QFⅡ法律问题研究

发布时间：2018-04-14 21:40

本文选题：法律问题 + 研究　；参考：《西南政法大学》2004年硕士论文

【摘要】：QFII是Qualified Foreign Institutional Investors的英文缩写，中文译为合格境外机构投资者。QFII在两个层面上被使用，一是指投资者个体，即符合法律规定条件的，经证券监督管理机构批准投资于境内证券市场，并取得外汇额度的境外金融机构。QFII的前提是资本项目下外汇不能自由流动；QFII的实质是一系列的资格和额度管理，把因外资进出入证券市场而产生的风险保持在可控的范围内，维护证券市场的稳定；QFII的目的是循序渐进地开入证券市场，最终与国际证券市场接轨。首先，本文指出国际经济活动的跨国融资需求与发展中国家的资金缺口是建立QFII的内因与外因。但是，QFII并不是所有国家开放证券市场所采取的方式发达国家及香港、新加坡等国际金融中心的证券市场从成立这初就是开放的，还有一些发展中国家开放证券市场一步到位，从管制到放开只用了很短的时间。与一步到位的作法相比，，采取QFII的国家或地区取得了更好的效果，亚洲金融危机很好地说明了QFII的优势。中国证券市场自建立以来取得了长足的发展，但仍存在诸多弊端，QFII对之均有改善的功效。总之QFII成功解决了在资本项目资金不能自由流动的情况下，稳健地开放证券市场的问题，是中国证券市场的必然选择。接着，本文讨论了QFII下市场准入问题，即合格境外机构投资者、托管人以及证券公司在符合什么条件时才能参与QFII的运作。该部分既分析了中国民商法和金融法上对QFII当事人的要求，也分析了QFII规范性文件规定的特殊条件。总的说来，只有资产规模达到一定水平，经营业绩优良，风险指标适度的境外金融机构才能成为合格投资者，只有资本达到一定规模，组织机构及人员健全的境内商业银行才能成为托管人，只有具有进行投资管理业务资格和证券交易所会员资格的综合类证券公司才能成为参与QFII运作。而且获得以上资格必须经过证券监督管理机构和外汇管理机构的审批，在获得上述资格后，出现法定情形，还可能导致资格的变更和丧失。再后，本文从QFII运作的角度来说明情况。分为投资对象，证券流转程序，资金流转程序，以及合格投资者与托管人之法律关系和合格投资者与证券公司之法律关系几个部分来予以阐述。合格投资者的投资对象限于新股发行、股票增发、配股、股票交易、可转换债券的申购与交易、无记名国债和记账式国债的申购与交易、封闭式基金的申购与交易以及开放式墓金的申购与回赎，此外还有投资领域、投资金额和持股比例的限制。合格投资者投资于证券市场的程序大致分为汇入资金、选定托管人、选定经纪人、开立账户、进行证券投资、清算交割以及汇出资金等数个步骤。本文在该部分条分缕析重要条文，并将分散于众多规范性文件中的各项规定，以图表的方式予以综合，清楚阐明地说明了本来错综复杂的QFll流程，以及各方当事人的权利义务，并把合格投资者和托管人的关系定位为显名委托和隐名委托混合的法律关系，把合格投资者和证券公司的关系定位为行纪法律关系。最后，着重分析了QFI工下的监管制度，QFll监管主体与一般证券监管没有差别，监管对象是参与QFll运作的各方当事人.监管内容以合格投资者和托管人资格审批、资金汇出入管理、以及合格投资者证券交易监管为主.其中资金汇出入管理是重中之重，合格投资者证券交易监管在信息披落、持股比例和信用交易等方面也有独特的规定。监管如何落到实处，因合格投资者属于境外机构更显困难。QFI工就此特别突出了账户和托管人在监管中的重要作用。可以说账户管理和托管人协助是QFll监管的核心。 QFll下的市场准入、证券投资及监督管理等等制度设计都是为了在平稳中开放中国证券市场，其开放的归宿与限制的现实构成了矛盾的统一。调和矛盾的方法即是坚持开放的目的，适时放宽限制，最终取消限制，那时QFll也就完成了它的历史使命，为中国带来一个开放、高效、繁荣的证券市场。 7 /
[Abstract]:QFII Qualified Foreign Institutional Investors English abbreviation, Chinese for qualified foreign institutional investors.QFII was used in two aspects, one is that individual investors, which conform to the legal requirements, the approval of the securities supervision and management institutions to invest in the domestic securities market, and the premise of obtaining the quota of foreign exchange of foreign financial institutions.QFII capital the project under the foreign exchange can not flow freely; the essence of QFII is a series of qualification and quota management, the risk caused by foreign entry into the securities market remains in a controllable range, maintain the stability of the stock market; the purpose of QFII is to enter the stock market step by step, the final integration with the international securities market.
First, this paper pointed out the transnational financing needs of developing countries and international economic activities funding gap is the internal and external causes of the establishment of QFII. However, QFII is not all countries to open securities market approach taken by developed countries and Hongkong, Singapore and other international financial center of the securities market from the establishment of the first is open, and some developing countries the securities market in one step, from control to release only a very short time. Compared with the one-step method, take the QFII of the country or region has achieved better effect, the Asian financial crisis is a good description of the advantages of QFII. China securities market has made great progress since its establishment, but there are still QFII have many disadvantages, for improving the efficacy of short QFII successfully solved in the capital can not flow freely under the condition of steady open securities market. The question is the inevitable choice of China's securities market.
