解密中國證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.

中國證券金融股份有限公司（China Securities Finance Corp，簡稱：證金公司）原本是家不起眼的金融機構，但一則新聞卻使它在上週日一躍成爲衆人矚目的焦點。這則新聞稱，中國央行將通過證金公司向處於困境的中國股市注入資金。

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”.

證金公司成立於2011年，是經中國國務院同意，在中國證監會批准下設立的全國性證券類金融機構。它將自己描述爲“中國境內唯一從事轉融通業務的金融機構，旨在爲證券公司融資融券業務提供配套服務”。

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.

證金公司成立的初衷是爲2010年出臺的一個試點項目提供支持。該項目首次允許中國內地券商從事融資融券業務。

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.

證金公司是一家國有獨資企業，其股東包括：上海證券交易所、深圳證券交易所、大連商品交易所、鄭州商品交易所和上海期貨交易所等。

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.

在融資業務中，券商向客戶借出資金，使其能夠投資股票和其他證券。在去年11月至今年6月中旬中國股市雄冠全球的牛市中，這種融資業務扮演了重要角色。

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，券商從事融資業務的資金來源主要是發行股票和債券，以及在銀行間貨幣市場上借入資金。但證金公司也爲券商提供資金，以方便券商爲客戶提供保證金貸款，這與中國央行借出資金給商業銀行很相似。同時，證金公司還參與融券，爲賣空提供便利。

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.

該公司網站顯示，週一收盤時，證金公司向券商提供的轉融資餘額爲1090億元人民幣（合180億美元）。與之相比，券商提供給客戶的總融資餘額爲1.7萬億元人民幣。

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”.

上週日，中國證監會發布聲明稱，“中國人民銀行將協助通過多種形式給予中國證券金融股份有限公司流動性支持”，以“維護市場穩定”。

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.

目前尚不清楚中國央行將借出多少金額以及資金將如何使用。6月18日，融資餘額一度達到2.3萬億元人民幣的高點，之後急劇下降，本週一的單日降幅甚至達到創紀錄的1360億元人民幣。這意味着，對於證金公司對傳統保證金貸款的資金支持，券商及其客戶的需求都十分微弱。

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.

上週六，21家券商表示，將拿出1200億元人民幣的資金救市。證金公司有可能將中國央行的資金借給支持該行動的券商。

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.

在宣佈中國央行將向證金公司提供資金的兩天前，中國證監會還發表了一項聲明：證金公司將獲得一筆注資，使其註冊資本從240億元人民幣增至1000億元人民幣，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.

無論證金公司如何運用中國央行的資金，增加的股本（很可能由該公司現有股東提供）將確保新的央行借款不會導致該公司財務槓桿（以債務股本比衡量）急劇擴大。