主权财富基金投资中信息不对称问题法律研究

发布时间：2018-02-09 17:13

本文关键词： 主权财富基金信息不对称信息披露　出处：《南京大学》2011年硕士论文　论文类型：学位论文

【摘要】：近年来,随着主权财富基金的迅猛发展,相关争议也相继产生。信息的不对称是主权财富基金所有的投资争议的焦点和症结。不同于一般证券投资中的信息不对称,主权财富基金投资中的信息不对称问题存在多方面的特殊性,并由此决定了这一问题应当具体讨论和分析。本文写作的创新之处,在于抓住主权财富基金争议的核心——信息不对称,并分析其特殊性,在此基础上系统地分析国内层面和国际层面的相关法律制度和立法动态,并对我国的实践提出针对性的建议。全文共包括五章：第一章,简要介绍一般证券投资中的信息不对称问题,并重点分析信息不对称与信息公开规制的关系。第二章,重点讨论主权财富基金投资中的信息不对称问题,包括问题的重要地位、特殊性,然后分析主权基金信息不对称和信息披露的关系(信息披露存在多方位需求以及信息披露的路径选择),并指出在主权财富基金信息不对称问题上单纯依靠信息披露存在的不足。第三章,主要从国内层面探讨主权财富基金信息不对称的法律规制。其具体分为投资东道国的信息披露要求和投资母国的国内信息披露制度两个方面,在分析各国国内立法状况的基础上,得出国内单边立法具有固有的缺陷。第四章,主要从国际层面分析目前解决主权财富基金信息不对称问题的双边和多边立法成果及其不足,肯定了立法的进步和重要地位的同时指出现有相关国际立法的不尽完善之处,并对今后的国际立法趋势做出展望。第五章,在前四章讨论的基础上,重点从两个视角(分别作为主权财富基金投资母国和投资东道国)对我国完善国内相关法律法规,加强主权财富基金的信息披露,以及参与主权财富基金的相关国际立法提出相应的建议。
[Abstract]:In recent years, with the rapid development of sovereign wealth funds, related disputes have emerged. Asymmetric information is the focus and crux of all investment disputes in sovereign wealth funds. There are many particularities in the problem of information asymmetry in the investment of sovereign wealth funds, which determines that this problem should be discussed and analyzed concretely. On the basis of grasping the information asymmetry, which is the core of the Sovereign Wealth Fund dispute, and analyzing its particularity, this paper systematically analyzes the relevant legal systems and legislative developments at the domestic and international levels. And put forward the pertinence suggestion to our country's practice. The full text consists of five chapters:. The first chapter briefly introduces the problem of information asymmetry in general securities investment, and analyzes the relationship between information asymmetry and information disclosure regulation. The second chapter focuses on the problem of information asymmetry in the investment of sovereign wealth funds, including the importance and particularity of the problem. Then it analyzes the relationship between information asymmetry and information disclosure of sovereign funds (there is multi-directional demand for information disclosure and path choice of information disclosure, and points out the shortcomings of relying solely on information disclosure in the problem of information asymmetry of sovereign wealth funds. The third chapter mainly discusses the legal regulation of information asymmetry of sovereign wealth funds from the domestic level, which is divided into two aspects: the information disclosure requirements of the host country of investment and the domestic information disclosure system of the home country. On the basis of analyzing the domestic legislation of various countries, it is concluded that domestic unilateral legislation has inherent defects. Chapter 4th mainly analyzes the bilateral and multilateral legislative achievements and their shortcomings in solving the problem of information asymmetry in sovereign wealth funds at the international level. While affirming the progress and importance of legislation, the author points out that the existing international legislation is not perfect, and looks forward to the trend of international legislation in the future. Chapter 5th, on the basis of the discussion in the first four chapters, focuses on perfecting the relevant domestic laws and regulations and strengthening the information disclosure of sovereign wealth funds from two perspectives (as the home country of sovereign wealth fund investment and the host country of investment respectively). And to participate in the sovereign wealth fund related international legislation to put forward the corresponding recommendations.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.4

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