Then, this paper discusses the issue of market access under QFII, namely QFII, custodians and securities companies in order to meet what conditions to participate in the operation of QFII. This part analyzes both the requirements of the QFII parties China civil law and financial law, also analyzes the special conditions of file QFII specification. The total to say, only the scale of assets reached a certain level, excellent operating performance, moderate risk index of the overseas financial institutions to become qualified investors, only capital reached a certain scale, organization and staff and improve the domestic commercial banks to become the custodian, only with business qualifications and Stock Exchange membership management investment comprehensive securities company to become involved in the operation of QFII and get approval. These qualifications must pass through the securities supervision and administration institutions and foreign exchange management institutions, in After the above qualifications, there is a legal situation and may also lead to the change and loss of qualification.
Then, this paper to explain the situation from the point of view. QFII operation is divided into investment, securities transfer procedures, funds transfer procedures, and several legal qualified investors and qualified investors and trustees of the relationship with the securities company the relationship between this part. Qualified investors to quadrant
In the issue of new shares, stock issuance, equity, stock exchange, and convertible bond buying and trading,
The purchase and transaction of the registered national debt and the account type national debt, the purchase and transaction of the closed-end fund and the opening up
The purchase and redemption of fund type, in addition to the field of investment, investment and ownership restrictions.
The procedure for a qualified investor to invest in the stock market is roughly divided into the remittance fund, the selection of the custodian and the selection
A broker, an account, a securities investment, a liquidation and a remittance of funds.
This part analyze important provisions, regulations and normative documents will be scattered in many.
In the form of a graph, the complex QFll flow is clearly illustrated.
The rights and obligations of the parties and the relationship between the qualified investors and the trustees.
The legal relationship between explicit and anonymous entrustment and the relationship between the qualified investors and the securities companies
As the Commission legal relationship.
Finally, the supervision system under QFI, the subject of QFll supervision and the general securities supervision are emphatically analyzed.
The regulatory object is the parties involved in the QFll operation. The regulatory content is qualified.
The approval of investor and custodian qualification, the management of capital remittance, and the securities trading supervision of qualified investors
The management of capital remittance and entry is the most important, and the supervision of the securities trading of the qualified investors is in the letter
There are also unique regulations on the fall, the share ratio and the credit transaction.
As qualified investors are more difficult to belong to overseas institutions,.QFI workers are particularly prominent in accounts and trustees
It can be said that account management and custodian assistance are the core of QFll supervision.
Market access under QFll, securities investment and supervision and management are designed to be flat.
To open the Chinese securities market steadily, its open home and the reality of restriction constitute the unity of contradiction.
The way to reconcile contradictions is to adhere to the goal of opening up, to relax restrictions at the right time, and to eventually cancel the restrictions.
QFll also completed its historical mission, bringing an open, efficient and prosperous China.
Stock market.
Seven
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【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2004
【分类号】：D996

【引证文献】