我国互联网货币基金法律关系探析
发布时间：2018-07-18 21:28
【摘要】：2013年6月3日,中国货币基金市场出现“余额宝”,作为一款集合传统货币基金高安全性、高流动性、低风险性和互联网便捷性的金融创新产品,一出现就引起了社会的极大反响,截止2014年6月30日,“余额宝”用户数就突破了1亿,金额高达约5750亿。在此影响下,国内各大电商推出了一系列“宝”类产品。作为一种备受关注的金融创新产品,其在商业实践中被称为互联网货币基金,尽管如此,学界对互联网货币基金的内涵、外延、法律性质、参与主体的性质等研究甚少,立法也无具体规定,造成实践中对各方当事人关系的认识的模糊和莫衷一是,这不利于互联网货币基金的发展,也损害了基金投资者的利益。因此,本文以促进互联网货币基金健康发展,保护投资者合法权益为出发点,通过实证分析“宝”类产品和传统货币市场基金的异同,粗浅界定互联网货币基金的概念,研究互联网货币基金的特征、性质和主要参与主体,从而总结出互联网货币基金模式中存在的主要法律关系。在此基础上,通过对这些法律关系进行具体分析,探究法律关系当事人的权利、义务,审视我国当前立法存在的缺陷,借鉴域外规定,提出完善建议。本文主要由引言和正文主体两部分组成,全文共四万余字。引言部分是对论文的研究背景进行交代,正文主体是对论题的具体阐述。正文主体具体又分为四个部分:第一部分:互联网货币基金界定及基本观念。一方面,笔者以图表方式对我国的“宝”产品进行类型化分析,将互联网货币基金界定为,以货币市场短期金融工具为投资组合对象,运用现代互联网平台进行销售的,能实现实时赎回,资金实时到账,具备投资、消费支付等多种功能的低门槛基金。在此基础上,介绍它的销售渠道网络化、功能多样化、申购门槛低、T+0赎回机制和按日结转收益等特征。另一方面,通过分析互联网货币基金与证券投资基金的关系,将其归入开放式基金和货币市场基金范畴;依据法律形式的不同,将其细分为公司型基金和契约型基金;同时,以契约型基金的信托性质为基础,得出互联网货币基金同属于信托的结论,为后文的研究建立前提和基础。第二部分:互联网货币基金法律关系主要理论。在此部分,笔者以是否直接影响基金的成立,将互联网货币基金的五大参与主体(基金发起人、基金管理人、基金托管人、基金投资者和第三方支付平台)分为基本法律关系当事人(基金发起人、基金管理人、基金托管人和基金投资者)和其他参与主体(第三方支付平台)。在此基础上,分析五大参与主体各自扮演的多个法律角色,并深度讨论这些角色背后的法律关系,包括基金持有人、基金管理人与基金托管人三者间的信托法律关系;基金管理人与基金托管人间的特殊共同受托关系;第三方支付平台与基金管理人间的委托代理关系;第三方支付平台和基金投资者之间的保管合同关系和委托代理关系。第三部分:互联网货币基金法律关系当事人的权利、义务。以当事人之间的法律关系为基础,借鉴域外的立法实践,对当事人应当享有的权利和承担义务进行深层分析,并以保护投资者知情权为出发点,综合我国的立法状况,重点分析了基金管理人和第三方支付平台的信息披露义务,为后文进行制度设计提供理论依据。第四部分:我国互联网货币基金法律关系的立法展望。综合文章前三部分的理论,审视我国互联网货币基金的立法现状,总结存在的问题,包括基金销售机构的准入条件较为笼统和严格;对基金管理人、第三方支付平台的信息披露义务规定不完善;监督制度不健全。就该问题,笔者建议:第一,建立多种基金销售机构的准入标准,对金融创新产品的销售机构适用较为宽松的标准;第二,要求基金管理人的信息披露形式要与第三方支付平台相结合,披露信息要重点突出,以便于基金投资者快速、精准地获取信息;第三,增加第三方支付平台披露基金重大信息、提供信息查询方式的责任,并强化对其自身行为的信息披露义务;第四,增加基金托管人的质询权和停止请求权;第五,借鉴淘宝买家评分模式,创新基金投资者的监督形式;第六,改进分业监管模式,根据金融创新产品的主要创新方向和监管重点来明确主要监管机构和次要监管机构,并规定主要监管机构有细化监管范围的责任,辅助监管机构要配合其完成监管。本文的创新部分主要体现在对互联网货币基金的界定,对第三方支付平台的地位及其权利、义务的分析,以及对立法缺陷的完善建议。另外,本文的研究主要采用了比较研究法,实证分析法和价值分析法。比较研究法主要表现在对国内外互联网货币基金参与主体的权利义务所做的比较;实证分析法主要表现在对国内外互联网货币基金的实际情况的详细分析,以及对国内立法缺陷的归纳和提炼;价值分析法体现在,本文是以保护基金投资者利益,促进互联网货币基金的健康发展为目的所做的研究。
[Abstract]:In June 3, 2013, the "balance treasure" appeared in the Chinese monetary fund market. As a financial innovation product with high security, high liquidity, low risk and convenience of the Internet, it caused great social repercussions. By June 30, 2014, the number of "balance treasure" users broke through 100 million and reached a high amount. About 575 billion. Under this influence, a series of "treasure" products have been launched by major domestic businesses. As a highly concerned financial innovation product, it is known as the Internet Monetary Fund in commercial practice. However, there are few studies on the connotation, extension, legal nature and nature of the subject of the Internet Monetary Fund. There is no specific regulation, resulting in the vague and inconsistent understanding of the relationship between the parties in practice, which is not conducive to the development of the Internet Monetary Fund and the interests of the fund investors. Therefore, this article is based on the promotion of the healthy development of the Internet Monetary Fund and the protection of the interests of the investors, and through the empirical analysis of the "treasure" category. The similarities and differences between the product and the traditional money market fund, briefly define the concept of the Internet monetary fund, study the characteristics, nature and main participants of the Internet monetary fund, and then summarize the main legal relations in the Internet monetary fund model. On this basis, the legal relationship is analyzed and the legal relationship is explored. It is the rights and obligations of the parties to examine the shortcomings of the current legislation in our country and draw on the foreign provisions of our country. The text is composed of two parts, including the introduction and the main body of the text. The full text is more than 40 thousand words. The introduction part is the explanation of the research background of the paper, the main body of the body is the concrete exposition of the thesis. The body of the text is specific and divided. The first part is: the first part: the definition and basic idea of the Internet Monetary Fund. On the one hand, the author typed the "treasure" product in our country by