학술논문

约定购回式证券交易是上交所推出的创新业务。自2011年推出以来，在客户准入条件、交易期限、试点券商等方面进行了较大幅度的调整，但是标的证券范围狭小、证券折算率低、业务模式导致的税收问题和信息披露问题制约了业务的发展。采取客户准入条件放宽、试点券商扩容、加强沪深交易所合作、税务机关认定业务性质和改变业务模式等措施，可以拓展该项业务的客户群体，提升证券公司服务实体经济的功能。
약정구회식증권교역시상교소추출적창신업무。자2011년추출이래，재객호준입조건、교역기한、시점권상등방면진행료교대폭도적조정，단시표적증권범위협소、증권절산솔저、업무모식도치적세수문제화신식피로문제제약료업무적발전。채취객호준입조건방관、시점권상확용、가강호심교역소합작、세무궤관인정업무성질화개변업무모식등조시，가이탁전해항업무적객호군체，제승증권공사복무실체경제적공능。
The promised buyback stock exchange is an innovative business introduced by Shanghai Stock Exchange. Since introduced in 2011, there have been some substantial adjustments happened in the customers access conditions, the life of the transaction, pilot securities firm. However, the development of the business was constrained due to a narrow range of underlying securities, low securities discounted rate, tax issues and information disclosure problems as the result of the business model. Therefore it is necessary to loosen permitted requirements of securities companies and customers, to expand the pilot securities firms, to strengthen the cooperation between Shanghai and Shenzhen Stock Exchanges, the tax authority determination of the nature of business and to change the business model and other measures. Thus we can expand the business customers, enhance the function of the securities company and the real economy.