株式取引には「現物取引」と「信用取引」という2つの取引方法があります。
なんとなく信用取引は危険だというイメージを持っている方も多いと思います。
今回は信用取引とはどういうものなのか？現物取引との違いとは？について調べていきます。
信用取引とは？
信用取引とは、簡単にいうと「自分を信用してもらって、お金を借りて株式投資を行うこと」です。
現物取引では自分の証券口座に預けてある金額以上の取引はできませんが、信用取引であれば自分の資金や株式などを担保にして証券会社からお金を借りて投資することができます。
信用取引のメリット
レバレッジをかけた取引ができる
信用取引のメリット１つ目は、レバレッジをかけて手持ちの資金以上の金額で取引ができることです。
レバレッジとは「テコの原理」のことで、少ない資金で大きな取引をすることです。
例えば、手元に100万円の資金がある場合、現物取引であれば100万円分の株式しか買えません。
しかし信用取引だと3.3倍までのレバレッジが認められているので、330万円分まで取引することができます。
株価の下落でも利益を出せる
メリット２つ目は空売りによって株価の下落時にも利益を出せることです。
現物取引では、株は安く買って高く売るのが基本であり、値下がりした時には損しかしません。
しかし信用取引には「空売り（信用売り）」というシステムがあります。
この空売りとは、「高く売って安く買う」という普通の取引とは全く逆の発送になります。
空売りの仕組みは
- 証券会社に株式を借りて売る
- 株価が下落したところで買い戻して証券会社に株を返す
- 1と2の差額が自分の利益になる
というものです。
例えば
A社の株を1,000円で100株（10万円）空売り
↓
A社の株が900円に下落した時点で100株（9万円）買い戻し
↓
10万円ー9万円＝1万円が利益
ということになります。
実際には手数料などがあるのでこれより利益は減ります。
信用取引のデメリット
次に信用取引のデメリットです。
現物取引よりも費用がかかる
現物取引でも委託手数料というものはかかりますが、信用取引にはそれ以外でもいくつかの費用がかかります。
- 金利貸株料
- 信用管理費
- 名義書換料
- 逆日歩
- 権利処理手数料
などがかかります。
この中でも特に注意が必要なのが「逆日歩（ぎゃくひぶ）」です。
逆日歩とは簡単にいうと「信用取引の売り注文が入った時に、証券金融会社が機関投資家から株を借りるためのレンタル料金のこと」です。
ここからは少しややこしいので面倒だという方は飛ばしてもらっても構いません。
「逆日歩が発生する仕組み」
信用取引は投資家が証券会社から株式を借りて取引します。
投資家から売り注文が入った証券会社は証券金融会社というところから投資家に貸すための株を調達します。
しかし証券金融会社の保有する株にも限りがあるので、大量の売り注文が入ってしまうと株が足りなくなります。
株が足りなくなった証券金融会社は、金融機関や保険会社などの機関投資家から株を貸してもらいます。
もちろん機関投資家から借りる株もタダではないので、その時にかかるレンタル料を逆日歩として投資家が負担します。
逆日歩は、保有している株式数と保有している日数によって変わってきます。
また、その日の取引が終わるまで逆日歩がいくらになるのかはわかりません。
逆日歩が高い日もあれば低い日もあります。
逆日歩を一覧で出しているサイトもあるので、必要であれば確認してみることをお勧めします。
損失は無限大
現物取引では投資した銘柄の株価が倒産などゼロになったとしても自分の投資した額が損失になるだけです。
しかし信用取引では理論的には無限大の損失が発生します。
現物取引で1株100円の株を1000株買った場合は、もし倒産しても損失は10万円でそれ以上にはなりません。
信用取引で1株100円の株を1000株空売りした場合はどうなるでしょうか？
株価が1円値上がりすると1,000円の損失となるので、100円値上がりして株価が200円になった時点で購入金額と同じ10万円の損失になります。
しかし空売りの場合はここで終わりではありません。
もしそのまま株価が上がり続け、3倍4倍…10倍となったら100万円単位の損失となってしまいます。
実際に過去には株価が30倍になった例もあるのでその場合の損失を考えると恐ろしい金額になります。
追証の発生
もちろん損失が無限大になるのは理論上の話で、実際には追証というものがあり、追証が払えなければ証券会社によって強制的に決済される仕組みになっています。
追証（おいしょう）とは「追加保証金」の略で、委託保証金を追加で払うことです。
信用取引には「委託保証金維持率を20％以上に維持する必要がある」というルールがあります。
これは簡単にいうと「信用取引での買い建て又は売り建てた金額の20％以上の委託保証金を証券口座に入れておきなさい」ということです。
100万円分の信用取引をするなら20万円以上の委託保証金が必要になります。
信用取引の評価損は委託保証金から引かれるので、30万円の委託保証金で100万円の取引を始めた後に12万円の評価損が出たら委託保証金が18万円になります。
18万円÷100万円＝委託保証金維持率18％となり追証が発生します。
追証が発生した場合は、期日までに必要な金額を振り込めば取引を継続できますが、振り込まなければ証券会社に取引を強制決済（強制ロスカット）されることになります。
ロスカットはもちろん強制的に損失が確定してしまうのでできれば避けたいものですが、無限大の損失を未然に防いでくれる防波堤の役割も果たしています。
信用取引まとめ
ここまで信用取引のメリットとデメリットについて書いてきました。
メリット
- レバレッジをかけて手持ちより大きな資金の取引ができる
- 空売りによって株価の下落相場でも利益を出せる
デメリット
- 現物取引には無い費用がかかる
- 投資額以上の損失が出る危険性
- 追証によるロスカット
まとめると以上のようになります。
信用取引はしっかりと理解して使えば非常に強力な武器になります。
しかしその分、無茶な取引をしてしまうと大きな損失を出してしまう危険性も孕んでいます。
きちんとデメリットを理解した上で自分の資金管理をしっかりとしつつ信用取引を活用していただきたいと思います。
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