解密中国证券金融股份有限公司

Once an obscure institution, China Securities Finance Corp was thrust into the spotlight on Sunday by news it would serve as conduit for the central bank to inject funding into the country’s ailing stock market.

中国证券金融股份有限公司（China Securities Finance Corp，简称：证金公司）原本是家不起眼的金融机构，但一则新闻却使它在上周日一跃成为众人瞩目的焦点。这则新闻称，中国央行将通过证金公司向处于困境的中国股市注入资金。

Established in 2011 with the approval of the State Council, China’s cabinet, and the China Securities Regulatory Commission, CSF describes itself as “the only institution that provides margin financing loan services to qualified securities companies in China’s capital markets”.

证金公司成立于2011年，是经中国国务院同意，在中国证监会批准下设立的全国性证券类金融机构。它将自己描述为“中国境内唯一从事转融通业务的金融机构，旨在为证券公司融资融券业务提供配套服务”。

The company was meant to support a pilot project launched in 2010 that allowed for mainland securities brokerages to engage in margin finance and securities lending for the first time.

证金公司成立的初衷是为2010年出台的一个试点项目提供支持。该项目首次允许中国内地券商从事融资融券业务。

CSF is 100 per cent state-owned, with shareholders including the Shanghai and Shenzhen stock exchanges, the Dalian and Zhengzhou commodities exchanges, and the Shanghai Futures Exchange.

证金公司是一家国有独资企业，其股东包括：上海证券交易所、深圳证券交易所、大连商品交易所、郑州商品交易所和上海期货交易所等。

Margin financing, which involves brokerages lending money to clients for investment in stocks or other securities, played an integral role in the world-beating run-up in Chinese equity markets from November to mid-June.

在融资业务中，券商向客户借出资金，使其能够投资股票和其他证券。在去年11月至今年6月中旬中国股市雄冠全球的牛市中，这种融资业务扮演了重要角色。

Today brokerages mainly finance their margin loans by issuing stock and bonds and borrowing on the interbank money market. But CSF also makes funds available to brokerages to facilitate margin loans to brokerage clients, much like a central bank lends funds to commercial banks. CSF is also involved in securities lending to facilitate short selling.

目前，券商从事融资业务的资金来源主要是发行股票和债券，以及在银行间货币市场上借入资金。但证金公司也为券商提供资金，以方便券商为客户提供保证金贷款，这与中国央行借出资金给商业银行很相似。同时，证金公司还参与融券，为卖空提供便利。

CSF had Rmb109bn ($18bn) in loans outstanding to brokerages at Monday’s market close, according to its website. That compares with Rmb1.7tn in total margin loans outstanding from brokerages.

该公司网站显示，周一收盘时，证金公司向券商提供的转融资余额为1090亿元人民币（合180亿美元）。与之相比，券商提供给客户的总融资余额为1.7万亿元人民币。

The securities regulator on Sunday said the People’s Bank of China would “offer liquidity support in various forms” to CSF in order to “uphold market stability”.

上周日，中国证监会发布声明称，“中国人民银行将协助通过多种形式给予中国证券金融股份有限公司流动性支持”，以“维护市场稳定”。

It is unclear how much PBoC will lend or how the funds will be used. After hitting a high of Rmb2.3tn on June 18, margin lending has fallen dramatically, including a record one-day fall of Rmb136bn on Monday. That suggests there is little demand from brokerages or their clients for CSF funds to support traditional margin lending.

目前尚不清楚中国央行将借出多少金额以及资金将如何使用。6月18日，融资余额一度达到2.3万亿元人民币的高点，之后急剧下降，本周一的单日降幅甚至达到创纪录的1360亿元人民币。这意味着，对于证金公司对传统保证金贷款的资金支持，券商及其客户的需求都十分微弱。

One possibility is that CSF could lend the central bank funds to brokerages in support of the new Rmb120bn stock fund that a group of 21 brokerages said on Saturday they would establish in order to buoy the market.

上周六，21家券商表示，将拿出1200亿元人民币的资金救市。证金公司有可能将中国央行的资金借给支持该行动的券商。

Two days before the announcement that the PBoC would lend to CSF, the securities regulator also announced that CSF would receive a capital injection, quadrupling its capital base to Rmb100bn from Rmb24bn.

在宣布中国央行将向证金公司提供资金的两天前，中国证监会还发表了一项声明：证金公司将获得一笔注资，使其注册资本从240亿元人民币增至1000亿元人民币，增加了3倍多。

However CSF uses the central bank money, this additional equity capital — presumably from CSF’s existing shareholders — will ensure its new borrowing from the PBoC will not lead to an explosion in CSF’s financial leverage, as measured by debt-to-equity ratio.

无论证金公司如何运用中国央行的资金，增加的股本（很可能由该公司现有股东提供）将确保新的央行借款不会导致该公司财务杠杆（以债务股本比衡量）急剧扩大。