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中国期货1995年的“327事件” [复制链接]

Rank: 3Rank: 3

发表于 2011-12-29 09:18:04 |显示全部楼层
本帖最后由 倚天剑 于 2011-12-29 09:20 编辑

1995年的“327事件”,堪称名噪一时的万國证券公司的“滑铁卢之战”。其实,它何尝不是中國期货业的“滑铁卢之战”。万國证券作为我國证券业界的大哥大固然经此一役而成为明日黄花,而小荷才露尖尖角的中國期货业的因噎废食则更是一大历史性的悲剧。

  一、何谓327事件

  1995年2月23日爆发的327國债期货事件,可以说是建國以来罕见的金融地震。


  327品種是对1992年发行的3年期國债期货合约的代称。由于其于1995年6月即将交收,现货1992年3年期國债保值贴补率明显低于银行利率,故一向是颇为活跃的炒作题材。市场在1994年底就传言327等低于同期银行存款利率的國库券可能要加息;而另一些人则认为不可能,因为一旦加息需要國家多支出10多亿元的资金,在客观形势吃紧的情况下,显然绝非易事。于是,围绕着对这一問題的争议,期货市场形成了327品種的多方与空方,该品種价格行情的最大振幅曾达4元多。

  2月23日,财政部发出公告,关于1992年期國库券保值贴补的消息终于得到证实。多头得理不饶人,咄咄逼人地乘胜追击,而空方却不甘束手就擒。双方围绕327高地展开了激烈的争夺战。


空方的总指挥是万國证券公司,二号主力辽宁國发(集团)公司。在148.50元附近,空方集结了大量的兵力。但多方力量势不可挡,一开盘,价位就跳空高开,数百万的空单被轻而易举地吃掉,价格大幅飙升,迅速推高到151.98元。16时22分,离收盘还有8贩N印U?毙矶嗳硕家晕?缶忠讯ㄊ保?缭仆槐洌?30万口(约合人民币1460亿元)的抛单突然出现在屏幕上,多方顿时兵败如山倒。最后双方在147.50元的位置鸣金收兵。当日上海國债期货总成交8539.93亿元,其中80%即6800亿元左右集中在327品種上。若按收市价147.50元结算,意味着一大批多头将一贫如洗,甚至陷于无法自拔的资不抵债的泥坑。


  交易刚结束,上海证券交易所、证管办就接到了指有会员严重违规操作的控告。根据后来的处理结果,327事件被定性为一起严重的违规事件。它是在國债期货市场发展过快、交易所监管不严和风险管理滞后的情况下,由上海万國证券公司、辽宁國发(集团)股份有限公司等少数大户蓄意违规、操纵市场、扭曲价格、严重扰乱市场秩序所引起的國债期货风波。

二、万國的“死穴”


  作为327事件主要责任者的万國证券公司,在这次大起大落的剧烈震荡中,一下子就陷入了灭顶之灾。


  万國证券成立于1988年7月18日,总裁管金生。这家起步时只有3500万元资本金的证券公司在短短6年的时间就发展成资产规模数十亿元的综合性公司,是中國证券业的一大奇迹。


  万國证券成立不到两个月就先声夺人,争取到为意大利國民劳动银行新加坡分行在伦敦发行欧洲日元证券作承销商,成为中國在國际金融市场从事同类业务的第一家证券公司。


  1992年,万國证券又与中國新技术创业投资公司及香港长江实业集团联合收购香港上市公司大众國际51%的股权,又创造了國内证券公司第一次在香港收购控股上市公司的奇迹。


  1993年。万國证券在首批券商信用评级中成为唯一获得國内AAA最高信用级别的一家。


  1994年,万國证券A股交易占上交所总成交量的22%,B股则达到50%,在上交所会员中首屈一指。当年上市的上海12只B股中有8只是由万國证券作國内主承销商。


  如日中天的万國证券打起了“万國证券,证券王國”的旗号,声言要成为中國的野村、中國的美林。然而,在缺乏必要的监管条件下的过于顺利以及由此滋长起来的狂妄自大及膨胀野心,却成了它的“死穴”。

万國证券的总裁管金生是上海外國语学院法國文学硕士,毕业后先后就职于上海市级机关、上海信托投资公司。曾担任中美國际投资法研讨会秘书长,由此而受欧共体邀请,到比利时布鲁塞尔大学进修,获法学硕士及商业管理硕士。1988年学成回國,即着手创办万國证券公司。人生经历上过于一帆风顺,同样容易养成一个人过于自负的性格。他风头出尽,被尊为“中國证券教父”。327事件后,人们指责管金生用家长制的那一套来领导全國最大的证券公司,而他本人却感到还有一条,这就是万國缺少监督机制。


  如果说管金生在327品種上走了眼不过是一種偶然,那么,他以及他所领导的万國在327事件中的所作所为则是一種必然。自从成为中國证券期货市场几乎所向无敌的虎狼之师,他们就太自以为是,也太自信了,他们以为國家不可能因其利率偏低而加息,因而一直在做空。而当加息的消息被证实时,为了挽救公司可能出现的高达10亿元以上的损失,便不顾一切地铤而走险,违规恶炒。


  2月23日下午,空方主力阵营中的辽國发临阵倒戈,突然空翻多,使327品種的创出151.98元的天价。在大势既去的情况下,最后80万口将价位打到150元,接着连续以几个数十万口的量级把价位再打到148元,最后一笔730万口的巨大卖单令全场目瞪口呆,把价位封死在147.50元。在这一阵紧锣密鼓的狂轰烂炸之中,万國共抛出1056万口卖单,面值达2112亿元,而所有的327國债总额只有240亿元。也就是说,万國卖空的数额超过了该品種总额的7.8倍。


  管金生的一步之差,令万國遭遇了它事业上的滑铁卢,在管本人而言也是其人生道路上的滑铁卢。

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发表于 2020-3-18 03:06:53 |显示全部楼层

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发表于 2020-3-18 03:07:28 |显示全部楼层

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