我国融资融券业务的法律问题研究

发布时间：2018-04-22 18:32

本文选题：融资融券 + 法律监管　；参考：《辽宁大学》2016年硕士论文

【摘要】：融资融券业务,从2010年的入场到2015年的万亿规模,给我国的证券市场带来买空卖空杠杆交易的同时,在其运营的过程中也显露出了一些问题和风险。面对我国两融业务的迅猛发展以及运营中出现的问题挑战,必须进一步加强和完善对两融业务的法律规制。本文在扼要阐述两融业务基本理论的基础上,分析研讨了我国当前两融业务中的法律问题,并结合我国两融法制的实际状况,比较借鉴发达证券市场对两融业务的立法与监管经验,从而为解决我国两融业务的法律问题,提出相应的对策与建议。本文首先从我国两融业务的基础理论入手,对当前我国两融业务的概念特征、法律关系进行介绍,并在2015年证监会和沪深交易所新修订的融资融券法律规范的基础上,对我国两融业务的监管法律规范体系进行系统化的梳理,对我国当前的两融业务法律监管制度予以介绍。针对我国两融业务中所存在的问题,本文对我国融资融券业务中的法律关系中存在的问题、2015年8月国内首次试点融资融券资产证券化(ABS)中出现的问题以及我国两融业务监管体制中所存在的问题展开分析并提出了相应的完善建议。首先,针对两融业务法律关系中存在的信托架构困境和担保关系定性问题,一方面可以引入宣言信托微调我国两融业务的信托关系架构,从而解决其信托法律关系构架的困境；另一方面,探讨我国两融担保中让与担保法律定性的问题,提出两融让与担保的立法构建的建议对策。其次,随着2015年8月券商融资融券资产证券化的开闸,对其特殊目的机构(SPV)的法律监管和两融资产证券化的信用评估两大问题必须得到足够的重视。从目前的试点状况来看,我国的两融资产证券化还需要进一步的建立和健全对其特殊目的机构的法律规制和监管,以及加强和完善对融券资产证券化的信用评估的管理。最后,面对行政监管与行业自律监管协调互动不足以及两融监管处罚的法律责任制度问题,可以借鉴发达证券市场行政监管与自律监管的衔接协调经验,增强我国行政外部监管与行业内部自律监管的协调互动性,并且进一步完善我国两融业务监管的法律责任,构建完善的民事、行政和刑事责任体系。
[Abstract]:Margin financing business, from the admission in 2010 to the $1 billion scale in 2015, brings short selling and leverage trading to the securities market of our country, at the same time, it also reveals some problems and risks in the course of its operation. In the face of the rapid development of the two financial services in our country and the problems and challenges in the operation, we must further strengthen and improve the legal regulation of the two financial services. On the basis of briefly expounding the basic theory of the two financial services, this paper analyzes and discusses the legal problems in the two financial services in our country, and combines the actual situation of the two financial systems in our country. This paper compares and draws lessons from the legislative and regulatory experience of the two financial services in the developed securities market, and puts forward corresponding countermeasures and suggestions for solving the legal problems of the two financial services in China. This paper begins with the basic theory of the two financial services in China, introduces the concept characteristics and legal relations of the two financial services in China, and on the basis of the newly revised legal norms of securities financing and margin trading by the Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchange in 2015. This paper systematically combs the regulatory legal system of the two financial services in China, and introduces the current legal supervision system of the two financial services in China. In view of the problems existing in the two financial services in China, In this paper, the problems existing in the legal relationship in the financing and securities trading business in China, the problems in the first domestic pilot securitization of margin and securities in August 2015, and the problems existing in the regulatory system of the two financial services in China are discussed in this paper. This paper analyzes and puts forward the corresponding suggestions for perfection. First of all, aiming at the dilemma of trust structure and the qualitative problem of guarantee relationship in the legal relationship between the two financial services, on the one hand, we can introduce the Declaration Trust to fine-tune the trust relationship structure of the two financial services in our country, so as to solve the dilemma of the framework of the legal relationship of the trust. On the other hand, this paper probes into the problem of the legal characterization of the transfer guarantee in China, and puts forward some suggestions on the legislative construction of the two financial guarantees. Secondly, with the opening of securities securitization in August 2015, the legal supervision of SPV and the credit evaluation of securitization must be paid enough attention to. From the point of view of the current pilot situation, the two financial asset securitization in our country also needs to establish and perfect the legal regulation and supervision of its special purpose organization, as well as strengthen and perfect the management of credit evaluation of securities securitization. Finally, in the face of the lack of coordination between administrative supervision and industry self-regulation, and the legal liability system of two regulatory penalties, we can draw lessons from the experience of convergence and coordination between administrative supervision and self-regulatory supervision in developed securities markets. We should strengthen the coordination and interaction between the external administrative supervision and the self-regulation of the industry, and further improve the legal responsibility of the supervision of the two financial services, and construct a perfect system of civil, administrative and criminal responsibility.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.28

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