产品适合性、侵权和场外金融衍生产品消费者保护

发布时间：2018-01-10 16:28

本文关键词：产品适合性、侵权和场外金融衍生产品消费者保护　出处：《山东大学》2016年博士论文　论文类型：学位论文

【摘要】：场外金融衍生品是金融创新的重要成果,成为近几十年来金融界关注的焦点,并将影响着未来金融业发展的方向。随着利率、汇率市场化改革深化,互联网金融、电商金融的蓬勃发展,传统金融机构面临重重压力,加速业务创新,将传统的金融产品与衍生产品进行结构性融合,利用衍生产品的高杠杆、高收益特性提升产品核心竞争力,成为新一轮金融业改革的趋势。场外金融衍生品交易具有典型的“双刃剑”特征,既能扩大资本量,加速资本流动,有效管理风险,也可能给企业、金融市场乃至全球经济带来灾难性的危机。危机爆发前,美国的金融机构视场外金融衍生品为具有魔力的赚钱机器,竞相推崇；危机爆发后,场外金融衍生品的发展就像过山车一样,市场上谈之色变、避之不及,规模成断崖式下跌。人们见证过场外金融衍生品让很多人一夜暴富,也目睹了因场外金融衍生品违约而使百年大投行瞬间坍塌,众多人倾家荡产。后危机时代,人们反思此次危机爆发的深层次缘由,金融消费者权益保护机制逐渐成为金融领域受关注度最高的主题之一。世界主要经济组织及各国金融监管机构在危机后,纷纷将金融消费者保护纳入金融监管体系,对原有监管体系进行深化改革,并颁布一系列与金融消费者保护相关的法律法规和监管条例,涵盖金融消费的各个行业,已然构建起一个世界范围内的金融消费者保护框架。与普通金融产品相比,场外金融衍生品设计更专业、信息依赖性更强,交易双方信息不对称现象更严重,消费者弱势地位更加突出。因此,以场外金融衍生品消费者权益保护作为本文研究主题,具有非常重要的理论意义和应用价值。本文以银行类金融机构的场外金融衍生品消费者为研究对象,论证消费者权益保护问题,共分为三个部分：第一部分确认场外金融衍生品消费者的身份,并分析国内、外消费者权益保护现状,提出本文主要研究问题。我国当前场外金融衍生品市场尚未形成清晰统一的交易规则,缺少专项消费者保护法律法规,消费者保护法律体系十分脆弱,交易实际上是建立在法律风险之上。另外,我国金融业实行分业经营、分业监管的模式,不仅容易造成对场外金融衍生品的临管真窄,而且一旦发生纠纷,还会出现监管机构之间互相推诿扯皮的现象,而且我国消费者自我保护意识不强,保护能力还比较薄弱。在此背景下,金融机构在利润最大化动机激励之下,更容易实施侵权。第二部分,分析场外金融衍生品交易中的侵权行为,论证产品适合性作为检验侵权行为标准的经济合理性。金融机构严格履行产品适合性义务时,社会总福利能够实现最大。但是通过供给数理模型分析,在利益最大化动机之下,金融机构常常并非以产品适合性为先,无论消费者属于低风险或高风险,金融业者更倾向于推介高风险产品。损害和责任的合理配置,有助于激励有效率的侵权预防,维护产品适合义务的履行效率,保护消费者权益。若将产品适合性作为金融机构行为有无过错的标准,严重过错抗辩责任原则是最适宜用作场外金融衍生品交易中的归责原则。第三部分提出了“六位一体”的场外金融衍生品消费者保护体系,以产品适合性为中心,从立法司法、监管效率、司法救济以及行业协会监管等方面提出政策建议。全文主要内容如下：一、导论。概述场外金融衍生品发展现状,确认场外金融衍生品消费者身份及相关权益,明确研究对象,提出本文研究的主要问题,分析研究意义、研究方法、研究结构和创新之处。二、国内外研究文献综述。对国内外现有相关文献分别从产品供给者、消费者以及交易监管机构三个维度进行了梳理,在肯定现有研究文献的价值的同时,归纳其中尚存在争议的地方。三、我国场外金融衍生品消费者保护现状。借鉴发达国家场外金融衍生品消费者保护法律体系的改革历程,分析我国有关法律体系改革过程中有待修正和完善之处,并以我国结构型金融衍生产品为例,分析我国场外金融衍生品消费者保护现状。四、场外金融衍生品现行法律制度安排及面临的问题。现行交易规则与国内现行法律之间存在许多分歧,缺乏清晰统一的交易规则。我国场外金融衍生品交易消费者面临的主要问题是信息披露违法、未尽说明义务和不当劝诱以及违反产品适合性。产品适合性应作为检验其他侵权行为的标准。五、比较分析国内外关于产品适合性的规定,用数理模型论证产品适合性的经济合理性。但在实践中,在利润最大化动机之下,产品供给方常常并非以产品适合性为先,而是偏好推介高风险产品,并利用产品合约和销售合同设计,侵害消费者权益。六、产品适合性作为判断金融机构是否有过错的标准,通过比较分析,严重过错抗辩责任原则,既有利于衡平信息不对称对弱势一方的不利影响,抑制金融机构侵害消费者权益的动机,又有利于激励消费者诚实信用,防止过度投机行为,因而最适宜于作为场外金融衍生品交易中的侵权归责原则。不同归责原则,影响着有效率预防的实施主体,在过错责任归责原则下,采取双边预防的方式,能够更好的保护消费者权益。七、归纳现有场外金融衍生品消费者保护体系存在的问题,以产品适合性为中心,从场外金融衍生品立法、监管、救济及行业自律管理四个方面,探索完善场外金融衍生品消费者保护机制的政策建议。总的来说,本文的研究脉络是从场外金融衍生品消费者保护现状切入、分析侵权行为发生的路径和必然性,确立侵权行为判断标准,比较不同侵权归责原则‘下损害和责任的配置效率,甄选最适宜于场外金融衍生品消费者保护的侵权归责原则和侵权预防类别。通篇以产品适合性作为本文主线,运用法经济学相关理论,论证产品适合性的经济合理性,将分析结果运用于实践,探索完善场外金融衍生品消费者保护机制的建议。
[Abstract]:OTC financial derivatives is an important achievement of financial innovation, has become the focus of attention in recent decades, the financial sector, and will affect the future development of the financial industry. With the interest rate, exchange rate market reform deepening, the vigorous development of Internet banking, financial business, traditional financial institutions face heavy pressure, accelerate business innovation, the traditional financial products and derivatives for structural integration, the use of highly leveraged derivatives, high return characteristics to enhance the core competitiveness of products, become a new round of reform of the financial industry. The trend of OTC financial derivatives trading is a typical "double-edged sword" feature, which can enlarge the amount of capital, accelerating capital flow, effective risk management, may to the enterprise, the disastrous crisis of financial markets and the global economy. Before the crisis, the U.S. financial institutions out of the field of financial derivatives as a magic money machine And to esteem; after the outbreak of the crisis, the development of the OTC financial derivatives market is like a roller coaster, scared, shunned, the size of the cliff downwards. People witness off financial derivatives make a lot of people overnight, also witnessed by default and OTC financial derivatives make a century investment