我国清理股市场外配资的法律研究
发布时间：2018-10-16 12:46
【摘要】：2015年,我国的股市发生了一场巨大的波动,在这场股市的巨大波动中,场外配资业务起到了推波助澜的作用,甚至在一定程度上引发了股市的断崖式下跌。股市的场外配资业务是近年来产生的,而且是我国独有的一种现象。论文所研究的股市场外配资这个概念是狭义的,场外配资指从事配资业务的公司企业,结合现代的互联网信息技术,利用证券交易渠道等方面的因素,形成了"证券账户+交易分仓系统+配资公司+投资者"的场外配资模式。场外配资业务的发展在一定程度上造成了我国股市的混乱,在对场外配资业务的利弊进行分析后,吸取场外配资业务造成股市大幅震荡的经验教训。在股市发展的过程中,有必要加强对场外配资业务的法律规制并提出相关的建议,促进我国股市的健康发展,有利于我国资本市场的稳定。主要分为四个部分内容:第一部分,介绍了股市场外配资法律界定。首先是分析了股市场外配资行为的法律内涵,股市场外配资是指在没有取得相关行政许可的情况之下,为证券交易提供金融服务,超越法律规定的范围从事为股票或者期货提供资金借贷的服务行为。其次介绍了场外配资活动法律属性,指出三种不同的观点,分别是民间借贷法律关系、委托法律关系以及作为一种无名合同去处理,现在的主流观点认为,股市场外配资业务是一种民间借贷关系,在司法实践中,也是按照民间借贷法律关系去处理的。第二部分,指出了我国股市场外配资的主要问题。首先对我国场外配资产生及发展的路径进行了描述,并对股市场外配资存在的问题进行了分析,通过分析存在的问题,为下文提出法律建议奠定基础,最后搜集整理了我国在过去一段时期,特别是在股灾时期清理股市场外配资的实践措施。第三部分,对我国清理股市场外配资的实践进行了概括性的描述,并对清理配资的实践进行了简单的分析,为下文提出有关的法律对策提供借鉴。第四部分,通过对场外配资行为进行法律界定,结合国外证券领域的先进经验,依据我国的实际国情和场外配资的特点,针对于我国的场外配资行为,提出完善法律法规建议。进一步明确禁止证券经营主体从事场外配资行为,强化风险监督,建立股市场外配资的预警与监管机制。另外,在法律救济方面,提出了构建场外配资证据搜集机制的建议。为我国的场外配资行为进行正确的引导和有效的制约,使其能够良性发展,助力于我国的证券交易市场发展。
[Abstract]:In 2015, China's stock market had a huge volatility, in which the OTC allocation business played a role in contributing, and even triggered a precipitous fall in the stock market to a certain extent. The over-the-counter allocation business of stock market is produced in recent years, and it is a kind of unique phenomenon of our country. The concept of over-the-counter allocation in stock market studied in this paper is narrow. OTC allocation refers to companies engaged in matching business, combining with modern Internet information technology, using securities trading channels and other factors. It forms the over-the-counter capital allocation mode of the securities account trading sub-position system. The development of OTC investment business has caused confusion in China's stock market to a certain extent. After analyzing the pros and cons of OTC allocation business, we draw lessons from the experience and lessons of OTC allocation business causing large volatility of stock market. In the process of stock market development, it is necessary to strengthen the legal regulation of over-the-counter allocation business and put forward relevant suggestions to promote the healthy development of China's stock market, which is conducive to the stability of China's capital market. It is divided into four parts: the first part introduces the legal definition of OTC allocation in stock market. First of all, it analyzes the legal connotation of the over-the-counter allocation in the stock market, which refers to the provision of financial services for securities trading without obtaining the relevant administrative permission. The service of providing funds for stocks or futures beyond the scope prescribed by law. Secondly, it introduces the legal attributes of over-the-counter allocation activities, and points out three different views, namely, the legal relationship of private lending, the legal relationship of entrustment and handling as an anonymous contract. OTC allocation of funds in stock market is a kind of private lending relationship, and in judicial practice, it is also dealt with according to the legal relationship of private lending. The second part points out the main problems of over-the-market allocation in Chinese stock market. First of all, it describes the path of the generation and development of OTC allocation in China, and analyzes the existing problems of OTC allocation in the stock market. Through the analysis of the existing problems, it lays a foundation for the following legal suggestions. Finally, the author collected and sorted out the practical measures to clean up the over-the-counter allocation of capital in the stock market in the past period, especially in the period of stock disaster. In the third part, the author gives a general description of the practice of clearing up the over-the-counter allocation of the stock market in China, and makes a simple analysis of the practice of clearing up the allocation, which provides a reference for the following legal countermeasures. The fourth part, through the legal definition of over-the-counter allocation behavior, combined with foreign advanced experience in the field of securities, according to the actual situation of our country and the characteristics of over-the-counter allocation, according to the over-the-counter allocation behavior of our country, put forward some suggestions to perfect the laws and regulations. Furthermore, it is clear that the main body of securities management should be prohibited from engaging in over-the-counter allocation, strengthen risk supervision, and establish an early warning and supervision mechanism for over-the-counter allocation of capital in the stock market. In addition, in the aspect of legal remedy, some suggestions are put forward to construct the evidence collection mechanism of OTC allocation. It can guide and restrict the over-the-counter allocation behavior of our country so as to make it develop healthily and help the development of China's securities market.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287
