지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2021.8
- 수록면
- 187 - 229 (43page)
- DOI
- 10.35227/HYLR.2021.8.32.3.187
이용수
초록· 키워드
오류제보하기
In spite of the information asymmetry between individual and institutional investors and the issue of fairness of the structure of securities lending and borrowing, the cases of naked short selling and covered short selling have often been observed in the securities market in Korea. Accordingly, individual investors have increasingly been dissatisfied with the securities market structure. In particular, short selling in the securities market has been dominated by institutional investors, and individuals are relatively disadvantaged in the process of securities borrowing due to credit risks and settlement management. Therefore, the securities market where the short selling takes place is criticized as a ‘unlevel playing field’ where fair game rules do not apply. Despite these problems, short selling is allowed in major countries like United States in terms of investment strategy and risk management. In Korea, naked short selling is prohibited while covered short selling is permitted, to be competible with the global standards.
Under the Financial Investment Services and Capital Markets Act, it is mandated to restrict the short selling, make a report and disclosure of balance of short selling, in order to facilitate the functions of short selling such as price discovery, liquidity enhancement, etc. and reduce the risk of price declines and other dysfunctions of short selling. And the institutions in charge of regulating short selling including the Financial Services Commission, Financial Supervisory Services and Korea Exchange are implementing short selling-related measures such as quotation classification display, up-tick rules and strengthened trust management, through relevant regulations such as the Regulations on Financial Investment Business, Business Regulations of KOSPI market and KOSDAQ market. In addition, these agencies disclose short-sale investment reference materials as a precautionary measure while, as a follow-up measure, reinforcing monitoring, surveillance and investigations of violations of short selling regulations. Especially, those who violate the short selling regulations are imposed of administrative fines or member fines of the Korea Exchange. The ongoing increase in the violation of short selling despite the tightening of regulations on short selling is believed to be due to the low level of sanctions against the offenders and insufficient regulatory system. Moreover, in relation to the breach of short sale, it depends on sanctions after the fact rather prior prevention. Therefore, it is important to establish a dedicated system for securities lending and borrowing that allows investors to be aware of short selling before submitting a sell order. However, the current order system cannot prevent intentional unfair trading orders to avoid short selling regulations because investors can enter their short-selling orders on their own discretion. In addition, financial investment companies who intermediate orders can check the balance of individual investors’ sales accounts, but it is difficult to check the balance of sales accounts of institutional investors and foreign investors who usually deposit their securities in custodian banks. As such, there is always likelihood that the naked short selling will occur because institutional investors can submit short-selling orders without holding securities. Moreover, even in the case of borrowing securities from the borrowing and lending brokerage firms, it is impossible to confirm whether the borrowing contract is duly established or to check the authenticity of the borrowing contract. Therefore, in order to eliminate discrimination and distrust among investors and to promote fair market and reasonable price formation, it is necessary to minimize the problems associated with the systems of balance-check and disclosure of short-selling, surveillance and investigation of unfair trades, etc.
Under the Financial Investment Services and Capital Markets Act, it is mandated to restrict the short selling, make a report and disclosure of balance of short selling, in order to facilitate the functions of short selling such as price discovery, liquidity enhancement, etc. and reduce the risk of price declines and other dysfunctions of short selling. And the institutions in charge of regulating short selling including the Financial Services Commission, Financial Supervisory Services and Korea Exchange are implementing short selling-related measures such as quotation classification display, up-tick rules and strengthened trust management, through relevant regulations such as the Regulations on Financial Investment Business, Business Regulations of KOSPI market and KOSDAQ market. In addition, these agencies disclose short-sale investment reference materials as a precautionary measure while, as a follow-up measure, reinforcing monitoring, surveillance and investigations of violations of short selling regulations. Especially, those who violate the short selling regulations are imposed of administrative fines or member fines of the Korea Exchange. The ongoing increase in the violation of short selling despite the tightening of regulations on short selling is believed to be due to the low level of sanctions against the offenders and insufficient regulatory system. Moreover, in relation to the breach of short sale, it depends on sanctions after the fact rather prior prevention. Therefore, it is important to establish a dedicated system for securities lending and borrowing that allows investors to be aware of short selling before submitting a sell order. However, the current order system cannot prevent intentional unfair trading orders to avoid short selling regulations because investors can enter their short-selling orders on their own discretion. In addition, financial investment companies who intermediate orders can check the balance of individual investors’ sales accounts, but it is difficult to check the balance of sales accounts of institutional investors and foreign investors who usually deposit their securities in custodian banks. As such, there is always likelihood that the naked short selling will occur because institutional investors can submit short-selling orders without holding securities. Moreover, even in the case of borrowing securities from the borrowing and lending brokerage firms, it is impossible to confirm whether the borrowing contract is duly established or to check the authenticity of the borrowing contract. Therefore, in order to eliminate discrimination and distrust among investors and to promote fair market and reasonable price formation, it is necessary to minimize the problems associated with the systems of balance-check and disclosure of short-selling, surveillance and investigation of unfair trades, etc.
#공매도
#대차중개기관
#정보비대칭
#형사벌칙
#회원제재금
#호가구분표시
#차입계약
#보관기관
#공매도제한
#공매도 잔고보고
#공매도 공시
#대차중개시스템
#Short-selling
#Intermediaries of Securities Borrowing and Lending
#Information asymmetry
#Criminal penalties
#Member fine
#Quotation classifications
#Borrowing contract
#Custodians
#Short-selling restrictions
#Reporting of Short-selling balance
#Disclosure of short-selling
#dedicated system for securities lending and borrowing
목차
Ⅰ. 서설
Ⅱ. 공매도의 개관
Ⅲ. 공매도의 법적규제
Ⅳ. 공매도 잔고보고 및 공시제도
Ⅴ. 공매도 위반자에 대한 조사 및 조치
Ⅵ. 결어
참고문헌
Abstract
참고문헌 (5)
참고문헌 신청
엄윤성 / 2012 / 애널리스트 투자의견 하향에 대한 공매도거래 분석 / 한국증권학회지 41(2):309~340
왕수봉 / 2013 / 국내외 증권사 애널리스트의 투자의견 하향이 투자자별 공매도거래에 미치는 영향 / 대한경영학회지 26(12):3211~3234
엄경식 / 2011 / 개별 종목 수준에서 외국인 공매도의 주가에 대한 인과적 영향력 및 선행성에 관한 연구 / 재무관리연구 28(3):139~187
최혁 / 2012 / 공매도 제한효과와 공매도 금지효과의 비교 : 유동성과 정보성에 미치는 영향을 중심으로 / 재무연구 25(2):161~202
조성순 / 2012 / 애널리스트 투자등급 하락 변경에 대한 투자자별 공매도 거래행태 / 재무관리연구 29(4):191~231
왕수봉 / 2013 / 국내외 증권사 애널리스트의 투자의견 하향이 투자자별 공매도거래에 미치는 영향 / 대한경영학회지 26(12):3211~3234
엄경식 / 2011 / 개별 종목 수준에서 외국인 공매도의 주가에 대한 인과적 영향력 및 선행성에 관한 연구 / 재무관리연구 28(3):139~187
최혁 / 2012 / 공매도 제한효과와 공매도 금지효과의 비교 : 유동성과 정보성에 미치는 영향을 중심으로 / 재무연구 25(2):161~202
조성순 / 2012 / 애널리스트 투자등급 하락 변경에 대한 투자자별 공매도 거래행태 / 재무관리연구 29(4):191~231
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