信息披露视角下的公募基金个人投资者保护

发布时间：2018-03-28 03:29

本文选题：公募基金　切入点：信息披露　出处：《西南政法大学》2015年硕士论文

【摘要】：随着居民财富越来越快地向资本市场转移,公募基金作为财富配置的重要手段之一越来越受到人们的关注。但是基于公募基金行业在中国仍然是一个新兴业态,无论是现行法律的适用性还是监管思路上强监管、轻个人投资者自我保护的现状都使得个人投资者的权利保护状态不尽人意。本文主要从信息披露的维度梳理市场中监管及各市场参与主体的博弈现状,从市场博弈及个人投资者自我保护的角度,基于更好更成熟的市场博弈有利于每种参与主体的利益市场以及逐步扭转强监管强管制的传统金融管理模式的个人判断,希望通过在市场发展过程中给予市场自我纠错、新兴业态自我成长、赋予个人投资者自我保护权利,从整体格局上打造一个更好的信息披露的法制状态,以有利于整个行业更好发展。在对于信息披露相关建议的提出上,本篇主要基于这样一些前提,一是:目前监管立意上出于经济运行的需求催生出的包括基金业在内的资本市场客观上忽略了微观层面上对个人投资者的保护;但监管如此立意,并非出于对个人投资者利益的忽略,恰恰是出于对个人投资者是“弱势群体”的前提性假设,使得个人投资者的行为一直处于被侵害(包括自我侵害)的困局里。而从金融安全的角度,市场酝酿及出现的过程中,监管总是小心翼翼避免系统性金融风险,但监管、机构投资者、中介机构、个人投资者之间的博弈性发展的缺失却导致了散户化特征裹挟整个市场,导致了一次又一次的基金狂热和一次又一次的所谓“政府救市”;二是法律保护的探讨需要兼顾权利实现的可行性,司法成本和对市场规律的尊重。在建议方面,本篇紧紧围绕让市场自我塑造,逐步消除强监管管制过度1的思路,提出了:引入类消费者保护条款,建立交易分层制度,对销售环节进行禁止性监管,建立大数据监测体系,对互联网销售基金逐步放开等五项内容。
[Abstract]:As residents' wealth is transferred to the capital market more and more quickly, the public offering fund, as one of the important means of wealth allocation, has attracted more and more attention. However, the public offering fund industry is still a new industry in China. Whether it is the applicability of the current law or the idea of supervision, The status quo of light individual investors' self-protection makes individual investors' rights protection state unsatisfactory. This paper mainly combs the current situation of market supervision and market participants' game from the dimension of information disclosure. From the point of view of market game and individual investor self-protection, based on the personal judgment that better and more mature market game is beneficial to the benefit market of each participant and to gradually reverse the traditional financial management mode of strong supervision and strong regulation. I hope that by giving the market self-correcting in the course of market development, self-growth of emerging business, giving individual investors the right to self-protection, and creating a better legal state of information disclosure from the overall structure, In order to be conducive to the better development of the whole industry. This article is mainly based on such a number of premises for the proposal of information disclosure. The first is that the current regulatory intent is driven by the need to run the economy, and the capital markets, including the fund industry, objectively ignore the protection of individual investors at the micro level; but the regulation is so determined. Not out of neglect of the interests of individual investors, but just out of the presupposition that individual investors are "vulnerable groups." The behavior of individual investors has always been in the dilemma of being infringed (including self-infringement). But from the perspective of financial security, in the process of market gestation and emergence, regulation is always careful to avoid systemic financial risk, but regulation, The lack of game development among institutional investors, intermediaries and individual investors has led to the characterization of retail investors as a whole. It has led to time and again the fund frenzy and the repeated so-called "government rescue"; second, the discussion of legal protection needs to take into account the feasibility of the realization of rights, the cost of justice and respect for the laws of the market. This article closely revolves around lets the market self-mold, gradually eliminates the strong supervisory control excessive 1 thought, proposed: the introduction class consumer protection clause, establishes the transaction stratification system, carries on the prohibited supervision to the sale link, establishes big data monitoring system, For Internet sales funds gradually open up such five content.
【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】：D922.287

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