本文编号：2274405
[Abstract]:In 2015, China's stock market had a huge volatility, in which the OTC allocation business played a role in contributing, and even triggered a precipitous fall in the stock market to a certain extent. The over-the-counter allocation business of stock market is produced in recent years, and it is a kind of unique phenomenon of our country. The concept of over-the-counter allocation in stock market studied in this paper is narrow. OTC allocation refers to companies engaged in matching business, combining with modern Internet information technology, using securities trading channels and other factors. It forms the over-the-counter capital allocation mode of the securities account trading sub-position system. The development of OTC investment business has caused confusion in China's stock market to a certain extent. After analyzing the pros and cons of OTC allocation business, we draw lessons from the experience and lessons of OTC allocation business causing large volatility of stock market. In the process of stock market development, it is necessary to strengthen the legal regulation of over-the-counter allocation business and put forward relevant suggestions to promote the healthy development of China's stock market, which is conducive to the stability of China's capital market. It is divided into four parts: the first part introduces the legal definition of OTC allocation in stock market. First of all, it analyzes the legal connotation of the over-the-counter allocation in the stock market, which refers to the provision of financial services for securities trading without obtaining the relevant administrative permission. The service of providing funds for stocks or futures beyond the scope prescribed by law. Secondly, it introduces the legal attributes of over-the-counter allocation activities, and points out three different views, namely, the legal relationship of private lending, the legal relationship of entrustment and handling as an anonymous contract. OTC allocation of funds in stock market is a kind of private lending relationship, and in judicial practice, it is also dealt with according to the legal relationship of private lending. The second part points out the main problems of over-the-market allocation in Chinese stock market. First of all, it describes the path of the generation and development of OTC allocation in China, and analyzes the existing problems of OTC allocation in the stock market. Through the analysis of the existing problems, it lays a foundation for the following legal suggestions. Finally, the author collected and sorted out the practical measures to clean up the over-the-counter allocation of capital in the stock market in the past period, especially in the period of stock disaster. In the third part, the author gives a general description of the practice of clearing up the over-the-counter allocation of the stock market in China, and makes a simple analysis of the practice of clearing up the allocation, which provides a reference for the following legal countermeasures. The fourth part, through the legal definition of over-the-counter allocation behavior, combined with foreign advanced experience in the field of securities, according to the actual situation of our country and the characteristics of over-the-counter allocation, according to the over-the-counter allocation behavior of our country, put forward some suggestions to perfect the laws and regulations. Furthermore, it is clear that the main body of securities management should be prohibited from engaging in over-the-counter allocation, strengthen risk supervision, and establish an early warning and supervision mechanism for over-the-counter allocation of capital in the stock market. In addition, in the aspect of legal remedy, some suggestions are put forward to construct the evidence collection mechanism of OTC allocation. It can guide and restrict the over-the-counter allocation behavior of our country so as to make it develop healthily and help the development of China's securities market.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287
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