我国股票平准基金法律规制研究

发布时间：2018-10-18 13:29

【摘要】： 在证券高度发达的国家,证券市场是经济的晴雨表。证券市场的稳定直接关系到国民经济的健康发展。证券市场价格变化正常与否,是证券市场健康与否的标志。若证券价格在一定幅度内变化,则属于正常情况,对证券的市场能力没有影响或影响不大,若证券价格大起大落,就会影响证券的市场能力,阻碍证券买卖的正常进行。因此,无论采用哪种监管形式的国家,都要求保证证券市场,特别是股票市场的相对稳定。历史发展往往经济现象出现在先,而法律规制在后。从历史上看,股票市场的发展经历了私法自治到国家监管的历程。无论是股票最早出现的国家——英国,还是我国股票市场的发展历程,都是如此,这不能说仅仅是一种巧合。西方经济发展历史表明,经济政策和思想,往往经历一个自由和管制相互交替,此消彼长的过程。股票平准基金正是基于证券的发展历史和现实需要而产生,在新兴市场中运用较多。股票平准基金的建立,无疑对稳定市场,保护投资者利益,保护整个经济体系健全,发挥股票市场融资、定价、资本配置功能起着重要的作用。我国股票市场建立之初,曾有专家建议成立股票平准基金,但因为各种原因而未采用。但现实中便有采用平准基金的情况。社保基金和外汇储备基金也发挥了准平准基金的作用。本文正是立足于我国股票市场,以经济法的视角,从股票平准基金立法思路,分三章进行探讨:第一章,对政府稳定股票市场的必要性进行分析,对现行股票稳定机制进行检讨,股票平准基金与股票其他稳定机制的比较和联系,肯定股票平准基金作为稳定市场重要机制的作用,为股票平准基金立法提供经济、法理等方面的依据;第二章,重点讨论股票平准基金的自身问题,包括资金来源、运用主体、市场准入、退出机制,从具体制度和框架设计上进行探讨,为其法律规制和立法方面的研究提供基础;第三章,先是讨论股票平准基金的法律属性,即股票平准基金立法是民商法还是经济法范畴,股票平准基金立法与《证券法》、《投资基金法》等法律相互关系,其次讨论股票平准基金具体运行中的法律问题,包括信息披露,防范利益输送,法律责任,并对平准基金立法层次进行简单的阐述。
[Abstract]:In countries with highly developed securities, the securities market is a barometer of the economy. The stability of the securities market is directly related to the healthy development of the national economy. Whether the stock market price changes normally or not, is the mark of the securities market health or not. If the price of securities changes within a certain range, it is a normal situation and has no influence on the market ability of securities. If the price of securities fluctuates greatly, it will affect the market ability of securities and hinder the normal conduct of securities trading. Therefore, countries that adopt any form of regulation require the relative stability of the stock market, especially the stock market. The historical development often appears in the economic phenomenon first, but the legal regulation is later. From the historical point of view, the development of the stock market has experienced the process of private law autonomy to state supervision. It is not only a coincidence that the stock market is developed in Britain, but also in the stock market of our country. The history of western economic development shows that economic policies and ideas often undergo a process of alternation between freedom and regulation. Equity Equalization Fund is based on the historical and practical needs of securities development, and is widely used in emerging markets. The establishment of stock stabilization fund undoubtedly plays an important role in stabilizing the market, protecting the interests of investors, protecting the integrity of the whole economic system, giving play to the function of stock market financing, pricing and capital allocation. At the beginning of the establishment of stock market in our country, some experts suggested the establishment of stock equalization fund, but it was not adopted for various reasons. But in reality there is the use of a stabilization fund. Social security funds and foreign exchange reserve funds also play a role in the equalization fund. This article is based on our country's stock market, from the angle of economic law, from the stock equalization fund legislation thought, divides into three chapters to carry on the discussion: the first chapter, carries on the analysis to the government to stabilize the stock market necessity, To review the existing stock stabilization mechanism, compare and link the stock stabilization fund with other stock stabilization mechanisms, affirm the role of the stock stabilization fund as an important mechanism for stabilizing the market, and provide the economy for the stock stabilization fund legislation. The second chapter focuses on the problems of equity equalization fund, including the source of funds, the main body of application, market access, exit mechanism, from the specific system and framework design, The third chapter discusses the legal attribute of stock equalization fund, that is, whether the legislation of stock equalization fund is civil and commercial law or economic law. The relationship between the legislation of the stock stabilization fund and the securities law and the law of the investment fund is discussed. Secondly, the legal problems in the operation of the fund are discussed, including the disclosure of information, the prevention of the transmission of benefits, the legal responsibility, etc. At the same time, the level of legislation of the Fund for Stabilization is briefly elaborated.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F832.51

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