我国金融衍生品法律监管制度刍论

发布时间：2018-03-13 18:31

本文选题：金融衍生品　切入点：法律监管　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着20世纪70年代全球金融创新的推进,金融衍生品应运而生。金融衍生品以传统金融产品(如货币、股票、债券等)为基础,由其衍生而来,是一种新颖的金融工具。金融衍生品具有与生俱来的杠杆性、未来性、虚拟性等属性,这使得金融衍生品具有高于一般金融产品的风险性,若监管不到位、交易环节出现问题,其所引发的严重危害会对一国经济甚至全球经济造成难以估量的冲击和损害。因此,为保障我国金融衍生品市场安全高效地运行,维护金融衍生品投资者的合法权益,促进社会主义市场经济的高速发展,我国应当持续动态地变革完善金融衍生品监管方面的制度体系,加强对金融衍生品市场的监管。本文以我国金融衍生品法律监管有关制度为出发点,从以下四个方面展开具体论述。第一部分,引言部分,通过对金融衍生品监管的研究背景、研究目的、研究综述、研究的理论意义和实践意义等方面的全面阐述,逐渐切入正题。第二部分,主要对金融衍生品及金融衍生品法律监管的基本概念及基本原理进行阐述,通过对几件金融衍生品危机事件的盘点,深刻剖析金融衍生品的风险渊源及系统缺陷,从而得出金融衍生品法律监管的价值意义。第三部分,主要从金融衍生品监管模式、金融衍生品信息披露制度、金融衍生品消费者保护制度及信用评级制度四个方面,对当今金融衍生品市场比较成熟的几个国家及地区的具体监管制度进行阐述评析,总结他们在金融衍生品监管体制领域比较成功的监管制度。第四部分,该部分是本文的核心,亦是本文写作的要旨所在。在本部分中,笔者全面深刻地剖析了我国现行金融衍生品监管体制存在的缺陷,我国金融衍生品多头多层级监管模式严重影响效率;金融衍生品信息披露制度的立法标准不统一,造成使用冲突、执行困难;金融消费者保护立法的缺陷及救济机制的不完善,造成金融消费者权益受到损害难以救济的情形时有发生;我国现存的信用评级机构缺乏独立性导致评级结果不客观和不公正。为保障我国金融衍生品市场健康有效地运行,完善我国金融衍生品市场监管体制并提升监管水平,已是当务之急。鲁迅先生曾提出“拿来主义”,笔者建议借鉴金融衍生品市场比较成熟的国家或者地区的监管经验,结合我国金融市场的发展现状和金融市场的实际需求,尝试对我国金融衍生品交易监管体制进行变革完善。笔者从重构我国金融衍生品监管模式、完善我国金融衍生品信息披露制度、再建我国金融衍生品消费者保护制度、变革我国金融衍生品信用评级机构监管制度等方面提出了一些可行性建议。
[Abstract]:With the promotion of global financial innovation in 1970s, financial derivatives came into being. Financial derivatives are derived from traditional financial products (such as currency, stocks, bonds, etc.). Financial derivatives are inherently leveraged, futuristic, fictitious, and so on. This makes financial derivatives more risky than general financial products. If supervision is not in place, there will be problems in trading links. The serious harm it causes will cause incalculable impact and damage to the economy of a country or even the global economy. Therefore, in order to ensure the safe and efficient operation of the financial derivatives market in our country and safeguard the legitimate rights and interests of financial derivatives investors, To promote the rapid development of the socialist market economy, China should continuously and dynamically reform and perfect the system of supervision of financial derivatives. To strengthen the supervision of the financial derivatives market. This paper starts with the related system of legal supervision of financial derivatives in China and discusses the following four aspects. The first part, the introduction, through the research background of the supervision of financial derivatives, The purpose of the study, the summary of the research, the theoretical and practical significance of the study, and so on, gradually cut to the topic. The second part, the basic concepts and basic principles of the legal supervision of financial derivatives and financial derivatives are expounded. By taking stock of several financial derivatives crisis events, this paper deeply analyzes the risk origin and system defects of financial derivatives, so as to obtain the value significance of financial derivatives legal supervision. The third part, mainly from the financial derivatives supervision mode, Four aspects of financial derivatives information disclosure system, financial derivatives consumer protection system and credit rating system are discussed and analyzed. Summary of their relatively successful regulatory system in the field of financial derivatives regulatory system. Part 4th, this part is the core of this paper, but also the gist of this article. The author has thoroughly and profoundly analyzed the defects of the current financial derivatives supervision system in China, the multi-level and multi-level supervision mode of financial derivatives has seriously affected the efficiency, the legislation standard of financial derivatives information disclosure system is not uniform, Causes the use conflict, the execution difficulty, the financial consumer protection legislation flaw and the relief mechanism imperfect, causes the financial consumer rights and interests to suffer the harm difficult to remedy the situation to occur from time to time; In order to ensure the healthy and effective operation of the financial derivatives market in our country, we should perfect the supervision system of the financial derivatives market in our country and raise the supervision level, because of the lack of independence of the existing credit rating agencies in our country. It has become an urgent matter. Mr. Lu Xun once proposed "taking advantage of the doctrine". The author suggests drawing lessons from the regulatory experience of the more mature countries or regions in the financial derivatives market, combining the current situation of the development of the financial market in China and the actual needs of the financial market. This paper attempts to reform and perfect the regulatory system of financial derivatives transactions in China. The author tries to reconstruct the regulatory model of financial derivatives in China, perfect the information disclosure system of financial derivatives in China, and build the consumer protection system of financial derivatives in China. Some feasible suggestions are put forward to reform the supervision system of credit rating agencies of financial derivatives in China.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28

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