bank collapsed, many people have gone bankrupt. After the crisis, the deep-seated causes people to reflect on the outbreak of the crisis, the financial consumer protection mechanism has gradually become the financial sector concern topic of the highest degree of major economic organization in the world and the country's financial regulators in the wake of the crisis, will have financial consumer protection into the financial supervision system, supervision system and deepening of the original the reform, and promulgated a series of financial consumer protection and related laws and regulations, covering all industries of financial consumption, already built up a A framework of financial consumer protection in the world. Compared with ordinary financial products, OTC financial derivatives design information more professional, more dependent, both sides of the transaction information asymmetry phenomenon is more serious, consumers vulnerable position is more prominent. Therefore, the OTC financial derivatives of consumer protection as the research subject, it has very important theoretical significance and application value. Taking the bank financial institutions of OTC financial derivatives consumers as the research object, discusses the protection of consumers' rights and interests, is divided into three parts: the first part is that consumers of OTC financial derivatives status, and analyzed the status quo, consumer protection, put forward the main research question in this paper. The current OTC financial derivatives market have not formed a uniform and clear trading rules, lack of special consumer protection laws, consumer protection law The legal system is very weak, the transaction is actually found in the legal risk. In addition, China's financial industry has a separate operation, separate supervision mode, not only easy to cause of the OTC financial derivatives supervision is narrow, but once a dispute, regulators will appear between the mutually making excuses passing phenomenon, but China's consumer awareness of self protection is not strong, the protection ability is relatively weak. Under this background, financial institutions under the profit maximizing motivation, are more likely to commit infringement. The second part analyses the OTC financial derivatives trading in tort, demonstration of product suitability as economic rationality of tort standard. Financial institutions perform strict product suitability obligation. To achieve the maximum social welfare. But through the analysis of mathematical models under supply, to maximize the benefits of motivation, financial institutions often not in production Product suitability for the first, whether consumers belonging to low or high risk, the financial industry is more inclined to recommend high risk products. The rational allocation of damage and liability, infringement prevention helps motivate efficiency, maintenance obligations for product efficiency, protect the interests of consumers. If the products are suitable for the behavior of financial institutions there is no fault standard, serious fault liability principle is the most suitable for the defense of the imputation principle of OTC financial derivatives transactions. The third part puts forward the "six in one" of the OTC financial derivatives products to the consumer protection system, suitable for the center, from the legislative and judicial supervision, efficiency, and put forward some policy suggestions of judicial relief and industry the association of supervision and other aspects. The main contents of this paper are as follows: first, introduction. Overview of the OTC financial derivatives development status, confirm the consumer identity of OTC financial derivatives