我国商业银行参与地方政府债券发行的法律规制研究

发布时间：2018-02-21 17:54

  本文关键词： 商业银行 承销 地方政府债券 中间业务　出处：《南京大学》2015年硕士论文　论文类型：学位论文

【摘要】：地方政府债券是地方政府公开发行的在约定时间内还本付息的一项重要金融工具。在西方国家,其在为地方政府筹得大量建设资金方面发挥了巨大作用。我国自2009年已经开始地方债券发行的各项尝试。直至2014年我国《预算法》正式修改,赋予省、自治区和直辖市自行发债的权利,我国地方政府债券正式获得法律地位。债券发行的目的是为了筹集资金用于社会建设,因此债券能否完成发行至关重要。而商业银行承销地方政府债券作为一项中间业务也随着地方债券的放开而逐步发展。此业务的开展使商业银行获得了更多的利润,加强了与政府部门的联系,为以后拓展与地方政府相关的其他业务创造了条件。目前,得益于商业银行资金充足、营销网点范围广泛等各方面的特点,商业银行已逐渐成为地方政府债券的主要承销商,在地方政府债券发行过程中扮演重要角色。然而,有关商业银行开展承销地方政府债券的法律规制一直不完善。无论是从商业银行从事中间业务角度或是从地方政府债券发行角度对承销商承销政府债券的权利义务关系都没有明确的规定。目前,已有地方规章参考国债发行中承销商的权利义务对地方政府债券承销商做出尝试性规范,然而法律法规层面仍缺乏相关的规制,立法的缺失也带来监管的问题。这些现象均不利于商业银行开展此类业务,也会对地方政府债券的发行造成影响。因此,为商业银行开展承销地方政府债券业务营造一个良好的法律环境显得至关重要。本文分为四个部分,第一部分对商业银行参与地方政府债券发行的概况进行梳理,主要包括地方政府债券的发展过程以及商业银行开展该业务的现状。在此基础上,对商业银行开展该业务的法律性质与法律地位进行界定,分析认为商业银行在该业务的开展过程中与地方政府形成商事代理关系。结合代理的一般理论以及证券承销的一般规则,提出商业银行开展该业务所应享有的权利和承担的义务。第二部分,通过对商业银行开展中间业务和地方政府发行债券相关法律进行整理分析,得出目前法律规制存在的问题,主要包括法律体系不完善、法律的稳定性偏低,法律内容缺失,以及法律规制的缺乏所导致的监管问题。第三部分主要以美国为例,介绍其商业银行开展中间业务的法律环境和地方政府债券法律制度中有关承销商权利义务的相关法律制度,明确商业银行开展该类业务的立法和监管形式。本文的第四部分,针对目前我国对商业银行参与地方政府债券发行法律规制存在的问题,笔者提出通过分别完善商业银行中间业务的法律规定和地方政府债券发行的法律规定的方式完善法律对商业银行开展该业务的规制,并结合行业协会的自律和商业银行的内部控制机制,保障商业银行更好地在防范法律风险的基础上开展参与地方政府债券发行的业务,从而保证地方政府债券的成功发行。
[Abstract]:Local government bonds is a local government issued within the agreed time debt service is an important financial tool. In western countries, the local government has played a significant role to raise a lot of construction funds. China has already started the local bond issue, try since 2009. Until 2014 China's "budget law" formal revision, give the province, autonomous region and municipality directly under the central government to issue bonds on their own rights, local government bonds in China officially acquired legal status. Bond's purpose is to raise funds for social construction, so the bond can be very important. And the completion of the issuance of local government bonds underwriting commercial bank as an intermediary business with the release of local bonds the gradual development of business. This makes the commercial bank to get more profits, to strengthen the relationship with government departments, for the future development of local government and its related To create the conditions for his business. At present, due to the characteristics of commercial bank capital adequacy, marketing and other aspects of a wide range of outlets, commercial banks have gradually become the main local government bond underwriting business, play an important role in the process of local government bonds. However, the legal regulation of the commercial banks to carry out the underwriting of local government bonds has not perfect. Whether it is from the commercial banks to engage in intermediary business perspective or the rights and obligations of underwriters underwriting government bonds from the perspective of local government bonds are not clearly defined. At present, the existing rights and obligations under regulation refer to the issuance of government bonds underwriter made regulation of local government bond underwriters, however, laws and regulations the level is still a lack of regulation, lack of legislation also bring regulatory issues. These phenomena are not conducive to commercial banks to carry out such operations, but also The local government bond issuance effect. Therefore, for commercial banks to carry out local government bond underwriting business and create a favorable legal environment is crucial. This paper is divided into four parts, the first part of the commercial banks to participate in the survey of local government bond issuance in the review, including the current situation and development process of local government bonds to carry out the business of the commercial bank. On this basis, for the commercial banks to carry out the business of the legal nature and legal status are defined. The analysis shows that commercial banks in the process of the business and the local government formed a commercial agency relationship. According to the general theory and general rules of securities underwriting, put forward to carry out the business of commercial banks the rights and obligations. The second part, through the issuance of bonds to the intermediary business of commercial banks and local governments. The legal analysis, the legal regulation of the existing problems, including the imperfect legal system, low legal stability, lack of legal content, and the lack of legal regulation of supervision caused problems. The third part mainly in the United States as an example, the relevant legal system about the underwriter rights legal environment to introduce intermediate business in its business banks and local government bonds in the legal system of obligation, clear commercial banks to carry out the business legislation and regulation. In the fourth part, according to the commercial bank and the local government bond issuance of legal regulation problems, the author put forward by law respectively to improve the intermediary business of commercial bank and the law the local government bonds issued by the way to improve the legal regulation of commercial banks to carry out the business, combined with industry associations and self-discipline And the internal control mechanism of commercial banks, to ensure that commercial banks are better at preventing legal risks, and to participate in the issuance of local government bonds, so as to ensure the successful issuance of local government bonds.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28
，

本文编号：1522489