每經AI快訊，四年前科創板試(shi)點注冊制時(shi)，允(yun)許新股(gu)戰(zhan)略投資者(zhe)(zhe)出(chu)借限(xian)售股(gu)作為融(rong)券(quan)(quan)(quan)券(quan)(quan)(quan)源（轉融(rong)券(quan)(quan)(quan)機制），現在有投資者(zhe)(zhe)認為“限(xian)售”效力下降，即出(chu)借限(xian)售股(gu)將導(dao)致(zhi)流通(tong)股(gu)數量變(bian)相(xiang)增加。 上(shang)(shang)述轉融(rong)券(quan)(quan)(quan)機制是(shi)否“架空”限(xian)售？是(shi)否容易(yi)導(dao)致(zhi)變(bian)相(xiang)減持和利益輸送？帶(dai)著這些問(wen)題，記(ji)者(zhe)(zhe)采訪了(le)券(quan)(quan)(quan)商(shang)人(ren)士、量化(hua)私募(mu)、律師、學者(zhe)(zhe)等，嘗試(shi)厘(li)清(qing)此中脈絡(luo)。 值得注意的(de)是(shi)，市場對戰(zhan)略投資者(zhe)(zhe)出(chu)借限(xian)售股(gu)的(de)擔(dan)心(xin)蔓延到(dao)了(le)其他股(gu)東(dong)身(shen)上(shang)(shang)，認為大股(gu)東(dong)可能會(hui)通(tong)過融(rong)券(quan)(quan)(quan)方式變(bian)相(xiang)減持。近日(ri)，指(zhi)南針發布公告稱，控股(gu)股(gu)東(dong)提前終止轉融(rong)通(tong)證券(quan)(quan)(quan)出(chu)借業(ye)務，此舉(ju)是(shi)否系回應市場呼聲尚不(bu)確定。（證券(quan)(quan)(quan)時(shi)報）