graphic method, defined the Internet monetary fund as the investment combination object with the short-term financial instruments of the money market and used the modern Internet platform to carry out the sale, which can realize real time. Redemption, funds in real time to account, investment, consumption and other functions of low threshold funds. On this basis, it introduces its sales channels network, diversified functions, low bid threshold, T+0 redemption mechanism and daily return, and other characteristics, on the other hand, through the analysis of the relationship between the Internet monetary fund and the securities investment fund, it will return it Into the scope of open funds and money market funds; according to the different legal forms, they are subdivided into corporate funds and contractual funds; at the same time, based on the trust nature of the contractual fund, the conclusion of the Internet Monetary Fund and trust is obtained. The second part: the Internet Monetary Fund. In this part, the author divides the five major participants of the Internet Monetary Fund (fund sponsors, fund managers, fund trustees, fund investors and third party payment platforms) into basic legal relations (fund sponsors, fund managers, fund trustees, and fund trustees). Fund investors) and other participants (third party payment platform). On this basis, we analyze the legal roles played by the five major participants, and discuss the legal relations behind these roles, including the legal relations between the fund holders, the fund manager and the fund custodian three. The special joint trustee relationship of the management of the world; the principal-agent relationship between the third party payment platform and the fund management; the custody contract relationship and the principal-agent relationship between the third party payment platform and the fund investors. The third part: the rights and obligations of the parties to the legal relations of the Internet monetary fund. On the basis of the legislative practice of foreign countries, the rights and obligations of the parties should be deeply analyzed. In order to protect the right to know the investors, the situation of our country's legislation is integrated, and the information disclosure of the fund manager and the third party payment platform is emphatically analyzed, and the theoretical basis for the later system design is provided. The four part: the legislative prospect of the legal relationship of the Internet Monetary Fund in China. The theory of the first three parts of the comprehensive article examines the status of the legislation of the Internet Monetary Fund in our country and summarizes the existing problems, including the more general and strict access conditions of the fund sales agencies, and the provision of information disclosure obligations for the fund management and the third party payment platform. Not perfect; the supervision system is not sound. On this question, I suggest: first, establish the admittance standards of various fund sales agencies, apply more loose standards to the sales institutions of financial innovation products; second, the information disclosure form of fund managers should be combined with the third party payment platform, and the disclosure of information should be highlighted to facilitate the disclosure of information. The fund investors get information quickly and accurately; third, increase the third party payment platform to disclose the important information of the fund, provide the responsibility of providing information inquiry, and strengthen the information disclosure obligation for its own behavior; fourth, increase the inquiry right of the fund custodian and the right to stop the request; Fifth, draw on the Taobao buyer scoring model, the innovation fund investment Sixth, improving the mode of division supervision, making clear the main regulatory bodies and secondary regulatory bodies according to the main innovation direction and supervision focus of the financial innovation products, and stipulating that the main regulatory bodies have the responsibility of refining the scope of supervision, and the auxiliary regulators should match their