我国证券市场投资者适当性制度论析

发布时间：2018-05-25 15:22

本文选题：证券市场 + 证券投资者　；参考：《华侨大学》2012年硕士论文

【摘要】：投资者适当性制度起源于美国，在境外成熟的证券市场已经是规范投资者和证券公司之间权利义务关系不可或缺的一部分，是保护投资者最为有效的手段。虽然伴随着2010年我国证券市场股指期货在推出，管理层对于证券投资者适当性制度的建构日渐重视，于2010年5月出台了《关于建立股指期货投资者适当性制度的规定（试行）》。相应地，中金期货交易所和中国期货业协会也结合自身的监管实践颁布了该规定的具体实施细则,然而这些规定和实施细则也只是局限于风险揭示的层面，并没有真的触及到投资者适当性制度的内核，更未与其他行业的投资者适当性制度形成完整的统一整体。有鉴于此，本文以我国为基点，，拟从国内外的双重视角探讨证券投资者适当性制度的立法实践和演进，并立足于我国证券市场新兴加转轨的发展实际，在分析若干典型案例的基础上借鉴美国、日本、欧盟以及中国香港、台湾地区等成熟证券市场在证券投资者适当性制度方面的成功立法经验，提出构建和完善我国证券投资者适当性制度的若干建议与对策。
[Abstract]:The system of investor appropriateness originates from the United States. It is an indispensable part of regulating the relationship between rights and obligations between investors and securities companies and the most effective means to protect investors in the mature overseas securities market. With the introduction of stock index futures in China's securities market in 2010, the management pay more and more attention to the construction of appropriate system for securities investors. In May 2010, the regulations on the establishment of appropriate system for investors in stock index futures were issued (on a trial basis). Accordingly, the CICC Futures Exchange and the China Futures Industry Association have also promulgated the detailed rules for the implementation of this regulation in the light of their own regulatory practice. However, these regulations and implementation rules are also limited to the level of risk disclosure. It does not really touch the core of investor appropriateness system, and does not form a complete unity with the investor suitability system of other industries. In view of this, this paper, based on our country, intends to discuss the legislative practice and evolution of the securities investors' suitability system from both domestic and foreign perspectives, and based on the development practice of the emerging and transitional securities market in our country. Based on the analysis of some typical cases, the successful legislative experience of mature securities markets such as the United States, Japan, the European Union, Hong Kong and Taiwan in terms of the appropriateness of securities investors is used for reference. Some suggestions and countermeasures are put forward to construct and perfect the securities investors' suitability system in China.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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