정부 증권시장 규제정책 연구: KOSPI 지수와 공매도 대금 간 관계 분석을 중심으로

Recently, the ban on short selling has emerged as a hot policy. On November 6, 2023, the government announced a ban on short selling for one month, and in 2020, it also announced a ban on short selling for six months due to the coronavirus. The ban on short selling can be evaluated as one of the various policy measures used by the government to overcome the economic crisis. In this study, the impact of the short selling ban on individual perceptions and the stock market was examined through a normative and historical approach and its policy implications were examined. In this paper, we understand the history and regulatory system of the short selling ban and analyze whether short selling has a direct impact on stock prices through regression analysis. It is still impossible to say uniformly how much of a positive effect the ban on short selling has on boosting stock prices. Therefore, it would never be desirable for financial authorities, who must prioritize the efficiency and liquidity of the capital market, to frequently use the ban on short selling. The ban on short selling should be a policy measure that is mobilized exceptionally at an emergency level to stabilize the market. The scope of the restriction should be clear in the law and complementary measures such as the designation system for overheated short selling should be actively utilized, but the ban on short selling should be strictly enforced. Separate regulations for this will need to be supplemented.