and related rights, Ming Is the object of study, this study proposed the main problems, analysis of research methods, research significance, research structure and innovation. Two, literature review at home and abroad. The existing domestic and foreign related literature from product suppliers, the three dimensions of consumer and trade regulatory agencies are summarized, in the existing literature value at the same time, the induction is still controversial place. Three, China's OTC derivatives consumer protection status. Learn from the developed countries in the course of reform of the OTC financial derivatives consumer protection legal system, analysis to revise and improve the process of China's reform of the legal system, and the financial derivatives structure of our country as an example, I analyze in the OTC financial derivatives consumer protection status. The four problems, the current legal system for the OTC financial derivatives and facing the current transaction rules and domestic. There are many differences between the law, the lack of a clear unified trading rules. The main problems of China's OTC derivatives trading consumer information disclosure is illegal, not to violate theobligations and improper and product suitability. Product suitability should be used as the test standard. Five other acts of infringement, comparative analysis of regulations on product suitability at home and abroad, using the mathematical model to demonstrate the economic rationality of the product is suitable. But in practice, under the maximum profit motive, product supply is not always to product suitability for the first, but high risk preference promotion products, and the use of product contract and sales contract design, against the interests of consumers. As of six, suitable for products determine whether the financial institutions have the standard of fault, through comparative analysis, the serious mistake defense responsibility principle, is conducive to the balance of information asymmetry on the weak side The adverse effects of suppression of financial institutions against the interests of consumers and to encourage consumer motivation, honesty and credit, to prevent excessive speculation, and therefore the most suitable as the imputation principle of OTC financial derivatives transactions. The different imputation principle, impact of the implementation of the main prevention efficiency, the fault liability principle. Take bilateral prevention ways to better protect consumer rights. Seven, summed up the existing OTC financial derivatives consumer protection system, to product suitability as the center, from the supervision of OTC financial derivative products, the four aspects of legislation, relief and self-discipline management, explore and improve the OTC financial derivatives consumer protection mechanism of policy recommendations. In general, the research thread of this paper is from the perspective of OTC financial derivatives consumer protection status, path analysis of infringement occurs and necessity, indeed The judgment standard of tort legislation, different imputation principle of "damage and responsibility allocation efficiency, the selection of the most suitable for the OTC financial derivatives of consumer protection principles of tort liability and tort prevention category. As the main line to fit the whole product, economic theory by using the method of demonstration, product suitability economic rationality the results of the analysis, applied to practice, explore and improve the OTC financial derivatives consumer protection mechanism is proposed.

【学位授予单位】：山东大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：D923.8;F832.5

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