论美国证券公司破产的法律规制

发布时间：2018-03-14 01:22

本文选题：证券公司　切入点：破产　出处：《复旦大学》2009年硕士论文　论文类型：学位论文

【摘要】： 证券公司是证券市场的重要主体,发挥着保证证券市场顺利运作的核心作用。作为证券市场最重要的中介机构,我国证券公司在十几年的探索成长中,对证券市场的发展和繁荣发挥了十分重要的作用,但也积累了许多问题,由于证券市场的长期低迷,这些问题逐渐暴露出来,致使相当一批证券公司出现流动性风险,不得不退出市场。证券公司退出市场有多种方式,包括破产,资产重组,行政接管,托管以及并购等。其中,通过破产程序退出市场是证券公司退市的一个重要方式。建立证券公司破产法律制度对于促进证券市场的规范和稳健发展都是有重要意义的。不符合“优胜劣汰”这一市场基本法则的证券公司被逐出证券市场,有利于净化市场环境维护一个公平、高效和透明的市场运行秩序,从而切实保护广大投资者和债权人的合法权益。证券公司破产时,与普通企业破产相比具有特殊性。这些特殊性集中体现在为实现证券投资者保护目的而进行的程序设计,即证券公司破产时以投资者权益保护为中心的保障机制和以证监会监管为中心的监管机制。对于证券市场来说,投资者是整个市场的支柱,而投资者信心也影响着整个市场的走向。我国现行破产法律制度不能在证券公司破产时对投资者提供充分的保护。美国是证券市场最发达的国家之一,其证券公司破产法律制度独具特色。由破产法典的专门规定和1970年国会通过的《证券投资者保护法案》(SIPA)共同组成了美国证券公司破产法律制度。其特色在于:具有两套并行的清算程序、两种托管人、两种特色的启动程序。在SIPA程序下,证券投资者保护公司(SIPC)扮演了重要角色,通过特殊的启动程序、保护令的发布、管理人的指定、保护资金的运用、客户的转移等规定,弥补了破产法在证券公司破产时对证券投资者保护不力之不足。该法案将证券投资者保护与清算程序有机结合,很好地解决了证券公司破产中投资者权益保护的问题,值得我国立法借鉴。我国目前的《中华人民共和国企业破产法》第134条对于证券公司破产作了原则性的规定,但在程序和实体规定方面,尚不能提供对投资者的有效保护。因此,建立具有我国特色的证券公司破产法律制度迫在眉睫。在已有的实践经验基础上,借鉴美国的立法经验,制定具有可行性的相关制度,从而完善我国破产法律体系。
[Abstract]:As the most important intermediary of the securities market, the securities companies of our country have been exploring and growing for more than ten years. It has played a very important role in the development and prosperity of the securities market, but it has also accumulated many problems. As a result of the long-term downturn of the securities market, these problems have been gradually exposed, resulting in a considerable number of securities companies showing liquidity risks. Had to withdraw from the market. There are many ways for securities companies to exit the market, including bankruptcy, asset restructuring, administrative takeovers, trusteeship, and mergers and acquisitions. Withdrawing from the market through bankruptcy procedure is an important way for securities companies to delist. It is important to establish a bankruptcy law system for securities companies to promote the standardization and steady development of the securities market. It is not in line with "survival of the fittest" "the securities firm, which is the fundamental law of the market, has been expelled from the stock market, It is propitious to purify the market environment and maintain a fair, efficient and transparent market operation order, so as to protect the legitimate rights and interests of investors and creditors. When a securities company goes bankrupt, it has its own particularity compared with the bankruptcy of an ordinary enterprise. These particularities are mainly embodied in the program designed to achieve the purpose of protecting securities investors. That is, the protection mechanism centered on the protection of investors' rights and interests at the time of a securities company's bankruptcy and a regulatory mechanism centered on the supervision of the Securities Regulatory Commission. For the securities market, investors are the backbone of the entire market. The confidence of investors also affects the trend of the whole market. The current bankruptcy law system of our country can not provide sufficient protection for investors when securities companies go bankrupt. The United States is one of the most developed countries in the stock market. The bankruptcy law system of securities companies is unique. It is composed of the special provisions of the bankruptcy code and the Securities Investor Protection Act passed by Congress in 1970. The characteristics of the bankruptcy legal system of the securities companies in the United States are as follows:. There are two parallel liquidation procedures, Under the SIPA procedure, the Securities Investor Protection Company (SIPC) plays an important role, through special start-up procedures, the issuance of protection orders, the appointment of managers, and the use of protected funds. The transfer of customers and other regulations make up for the inadequate protection of securities investors in bankruptcy laws when securities companies go bankrupt. The Act organically combines the protection of securities investors with the liquidation procedures. The problem of investor's rights and interests protection in the bankruptcy of securities company is well solved, which is worthy of our country's legislation. Article 134 of the present Enterprise bankruptcy Law of the people's Republic of China provides for the bankruptcy of securities companies in principle, but it cannot provide effective protection for investors in terms of procedures and substantive provisions. It is urgent to establish the bankruptcy law system of securities companies with Chinese characteristics. On the basis of existing practical experience and drawing lessons from the legislative experience of the United States, we should formulate a feasible relevant system to perfect the bankruptcy law system of our country.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：DD912.28;D971.2

【参考文献】