supervision. The innovation part of this paper is mainly embodied in this paper. In the definition of the Internet monetary fund, the status and rights of the third party payment platform, the analysis of its obligations, and the improvement of the legislative defects. In addition, the research mainly adopts the comparative study method, the empirical analysis method and the value analysis method. The comparative study is mainly manifested in the main body of the Internet monetary fund at home and abroad. The comparative analysis of the actual situation of the Internet monetary fund at home and abroad, as well as the induction and refinement of the defects in domestic legislation; the value analysis method is reflected in the study of the purpose of protecting the interests of the fund investors and promoting the healthy development of the mutual Internet Monetary Fund. Study.
【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
本文编号：2132823
[Abstract]:In June 3, 2013, the "balance treasure" appeared in the Chinese monetary fund market. As a financial innovation product with high security, high liquidity, low risk and convenience of the Internet, it caused great social repercussions. By June 30, 2014, the number of "balance treasure" users broke through 100 million and reached a high amount. About 575 billion. Under this influence, a series of "treasure" products have been launched by major domestic businesses. As a highly concerned financial innovation product, it is known as the Internet Monetary Fund in commercial practice. However, there are few studies on the connotation, extension, legal nature and nature of the subject of the Internet Monetary Fund. There is no specific regulation, resulting in the vague and inconsistent understanding of the relationship between the parties in practice, which is not conducive to the development of the Internet Monetary Fund and the interests of the fund investors. Therefore, this article is based on the promotion of the healthy development of the Internet Monetary Fund and the protection of the interests of the investors, and through the empirical analysis of the "treasure" category. The similarities and differences between the product and the traditional money market fund, briefly define the concept of the Internet monetary fund, study the characteristics, nature and main participants of the Internet monetary fund, and then summarize the main legal relations in the Internet monetary fund model. On this basis, the legal relationship is analyzed and the legal relationship is explored. It is the rights and obligations of the parties to examine the shortcomings of the current legislation in our country and draw on the foreign provisions of our country. The text is composed of two parts, including the introduction and the main body of the text. The full text is more than 40 thousand words. The introduction part is the explanation of the research background of the paper, the main body of the body is the concrete exposition of the thesis. The body of the text is specific and divided. The first part is: the first part: the definition and basic idea of the Internet Monetary Fund. On the one hand, the author typed the "treasure" product in our country by graphic method, defined the Internet monetary fund as the investment combination object with the short-term financial instruments of the money market and used the modern Internet platform to carry out the sale, which can realize real time. Redemption, funds in real time to account, investment, consumption and other functions of low threshold funds. On this basis, it introduces its sales channels network, diversified functions, low bid threshold, T+0 redemption mechanism and daily return, and other characteristics, on the other hand, through the analysis of the relationship between the Internet monetary fund and the securities investment fund, it will return it Into the scope of open funds and money market funds; according to the different legal forms, they are subdivided into corporate funds and contractual funds; at the same time, based on the trust nature of the contractual fund, the conclusion of the Internet Monetary Fund and trust is obtained. The second part: the Internet