中欧证券投资者保护基金制度比较及其完善

发布时间：2018-06-26 03:45

本文选题：证券投资者保护基金制度 + 欧盟投资者赔偿计划　；参考：《中国政法大学》2011年硕士论文

【摘要】：一国金融市场的发展离不开投资者的推力作用,要组成一条健康的资金联系纽带,规模化的市场、健康的融资者、稳定的投资者,三者缺一不可。但比较而言,融资需求更具韧性,因为这种需求会随着市场的进一步规模化而持续、稳定存在,而另一面的投资者特别是中小投资者相对却是脆弱的,信息获得和资金利用的不利地位导致其经常对不同投资品种(股票、债券等)的投资价值与风险进行权衡比较,使得资金供给方向和总量随之经常变动。因此,任何一个金融市场的培育,都离不开保护投资者利益,树立投资者信心这一重要环节。作为依相关法律规定筹集形成,而由保护机构运用,以在证券公司面临危机风险时保护投资者利益的的资产及其收益,证券投资者保护基金制度从最早在美、加建立,至今不过四、五十年时间,却在世界各地被广泛接受和运用,在保护投资者信心,维护金融市场稳定的作用上功不可没。中国于2005年建立了自有的保护基金制度,并从五年多的实践中获得了丰富的一手经验,同时也暴露出一些存在的问题和潜在隐患。另一方面,早于中国十年左右,欧盟在部分成员国“先行成果”的基础上颁布了《投资者赔偿计划指令》,在辖内强行推广了保护基金制度,目前已届“中期检验”之期,加之2008年次贷风波后所遇之危机,使得保护措施制度的革新已势在必行。本文以我国投资者保护基金制度该如何发展运作为中心,结合欧盟相关制度的经验教训和改革新动向,分析我国保护基金现存的问题和完善方向,并提出相应的优化建议。除引言和结论部分,本文正文共分为一下四个部分。第一部分为证券投资者保护基金制度的概述部分,从简要介绍保护基金制度的产生背景入手,理清该制度的法律概念、管理模式及其它基础知识点,并简述该制度在欧洲和中国的发展情况,目的在于搭建一个宏观的制度框架,为后文对中欧相关制度的详细介绍和比较、分析设置一个理论基础。第二部分的写作主题为欧盟投资者赔偿计划的相关内容,本文针对欧盟法律体系的特殊性,选取有代表性的成员国制度,详细介绍其对于欧盟指令转化后各自制度的异同和精华之处,同时,对金融危机后欧盟相应制度的改革情况结合典型案例进行重点分析,并归纳出改革要点。第三部分对我国保护基金制度的运作情况进行分析与检讨。该部分从保护基金的组织模式和治理模式、基金的资金运作和基金的赔偿机制三大领域,对保护基金的监管主体、基金公司的组成与职权、基金的筹资与增资、赔偿对象的识别及补偿程序等多种角度指出各个领域存在的主要问题。第四部分在前文论述的基础上,结合欧盟的优秀经验、失败教训和改革的新动向,对上文中截取的我国基金制度现存的问题提出针对性的优化建议。首先要完善保护基金制度的外部框架,提高法律规制级别并细化规章条例,同时使政府部门的各自的监管职责科学化、明确化;其次,作为保护基金的直接管理者,证券投资者保护基金公司的治理模式也应相应改进,优化董事会成员组成并落实独立董事制度;再次,应保障保护基金资金链的流畅和充实,明确证券公司会费的缴纳标准,并采用合理的筹资和增资渠道,设定资金量最低额度标准,确保资金的稳定;最后,还应完善赔偿体系的部分职能,合理运用“限制”和“扩张”等手段,从补偿对象、补偿程序和补偿标准三个方面,结合具体情况合理运用补偿基金,最大限度保护中小投资者的利益。
[Abstract]:The development of a country's financial market is inseparable from the thrust of the investor. A healthy capital link, a large market, a healthy financier, a stable investor, and the three are indispensable. But, in comparison, the demand for financing is more resilient, because this demand will continue and remain stable with the further scale of the market. On the other hand, the investors, especially the small and medium investors, are relatively fragile. The adverse status of information acquisition and capital utilization leads to the trade-off between the investment value and risk of different types of investment (stock, bond, etc.), which makes the direction and total amount of funds fluctuate with them. Therefore, any financial market is cultured. Education is inseparable from protecting investors' interests and establishing investor confidence.
As an asset and its benefits to protect the interests of the investors when the securities companies face the risk of crisis, the securities investor protection fund system has been established from the earliest in the United States, but it has been widely accepted and used in all parts of the world for the protection of investment in four and fifty years. In 2005, China established its own protection fund system and gained rich experience from more than five years of practice. At the same time, it also exposed some existing problems and potential risks. On the other hand, about ten years earlier in China, the European Union was "a part of the country". On the basis of this, the investor's compensation plan directive was promulgated, and the protection fund system was promoted within the jurisdiction. At present, the period of "mid-term inspection" and the crisis after the 2008 subprime storm made it imperative to reform the system of protection measures.
This paper, based on the development and transportation of the investor protection fund system in China, combines the experience and lessons of the EU related system and the new trend of reform, analyzes the existing problems and the perfect direction of the protection fund of our country, and puts forward the corresponding optimization suggestions. In addition to the introduction and the conclusion part, the text is divided into four parts.
The first part is an overview of the securities investor protection fund system, starting with the brief introduction of the background of the protection fund system, clarifying the legal concept, management model and other basic knowledge points of the system, and briefly introducing the development of the system in Europe and China. The purpose is to build a macro institutional framework for the latter. Detailed introduction and comparison of relevant systems in China and Europe, and analysis of the establishment of a theoretical basis.
The second part of the writing theme is the relevant content of the EU investor compensation plan. In this paper, in view of the particularity of the EU legal system, a representative member state system is selected to introduce the similarities and differences and the essence of their respective systems after the transformation of EU directive. Meanwhile, the reform of the EU corresponding system after the golden thawing crisis is combined with the code of reform. Key cases are analyzed and the main points for reform are summarized.
The third part analyzes and reviews the operation of the protection fund system in China. This part is from the three fields of the organization mode and management mode of the protection fund, the fund operation and the compensation mechanism of the fund, the main body of the supervision of the protection fund, the composition and right of the fund company, the fund raising and raising of the fund, the recognition of the compensation object. And compensation procedures, and so on, pointing out the main problems in various fields.
The fourth part, on the basis of the previous discussion, combines the excellent experience of the European Union, the lessons of failure and the new trend of reform, and puts forward some pertinent suggestions on the existing problems of the Chinese fund system intercepted in the previous article. First, we should improve the external framework of the protection fund system, improve the regulation level of the law and refine the regulations and regulations, and make the government at the same time The respective regulatory responsibilities of the Department are scientific and clear. Secondly, as the direct manager of the protection fund, the governance mode of the securities investor protection fund should be improved accordingly, the members of the board of directors should be optimized and the independent director system should be implemented. We should pay the standard and adopt reasonable financing and increasing channels to set the minimum amount of funds to ensure the stability of the funds. Finally, we should improve the function of the compensation system and rationally use the means of "limitation" and "expansion", from the three aspects of the compensation object, the compensation procedure and the compensation standard, and the reasonable use of compensation in combination with the specific circumstances. The fund will protect the interests of small and medium investors to the maximum extent.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.28;D95;F832.51

【引证文献】