Monetary Fund. In this part, the author divides the five major participants of the Internet Monetary Fund (fund sponsors, fund managers, fund trustees, fund investors and third party payment platforms) into basic legal relations (fund sponsors, fund managers, fund trustees, and fund trustees). Fund investors) and other participants (third party payment platform). On this basis, we analyze the legal roles played by the five major participants, and discuss the legal relations behind these roles, including the legal relations between the fund holders, the fund manager and the fund custodian three. The special joint trustee relationship of the management of the world; the principal-agent relationship between the third party payment platform and the fund management; the custody contract relationship and the principal-agent relationship between the third party payment platform and the fund investors. The third part: the rights and obligations of the parties to the legal relations of the Internet monetary fund. On the basis of the legislative practice of foreign countries, the rights and obligations of the parties should be deeply analyzed. In order to protect the right to know the investors, the situation of our country's legislation is integrated, and the information disclosure of the fund manager and the third party payment platform is emphatically analyzed, and the theoretical basis for the later system design is provided. The four part: the legislative prospect of the legal relationship of the Internet Monetary Fund in China. The theory of the first three parts of the comprehensive article examines the status of the legislation of the Internet Monetary Fund in our country and summarizes the existing problems, including the more general and strict access conditions of the fund sales agencies, and the provision of information disclosure obligations for the fund management and the third party payment platform. Not perfect; the supervision system is not sound. On this question, I suggest: first, establish the admittance standards of various fund sales agencies, apply more loose standards to the sales institutions of financial innovation products; second, the information disclosure form of fund managers should be combined with the third party payment platform, and the disclosure of information should be highlighted to facilitate the disclosure of information. The fund investors get information quickly and accurately; third, increase the third party payment platform to disclose the important information of the fund, provide the responsibility of providing information inquiry, and strengthen the information disclosure obligation for its own behavior; fourth, increase the inquiry right of the fund custodian and the right to stop the request; Fifth, draw on the Taobao buyer scoring model, the innovation fund investment Sixth, improving the mode of division supervision, making clear the main regulatory bodies and secondary regulatory bodies according to the main innovation direction and supervision focus of the financial innovation products, and stipulating that the main regulatory bodies have the responsibility of refining the scope of supervision, and the auxiliary regulators should match their supervision. The innovation part of this paper is mainly embodied in this paper. In the definition of the Internet monetary fund, the status and rights of the third party payment platform, the analysis of its obligations, and the improvement of the legislative defects. In addition, the research mainly adopts the comparative study method, the empirical analysis method and the value analysis method. The comparative study is mainly manifested in the main body of the Internet monetary fund at home and abroad. The comparative analysis of the actual situation of the Internet monetary fund at home and abroad, as well as the induction and refinement of the defects in domestic legislation; the value analysis method is reflected in the study of the purpose of protecting the interests of the fund investors and promoting the healthy development of the mutual Internet Monetary Fund. Study.
【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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